5 Ways to Make Money While Studying at Law School
A recent survey of 188 national law schools found that in the 2018 academic year, the average cost of attending a private law school in the U.S. was $49,095 while studying law at a public school cost around $40,725. Granted, law graduates can expect generous starting salaries, with those entering the private sector often receiving six figures from the get-go.
But if you have a student loan to pay off, you might as well start chipping away at it as soon as possible. Additionally, every extra dollar you make now can help you build up a bigger savings account, afford a car sooner, and live a more comfortable life as a student.
To help you make it happen, here are five ways to make extra money while studying at law school.
Many students turn to methods such as participating in online surveys and studies, as there are no minimum requirements or time obligations. For just a few minutes of filling out forms, you can make between $5 and $30 per day (or more depending on your demographics). Popular survey sites include Opinion Outpost, Prolific, Pinecone, and Toluna.
Resell Popular Products
Take a look at the students on your campus. Chances are you’ll be able to identify a product that you can sell to them for extra cash. This includes textbooks, energy drinks, convenience foods, laundry detergent, chewing gum or electronics. Once you’ve found something lucrative, you’ll need to find a low-cost source for that product.
For instance, if you choose to sell budget smartphones, eBay or your local classifieds would be a good start. This could even turn into a venture where you can make money online selling those products through social media or your website. From here, use a profit margin calculator to determine a suitable selling price.
Invest Your Current Earnings
If you already have a part-time job and are looking to grow your money through something more passive, consider signing up with an investment app, such as Stash or Acorns. Based on your knowledge and interests, you can choose a stock to invest in and the app will recommend a suitable portfolio.
Sell Your Skills
If you have a marketable skill, such as writing, programming, design, photography or video editing, you can sell your services online through websites such as Freelancer, Fiverr, and UpWork. Of course, there are many freelancers that are already doing this, so you’ll have to enter the market with a unique take on your niche or a competitive price.
If you live in a particularly warm and lively area, consider selling refreshments at parks, festivals, and events. A few bulk purchases of bottled water will sell quickly on a hot summer afternoon. You can improve your strategy by donating part of your proceeds to a charitable cause, if not simply for the sake of doing some good.
Even if you only end up making a few dollars per day, you’ll be surprised by how quickly it can add up. Either way, what you’ll learn in the process is valuable enough to make it worth the effort.