It's no secret that thousands of students are graduating with huge amounts of student loans. These loans range from tens of thousands of dollars to even $100k or $200k. It's going to take a lifetime to pay these loans. Some have given up, defaulting on loans, hiding out in foreign countries, or a few other ‘unique' methods of ditching student debt.
But hiding from your debt is not what adults do. It's not responsible. We need to stop complaining about the choices we made and be accountable for our actions.
Paying off your debt is not impossible, especially with the option of becoming a full time self employed business owner and making enough money to pay off your loans, or start a side gig to supplement income coming in from your job/career.
It's not as hard as you might think.
Making Money On The Internet
Do not believe the hyped internet marketing products or infomercials on YouTube. It's certainly not easy to start an online business. There are lots of scams out there, and the if anyone tells you it's easy, they're probably trying to sucker you into an pyramid scheme or play your emotional buttons.
But it is TOTALLY POSSIBLE because I did it.
The gist of how you make money online works like this:
- Find a group of people that have a problem or need
- Find a product or service that fixes that problem
- Create a website featuring those products/services
- Get your website found in Google
About The Money You Owe
So student debt is not bad, but how you deal with student debt can make a huge difference in what it does to your life.
Remember that much of what you pay on your loans in the beginning is going to be interest. Over time you will chip away at the actual debt, but making the absolute minimum payments is what will make your loans drag on for years and years.
So your goal should be to start paying your loans fast, and as much as possible. This will of course depend on your individual situation. You may have other obligations like family, medical bills, or paying the rent.
With or Without a Job
You just finished school and are probably trying to find a job that reflects what you studied. Great. If you do find a job, there's still 5 or 6 hours at the end of the day to run your online business. It only takes a few hours each day to learn how to build simple websites and do the research that's needed to find profitable niches online.
If you don't have a job, then this is the opportunity of a lifetime. Obviously, you can't just job-search 24/7, which means you'll have a lot of down time. Don't waste it.
Starting today, you are a full time affiliate marker.
Working for 6-8 hours or more per day developing your business means that you will probably find success faster than someone that has to straddle a regular 9-5 job and part time on their own business. You are more susceptible to burnout as well, but that's another can of worms that not worth getting into right now.
The greatest challenges you will face will vary from person to person, but I see two potential issues with the part time or full time choice from above.
1) Part Time Challenge
You're new to the working world. It might be exciting to jump into the job market, and getting up every day at 8 may seem novel for a short time. A very short time. Very quickly you'll start to feel that “I can't wait to get home and do nothing” feeling that working stiffs get. Friday night is Awesome Town in college. Friday night is spent in bed early for someone with an intense job like teaching kindergarten (Yup, that's what I did).
It's going to be hard to get home from a full day's work and essentially start another day of work. Adding to this challenge will be that you will not be making money right away. A lot of time is spend doing research, writing, and ranking your sites. Profitability comes further down the road, usually between 6 months to a year after you start.
2) Full Time Challenge
For a full timer, it means you will not have a ‘real job'. You get up when you want, and go to bed at that time too. You might be living with your parents, or dipping into your savings to pay rent. This can give you a false sense of stability, and before you know it, you've watched a full day of twerking and Harlem Shake videos on YouTube.
Again, you will not see money come in right away. You will ask yourself many times per day whether what you are doing will actually work. The good news is that you don't have a choice (ie no job). Spend as much time as you can learning and DOING. Apply for jobs and interview when you can, but you may not need to if your online business becomes profitable soon enough (it took me 1.5 years but others have done it in 6 months).
So What Do I Do?
I briefly explained what you will do as an internet marketer, AKA online business owner. It's of course a little more detailed than that. You need to learn how to do this.
One awesome resource is my email course. (ehem ehem, self promotion). You can watch my video series taking you from A – Z (30 videos) for free. The email course will give you a more in depth look at what internet marketing is and what it isn't.