Professor Income: Diversifying Revenue Streams - an AcademicJobs.com podcast

This podcast from AcademicJobs.com highlights the financial realities many professors face, including varying incomes, high rates of part-time employment with lower pay, and significant student loan debt. To combat these challenges, the author suggests seven potential side hustles that professors can leverage based on their existing skills and expertise. These opportunities range from freelance writing and tutoring to consulting, podcasting, public speaking, tour guiding, and teaching workshops. The podcast advises professors to consider side income to improve their financial stability, while also reminding them to check their institution's policies regarding outside employment.

1. The Financial Challenges Facing Professors:

Income Variability: The article emphasizes that professor salaries differ significantly based on factors like employment status (adjunct vs. full-time), field of study, and location.

"Although a career as a professor is challenging, rewarding, and fulfilling on different levels, your income can vary."

Low Median Pay and Prevalence of Part-Time Positions: Despite a median pay of $80,560 in 2020 (according to BLS), a significant portion of college instructors earn considerably less due to part-time employment.

"The American Federation of Teachers 2020 survey report notes that 47% of college instructors hold part-time positions. About 25 percent of respondents made less than $25,000 and 35.3% earned between $25,001 and $50,000."

High Student Loan Debt: The pursuit of advanced degrees necessary for professorship often results in substantial student loan debt.

"According to the National Education Association (NEA), educators borrowed an average of $55,800."

Need for Supplemental Income: Given these financial realities, the article argues for the necessity of exploring "side hustles for professors for extra money."

2. Seven Proposed Side Hustles for Professors:

The article details seven specific avenues for professors to generate additional income, directly leveraging their existing skills and knowledge:

Freelance Writing: Professors can capitalize on their writing skills and subject matter expertise to write articles or blog posts for niche websites. Earnings can range from "$25 to $100 per blog post or up to $1 per word or more for an article."

Tutoring: Offering one-on-one tutoring services in their areas of expertise (e.g., English, Math) can provide a flexible income stream. Hourly rates can vary significantly, from "$14 to $60 per hour or more."

Consulting: Professors can leverage their professional skills and subject matter expertise to offer consultation services to businesses, nonprofits, or government entities. This can include proofreading, fact-checking, or providing insights based on their field. Hourly rates can range from "$25 to $80+ per hour."

Podcasting: Utilizing their strong communication skills and in-depth knowledge, professors can create podcasts to build their reputation and potentially earn through sponsorships, advertising, affiliate marketing, or listener support platforms like "BuyMeaCoffee or Patreon."

Public Speaking: Professors can get paid to speak at conferences, workshops, and special events on their areas of expertise. Earnings can range widely, from "$500 to $10,000 or more per session," depending on various factors.

Tour Guide: Leveraging their passion for teaching and local knowledge, professors in tourist-heavy areas can work as tour guides, earning around "$22 per hour" with potential for "$60+ in tips."

Teaching Workshops: Professors can offer workshops based on their skills and expertise at libraries, community organizations, or businesses, potentially earning "several hundred to thousands of dollars" depending on the context. They can also create online courses through platforms like Udemy.

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