In January 2020, I embarked on a self-taught journey into the world of data science, aiming to secure a full-time role. Despite the high salaries in the sector, I realized climbing the career ladder to wealth in a typical 9-to-5 job was a slow process.

So, I leveraged the flexibility of my full-time, remote job, which freed up 3 to 4 hours daily, to explore alternative ways of making money with my data science expertise. I've successfully crafted several streams of income that boost my monthly earnings by $3,000 to $3,500, many of which are passive, meaning I don't have to continuously work to earn this income.

I want to share how I've accomplished this, particularly for data scientists or those looking to enter the field who might want to diversify how they make money.

Also read How I Use AI to Make Money on Youtube

1. Writing Online

Writing about data science online forms a large part of my extra income. Since May 2020, I've written blogs - like tutorials and tips on Medium - that led to freelance writing opportunities for companies. With AI and ChatGPT, it has become very feasible to write well-performing blogs in much less time.

I use Merlin AI’s chatbot to expand on my blog ideas and generate blog strategies for me. It also helped me generate long-tail keywords, meta titles, and meta descriptions which saved me a good amount of time, without compromising on the content quality.
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Key Tips:

• Start Writing: Don't wait until you're an expert. If you've just learned something, your fresh understanding can simplify concepts for others.
• Market Yourself: Post your work and engage on networks like LinkedIn to grow visibility and connections.

Also read 30 Alternatives for the REWRITE Prompt

2. Affiliate Marketing

As I learned data science through online courses, I recommended them to others. Turning these recommendations into affiliate marketing opportunities, I began earning a commission when others signed up through my links.

Key Tips:

• Capitalize on Routine Recommendations: If you're already suggesting resources, why not earn from it? Some affiliates earn significant amounts annually.
• Be Transparent and Ethical: Only promote products you genuinely find valuable and always disclose affiliate links.

3. Performing Market Research

Leveraging my marketing analytics job skills in data science, I landed freelance work after writing an article that grabbed the attention of a potential employer. You can use Merlin’s web access feature to give you real-time data and information on various sectors.
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Key Tips:

• Find Your Niche: Specialize in an area like finance, healthcare, or marketing - it gives you an edge.
• Build an Online Presence: Share your work online and maintain a portfolio to attract job opportunities.

Also read Content Writing Strategy to Make 4 Figures

4. Creating Courses & Workshops

I've conducted workshops on data and analytics, which not only helped others to learn but also deepened my own understanding. You can also use Merlin AI to construct structure for your courses and course outline to eventually develop your course on.

Key Tips:

• Teach Your Skills: Share your knowledge, however recent, and consider crafting courses that combine your unique skill set.
• Choose the Right Platform: Use websites like YouTube or Udemy to create and share your courses.

5. Other Freelance Tasks

I've also taken on various freelance data science jobs. Rather than just Upwork or Fiverr, my projects came through Medium, LinkedIn, and my website.

Key Tips:

• Showcase Your Projects: Online posts about your work can lead to freelance offers.

Conclusion

Wherever you are in your data science path, you can start generating extra online income now. Write and teach on platforms like Medium, specialize in a niche within data science, and use your experience to dive into freelancing and creating courses. This could also extend to consulting or hosting workshops. Simply put, there is a world of opportunity out there for data scientists to supplement their income.

FAQs

1. How can Merlin AI enhance my writing for data science blogs?

Merlin AI's chatbot feature aids in expanding blog ideas, generating blog strategies, and creating essential elements like long-tail keywords and meta descriptions. It's a valuable tool for saving time and maintaining content quality.

2. Can affiliate marketing truly supplement my income as a data scientist?

Absolutely! By turning your recommendations for online courses into affiliate opportunities, you can earn commissions when others sign up through your links. It's a seamless way to capitalize on routine recommendations and boost your annual income.

3. How does market research play a role in generating income for data scientists?

Market research, especially with the aid of tools like Merlin AI's web access feature, can open avenues for freelance work. By showcasing your skills in specialized areas such as finance or healthcare, you can attract potential employers and create opportunities for additional income.