Here are some of the additional ways a Data Scientist can make passive income
Who are Data Scientists?
Data scientists acquire and analyse enormous volumes of organised and unstructured data. A data scientist’s job entails a mix of computer science, statistic, and arithmetic. They evaluate the outcomes of data analysis, processing, and modelling to generate actionable strategies for businesses and other organisations.
Data scientists are analytic professionals who use their knowledge of technology & social science to identify patterns and handle data. They identify answers to corporate difficulties by combining industry expertise, contextual insight, and skepticism of established assumptions.
A data scientist’s job entails deciphering unstructured data from sources like smart devices, social networking feeds, or emails that don’t fit neatly into a database.
A data scientist can additionally look to supplement their income. Here are some ways:
1. Blogging: Blogging, as most of you know, is simply producing articles online. There are a plethora of methods to blog these days, whether it’s Medium, LinkedIn, or your own website, blogging is a fantastic opportunity to share your expertise with others while also earning money! Blogging is one of the few ways to earn substantial passive income. If you are a data scientist but also have a knack for writing, you can definitely become a technical content writer. Currently, this job has a great demand in the market and you can use your knowledge of data science as a tool to write good articles on topics related to data science, artificial intelligence, and machine learning.
2. Courses: Every data scientist has programming abilities to work with data and create effective models. After dealing with data for a while, you’ve probably gotten very proficient at developing Python or R programmes. Now all you have to do is choose a topic within those regions for your first course, film yourself discussing your scripts, upload the course, and you’ll be able to earn money while you sleep.
However, most people are discouraged by the fact that they have no one to offer their courses to. What they don’t realise is that there are sites like Udemy where affiliate programmes, advertisements, and the site itself would market your courses.
3. Developing and maintaining APIs: APIs are used by developers to integrate external applications into their own systems. Companies and engineers may share their work and encourage the expanding number of data experts to produce outstanding solutions at varying scales by supporting interconnection. Although open-source software promotes “societal freedom through education, cooperation, and infrastructure,” API money is what keeps some of the world’s most popular and profitable IT businesses afloat. It takes some effort to set up, but once you do, you’re basically on autopilot; all you have to do now is maintain your product (bug patches, updates, etc.) and sell it to others.
4. Affiliate marketing: This is a fantastic, completely passive source of money. Affiliate marketing entails promoting other people’s items in exchange for a percentage of the transaction; this is especially beneficial if you have a huge following. This one is quite similar to blogging in that you can place affiliate links on relevant posts and effectively get passive income.
5. Participating in Coding competitions: Participating in contests is the ideal way to learn further about Data Science and to enhance your talents. They allow you to study the best Data Science methods while also knowing problem-solving abilities and brainstorming with a large group of individuals to solve an issue. Competitions also allow you to stretch the frontiers of data science and utilize your imagination to come up with innovative ideas. In other words, they’re the ideal method to learn how to develop practical big data solutions, a talent that will come in handy in your data science employment, and they come with the added bonus of a hefty prize for the victors.
