By Wazobia Staff
Research still shows us that earning a college degree will earn you a higher paycheck then those that do not have a degree. What that same research does not tell us is how many of those same college graduates are crushed by student loan debts.
According to the Organization for Economic Co-operation and Development, only 46 percent of people who went to college actually finish their degrees. That leaves thousands of people with student loan payments and no college degrees.
With that in mind, should we be considering what else we could do to make money without a college degree?
- Start a service business.
A service business is usually the easiest and least expensive type of business to start. All you need is a skill that people will pay you to do for them over and over again. There will always be something that someone hates to do and would gladly pay someone else to do for them; like shopping, cleaning or picking up the kids. In order to make money in this type of business you will have to bundle services or do a subscription service. This way you can show your clients how you are saving them time and money over time.
- Invest in real estate.
I know that this may not seem like a sure thing, but here me out. There is more than one way to invest in real estate. Consider starting a property management company. For all those landlords out there that do not want the headache of collecting rent, coordinating maintenance personal, or evicting people when they don’t pay; that is where you would come in.
If you do want to eventually become a landlord yourself, starting a property management company first can give you the capital you need to purchase your first property.
- Offer consulting services.
You are a problem solving wiz. You look at things in a way that can make them better and more effective for everyone. In a nutshell that is what consultants do for business; they bring an expertise and new eyes into the company. Get paid to share advice on everything from lean management to accounting. Think about how you can help solve a business’ biggest problems and how you can help them implement them.
Consultants enjoy flexibility as independent contractors who can work with businesses by the day or long term. While consultants don’t need a college degree, they do benefit from having certifications and in-depth knowledge that boaster their credibility.
- Become a subject matter expert.
People are always asking your help with a certain thing; tap into that talent and become a Subject matter experts (SMEs). You can use your knowledge and expertise in a given subject area and turn that into profit. Companies looking to train staff need an SME to work on everything from training videos to educational courses. Or you can set up webinars and conferences where you teach individuals about how to do your specific skill.
- Rent your stuff.
See what people are in need of and rent it to them. Check out sites like Craigslist to get inspired. Consider renting out your house, your vehicle or rare items you own to a set decorator working on an upcoming film.
You don’t have to start a full operation to build up a rental service; start with the things that you have around the house already. Whatever items you decide to rent out, you can list it very little effort or startup money.
- Look at non-degree jobs.
There are plenty of careers that pay well and don’t require a degree. For example, gaming managers in a casino, detectives, web developers; you may need certifications and other training, but you don’t need a college degree.
So, before you head off to college, ask yourself if you really need that piece of paper to advance your money making ability.