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7 Side Hustles That Could Be Big in 2018

By U.S. News & World Report

For the past couple years, the gig economy has been largely synonymous with drivers, pet sitters and handymen for hire. However, that is poised to change in 2018.

“We’re going to see a shift away from the focus on Uber and Lyft to the higher end of the market,” says Arun Sundararajan, a business professor at New York University and author of “The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism.”

While there will still be a place for unskilled work on demand, the gig economy is evolving to offer opportunities to professionals who, in the past, seemed unlikely candidates for a side hustle. Consider these seven gigs that could be big in 2018.

[See: 10 Ways to Make Extra Money in Retirement.]

Data analysis. Marion McGovern, author of “Thriving in the Gig Economy: How to Capitalize and Compete in the New World of Work,” expects to see major growth in the websites and apps available to place specialized workers into gig assignments. “My money is on the niche players,” McGovern says. Niche sites like Experfy connect businesses with on-demand services related to big data, analytics and artificial intelligence. Thanks to these platforms, data scientists and those with experience in emerging technologies will likely see plenty of opportunity to sell their services in the gig economy this year.

Lawyers on demand. Lawyers are another group being afforded the chance to make money on the side thanks to the gig economy. “I think a lot of people are surprised when I say law,” Sundararajan says. “You think of this as a staid, full-time profession.” However, online platforms like UpCounsel allow lawyers to provide a variety of legal services on demand. Sundararajan sees the gig economy heading in a direction to allow professionals to create their own businesses and market them entirely online.

[See: 8 Popular Part-Time Jobs for Retirees.]

Executive coaches. McGovern says businesses being run by millennials and young executive teams may be lacking the institutional knowledge and skills that come with more senior workers. “We might see the notion of seeding some of this expertise back,” McGovern says. She expects seasoned business professionals to find positions serving as executive coaches or consultants for young managers.

Accountant consultants. Accounting doesn’t traditionally get associated with the gig economy. “It doesn’t necessarily conjure up images of forward thinking and entrepreneurialism, but it really is,” says Jeff Thomson, president and CEO of the Institute of Management Accountants. He says that’s particularly true for management accountants who are often involved in strategic planning and forecasting.

Freelance public relations. Not every business can afford to hire top public relations firms such as Edelman or Ogilvy. However, smaller businesses and entrepreneurs still need to cut through the noise of a crowded marketplace. That means the market is ripe for PR professionals to enter the gig economy. Offering PR services as a side hustle can be a win for professionals who feel burnt out by the fast pace of big firms. “They want a different model of work,” Sundararajan says. Watch for new gig economy platforms for PR professionals to debut this year.

[See: 10 Tips for Working in Retirement.]

Online tutorials and classes. Many online tools are a natural fit for teaching, such as video chat applications and multimedia software. Sites like Udemy and Skillshare have emerged to let people sell their expertise. Look for more to enter the field as people discover they can sell their knowledge as a side hustle.

Virtual assistants. People have long looked to outsource daily tasks to others, whether that means cleaning their house or delivering their groceries. The next big side hustle could involve managing more personal tasks. “Individuals are the biggest purchasers of gig services,” McGovern says, and virtual assistants are among the workers providing on-demand assistance. They are employed to sort emails, make phone calls, set up appointments and do other tasks remotely. The demand for virtual assistants could be even greater as people look for more ways to free up time in their busy lives.

The upcoming year will continue to see demand for Uber drivers and the like, but you don’t have to chauffeur strangers if you’re looking to make some extra money. The next big side hustles are likely to be those that make use of professional skills and education — no commute required.

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7 Side Hustles That Could Be Big in 2018 originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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