The term side hustle has gained a lot of attention lately. This is something outside of your full-time job that gives you more income and potentially more happiness.
To inspire us to think outside of the walls of our 9-5, I’ve invited the host of the Side Hustle Show, Nick Loper, on the show today. Nick and discuss the many benefits associated with a side hustle. Surprisingly, some of the best benefits have nothing to do with money.
After paying off our mortgage in 2017, we have a lot more cash available to us as a family. We’ve used that extra dough to save up for our first rental property and we’re pumped to make it a reality this fall!
A big question that we’ve been struggling with is whether we should buy in cash or take out another mortgage. After much debate, we’ve decided it makes the most sense for us to go all cash.
Our question of the month comes in from Anonymous from Cleveland:
I just finished reading an article of yours about paying off your mortgage early. Congratulations on that. I have a 30-year mortgage and I’m not sure if I want to pay it off, but it got me thinking about where I should be with my financial goals.
I’m 35, married, two kids. I want to make sure I’m on track.
What financial goals should I have checked off my list by the time I turn 40?
More than ever before, parents are stretched to their limits with the demands of careers and families. We all would love to make more money and provide some extra financial freedom for our families, but how do you do that without driving yourself crazy? What can you do to make some extra money easily that won’t take up too much time?
While I wish it was that simple, any kind of part-time job, side hustle or investment will require some kind of time commitment, and possibly a financial commitment too, in order to get started. Some side hustles will require more time and effort than others, while some of them take time up front to set up and then it gets easier. Let’s look at 26 smart ways parents can make more money.
One fall night in 2010, my wife Nicole and I were watching the Suze Orman Show. (Yes, I used to DVR it). There was this fun segment where someone would call in and Suze would analyze that person’s financial health and give them a grade. It was called How Am I Doing?
One term that we kept seeing over and over again on this segment was “Net Worth”. Since we were personal finance newbies, we had no idea what this meant. Nicole and I were making a combined annual income of $130,000 so we figured our net worth must be HUGE.
After the show was over, we decided to see how rich we really were. There was no doubt in our mind that we’d be better off than most of the jokers that call in to the show and get an “F” grade from Suze!
We walked upstairs and started to write down all of our numbers on a big whiteboard. By separating our “assets” (what we owned) and our liabilities (what we owed) into two big columns, we started to discover that we weren’t rich.
The moment we discover there are income streams to be had outside of our full-time employment, that’s when we truly can skyrocket our net worth. That is the exact time when Justin Weinger from So Over This started to grow his family’s wealth.
At 38 years old, Justin has amassed a net worth of around $2 million.
Let’s find out how his side hustles and small business development helped him to get there!