Help Manage Debt With Side Gigs
In order to reach your financial goals and manage debt, it’s sometimes not enough to just spend less. While spending less is certainly helpful and necessary, to break through to the next level in your personal finances, your next step may include exploring ways of adding additional ways to supplement your income. And you’re in good company if you do.
Thomas Corley, author of “Rich Habits,” shared these stats in a 2015 post.
“In my study of the daily habits of the rich and poor, I learned that most self-made millionaires generated their income from many baskets: 65% had three streams of income, 45% had four streams of income and, 29% had five or more streams of income. Having multiple income streams makes a lot of sense. When one stream is negatively affected by systematic economic downturns, of which you have no control, the other streams can come to the rescue and help you survive the downturn, without dramatically affecting your lifestyle.”
Supplementing your income can speed up your debt management, savings, guard against economic downturns and unforeseen events, as well as deepen your business and finance experience.
Convinced yet? Let’s get started.
Before printing off a new batch of business cards or applying for a business credit card, write down three to five tangible financial goals that you’d like to reach in the next three to five years (or shorter/longer depending on your goals and situation). Obviously, managing debt and getting it paid down or off is the first consideration. So maybe the goal isn’t about becoming “self-made millionaire,” but rather you’d like to reduce or eliminate your standing credit card debt. Maybe it’s paying down on student loans. Maybe it’s saving up a certain amount in a rainy day fund or saving up for a rental property that will ultimately be an additional stream of revenue. Whatever the goal, write it down and make it clear so you know where you’re headed on your journey.
Just like with a GPS or the map application on your phone, you have to know where you currently are, and where you are headed before you can map out a destination. Make those goals crystal clear, and set them in front of you. That way, being able to manage debt and getting free from it will be much easier.
With the expansion of the internet, there is no shortage of side gigs to fit all situations, from those that require little to no startup money, to those that require a little more investment on the front end. Let’s take a look at some options.
For those that love staying active and love interacting with others, becoming a Zumba instructor is a great option. Zumba is a fast-paced aerobic type class, integrating salsa and hip-hop dance moves set to upbeat music. To become an instructor, the fee is usually around $300 for a full-day training course. You have the flexibility to take your skills to a gym, studio, or other community forum, making it a complement to your day job. You can expect to spend at least a couple of hours a week outside of class refreshing playlists and coming up with new choreography.
Turn Clutter to Cash
Could the clutter around your home be turned into cash? If you still have those accounting textbooks in the spare bedroom closet, or multiple bridesmaid dresses gathering dust, maybe it’s time to let someone else get use out of it. Sites like Chegg, and Cash4Books are great places to get started when it comes to selling academic books, while EBay and half.com are great for selling all other types of books. EBay is also a good option to sell your gently used clothes, as well as ThredUp. Great ways to help manage debt, and bring in some cash.
For those who enjoy working from home and are reasonably tech savvy, reviewing websites can be a unique source of extra income. Websites are always needing input and testing to see how they run and how they can improve. With a reliable internet connection and working computer, you can set your own hours and enjoy making a little extra money from your own home.
Operate a House-Sitting Service
For college students or those without kids, another option to supplement your income is to gather clients for a pet-sitting or house-watching business. If you are responsible, great with pets, and have a flexible schedule, this could be a great option. Friends are always in need of other reliable friends to care for their furry friends and home when they have to be away. It’s a great way to build relationships and earn a little extra money in the process.
Offer Specialized Services
Perhaps you aren’t the main breadwinner in the home, but would like to still contribute to the overall financial goals. After all, being able to manage debt is easier if someone else is helping. If you already have specialized knowledge in area, try hiring out your skills to friends. Whether it’s doing taxes, editing articles or school papers, decorating, or gardening, there are bound to be clients waiting in your friend group (and beyond) who are willing to pay for your expertise. To start off, offer your services to a few friends at a discounted or complimentary rate to gain experience and spread the word. If it goes well, continue to expand your reach and adjust your prices accordingly.
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” –Thomas Edison