How to Make 6 Figures As A Economist? (11 Best Ways in 2024)
So you want to make six figures as a Economist? Good for you! Being a Economist is a highly respectable and well-paid profession, and there's no reason why you can't earn a high income if you put your mind to it.
In this blog post, we'll look at some of the best ways to make more money as a Economist - business ideas you can start to achieve such income. Keep reading to learn more!
1. Create an online course ($82.8K/month)
Launching an online course as an economist presents an excellent opportunity to generate substantial supplemental income. By identifying educational gaps in economic theories, data analysis, or market trends, you could create engaging video lessons and comprehensive supplementary materials. This allows you to leverage your expertise, providing valuable knowledge to eager lifelong learners.
With the flexibility of self-paced or cohort-based structures, you could build a broad student base and benefit from passive income potential. For those who enjoy sharing information, creating an online course is a low-cost, scalable way to monetize your instructional talents. It not only diversifies your income streams but also solidifies your authority in the field.
How much you can make: $275 — $1,000,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 88 days (?)
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
2. Start an ecommerce store ($287K/month)
Starting an eCommerce store could supplement your income as an economist and even help you reach six figures by leveraging the low overhead costs, increased flexibility, and wider audience reach inherent to online businesses. The current boom in eCommerce is driven by its unparalleled convenience and efficiency, giving consumers the ability to shop from their favorite brands without ever leaving their homes. By capitalizing on this trend and offering niche products or services, you could create a steady additional revenue stream.
Setting up an eCommerce business involves creating a website for customers to browse your inventory and purchase items, along with integrating payment processing software to handle transactions. Crucially, selecting appropriate shopping cart and inventory tracking software is essential for managing your operations effectively. With a strong grasp of market trends and consumer behavior, skills you already possess as an economist, you could strategically optimize your eCommerce business for maximum profitability.
How much you can make: $350 — $13,500,000/month
How long does it take to build: 120 days (?)
Time commitment per week: Min. 5 hours/week
Southern Elegance Candle Company, founded by D'Shawn Russell, started as a side hustle making around $200 per weekend at a local Farmers Market, but now averages approximately $20,000 per month in sales across their retail site, wholesale site, and Faire.
3. Start a youtube channel ($146K/month)
Starting a YouTube channel could be a lucrative avenue for supplementing your income as an economist. With the platform’s established monetization system and immense popularity, you could create educational content that demystifies complex economic concepts, shares insights on market trends, or offers career tips for aspiring economists.
By engaging with a global audience and growing your viewer base, you could not only generate ad revenue but also attract sponsorship deals and consulting opportunities. Your channel could serve as an added income stream, while also enhancing your professional reputation and opening doors for further career advancements.
Reaching the threshold of 1,000 subscribers and 4,000 watch hours within a year may be challenging, but by consistently providing valuable and relatable content, you could build a dedicated following and eventually make six figures with your YouTube channel. Take inspiration from existing success stories and use effective promotion strategies to make this a realistic and rewarding venture.
How much you can make: $800 — $1,000,000/month
How much does it cost to start: $750 (?)
How long does it take to build: 90 days (?)
Time commitment per week: Min. 5 hours/week
Learn how this entrepreneurial couple made $5-7k a month by helping others find legitimate work from home jobs and creative ways to make money online through their blog and YouTube channel, as well as offering two flagship products designed to help beginner freelancers and new bloggers accelerate growth.
4. Start a social media marketing agency ($386K/month)
Starting a social media marketing agency could offer you, as an economist, a lucrative way to earn extra income. By leveraging your analytical skills and understanding of market trends, you could develop effective social media marketing strategies for various clients. This side venture requires minimal time commitment since many tasks can be automated using social media marketing tools.
Furthermore, a well-crafted agency portfolio could help attract diverse clients, allowing you to build a steady stream of revenue. By efficiently managing your time and resources, this entrepreneurial effort could not only supplement your current income but potentially grow into a substantial business, enabling you to reach that coveted six-figure salary.
How much you can make: $1,000 — $4,166,667/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 75 days (?)
Time commitment per week: Min. 30 hours/week
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
5. Start a blog ($44.9K/month)
Starting a blog could be an excellent way for an economist to supplement their income, make extra money, or even establish a lucrative side business. Given that blogs are rated as the 5th most trustworthy source of online information and that 77% of internet users read blogs, there's a substantial audience hungry for insights and analyses that a professional economist could provide.
Monetizing your blog can take many forms, including ad revenue, sponsored posts, and offering premium content or consulting services. With approximately 409 million people viewing over 20 billion pages each month, your blog could reach a vast audience if you choose engaging topics and maintain a consistent posting routine. This not only allows you to share your expertise but also creates a potentially significant income stream.
How much you can make: $100 — $650,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 30 days (?)
Time commitment per week: Min. 5 hours/week
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
6. Start a podcast ($97.9K/month)
Starting a podcast could help you make six figures as an economist by leveraging your expertise to create valuable content that draws a dedicated audience. By discussing engaging topics within the realm of economics, you could attract professionals, students, and enthusiasts who are eager to learn and stay updated on the latest trends and insights.
With a well-defined niche and consistent, high-quality episodes, you could build a strong listener base, opening up opportunities for sponsorships and advertisements. Additionally, your podcast could serve as a platform to market your own services such as consulting, online courses, or exclusive content, further supplementing your income and moving you closer to a six-figure mark.
How much you can make: $400 — $1,020,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 2 hours/week
A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit.
7. Digital products ($242K/month)
Creating digital products could offer economists an innovative way to supplement their income and potentially reach a six-figure salary. Given their expertise, economists could develop information-based digital products such as eBooks, online courses, or webinars that delve into complex economic theories, market analysis, or financial forecasting.
Digital products are top-rated due to their ease of creation and distribution. As a result, economists have the opportunity to share their valuable knowledge through downloadable content, subscription-based services, or even specialized software applications. By capitalizing on their expertise and marketing these products effectively, economists could generate a substantial income stream with minimal overhead costs.
How much you can make: $10,417 — $1,766,666/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 60 days (?)
FilterGrade is an eCommerce platform offering digital assets such as photo filters and video templates; attracting over 450,000 monthly users and generating approximately 30k a month, the founders worked hard to build a valuable marketplace for creators while focusing on digital marketing, partnerships, and content creation.
8. Start a freelance writing business ($62.6K/month)
Starting a freelance writing business could significantly supplement your income as an economist, potentially helping you reach the six-figure mark. Leveraging your expertise, you could write compelling content for financial publications, economic websites, and research journals, tapping into a niche market that values deep analytical skills and economic knowledge.
Working as a freelancer offers you the flexibility to set your schedule, so you could manage writing projects alongside your primary job. Your strong writing skills, ability to meet deadlines, and self-starter mindset align perfectly with the demands of freelance writing, making this a viable option to boost your earnings.
Additionally, staying up-to-date with current writing tools and trends, and maintaining proper communication skills could give you a competitive edge in the freelance marketplace. By focusing on high-paying clients who seek specialized economic content, you could maximize your earning potential, making your path to six figures more attainable.
How much you can make: $700 — $500,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 56 days (?)
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
9. Become an affiliate marketer ($55.3K/month)
Starting an affiliate marketing business could be an excellent way to supplement your income as an economist and potentially help you reach six figures. By leveraging your expertise in economic trends and markets, you could identify and promote high-demand products or services that align with your niche.
Since this venture requires minimal upfront investment, it's an accessible option that allows you to focus on marketing strategies rather than product development. You'll earn commissions for each sale generated through your efforts, further enhancing your revenue streams without needing to leave your primary career.
By signing up for various affiliate programs and utilizing your analytical skills, you could create a sustainable side business that capitalizes on your knowledge and network, effectively increasing your overall income.
How much you can make: $18,000 — $83,000/month
How much does it cost to start: $100 (?)
How long does it take to build: 150 days (?)
This case study explores how Spencer Mecham founded Buildapreneur, an affiliate marketing business, and has made over half a million dollars in profit with no employees, relying solely on content marketing through platforms like Facebook, YouTube, and TikTok.
10. Start a career coaching business ($48.5K/month)
Starting a career coaching business could be an excellent way to supplement your income and potentially make six figures as an economist. By leveraging your expertise in data analysis, market trends, and professional transitions, you can offer personalized guidance to clients navigating their own career paths. Your insights can help them with resume building, interview preparation, and setting clear workplace advancement goals tailored to their individual aspirations.
The flexibility of this business model—to conduct sessions either in-person or virtually—allows you to build a diverse client base and offer specialized advice and accountability. If you have strong speaking talents and human resources expertise, you can monetize these skills while setting your own schedule. This entrepreneurial venture not only diversifies your income streams but also capitalizes on your ability to motivate and guide others towards their professional success.
How much you can make: $1,000 — $235,000/month
How much does it cost to start: $1,500 (?)
How long does it take to build: 60 days (?)
Wall Street Oasis, the largest online community focused on careers in finance, has over 100 million visitors during its 14-year history and is currently receiving over 2 million visits per month, offering interview courses and mentorship services, in addition to building and investing in a thriving online community.
11. Become a social media influencer ($57.4K/month)
As an economist, you could leverage your expertise and insights to carve out a niche as a social media influencer. Platforms like Instagram, YouTube, Facebook, and TikTok offer vast audiences and numerous monetization opportunities, such as sponsored posts, brand partnerships, and ad revenue. By sharing your economic analyses, financial tips, and data-driven insights, you could attract a dedicated following interested in economics and personal finance.
Starting as a social media influencer could not only diversify your income streams but also establish you as an authoritative voice in your field. With the right strategy, you could create engaging content that resonates with your audience, allowing you to turn your passion for economics into a profitable venture. Establishing credibility and a large following could pave the way for lucrative collaborations with brands looking to connect with your specialized audience.
How much you can make: $2,500 — $166,666/month
How much does it cost to start: $800 (?)
How long does it take to build: 155 days (?)
How one mother built a profitable frugal motherhood, life, and travel blog from scratch, using Instagram, Pinterest, and paid sponsorships to grow from 0 to 18.5K followers and generate $1,500-$3,000 per month in less than two years.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
