What’s the best way to make money with Data Science?

1
Whats the best way to make money
with Data Science?
2

• Broadly, the 5 ways to make money with data
  science are to
• Get a data science job
• Build a tool for external consumption that
  leverages data science
• Build a tool for your own consumption that
  leverages data science
• Teach
•  
• Theres no objective way to define best, as it
  varies by person. Ill step through each way to
  make money, and break down how it rates on three
  main axes
• Ease of doing
• Amount of control
• Moneymaking potential

3

• Get a data science job
• This can involve a significant investment in
  learning and interviewing. It often takes 12
  years to learn enough data science to get one of
  the more desirable data science jobs. The
  monetary rewards can be high, but in most cases
  will be around what a top-tier software engineer
  makes.

4

• Build a tool for external consumption that
  leverages data science
• This generally manifests as starting a company.
  An example would be a tool that analyzes a
  companys website traffic, and tells them what to
  optimize on their site. Your goal would be to
  charge for this tool, and get revenue.

5

• Build a tool for your own consumption that
  leverages data science
• An example of this would be creating a tool that
  automatically buys stocks low and sells high, or
  a tool that tells you what houses to buy so you
  can flip them for a profit. This can be a nice
  way to make money, particularly if you find a
  good niche.
• It can be very hard to identify that niche,
  though, so it usually takes a lot of effort to
  find and tweak

6

• Consult on data science projects
• This is more difficult than getting a data
  science job, simply because you have to learn,
  then put in a lot of work to build your profile
  and authority. Its also a lot of work to
  constantly build your portfolio and gather good
  reviews so you can up your rates.
• Although the eventual financial rewards can be
  high, theyre about on par with the top-paying
  data science jobs.

7

• There is a lot of control if you choose this
  option. As long as youre making enough money,
  you arent accountable to anyone, and can do
  whatever you want with your time.
• This is a good option once you have some money
  saved, and understand problems that could be
  solved with data science.

8

• The benefit is that you get a lot of control over
  what youre doing, and you get to build your
  vision. Even still, youre still accountable to
  customers.
• This is a good option once youve had a data
  science job, and have a good idea of the problems
  in the industry.