Consumer Watch: Making money through medical studies
OKLAHOMA CITY (KOKH) —
There are some weird and perfectly legal ways to make money, but there is a right way and wrong way to go about it. From selling plasma to full-on participating in a drug study, this is one way many Americans choose to make an extra buck, but there are some considerations to make before taking the plunge.
In the Oklahoma City Metro plasma centers can draw a crowd. Full parking lots and people willing to wait hours to sell their plasma. Participants are allowed to donate twice every seven days, CSL plasma says that you could earn you up to $400.00 a month.
Things like drug studies, sperm, and egg donations can be even more lucrative. Some could earn participants thousands of dollars. Though the extra money is tempting you should know this is not a total fix to your financial problems.
“It is not a good idea rely on such temporary methods to generate income for long term issues," says Andrew Schrage, with the Money Crashers personal finance blog.
There are also health issues to consider. The Money Crashers documented some of the pros and cons on the matter.
Pro--- Some medical studies require a physical that you don't have to pay for. This is great if you don't have dependable health insurance.
Con-- Participating in a study could be bad for your health.
"There is a chance your health could be negatively affected especially in the case of drug studies where you are testing medicines that have not been approved by the FDA," says Schrage.
If you choose to participate in a medical study, be aware some require you to never have participated in a study before. Compensated donations can be done more often, but often don’t pay as much.
If you meet the requirements for a medical study or donations, it could be a good opportunity to pad your emergency fund or quickly pay down a small debt, but be sure you spend the extra money wisely, otherwise you might have put your health on the line for nothing.