3 side hustles to earn €1,000+ per month by 2024

In the final days of the Biden administration, student loans, student debt, and student loan forgiveness have become buzzwords.

In the the government’s latest move, borrowers would have their student loans automatically forgiven (if recipients are determined to have at least an 80% chance of defaulting within two years), or they would have their student loans forgiven by completing an application that would be reviewed for based on 17 factors related to financial problems, years of payments and debt balance, among others. It is estimated that these changes will likely come into effect in 2025.

But with all this buzz around student loans comes the question: What about those who, for one reason or another, don’t qualify under this new plan or under any of the previous plans? What could happen if these plans are blocked or delayed?

And what about professionals in other parts of the world where these regulations do not affect them? How can someone pay off their student loans faster without sacrificing their well-being, working multiple jobs to survive, struggling with the burden of debt payments, or being forced to live with their family due to financial pressures?

Student loans are forcing Generation Z and Millennials to live with their parents

About a third According to a Pew Research Center study, one of Gen Zers and young millennials will live with their parents by 2024, with finances and debt being one of the top drivers behind this decision. More than two-thirds of young adults in this group say living with their parents has positively reduced the strain on their financial situation, the survey found, which also said: “Young adults today are much more likely than their counterparts to be in their 30s past graduates. They are also more likely to have outstanding student loans.”

Another interesting finding from the study is that Gen Zers and young Millennials, also known as Zillennials (who are in between both generations) are especially motivated by finances to stay with their parents, due to the fact that finances seem to be the biggest beneficiary of the research. their time living in their parental home, while their social life and sense of adult independence have not been positively affected by living with their parents.

But what if living with parents is simply not a viable option? The most obvious way to pay back student loans faster is to make more than the minimum monthly payment. To afford this, you need to increase your income while cutting back on unnecessary expenses.

3 side steps to pay off student loans faster

To achieve this, here are some ways you can save more money and pay off your student debt faster, without having to spend excessive amounts on overhead:

1. Advice on social media management

The social media market offers a vast domain (worth up to $1.5 trillion) that allows marketers and organizations to tap into their existing audience, connect with them and understand their needs, as well as expand into new markets and audiences.

If you already have some experience managing social media business accounts, growing a business, or overseeing and implementing a social media strategy, in addition to proven results, you can use this to get a lucrative side job that will help you pay off your student loans (and any other debt like credit card debt you may have) much faster. Imagine being able to spend thousands of dollars a month paying off your loans and lowering interest rates? That is certainly possible if you start working as a freelance social media consultant.

2. Teach online courses

Another example of a low-overhead side hustle that you can use to pay off your student loans faster is starting a service business, such as teaching online courses.

This requires very little upfront capital, and at most you would have to pay for a hosting website, or join Udemy for free, and pay for all the resources you need to teach the course (you can cut back on paying for resources by using creating AI to assist in this process). The key advantage you need to make this work is to use your own existing knowledge and skills, and teach them where there is a demand, to people who want to learn how to do what you do so well.

3. Guidance of sports skills

Another excellent way to earn money to pay off student debt is to capitalize on your sports skills and coach others. An example of this is Teach me.To (TMT), This is a marketplace for finding and booking personal sports and skills instruction. The platform enables experienced coaches to expand their client portfolio or delve deeper into coaching by connecting with students looking for beginner lessons or ongoing training.

One of the top earners on the platform, Bahman Mody, works full-time as a medical-tech researcher, and he says he earns between $2,000 and $5,000 a month teaching pickleball, tennis and golf in the Los Angeles area after has started teaching pickleball, tennis and golf in the Los Angeles area. as a TMT instructor last April.

When you work on something you are already passionate about or knowledgeable about, and provide a service instead of creating a product or finding a second job with an employer, you can make more money and reduce your debt, including repayment of student loans. , and get even closer to fulfilling your career and financial dreams.