The cost of higher education continues to rise, with the average cost now reaching over $27,146 per year for in-state students at a public four-year university and over $58,628 per year for private, nonprofit colleges. Some estimates even put the cost of a degree from costs, student loan interest, and lost earnings during the school years at $500,000. While some students use their degrees to go on to high-paying careers open only to those with a college degree, others are finding ways to live comfortably without tuition fees.
It's possible to grow your wealth and prosper without a higher education, but it will take some planning and creativity to make it work. Here are some of the most common ways to earn a healthy living with no college loans required!
Using in-demand skills that pay well
For those who want to pursue higher learning but aren't eager to go to school for an entire four years, a technical or trade option may be more appropriate. The Trades include everything from electricians to plumbers to maintenance repair professionals who climb wind turbines to change out parts.
Each trade has a different career path, with some requiring apprenticeships and licensure to begin working in the field. The good news is that these jobs can pay very well, with the Bureau of Labor Statistics (BLS) listing the following average annual salaries:
- Electricians: $61,590
- Plumbers, pipefitters, and steamers: $61,550
- HVAC repair and installation: $57,300
- Wind turbine technicians: $61,770
Your local community college may have more information on the programs available in your area and scholarships to help pay for them.
Also, certain programs leading to in-demand jobs may give additional grants to those who fill much-needed roles. For example, Mike Rowe's WORKS scholarship program offers another way to get money for trade school, providing $1,000,000 each year to those seeking trade jobs.
Some companies also choose to hire directly and train those without any experience for jobs like electricians, so you can start working for them right away. With free training and pay, the apprenticeship route may be a great one to choose to avoid taking on student loan debt.
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Tech certifications
Another option is a certificate in a technology field, such as data analysis, business insights, coding, or UX design. While more colleges are offering bachelor's degrees in these areas, it's possible to get started with experience, some certificate training, and the support of others in your network.
It's true that artificial intelligence (AI) is taking some of the more entry-level work in these fields. However, the good news is that it's also creating new jobs in this field. For example, a coder who also understands data analytics and knows how to build new AI engines will find work in areas where a standard coder may not. In fact, developers and engineers who can adapt to the demands of AI and machine learning (ML) can earn up to $160,000 per year.
Ready to get started? There's no shortage of bootcamps and online courses to learn for very little (or even free). For example, Google offers its data analytics business insights, UX design, and cybersecurity courses year-round, and you can take them at your own pace. For those wanting a taste of what these careers are like, the certificates are a low-risk way to see if it's for you.
Freelancing
The gig economy is very popular right now, with people doing marketing, copywriting, graphic design, and even coaching from the comfort of their homes. If you like the idea of being your own boss and dictating your earnings, the freelance life may be for you.
Freelancers can earn anywhere from $25 to $300 an hour, with the highest priced professionals having decades of experience and working as consultants. The fields that combine creativity and digital marketing may pay the most since companies are usually willing to spend a good amount on advertising. Of course, that doesn't mean you have to work in a for-profit marketing role. There's also a need for editors, designers, and writers in every industry, including nonprofits and small startup areas.
Getting started as a freelancer may require you to take on low-paying jobs at first. After each job, add it to your work experience with links or screenshots as part of a portfolio. This portfolio will grow over time and help you build credibility so you can eventually get hired for those better-paying jobs.
Investing in passive income strategies
If you already have some cash you can spare, investing may be a good earning strategy for you. It requires some tolerance for risk, but with some research and a measured approach, you could make money without having to learn a trade or go to work for eight hours a day.
Ideas for passive income include:
Real estate investing
Since U.S. home prices have grown steadily over the past few decades, many consider buying a home (or more than one home) a good way to grow wealth. Whether you live in it yourself with the intent to sell down the road or you choose to rent it out and make it part of a real estate business, you may find property ownership appeals to you.
This doesn't always mean you have to pick out a house and fix it up yourself, though. If you prefer a more hands-off approach, you might consider options like real estate investment trusts (REITs), which let investors pool their money into a portfolio of property investments and then split the earnings over time.
Stock market investing
Another investment option is through the stock market, though this approach requires you to understand the full risk of what you're getting into before you buy. A financial advisor may be able to help you pick investments that align with your values and your long-term goals, whether it's to retire comfortably or simply supplement your income as you continue to work. Another option is to invest in low-risk mutual funds that contain a wide range of stock interests. That way, no single company or industry dip will affect your earnings very much.
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Sign Up NowTurning side hustles into a full-time job
While gig jobs used to be more about earning some extra cash, some entrepreneurs have taken their "hustle" to the next level to make a full-time living. What ideas do they pursue? Here are just a few of them.
Airbnb hosting
Whether you rent out a room, a floor, or the entire building, you can earn substantial income. Be sure you focus on creating an excellent guest experience, manage bookings efficiently, and follow the rules of your town or city. The best Airbnb hosts also pay attention to guest reviews, answering them online wherever they're found and ensuring issues are taken care of promptly. Your reputation matters and a good one will help you earn trust (and additional money).
Flipping items
That dusty book or strange piece of glass may not go for much at a garage sale or flea market. However, it may fetch a high price from a buyer looking for that very item. Each selling platform (such as eBay, Etsy, or Facebook Marketplace) has its own pros and cons, rules for what's permitted, and a unique audience looking to buy. Take some time to get to know them better so you can choose the right platform for your products. Whether it's furniture, clothing, jewelry, or antiques — there's a place to sell almost anything.
Content creation
If you spend some time each day scrolling through social media feeds, then you already understand the power of the content creator. So, what does it take to join them? Some creators focus on a single topic, are very transparent, and spend little on their setup or tech. Others create a polished experience with high-quality editing, props, and collaborations with other creators. The choice of approach is yours. Once you've demonstrated you can attract fans and followers, you may be able to start charging sponsors for features, monetize through platform ads, or earn through affiliate promotions.
Making money is only part of the equation
Each of these ideas presents a way for you to earn more money outside of a traditional, post-college career. For some people, these jobs are just as lucrative and even offer more flexibility and freedom.
However, it's not just about the money you make. Any path toward financial success also requires you to spend less than you earn and even to put some away for emergencies and long-term goals. Both those with college experience and those without won't make it far if they overspend and don't plan ahead for uncertain economic times.
So, whatever job ideas you pursue, make budgeting a priority. This tool will give you a plan for how to spend, save, and invest your money each month so you can stay on track and continue having financial success.