Finally, if you want to continue to make money beyond college, and setup multiple income streams for the future, you should always reinvest some of the profits into your business to make yourself more profitable. This is how you build residual income. How much more money could you make each month if you advertised your business? What if you hired an assistant to handle some tasks so you could focus on others? Reinvesting in your business is a smart move to make more money in college and beyond.
Talking about another example here, a senior of mine in some other college had some financial trouble at home. Paying the college fee was somehow, becoming arduous hence, he thought of a way to teach youngsters piano, which he had learned 5 years before. In his after college hours, he gave lessons which earned him 700 per students. Within a month 20 students enrolled in his classes.
If you have a yard or some space to grow food, you could grow items to sell to your friends and neighbors. If you have enough space to grow a lot of food, you could even join a Community Supported Agriculture – where local farmers and residents pool together to buy and sell fresh produce. This may not make you a millionaire, but if you have enough to sell consistently, it could be a great income stream.
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One of the best ways to get started investing in real estate is to buy a house in college and rent out the other rooms to roommates. One of my best friends did this – he bought a 4 bedroom house his freshman year and rented out 3 of the rooms. The rent from the roommates covered the rent and all the expenses, and he was able to pocket a small profit each month. By the time he graduated college, he had two rentals and a house for himself.
Beyond selling notes, most college students write papers…lots and lots of papers. Don't let these assignments go to waste. There are services that will buy your old college papers. For example, you could look at GradeSaver. This services allow you to sell your old essays and get anywhere from $15 to $100 for them. If you're writing multiple papers per semester, this could be a great little side income.
Do you have a great idea for a product but don't know the best way to go about creating it? Well, you could submit your idea to Quirky. They'll screen your idea, and if they like it, they'll either develop it themselves or in partnership with a major brand. In the end, you'll get a cut of all the sales from the final product. For some inventors, this has only earned them $1,000s, but others have earned $100,000s through the platform.
Another popular site to earn money doing gigs is Amazon's Mechanical Turk. You get paid a very small amount per gig (sometimes as low as $0.05) but you can do these tasks very quickly. For example, you could be asked to identify a picture or type certain text. When I was in college, I used to do these gigs in class and earn money while taking notes.
Online surveys are another great way you can earn quick money online. There are many sites that provide you with available surveys you can fill out. Companies are always conducting surveys for market research and user feedback. And they’ll pay you for it. One great website is Survey Scout. Anyone can join these surveys. Just follow our main article and learn more about online surveys.
If you have a passion for fitness, you could consider becoming a personal trainer. A lot of people simply need accountability and a little instruction to get going to get fit, and a personal trainer can help with this. And that's just the beginning. If you get a following, you could turn your passion for fitness into something big like Steve Kamb did with Nerd Fitness.
One of the most profitable way to earn money is by creating a blog or a website, and monetizing. There are lots of ways you can earn money trough your website. This is an extremely huge topic, and I could literally write books on it. But in short, you can earn mainly through advertising. Google AdSense is one of the best advertising networks out there, and if you put up ads on our blog, you’ll get some money each time someone clicks on your ad. Learn more about earning money through Google AdSense. If you don’t want to create a blog or website, there are other ways to earn money without having a website.
Who actually goes to the grocery story or regular store anymore? It seems everyone simply shops online now. Before you make any more purchases online, make sure you sign up for Ebates. This service will allow you to get rebates on 1,000s of online shopping places, including Amazon, Target, and more. I've made $2,400 since signing up for Ebates! Check it out here.
If you live off campus and have a yard or can get permission from your school to use communal open space, organize a yard sale with your friends and roommates, maybe even your dorm community. Use the cash to throw a “Yard Sales are Awesome!” party. Realize you spent all your money on the party. Repeat as needed or until you run out of stuff to sell.
Creating Gigs on sites like Fiverr is a great way to get your freelancing career started. A gig is something you can do well, and are willing to do it for other people. For example doing programming assignments for somebody, making good quality sketches for somebody, etc. It could be anything! Indeed, if you head over to Fiverr right now, you’ll see a wild assortment of some of the craziest things people are willing to do! On Fiverr, you get $4 per job, which isn’t much. But there are ways to earn more than just that. Aside from Fiverr, there are other many alternatives, many of which pay more than $4. So if you can’t seem to sell your gigs at Fiverr, then try your luck at something else!
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Freelancing — Probably one of the best ways for college students to start making real money for themselves from the dorm room is by freelancing. By offering a freelance service you can do online, you give yourself the freedom of setting your own workload and schedule while meeting the very real (and very valuable) needs of other online entrepreneurs. Freelancers can be writers, editors, graphic designers, virtual assistants, web designers, and more!
College can be a great time to learn the ins and outs of investing so you can become a smarter investor when you begin earning a full-time paycheck. If you don’t have the time to learn about investing, but want to get a head start on building a nest egg so you can retire early, Betterment is a hands-free way to earn regular dividends that can turn a $100 investment into $1 million during your lifetime.