Going to college is about getting an education. But it’s also about setting yourself up for the rest of your life. You want to put yourself in a position where you can achieve your financial goals and live the life that you want.
But how do you make money fresh from college and get the life that you want? That’s the million-dollar question. In this post, we take a look at some of your money-making options and the strategies that you should adopt.
Work In High-Paying Industries
Some industries, such as hospitality, have plenty of jobs available, but low pay. Others, such as tech, education and medicine are much higher paying. In fact, some industries pay as much as five times as much as others.
Getting into top industries requires getting more education. But the payoff is almost always worth it. Education is expensive, but you usually make back the money in around five years from the extra salary that you are able to earn. Working in high-paying industries can also be more rewarding for non-financial reasons. Your work will probably be more enjoyable and interesting.
Join A Graduate Program
Joining a graduate program, such as Teach for America, can be a great way to earn a good income immediately. It’s also a great place to start if you’re a career-minded person.
Graduate programs are often special units within a company committed to producing the next generation of managers and senior executives. Firms will often fast-track you if you can get on one of these schemes and prioritize you for promotion above other employees.
Graduate programs can be competitive, but that depends a great deal on which you choose. Some have fewer applicants than others.
Start Applying Before You Leave College
Instead of waiting until the summer after your finals to go looking for work, start beforehand. Send out letters to potential future employers and get a sense of the type of person they’re looking for. See if there are any internship opportunities that you can use to get your foot in the door. The more relationships you can build with people ahead of applying for work, the better. Sometimes, this approach can eliminate the need to go for an interview.
Set Up Something Yourself
If you identify an opportunity in the market, you can often generate a substantial income by simply setting something up yourself. For instance, if you have web design skills, you can usually earn substantially more per hour by setting up your own company instead of working for somebody else. Six-figure incomes aren’t guaranteed, but they are possible when you work for yourself. People will often pay slightly more than the going market rate for a professional that they trust. And all that money goes to you, not an agency feeding you clients.
Make Your Side Hustle Your Main Hustle
Most smart students have a side hustle. It’s akin to insurance. If your main plans don’t work out, you can fall back on it. Side hustles don’t have to disappear once you graduate. In fact, they can become your main source of income.
