Law School
Personal Finance

Mitigate your law school debt by consulting

Get Rich Slowly has an excellent post on becoming a consultant in order to pay off debt quickly. The idea sounds very intriguing to me and is one that I might take up in order to mitigate my crippling student debt.

What is a consultant?

Consulting is just a fancy way of saying trading your knowledge for pay. You could be a blog consultant, an organizing consultant, a wedding consultant, ect. Andrea, the author of the post on Get Rich Slowly, says it’s easy to get into consulting. First, take a personal inventory of your skills, interests, and talents. Second, find people who could use that information and are willing to pay for it. The second part sounds hard, but I think it might be easier then most people think. Just telling your friends or family members that you’re offering your services can bring in several clients.

How much money can you make consulting?

It varies, but Andrea suggests that consultants charge from anywhere from $35-$300 an hour. It depends on what kind of information you’re providing. Some people are willing to pay more for certain types of information.

How much time does it take?

One of the beauties of consulting is that you set your own hours. You can work as little or as much as you want. Because of its flexibility, consulting is the perfect side job for law students. I think most students could find 10 or 15 hours a month that they could dedicate to consulting. Weekends are the perfect time to do it.

If you were to work 10 hours a month and charged $35 an hour for your services, that’s $350 a month that can go to paying off student loans.

Your experiences

I want to know if any of you have tried your hand at consulting. I’m looking to get into it, so I would like to see what others’ experience has been with it. I’d appreciate any suggestions or tips that you all might have. I’ve put Free Agent Nation on hold at the library and am looking forward to reading it. If you have any other books that you might suggest, drop me a line.