I'm 20 (almost 21), have about three years of real world experience, one in the niche I'm working in (Rails), and I started freelancing via elance a little over a month ago. I've made, so far, $2350 working 20 or so hours a week, and I've already started getting contacted for work instead of actively seeking it. I also made an extra grand through a personal contact, but those may or may not be an option for you. Freelancing isn't hard, and the barrier to entry is surprisingly low.<p>I'm honest with clients, and that may or may not have helped me succeed. I have yet to make a promise I was unable to deliver. Make sure you give yourself a little bit of breathing room. If something is probably going to take me a week, I'll tell the client it will take me a week and a half. It might be easy to promise you'll have something done by some date to please the client, but I'd rather have a few repeat clients than a ton of people I've only worked with once.<p>I'm not charging a lot ($25/hour, which I'll probably raise soon), but I'm still charging double or triple what some foreign providers are charging. I don't know where you're from, but if you're a native English speaker (bonus if you're in the US), you have an advantage already. The people I've worked with are willing to pay extra to have people in a similar timezone that natively speak English.<p>It's not all roses, though. Some people expect you to work for pennies, or they grossly underestimate what goes into building something. You just have to walk away from those clients. You'll also see a lot of people wanting x for y built, where x is some popular social network and y is some (apparently) under served market. You might have some issue building something you know is likely going to fail, but they're usually happy to pay.<p>Some people suggest becoming a master of some niche field. Doing so will apparently cause people to seek you out. That might work, but, honestly, I've found it to be unnecessary. I'm already in the top 5% of Rails providers on elance, and I'm not the most experienced Rails developer. Again, the barrier to entry is surprisingly low.<p>It also makes me feel better to go through a freelancing site. Fixed price jobs on elance, for instance, are usually escrow type where the client sends the funds into escrow and elance hangs on to them until they mark the job complete. At least, that way, you know that the client is good for it.<p>Edit: To expand on my argument that you don't need to be a master of some niche, I will suggest that you <i>target</i> a niche, even if you aren't a master at it. You'll compete a lot less being a Rails developer than a Ruby developer. It seems me to you'll also have better luck if you pick something that hasn't been commoditized by overseas companies (say, picking Ruby or Python over Java or PHP).