The internet provides many opportunities for people to make money online, and medical students are no exception. I have put together a list of a few of the best ways that medical students can make some extra money as MBBS students in India.
How to earn money as a medical student in India?
1. Part-Time Home Tutoring
The great thing about being a medical student is that you are an experienced learner. People assume that you must be really smart if you can get into a medical college. There is a huge demand for home tutors in our country and you can make a lot of money doing it.
According to a report by the National Sample Survey Office (NSSO), one out of every four students in India takes private tuition and in a couple of states more than three out of every four students, or over 75%. There is a huge demand for private tuition, as you can see. A large percentage of students cannot fully understand classroom teaching and seek private tuition.
As a private home tutor, you could make about 300-1000 rupees an hour or more which translates to about Rs. 6,000-12,000 per month if you take 5 classes every week. Home tutoring can be lucrative and enjoyable if you enjoy interacting with people and know how to teach them.
I’d recommend tutoring school-going children because of two main reasons:
- The syllabus is very easy. Because it is only the basics, it won’t take much effort on your end. You’ve saving time.
- Because the syllabus is not vast, you don’t have to teach them every single day. Three or four times a week is sufficient and won’t take too much effort.
Some ways to reach parents who would be interested are finding out in your neighbourhood or making and distributing pamphlets in your society. If that doesn’t work out, you can search online using social media or join an online network community like SuperProf.
Part-time private home tutoring may be right for you if you are academically smart, did well in school, and have some free time despite studying in medical college.
Another great way to earn is through Chegg. It’s one of the most popular platforms for students and freelancing tutors in India. Chegg is looking for Subject Matter Experts who have strong theoretical and practical knowledge of a subject. Basically, you receive money for each academic subject query you resolve for students studying in foreign universities and colleges.
2. Invest in the Stock Market
It is no secret that investing is a great way to build wealth. You can invest directly in stocks or indirectly through mutual funds. It allows you to grow rich over time, slowly.
Investing in stocks does not require huge capital which makes it affordable to invest for everyone. If you’re just starting out, you can invest as little as possible.
It’s just mind-blowing when I hear investment journeys like Rs. 10,000 invested in 1981 in Wipro would’ve been 800 crores in 2021. Wow!
Although, it’s not a great idea to go ahead and invest all of your money in the market with greed to earn. Learn and understand the basics of the stock market and invest smartly.
In order to comprehend the market better and make the right investment decisions, it is important to have correct knowledge before starting to invest. You can follow various well known YouTube channels like CA Rachana Phadke Ranade to learn fundamental and technical analysis. She has a wonderful playlist for both.
Considering that most medical students are beginners in investing, even a small investment, if made properly can reap huge profits in the future and can act as a source of regular passive income.
I understand that taking time out of a hectic schedule in MBBS is difficult, but investing is a great way to start your path to financial independence.
To get started with investing in the stock market, you need to open a Demat account with any of the brokerage firms. I’d highly recommend Zerodha because:
- Largest stock broker in India
- Free equity delivery and direct mutual funds
- No upfront fee or turnover commitment
- Brokerage calculator helps you calculate all charges upfront
Some of the best books for beginners in the stock market:
- The Intelligent Investor
- One Up On Wall Street
- Beating the Street
- The Warren Buffet Way
- Stocks to Riches
NOTE: I am not a SEBI registered financial advisor. Everything I have said above is for educational purposes only. Please do not trade or invest based solely on this information.
3. Start a Website or YouTube Channel
Have you been thinking about starting your own website or YouTube channel and earning money from it? If so, there are many ways that this can be done.
Over the years, blogging has become increasingly difficult, and it takes a long time to become authoritative in the eyes of Google and rank in the largest search engine in the world. Moreover, purchasing a domain name and hosting your site requires a large upfront investment, which is not always worth it because most blogs fail to become profitable. Based on my blogging experience, I can tell it’s certainly not a piece of cake!
It would be best to start a YouTube channel first since it’s free and doesn’t demand any investment. You may be wondering how you can make money on YouTube. The answer is simple – by making good content that provides value! If you create videos that are engaging and informative, your audience will want to subscribe so they don’t miss anything when it comes out.
The more people watch your videos, the more money you’ll make. Profitability is highly dependent on the niche. Ones like finance, tech, product reviews, tutorials, healthcare, and nutrition do very well.
Making money on Youtube doesn’t mean relying solely on ads through Google Adsense. You could monetize your channel in other ways, such as using affiliate links in your video descriptions. As your audience grows, you will also receive sponsorships.
Remember, the key to success with the channel is consistency. Keep people interested in your content by posting at least once a week or every two weeks depending on your type of content.
4. Become a Social Media Influencer
Over the last decade, we have seen social media grow rapidly in importance. According to the Digital 2021 Report by We Are Social, there are currently 4.2 billion social media users worldwide. The number of social media users is now equivalent to more than 55.1 per cent of the world’s total population! Often, these individuals look up to social media influencers for guidance in their decision-making.
Influencers in social media are people who have developed a reputation for their expertise and knowledge on a specific topic. They regularly post on social media about that topic and generate a large following of enthusiastic, engaged people who are eager to hear their opinions.
Social media influencers are valuable to brands because they create trends that encourage their followers to buy the products they promote. Influencers have both reach and influence over their audiences. The brand can reach the perfect target audience in this way. A lot of companies are willing to pay social media influencers to promote their product and services.
The simplest way to start is with an Instagram page. It is the biggest influencer marketing platform. First on your to-do list is to choose a niche for your social media page and start posting high-quality pictures, videos, and stories that resonate with your followers. Additionally, it’s important to be regular and consistent. Depending on your comfort level, you can post daily, weekly, or at any frequency you like.
Influencers get paid in a variety of ways, including:
- Sponsored posts, images, and videos
- Brand campaigns
- Promoting your own merchandise
- Courses, subscriptions, and eBooks
- Acting as brand representatives or ambassadors
- Co-created product lines
- Affiliate marketing
5. Sell Profitable Skills on Freelancing Websites
Freelancing has never been easier. With the internet, there are so many opportunities to work for yourself and do things you love; it’s just a matter of finding what works best for you. There is no “one size fits all” solution when it comes to freelancing – take some time to figure out your personal strengths and start from there. Some of the ways to earn money freelancing are by content writing, photo and video editing, and graphic designing.
Learning a new skill can be daunting, but the process doesn’t have to be as hard as you think. Remember these 5 steps and you’ll find yourself mastering your new skills in no time!
- Find an expert who knows what they’re doing. This is important because it’s easier to learn from someone who has experience with a particular skill.
- Learn everything that the expert has to offer. First learn, then remove the L.
- Practice. Once you’ve found some helpful resources that are tailored to your specific needs, get started practising.
- Master. After gaining sufficient experience, you will be confident enough to start with your first gig.
- Sell your services on freelancing websites.
Most popular freelancing skills:
- Content Writing
- Social Media Management
- Graphic or Logo Designing
- Video Editing
- Photo Editing
- Digital Marketing
- Web and Mobile Development
Freelancing skills catering to the medical field:
- Creating medical PowerPoint presentations
- Creating 3D medical animations or illustrations
- Writing well-researched health or medical content
- Translating medical text into other languages
- Designing a medical logo
- Designing a medical/health care website
- Medical voice narration
- Medical transcription
Remember that quality pays for itself. Your clients should appreciate your punctuality and your good communication. Hopefully, you’ll land one that’s regular!
So what are you waiting for? Get out there and start!