How To Become Rich As A Student?
How To Become Rich As A Student? Top 10 Best Ways For College Students To Be Rich
How to become rich as a student?
Are you in college or university but interested in getting rich as a student? If yes, this article is for you
This is the article I wish I had read when I was at University pursuing a bachelor’s degree of science in quantitative economics at Makerere University.
If I would go back and become a student, this would be the best I would do
What do you mean by becoming rich as a student?
Is it having plenty of money or having the ability to get whatever you want in life while at college?
The purpose of this article is to teach you all you need to do as a student in order to become rich outside of college, so read it up to the end
Becoming rich is a dream and every student wants to become rich but guess how many people become rich after college, just a few of them
Do you know why?
Because we are following the wrong equation to wealth, we are told to go to school, get good grades, get a job and work hard for a promotion, pay taxes and wait for retirement
But there is something wrong with, you are trading your time for money, there is a huge problem with trading your time because there is a cap on how much money you can get
So becoming rich as a student I possible, if you learn the basic rules of money, the rules that will help you accumulate wealth
So now let’s look at what money is
Money is a medium of exchange for providing value to society, so to make more money, you should be providing value to society
Money will come to you if you solve the problems which people are facing, so you need to ask yourself what problem is affecting a large number of people. Are they willing to pay you to solve their problem? If yes, this is the beginning of a business idea to start.
So without further due, let’s look at how to become rich as a student
- Change your mindset
The truth is that the university prepares you to become an employee, it is geared towards keeping you in the rat race, and this is why they don’t teach anything related to making money
Why?
Because they taught it, many people would prefer to become entrepreneurs, the system wants you to live paycheck to paycheck while you’re paying taxes
Most students think that there is a job-ready waiting for them after college but the hard truth which most people don’t want to hear is that jobs are extremely scarce
Getting a job today is like going to college for more than three years, it can take you more than 3 years to get a good that fits your skills, most of the jobs will underpay you’
So you need to have a backup,
What if you fail to get a job, how will your life be? How will you sustain yourself?
At college you tend to waste a lot of money thinking that you will get a job immediately, this does not happen unless your parents are the human resource managers in a given company
So after college, you will search for jobs and even get tired, you will waste all your savings
But the best mindset to develop as a student in order to become rich is to start your own company or business
You can make money if you start a business around your skills,
You need to change your mindset from being an employee to an entrepreneur
- Get out of student loan debt
Student loan debt is one of the bad debts you should get out from first because it can consume all your income in future
If your parents can pay for college tuition, I advise you not to go for a student loan
Think of how your life will be if you complete college and spend over 3 years without having a stable job, the interest will compound from month to month
This loan can even take you over 5 years to pay back, are you seeing by taking a student loan your consuming on the money which your would have consumed in the future
Going to college doesn’t guarantee you a job, it doesn’t guarantee you being rich or successful
Most educated people are poor and depressed, most of them even question why they went to school
Many dropouts have gone ahead to start companies and businesses that have provided jobs to these educated people
This is where it starts to ask whether the education system is worth it, is going to college worth it?
If you can go to college and fail to get a job, this makes you hate school because all the tuition you paid was rigged
So “if your parents can pay your tuition, don’t go into student loan debt” is totally bad
If you’re having student loan debt, make sure you pay it first and then start to think about how to become rich
Once your debt-free, this is when you will start accumulating your money and start thinking of becoming rich
- Start a side hustle
Starting a side hustle is one of the best things you can do while at college, you have enough time
You need to manage your time well between you reading books and starting your side hustle
There are many side hustles you can start while at university and become rich
Starting a side hustle at college can even turn into a full-time job
The best side hustles to start at university in order to become rich include starting a blog, YouTube, freelancing, etc
Now let’s look at these side hustles in details
- Start a blog
A blog is a website that is regularly updated with new content, starting a blog will at college change your life because you have a lot of time to create content
The core of a blog is the content, you need to create content that your readers are interested in, you need to how the needs and problems which your audience are facing
Blogging is a business you can start with less than $100 but has the potential to generate for you over a million dollars
Blogging changed my life, I realized that when I start my blog and commit a year working on it, it can generate me a full-time income, it was the day I stopped searching for jobs and concentrate on creating content
To start a blog, you need a computer, web hosting, and domain name, your domain name is the name of your blog while web hosting refers to purchasing a server space where your website files will be kept
You can get both domain name and web hosting for as little as $3/month and less than $61 a year
Once you have started a blog, you need to keep it with fresh content on a regular basis
You need to make sure that you engage with your audience
So what are the best blogging niches to start?
The best blogging niches include personal finance, marketing, blogging, freelancing, pets, tools, business, software reviews, affiliate marketing, etc
- Start a YouTube channel
Are you good at the camera? If yes starting a YouTube channel is for you, you can start a YouTube channel on literally anything
You need to have something you can teach to other people
So what is that skill that you have? Why not start to teach that skill on YouTube
Once you have started a YouTube and get 1,000 subscribers and 4,000 watch hours,
Once you have obtained that, you can allow YouTube to display ads on your channel and get paid
You can also make money through affiliate marketing, sponsorships, courses, eBooks, donations, brand deals, etc
You can start a channel in literally anything
- Start a business
Starting your own business is the best way to become rich as a student; you can start a business around your skills
So what skills do you have? Are there people who are interested in those skills? If yes this is the best business idea to start
You need to ask yourself, what is the major problem affecting the society where I live? Are the people willing to pay you to solve their problems?
If yes this is the best business idea to start
Money is in solving problems; people will pay you according to the perceived value of the problem you solve
The more complex the problem you solve, the higher the pay you will get
To solve problems and money will come
Stop chasing money, chase problems
Businesses that can be started while at college include boutique, stationery, photocopying services, data analysis, research and consulting, editing and proofreading, etc
- Study hard, get a first class and a high paying job
Getting a first-class can help you land on a high paying job because many students fail to get it
While we were studying we had only 4 people with a first-class in our class and they all got jobs immediately
Getting a first-class reduces the competition, you’re most likely going to face
This gives you a competitive advantage over other applicants
You need to know all your job requires you to do and outperform other staff members in order to get a promotion
- Focus on increasing your income
The major obstacle as to why many people fail to get rich is that they have no money to invest in their business
So you need to have money that is coming into your bank account, you need to have a job that provides you with a regular income, or start a side hustle project that will bring money on the side
So you can use your pocket money to generate more revenue on the side
Increasing your income can be by starting your personal business, getting a part-time job
Look at the problems affecting your area and provide solutions to those problems, money will come; people will be willing to pay you to solve their problems
- Build multiple income stream
To become rich you need to build multiple income streams, you need to have money coming from a different direction
So you need to build income sources in different directions,
These are the best income streams to build i.e. earned income, dividend income, interest, profit, capital gain, and portfolio income
You need to earn passive income, the income coming into your bank account while you’re sleeping
You can build passive income through investing, starting a blog, affiliate marketing, YouTube, eBooks, courses, software, etc
- Start investing
Investing refers to putting part of your income that is not saved into something that will generate more revenue in the future
So where should you invest money?
The best investments to make are stocks, real estate, index funds, bonds, etc
So what are stocks?
Stocks refer to purchasing a certain proportion of a company in order to receive dividends when the company starts to make profits
Stock investing is all about purchasing shares in a company, by purchasing a share you become part of the owner of the part
By investing in stocks, you will make money in two ways; one is through stock appreciation and earning dividends
The best stock brokers to open up an account with and start investing include robinhood, webull, and public
Invest in index funds
Index funds investing refers to purchasing shares in stocks of different companies, the best way to invest in index funds is using a platform called Vanguard
Invest in real estate
Real estate investing is all about investing your money in rental property, rental houses, office space, single-family homes, duplex apartments, commercial real estate, and industrial real estate
The downside to investing in real estate’s is that it requires a lot of money
But you can get started with crowdfunding real estate using a platform called fundrise starting at $500
With investing, you need to start early and enjoy the power of compound interest rate
Conclusion
This marks the end of our article on how to become rich as a student, Hopping that this article has added value to you? Share your opinion with us in the comments below
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