Regardless of the "why", here are four money-making ideas that can get you started on the "how".
Tutoring Services
By the time they reach college, many young adults have already gained enough understanding and expertise on a certain subject matter that can be passed on to younger students through private tutoring services. Commonly tutored subjects often belong to the STEM field, such as Algebra, Physics, Chemistry, and Biology.
You can also find people who are in need of an English tutor, often immigrants, foreign exchange students, or people generally looking to learn a new language. Tutoring services are perfect for college students since they can be adjusted to work around your class schedule. And thanks to online tutoring platforms, you can easily switch your services on/off like a toggle.
On average, private tutors can make anywhere between $25 to $80 per hour. Specialized training and certifications can further increase your earnings as a tutor. For instance, SAT tutors can charge more than $100 an hour for one-on-one sessions.
Dropshipping Business
Dropshipping has become a very popular business for today’s generation. In a time when eCommerce sales are anticipated to hit a whopping $4.2 trillion and more than 2 billion people are shopping online, owning an eCommerce business sounds like a sensible venture.
Online businesses are well-suited for students as it requires relatively lower overhead and operating capital and grants a higher degree of flexibility.
As a college student, it can be difficult to shoulder every part of a traditional business. Dropshipping businesses remove the need for warehouses by storing the inventory in a fulfillment center.
Instead, you allocate your limited resources into advertising, lead generation and conversion, and figuring out how to sell action figures or whatever it is you decide to sell.
The potential profits from a dropshipping business will vary wildly, depending on your product and the efficacy of your chosen marketing strategies and channels.
Investing
Investing in financial markets, such as stocks, currencies, cryptocurrencies, and commodities, is another great money-making endeavor for college students. Some of the most successful people in the financial world, such as Warren Buffett and Timothy Sykes, started buying investment products while they were still enrolled in school.
Investing pairs well with the time constraints that college students have to work with, especially during midterms and thesis semesters. And thanks to modern financial products, you can analyze financial markets and individual assets and execute positions from anywhere and at anytime.
That being said, investing can be risky if not given enough consideration. Do your research on what financial market to invest in, how much you should be risking per trade, which broker platform to use, what market catalysts move the asset you are planning to buy, and so on.
Gig Economy Jobs
The gig economy trend remains strong, with an estimated 55 million people working in a gig-economy job, according to the Bureau of Labor Statistics. Gig economy jobs are another highly compatible money-making idea for college students due to the fact that most of these jobs do not require a full-time commitment and offer more scheduling flexibility.
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Amazon delivery drivers, Uber drivers, Rover pet sitters, and Care nannies, are some of the many examples of gig economy jobs you can do as a college student. Depending on what you are majoring in, you can also look for paid internship positions.
For instance, many tech companies hire college-enrolled interns over the summer to work on their website or mobile app. This not only presents a good way to make money but can also yield to professional connections and a possible job offer right after college.
These are only a few of the many money-making ideas that college students can explore while pursuing their degrees. Since most academic curricula do not provide actionable real-world examples and step-by-step guides on how to accumulate wealth, you’ll want to supplement your education with resources such as this article in order to grow your net worth.
Image Credit: by twenty20.com
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