A 68-year-old's lucrative side hustle generates up to $14,700 per week, all thanks to a $550 Santa suit purchase.

Eddy Rich donned a Santa Claus costume for the first time to assist a neighbor.

In 1995, the 68-year-old remembers his neighbor breathlessly running to his front door in Tucker, Georgia, to inform him that the Santa he'd hired for a party canceled unexpectedly, leaving an empty suit to fill.

He felt like a superhero when he put on the costume and bleached his long beard, which marked the start of his three-decade side hustle as Santa Claus, starting with local parties and eventually moving to Cameo, an online platform where people can purchase personalized video greetings, in 2018.

Last year, he and his son Chris Rich, a 32-year-old property manager who helped establish his dad on the platform and manages his presence there, made approximately $52,000 from Cameo, including $14,700 during the week of Christmas, according to reviewed documents by CNBC Make It.

The father-son duo is expected to earn more than $30,000 this year, with Christmas week still to come.

DON'T MISS: The ultimate guide to earning passive income online

"Cameo CEO Steven Galanis describes Eddie as a skilled video maker who is extremely passionate about his work. According to Galanis, Eddie is not just doing well compared to other Santas on the platform, but he is performing at the same level as anyone on the platform."

Eddy Rich charged $125 per hour for in-person events when he first started as a party Santa. He could attend a maximum of five parties per day, spending hours sitting in Atlanta traffic, according to Chris Rich.

During peak holiday season, Eddy Rich films up to 20 videos per hour, up to 10 hours per day, he says. Chris Rich works an additional five hours per day sorting through requests, writing scripts and trimming the videos. The workdays are long, but at $26.25 per video — the amount the Riches take home, after Cameo keeps 25% of each transaction — they could make up to $525 per hour.

According to ZipRecruiter, the typical Santa earns approximately $60 per hour.

Eddy Rich initially spent $630 on a Santa suit and a custom belt with a four-inch brass buckle made by a local jeweler. Now, he purchases his suit pieces for $40 each at costume discount stores, maintaining a collection of five red jackets and two pairs of pants.

Chris Rich films in front of his living room fireplace, adorned with nutcrackers and a garland, using a ring light, a stand, and an iPhone 13 Pro Max. Eddy Rich says with a hearty laugh, "He's the colonel, I'm the Elvis."

Eddy Rich, who performs as a party Santa, benefits from performing from home as it allows him to spend less time physically on his feet and take breaks more easily. In fact, one year when he got laryngitis, he was able to quickly log back on and spread Christmas cheer once his voice returned.

Eddy Rich, a former supply store manager, is now retired and enjoys having extra cash in retirement. However, he mostly uses his "Santa money" to help others, he says.

"Eddy Rich says, "I've always been frugal, but this has made me loosen up a little more. I always leave big tips when I go out to eat because [wait staff] are working their butts off during December. I try to spread it around and take care of people.""

Chris Rich states that we can go do something or buy someone a gift without any second thoughts.

To earn extra money online, sign up for CNBC's course on passive income streams, starting tips, and real-life success stories.

Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.