Making my first $10,000 (£10,000 since I’m in the UK) as a second-year medical student genuinely changed my university experience. Before that point, I didn’t really have my own money. But suddenly, when I made my first 10K, it introduced me to the idea of how to make money properly on the internet, and that completely changed my life.
The Financial Transformation
The following year, I made £40,000 in profit, and the year after that, it was £50,000 in profit. Now, my business generates several million a year in revenue and profit, all stemming from learning how to make that first 10K as a student. This financial independence allowed me to go on holidays and trips without worrying too much about finances. While I could have asked my mom for the money, independently earning it myself gave me a profound sense of empowerment.
The Mindset Shift
For any student or anyone watching this, if you haven’t yet found a way to make 10K a month on the internet on your own, it is a very learnable skill that can massively change your life. Don’t be intimidated by the figure of $10,000; it sounds like a lot, but it’s achievable. When I was 18-19 years old, I was earning £15 an hour ($18 an hour) doing private tutoring. Learning strategies to make money changed my perspective on money, moving from a scarcity mindset to an abundance mindset. This change in perspective made it feel more doable to earn such sums.
Strategies to Make $10,000
If I could go back in time and give myself advice on how to make $10,000, here’s how I would think about it:
- Begin with the End in Mind:
- The goal is $10,000. There are two broad ways to make money: selling products (goods) or selling services.
- Money is simply an exchange of value. Figure out how to add at least $10,000 worth of value to a person, business, or multiple people/businesses.
- Working Back from the Number:
- One day, as a third-year medical student, I made £10,000 in a single day by teaching kids how to get into med school.
- I was running a course called the BMAT Crash Course and sold tickets for £89 to 150 people, generating £13,000 in revenue. After deducting costs for booklets and venue, I ended up with £10,000 in profit.
- You can charge a small amount of money to a relatively large number of people.
- Another Approach:
- Find five people to pay you $2,000. This is actually easier than selling to individuals.
- Think of a service you can offer to businesses that would be worth more than $2,000 to them.
- Focus on high-income skills like copywriting, web design, graphic design, or software consulting.
- Identify what you’re good at, what you enjoy, and what has market demand.
Practical Example: Social Media Management
- If you’re a student, you’re probably good at using social media platforms like Instagram, TikTok, YouTube, Twitter, and LinkedIn.
- Offer social media management services to local businesses or online businesses.
- Start by doing it for free for your first client to get a testimonial and case study.
- Use these to attract more clients willing to pay for your services.
- Imagine getting $1,000 a month to manage a coffee shop or restaurant’s Instagram account; that’s life-changing money for a student.
Managing Earnings: Trading 212
Once you’ve made that money, consider managing it with a service like Trading 212. It’s a fantastic app that lets you invest in stocks and shares without any commission. They offer a new cash ISA with the highest annual percentage yield on the market, FSCS protected up to £85,000 in the UK, and it’s completely free to use. Additionally, they have a new Trading 212 card that gives you 1.5% cashback allocated to your investment account for each deposit into your ISA. Use the link in the description to sign up and get a free share worth up to £1.
Overcoming Consumer Mindset
When I talk about this advice in talks, people often ask, “How could I possibly charge a business $1,000 a month?” This question stems from thinking like a consumer. Businesses value money differently compared to individuals. Start by doing the service for free, provide immense value, and get glowing testimonials. Then, gradually increase your charges with confidence and conviction.
Final Thoughts
This journey is accessible to anyone. While $10,000 might seem like a lot, it’s achievable with the right mindset and strategies. Over time, you can increase your earnings, empower yourself as an entrepreneur, and continue providing value. If you’re interested in learning more, check out my video on high-income skills that students should learn and start your journey towards financial independence.
Conclusion
Making your first $10,000 as a student can be life-changing. It opens doors to new opportunities, empowers you, and sets the foundation for future financial success. So, what are you waiting for? Start learning, provide value, and watch your efforts pay off.
FAQs
Q1: Are these strategies suitable for beginners? Absolutely! These strategies are designed to be beginner-friendly and can be started with minimal investment.
Q2: How much time do I need to dedicate to these side hustles? It depends on the idea you choose and your goals, but most of these can be done part-time with a few hours a week.
Q3: Do I need any special skills to start these businesses? While some ideas may require basic technical skills, many can be learned through online tutorials and practice.
Q4: Can I start more than one of these businesses? Yes, you can start multiple side hustles if you have the time and energy to manage them effectively.
Q5: How do I manage my earnings? Consider using apps like Trading 212 to invest and manage your earnings efficiently.