Even if you have your finances carefully planned in advance, sooner or later you’re going to find yourself needing to earn extra money to get you through college.
I’m going to recommend some money making methods that are more entrepreneurial than job-related.
The problem with holding a job in college is that they typically pay no better than minimum wage, which forces you to work long hours that cut into your study time.
I’m also not going to recommend some of the standard make-money-in-college ideas, like filling out surveys, donating blood, or selling on eBay. Most of those efforts produce very limited income, and get old in a hurry.
Instead, I’m going to make recommendations that can play into your natural talents, provide you with a flexible schedule, and hold the potential to earn a lot more money than a minimum-wage job. And some of them even have the potential to grow into businesses that you can continue after graduation.
Good deal? Check these out…
SEE ALSO: Why you shouldn't quit your job to become a full-time entrepreneur
1. Tutor
Being a tutor can be especially lucrative in a college community. This is because you will be able to provide your services not only to college students, but also to local high school and elementary school students. In many markets you can learn at least $30 per hour.
Another advantage is that the subject areas you can cover are pretty broad. The greatest demand is usually for math and science, but you can also tutor in writing and reading, as well as history and soft sciences. If you’re bilingual, you may even be able to tutor in languages, or with English as a second language.
Tutors don’t typically require any kind of special education or licensing. You can market your services through the various departments around the campus, as well as local high schools, middle schools, and elementary schools. A simple flyer showing your subject areas, geographic range and a personal description can do the job. You can also include your hourly fee, but that can work for or against you, depending on how competitive your fee is compared to what others are offering.
In addition to high pay, you can have control over your work schedule, as well as where it is you will commute to (services are generally provided at the student’s home, but you can also arrange to do it in school or at an agreed-upon neutral site). Still another advantage is that the work runs with the school year, so you’ll be free over summer vacation.
Tiffany Alexy of DivvyInvestments.com tutored while in college. In fact, she tutored two kids in Spanish and three brothers in Chinese! How much did she make? $15-$35 per hour. Not bad it all! It pays to use your skills (in this case, knowing multiple languages) to tutor others.
Pauline Paquin of ReachFinancialIndependence.com also tutored while in college, teaching Spanish and English and earned around $30 per hour. Pauline also put her musical abilities to good use and taught piano for $40 per hour. $40 per hour!
2. Bartending/serving in a high end restaurant or club
You probably have a good idea as to what bartenders and servers do, so I won’t spend any time on that. However, the type of establishment you work in will have a huge impact on how much money you earn. High-end establishments typically come with much higher tip income, while those on the lower end could be no better than minimum wage.
Bartending and serving can also be a good way of blending your social life, at least if you work at establishments that your friends frequent. It also has the benefit of paying daily (or more likely, nightly), since most of your pay comes in cash tips.
The downside is that you may find yourself working when everyone else is out relaxing or playing. For example, dinner shifts tend to be the best for servers, and weekends are generally better paying for bartenders. The work can be tough, but you can probably make more money working two or three shifts per week than you could working for five days a week in a minimum-wage job.
Bartending may require that you complete a bartending course, though there generally are no formal requirements for a server.
3. Babysitting
As ordinary as this sounds, it can actually work quite well for college students. This is because babysitting often involves long periods of low- or no-activity, such as when the kids you are sitting are doing homework or have gone off the bed. The benefit is that this downtime will give you time to do your own homework. In can seem as if you’re getting paid to do your homework, which is no small advantage.
Pay is generally in the $10 and $12 an hour range, but you can get more for special occasions, and sometimes even collect tips over and above regular pay. And since babysitting gigs usually happen on an as-needed basis, you won’t have a grueling schedule to keep. That can make the work easy to blend with your school schedule.
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