RE: How To Pay Off Bad Debt And Save Your Future
Great post.
I have the feeling that you have another post lined up about HOW to invest some of that extra income once you have resolved your debt.
If so, let me add this:
The best piece of advice I can give is that you should never quit your job to start a business, that is not ALREADY making a profit.
If you have an income source (like your job) that is guaranteed, don't throw that away in search of another source that is not guaranteed. I'm speaking from personal experience.
Note that I am not saying "don't start a business"; instead, if you want to create a business, do it in your spare time. This is very hard, and there may come a break point at which you can't earn any more unless you devote more time to it.
Just make sure you aren't throwing away money in the pocket!
The other side to this is that I have found that businesses do not like hiring people once they have been self-employed, so it may be harder to get back into the job market once you have left it.
I'm not sure about the investing advice, other than to do it! Everyone has their own level of risk, but I might write a few articles on some options.
I believe everyone should have at least one side gig. Not only does it possibly provide extra income, it shows you that you CAN do it. Many businesses have been created out of the side gig.
Good tip on the self-employed job market, I was unaware.
So true! Aside from my main full-time teaching job, I run a small company, Wake-Up Call, that provides educational services. It's a small gig, like you say, but in a good year it brings me between a fifth and a third of my total yearly income. And it requires zero financial investment, just my time, energy and creativity.
I love side gigs, not only can they bring in income while you have a main job - if you lose your job you can ramp up the side gig to provide some additional income while you are unemployed.
I might have to write an article on the benefits of a side gig.
I'll love to read it, if you do! :)