1. Make a cool pet project
2. Show it to The Internet
3. Get a little exposure, feel awesome, decide this project is going somewhere and you'll work on it for months on end because it's just that awesome
4. Freelancing offers[1] start raining in
5. Realize you actually don't have any money, are a student and don't have a lot of time next to classes
6. Accept one or two freelancing gigs
7. Pet project dies a miserable death
8. Rinse and repeat a few months later
[1] I freelance for startups, always for startups. Usually I'm the guy they go to for "Hey, so uhm, I hacked this prototype together in two weeks now there is more than 1 user. Everything is breaking. Halp."