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5 Innovative and Smart Ways to Earn from your Dorm Room

5 Innovative and Smart Ways to Earn from your Dorm Room

If you are a college student, chances are high that you could utilize some extra money. Moreover, you realize that bagging a job is probably not the ideal choice because it can surely get in the way and disrupt the schedule of your classes.

Your teacher may schedule a night test or even a sudden paper that needs to be worked upon on a short notice. Therefore, if you spend time working for most of the day, how will you eventually manage your schoolwork?

Staying up until the wee hours of the morning is a viable option; however, this only compounds the problem as you begin to wear down from lack of relaxation and sleep. Imagine a scenario where you can earn additional income from your dorm room, while simultaneously maintaining a schedule that works just right for you.

Given below are 5 innovative and smart ways to earn from your dorm room.

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1. Online Tutoring and Teaching

If you have subject matter expertise in any subject like Economics, Physics, Mathematics, or any other college course, it may be extremely helpful to become an online tutor. You will not only earn some additional money assisting fellow college students, but also obtain tremendous job satisfaction with regard to the teaching profession.

Of course, the pre-requisite is to have excellent teaching skills. There is a wide range of websites where you can log in and offer your services as online tutor or expert on your subject. You can register yourself free at Wyzant , Transtutors or Chegg and start to tutor other students on different subjects.

2. Sell Your Services

BareFootStudent is a website that is dedicated to giving college students the ability to offer their services to the local community. It is now possible to provide a wide-range of diverse services, including child care, freelance writing, pet care, house-sitting, and much more.

If you possess the requisite knowledge and expertise with these types of services, then finding a part-time job in your local area should not be difficult at all. Such services should additionally give you the ability to be flexible when it comes to your class schedule, and you need to put in the requisite hours of work according to your preferences and wishes.

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Thus, you can choose your own working hours. Just make sure to promote your profile optimally, and the business will surely keep returning.

3. Take Surveys

When many diverse companies need suggestions on a particular product or service, they eventually release surveys to effectively ask specific concerns for gathering details regarding the needs and wants of their industry.

Students are ideal survey takers. This is because they are highly qualified and possess loads of free time. Therefore, you can earn a decent sum of money taking surveys.

Websites such as Swagbucks and a few others allow you to take surveys and earn some cash while carrying out this task. In general, the job of taking surveys is not really inspiring or lucrative. However, with a little devotion and dedication, you can eventually earn an impressive sum of money.

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4. Craigslist and eBay

There are several methods for you to earn cash on Ebay and Craigslist, which do not primarily involve parting with and selling your possessions.

Do not misunderstand this. If you are not actually using an item that could be of potential use to someone else, it is quite possible to earn some decent cash selling some of your possessions.

Moreover, you have the ability to offer your services on Craigslist. Services could be anything from mowing to house-sitting. In addition, if you have a creative mind, you can earn money by creating and selling goods on eBay.

5. Start your Personal Blog or Website

Starting your personal blog or website can be an extremely lucrative method to earn a handsome income without the need to leave your dorm room.

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You need not have knowledge of programming languages to begin a web page as there is a good chunk of free scripts that will create the website for you, including WordPress, Drupal, and Joomla.

That being said, making money from your dorm room can be a challenging task if you fail to understand what exactly you are doing. With loads of exploration and an excellent strategy, you can make a good sum of money owning your own blog or website.

The key is drawing traffic to your website. This is where you should focus because there are millions of websites engaging in cut-throat competition. The ideal way to get free traffic is to obtain them from major search engines.

Lastly, your website should rank high on Google if you want the big bucks.

Conclusion

As can be seen, there are several diverse ways that you can effectively market your services to other people from the comfort of your dorm room. Earning additional money during college years can keep stress at bay because a lack of cash when you need it the most is extremely stressful.

Possessing disposable income during college years is quite uncommon. However, if you draw inspiration from the five ways mentioned above, you will end up making a good amount of money in a short time.

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Adnan Manzoor

Data Analyst & Life Coach

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Published on May 7, 2019

How to Invest for Retirement (The Smart and Stress-Free Way)

How to Invest for Retirement (The Smart and Stress-Free Way)

When it comes to stocks, I bet you feel like you have no idea what you’re doing.

Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

Here’s how to invest for retirement the smart and stress-free way:

1. Know Clearly Why You Invest

Odds are you already know why should invest for retirement.

But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

  • Will you spend more time with your family?
  • What does retirement mean to you?
  • Are you looking to launch that business you’ve been holding off for years?

Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

2. Figure out When to Invest

“The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

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A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

Investing your money well depends on your emotions.

Why?

Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

Avoid watching market-related new. Also, create a double authentication to log in your investment account. This way you’re less likely to withdraw your money.

4. Open a Reliable Retirement Account

Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

  1. Vanguard
  2. TD Ameritrade
  3. Charles Schwab

5. Challenge Yourself to Invest Consistently

Committing to invest for retirement is hard, but continuing to do so is harder.

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Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

6. Consider Where to Invest Your Money

The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

Robo Advisors

Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

Bonds

Think of bonds as “IOUs” to whomever you buy them from.

Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

Here are the different types of bond categories:[5]

  1. Treasury bonds
  2. Government bonds
  3. Corporate bonds
  4. Foreign bonds
  5. Mortgage-backed bonds
  6. Municipal bonds

Mutual Funds

Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

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Real Estate

Yes, buying a home is an investment when done correctly.

Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

Savings Accounts

Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

7. Master Disincline to Dodge Short Success

Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

So how can you master delayed gratification?

By building your discipline.

Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

8. Aggressively Invest on This One Investment

I’ve mentioned several types of investments but haven’t covered the most important one.

It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

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More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

But, how can you invest yourself?

Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

Retire Happy with Excess Money

The key to a secure financial future doesn’t only belong to financial experts.

It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?

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Featured photo credit: Matthew Bennett via unsplash.com

Reference

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