According to the Organization for Economic Co-operation and Development, only 46 percent of college students actually finish their degrees.
Research also shows that college graduates ages 25 to 32 earn $17,500 more annually than their non-degree-holding counterparts. But, given the crushing cost of student debt and a slowly recovering job market, is a college degree really worth it?
Related: Do You Really Need a College Degree These Days?
Certainly, anyone with a formal education should value his or her training, but that doesn’t diminish the wealth potential of ambitious non-degree holders. PayPal co-founder Peter Thiel thinks good ideas and work experience outweigh education. In fact, the Thiel Fellowship offers a $100,000 grant to college dropouts and those who delay formal education to become entrepreneurs.
Still, you don’t need the Thiel Fellowship, a degree or even much training to make money and pave your way to success. Instead, you can create your own opportunities or enhance the job you already have. Here are eight of the best ways I know to make money without a degree.
SEE ALSO: 7 money basics to teach your kids in elementary school if you want them to grow up to be rich
1. Start a service business.
A service business is usually the easiest type of business to start. There isn’t much overhead, and you don’t need many contacts or even a website to get started. Instead, you just need a valuable skill that people will pay you for, over and over again. Content marketing, web design and social media consulting are just a few places to start.
But you won’t earn much charging by the hour, or billing for one service at a time. To earn more, bundle your packages together and focus on value. If you’re running a writing business, offer a website-content rehaul that converts sales at a premium price.
2. Invest in real estate.
Anyone with enough up-front capital can jump into real estate and start a rental-property business. But do you really know how to manage a property successfully? If not, team up with an experienced developer or venture into commercial real estate through crowd-funding opportunities.
Crowd-funding sites like RealtyMogul.com can give you access to commercial property developments for as little as $5,000. Investors can also save time and resources by looking at pre-vetted deals and online presentations to help them make decisions.
3. Offer consulting services.
Think bigger than offering to train bookkeepers by the hour, or teach a course to business managers. Position yourself as a consultant instead, and get paid to share advice on everything from lean management to accounting. Think about pain points and how you can help solve a business' biggest problems.
Consultants enjoy the ultimate flexibility as independent contractors who can work with businesses either by the day or for the long term. While consultants don't need a college degree, they do benefit from having certifications with the tools they're recommending. Consultants also need in-depth industry knowledge.
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