Lecture Notes: Becoming a Millionaire as a Student

Introduction

Many students struggle to balance studying and making money.
Concerns about the value of college due to statistics:
- 23% of bachelor’s degrees have a negative ROI.
- 41% of graduates work in jobs that don’t require a degree.

Most millionaires have multiple income streams:
- 65% have at least 3 income streams.
- 45% have 4 income streams.
- 29% have more than 5 income streams.
Popular income streams may not be realistic for students; therefore, here are 7 practical ideas.

Overview: A way for students to earn extra cash with minimal startup costs.
Requirements: Just a smartphone and possibly a ring light.
Revenue Potential:
- In 2022, TikTok Shop generated $11.09 billion, expected to reach $17.5 billion.
- High-grossing categories include beauty products and women’s wear.
Time Commitment:
- About 3 hours nightly for significant earnings.
- 1 hour a day for modest earnings.
Getting Started: Download the TikTok Seller Center app to upload products.

Overview: Companies pay for feedback to improve products.
Earnings Potential: Up to $250 for a one-hour session, depending on niche.
Time Commitment: 30 minutes to a couple of hours.
Getting Started: Use trusted platforms like Respondent, User Interviews, or FocusGroup.com.

Overview: Upgrade outdated businesses like laundromats and vending machines.
Earnings Potential:
- Laundromats: $300,000/year (20-30% profit margin).
- Car washes: $500,000 - $900,000/year.
Time Commitment: Initial setup may take a few hours to days, then 1-2 hours weekly.
Getting Started: Identify outdated businesses and suggest tech upgrades (e.g., Odoo).

Overview: Provides income while learning real-world skills.
Earnings Potential:
- Traditional jobs (e.g., McDonald's): ~$12.81/hour.
- Specialized jobs (e.g., tutoring): Varies by subject.
- Freelancing can yield higher earnings based on skill.
Getting Started: Create a clean CV and apply in-person at local businesses.

Overview: Declutter and sell items you no longer need.
Earnings Potential: Check similar item prices to set competitive rates.
Time Commitment: Listing items is quick; shipping can be easy with local drop-off.
Getting Started: Use platforms like eBay or Vinted to sell items.

Overview: Sell products online without managing inventory.
Earnings Potential: Profit margins generally 20-30%; high-ticket items can yield more.
Time Commitment: Quick setup with tools like Build Your Store AI; focus on marketing afterward.
Getting Started: Choose a niche and set up an online store.

Overview: Help businesses and creators translate content for different markets.
Earnings Potential: Average rate of $48.17/hour for voice actors; potential for higher earnings managing projects.
Time Commitment: Variable depending on experience; networking and project management required.
Getting Started: Use platforms like Fiverr and Upwork to showcase your work.