Sometimes, no matter how diligent we are when it comes to handling money, there’s simply not enough for our present and future plans. Saving money while studying is one thing – earning without neglecting your studies is entirely another. While it can be challenging to earn money and focus on your studies at the same time, it can be done. And there are many ways for even busy students to start doing this.
Invest in Stocks
In terms of earning money at any stage of life, arguably one of the most efficient methods is through stock investments. If you do it right, investing in stocks is a good way to start earning a passive income, which is very useful for busy students. Like the other posts on this list, it may at first seem counterproductive for a student to invest in stocks and shares, especially as they are risking money when they are likely to not be earning and accumulating student debt. And while stock investment comes with great risks, it can also result in great rewards. This is why more students across the country are buying and selling stocks.
Trevor Hassel, a 22-year-old senior at Cal State Fullerton said that setting up an online-trading account is easy and that he soon found that he didn’t need a finance degree. If you want to follow in his footsteps you will need to start an online brokerage account. One huge benefit of managing your brokerage account online is that it will allow you to trade and invest without missing any classes. If you are worried about where to invest, many students like Hassel are engaging in online communities “like r/RobinHood and r/RobinHoodPennyStocks on Reddit”. There is a wide network to take advantage of that will point you in the right direction so you can start earning while you study.
Use a Robo Advisor
In line with the above point, managing online investments and accounts is difficult especially if you are a student who is not used to finance. Through algorithm-driven financial analysis, robo advisors are investment apps that provide different trading and investment management insights. For college students, online investment apps are becoming increasingly popular and platforms like Acorns, Robinhood, and Stash provide free or cheap access to this cutting-edge trading technology. Research the terms and withdrawal requirements of these apps to find the best one for your purposes. While these robo advisors don’t always provide perfect advice, you can weigh their insights against other factors that will affect your investments. In short, Robo advisors make financial research easier, which means more time for your studies.
Another increasingly popular way for college students to earn is through forex trading. The global forex market is not just the largest but also the most liquid market in the world. This is because it’s where all the currencies of the world are traded by individuals, private organizations, and government units. Today, the wide availability of online forex apps and sites like MetaTrader and TD Ameritrade have allowed many college students and beginner traders to start participating in the forex market. In fact, similar to stock and security investments, forex trading has become quite popular particularly among students seeking to pay off college loans.
Start a Small Business
Juggling your studies and starting a business may seem impossible, but the reality is that many of the most successful enterprises in the world were started by students. This includes the likes of Microsoft, Google, Reddit, Facebook, and even Time Magazine. And colleges and universities are arguably the ideal breeding grounds for startups. This is because more often than not, such institutions are filled with ambitious, creative, and dedicated people unafraid of taking risks. You could even link your business to your course to give yourself a head start before you graduate. Whether through partnering with fellow students, using school connections, or leveraging any other resources readily available to students, there are many ways to bring your business idea to life and earn money while still in school.
Earning money while studying is not always easy – but it’s possible. And as these aforementioned tips reveal, there are different ways to earn the money you need to eventually pay off your student loans, finance your own house, or whatever you have plans for in the future.