Series Part 1: make money by teaching
Making money by teaching; series part 1? I’ve decided to embark on a whole series of blog posts dedicated to making money. Some will be from active income and some will be passive. My philosophy here is that sometimes you need to start out by making active income so you have money to invest in things that may passive income (like stocks that pay dividends and P2P lending. Work hard to invest hard. I believe we’ve covered this topic before.
In this series, which I’ll write a post for each of a number of categories.
- Income from teaching
- Renting out your stuff for passive income
- Income for delivering things
- Income from artistic endeavors
- And income from things that don’t fall into these categories
11 ways to Making Money by Teaching
Teaching? Why am I starting with teaching? Because investing in yourself should be the first thing you invest in and you’re helping others invest in themselves. And, because it’s the shortest list of ways to make additional money. Not to say that it’s not profitable, but merely the least tapped of my long collection of ways to make active and passive income. Here I have nine sources of active income, and two sources of passive income; all through teaching.
Yes, the goal here on this blog is passive income but sometimes you still have to make passive income, especially at first. So, first I’ll give you the active ways to make money by teaching, and we’ll end with a couple ways to make passive income by teaching.
First, the active types:
What is it? You get to select your subject, how much you get paid, and where you work. Seems pretty simple.
What will it cost me? There’s no fee to sign up and get started. As for how much of a cut ClassGap will take; that seems to vary on how much you teach. It’s minimally 1.25 euros, after that it’s 20% for the first 50 hours, 13% for hours 51-500 and after that just 10%.
How do I get paid? Paypal, it seems to be the only way they pay you.
Requirements? Tablet or computer with mic and webcam and Google Chrome.
What is it? Wyzant lets you choose your jobs by subject or by location so there are opportunities both online and in person. You pick your students and the rates you receive. You can even have different rates for online versus in-person tutoring.
What will it cost me? Free to sign up but Wyzant will take 25% of your tutoring fee. If you refer a student that uses you as a tutor then you get to keep 100% (minus their minimum 9% service fee). Not sure why they just don’t tell you that you’ll only keep 91% instead of making it seem like it’s a better deal for referrals.
How do I get paid? Direct deposit.
Requirements? You have to take Wyzant’s proficiency test in the subject you wish to tutor. What if you don’t pass? Well, there are no second chances for the proficiency tests. I actually think that’s pretty fair; you should know it well enough to pass the first time if you’re going to tutor someone. Oh, some of the subjects require a written summary of your experience rather than a proficiency test.
What is it? Stuvia buys and sells summaries and class notes. If you’ve taken a class and you’ve taken good notes then you can sell them for extra cash. Apparently, they pay out each time your notes are downloaded.
On Stuvia, you can sell any study material of which you own the copyright. Think of book summaries, lecture notes, study guides, case studies, essays, theses, and so forth.Stuvia
What does it cost me? Nothing, you simply get paid a small commission when your material is downloaded. I haven’t found any information on how much of the commission they keep.
How do I get paid? Direct deposits in sums of at least $10 on Mondays. Let’s not sugar coat it. It’s kind of a gamble. If you don’t make at least $10 they essentially keep your money.
Requirements? They want to know the name of the school and the class where you got the notes/material.
What is it? Online tutoring
- Subject Exam
- Mock Session
- Background check
- And then you’re in and you’re allowed to be a tutor.
This one’s interesting because it also gears its tutoring positions toward military spouses, teachers, and professionals/experts. They seem to have a higher standard for their tutors.
What does it cost? Nothing
How much do I get paid? A set hourly amount. You’ll have to go through the whole application process to get their pay structure. I’d do it for you but I’m not in a position where I can both write these kinds of posts for you and also tutor other students.
How do I get paid? Like a normal paycheck with direct deposit.
Requirements? Surprisingly technical and detailed requirements for your computing equipment can be found here.
What is it? Board certified teachers and people with Masters/PHD subject matter experts.
What does it cost? Probably the price of two to three degrees.
What does it pay? $25 per hour. To be fair, if you have a Masters or PHD you’d probably only do this because you like helping people or just need a hobby for your spare time because you should be making more than $25 with those degrees. Or, perhaps you’re just retired and need something to do.
Requirements? An actual teaching degree or better.
What is it? Another tutoring gig. This one surprisingly offers very little information without actually signing up.
What does it pay? $20/hr and it’s somewhat misleading unless you read the fine print which you should always do. It says, “Top tutors can earn up to $1000 per month,” and in tiny letters (represents the top 5% of all tutors 9/2015-2/2016). What an oddly specific period of time from about three years ago.
Requirements? I’ve got some requirements. Be less sketchy if you want people to sign up to be tutors. Oh, their requirements? Unknown because you have to sign up first.
What is it? Set your own pay and tutor/help students with their problems. You bid to be able to answer questions and earn badges as well as money.
Pay? You set your prices, kind of. Actually, you bid for the privilege to answer someone’s needs. I actually think this is kind of smart. If you happen to answer a certain question or type of question frequently then you should be able to save the questions and answers and build a kind of stockpile to answer the same questions faster and for less money (like how manufacturing works, economies of scale and all that).
What will it cost me? 20-30% of your commission.
How do I get paid? Paypal, no statements on minimum payouts.
Requirements? None that I can see. As long as you can be helpful if you win the teaching bid you should be good.
What is it? Teaching ESL (English as a Second Language). This is pretty much a part-time job teaching English.
Requirements? Professional teachers with one year minimum of teaching English. Headset with microphone, 1mbps minimum internet connection speed. Commitment to work at least 5 hours a week.
How much does it pay? $10-25/hr. and you’ll be paid on the 10th of each month via Paypal or wire transfer.
What is it? Become a mentor to a coder (or a codementor as they call them). Set your price and pick your projects and get paid to be someone’s programming mentor.
What does it pay? Unknown. This is another one that gives you hardly any information about how, how much, or when you get paid. It does say that you can make potentially get paid $2,500+ per week though (somehow).
No know requirements, it’s really sparse on information.
Make money by teaching: passive income options
These are going to be much more work up front but if you create a great product then you’re more likely to get paid more money more frequently.
How does it work? Skillshare sells memberships and then allows the people who buy them to take all the online classes they want. You create a class, and then they offer it to their members.
How does this make me money? You get paid for every minute that people watch your classes. It doesn’t say how much but they do claim that some of their top teachers make over $100,000 per year. They also pay $10 per student referral who buys a membership. There’s more information here.
How does this work? Similar to Skillshare above in terms of creating a course and then selling it. What’s different is how you get paid.
How do I get paid? Well, there are three different pay structures for Udemy. First is the instructor coupon. If you sell your course to your students you get 97% of the course fee which is pretty good. So, you drive your traffic and you get paid more. The second tier is for people who just happen to find your class on Udemy and decide to take it. Udemy takes half and gives you half. Lastly, if the class is taken because of a Udemy ad that or has in some way promoted then they keep 75% and you get 25%. You can find more on the topic here.
That’s it for the first installment of the ways to make money series; teaching.
I hope it gave you some ideas if you’re interested in sharing your knowledge for warm soft digitally transferred currency.
Remember, if you make money by teaching from any of these, immediately invest it in something that will make you passive income, don’t just waste it on ho-hos and jolt cola with whiskey.