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Earning Money

6 Side Hustles That Can Help You Pay Off Debt

How to side hustle to pay off debt

Many people are in some type of debt. Whether it’s student loan or credit card debt, people are feeling its burden. It doesn’t have to be forever, though. Many people are taking charge of their situations and are paying off that debt with different side hustles. Today I want to share with you 6 side hustles that can help you pay off debt. eBay The 1st side hustle that can help you pay off your debt is to sell items on eBay.  I’ve been selling on eBay for a few years now. People will buy almost anything. Anyone can sell on eBay. It’s free to setup an account. When deciding on what to sell all you have to do is check their website and do a little research. Some items that have sold for me are old Air Jordan shoes and coffee mugs. Selling T-Shirts Selling t-shirts is another side hustle that you can do to make some extra money. In the past, you would have to spend money on designs, printing, and inventory. Now, more than ever it’s easier to design and sell shirts for free. There are websites such as Teespring and Spreadshirt, which allow you to upload ...

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Dangers of Earning Extra Money

taxes, lifestyle inflation, and extra time

      When searching for ways to pay of debt, build an emergency fund, or save for a major purchase, anyone will tell you that earning extra money is the fastest way to accomplish those goals. Increasing my income was one of the ways we were able to pay off massive credit card debt a few years ago. While the overall benefits more than outweigh any potential negatives, there are a few dangers to look out for when making extra money. Hopefully you can avoid those  pitfalls to make sure that all extra income is serving its purpose. Taxes Unless you take on a traditional job for extra money, income earned from side hustles is usually paid without any tax withholdings. That means that you’re responsible for Medicare, Social Security, and income taxes. It might be tempting to go ahead and use your new found money right away, but remember that a tax bill is coming up. If you’re new at earning extra income, you should save about 30 percent for taxes. After the first year, if you continue to pull in side income, you’ll need to set up estimated quarterly payments to Uncle Sam and to your state ...

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5 Steps to Going from Two Incomes to One

Going from two incomes to one

To some, it may seem impossible to go from living off of two incomes to living off of one, but millions of Americans are living this way of life every single day. There are many reasons why families live off of one income – from someone losing a job to medical reasons to wanting to stay home with young children. Whatever your reason, it can be very advantageous to live off of one income instead of two, including having a better handle on your finances, eliminating items you don’t need (such as cable) and having more freedom in your family unit. If you’re currently living off of two incomes but hoping to go down to one, here are five crucial steps you’ll need to take. Step 1: Evaluate your budget in detail Write down every single fixed and variable expense and take a hard look at what you can reduce or eliminate. After eliminating items such as cable, expensive cell phone plans and weekly trips to the coffee shop, see where you’re at. The harsh reality is that you may need to downsize your home in order to make the dream of living off of one income a reality. By ...

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Can You Get Ahead Without Burning Out?

burning out to get ahead

  Shannon at Financially Blond had a post earlier this week about how she had taken on too many projects and was Running On Empty. She is in the early stages of self employment and feels like she can’t say no to projects, just in case one of them might be the golden ticket.  I can relate 100%. When I was trying to run a two office practice, work a second job, and start a blog, 5 hours of sleep each night would have seemed like a luxury. While I knew it was not forever, it was still really stressful. There were days when I would have rather poked my eyes with forks than look at a computer. Isn’t there an easier way ? Can you get ahead without burning out? The Easy Way Actually, there is an easier way. It’s called spending less than you earn from day one. In this scenario, we would have started maxing out our retirement accounts from the first jobs we ever had and never spent more than we earned. We would have never gotten into debt or lived beyond our means. In this case, we didn’t have to take out student loans to ...

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Benefits of a Crappy Job

Benefits of crap jobs

Most of us have probably had several jobs before age thirty. Sometimes you have to go through a few crappy jobs to make you appreciate that good one when it comes along. I thought it would be fun to revisit my younger days and look at some of the jobs I had prior to my current career. I actually learned something from each one. Snow Cone Salesman This was my first effort at earning money that didn’t come from my parents. A mother of a friend of mine worked at at a school that had a snow cone machine. She let us use it one summer to sit in front of the Piggly Wiggly and sell snow cones. It was not very fun, and we only did it once or twice a week for a few hours, but we could bring in $20/day or more after paying for ice and syrup. When you can’t drive and have no bills, $40/week goes a long way. What I learned: Income-expenses (ice and syrup) = profit Factory Worker This was my first official W-2 job when I turned 16. In my hometown, there were 4 garment factories that made a variety of clothing. ...

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