Tag: finance

Thoughts: On Work

Earlier this week, I came home from working a day of dentistry. It was Monday, which is a day I am usually off. I was covering for a friend who went on vacation to Korea for a month. I pulled into my driveway as my neighbor was putting away the groceries. She saw me wearing my Figs scrubs (the only brand I wear for work) and cocked her head to the side. “What else do you do besides taking care of dogs?” A funny question, as the dog business is my side-hustle. But here in my neighborhood, I’m known as a dog caretaker, not a dentist. So I told her I work as a dentist and she appeared even more confused. “But if you’re a dentist, why do you bother taking care of pets?” she asked.

Now it was my turn to get a quizzical look on my face. This happens a lot in my life. A sort of disconnect between myself and others who follow the formulaic status quo. I could tell right away that she didn’t understand the point of working if it wasn’t for pay. It was also obvious that she viewed work as a job that one must do, whereas I viewed work as fun things I like to do. She is a stay-at-home mom and might be proud of the fact that she didn’t have to work. It’s also possible she was insinuating the question, “Do you not make enough as a dentist that you have to do more side-hustles?”

So I answered her as truthfully as I can.

“I take care of pets because I like to. It’s fun for me, and I fall in love with them and treat them like my kids. I started out watching just one or two here and there, but now I get requests all the time. Since I have a lot of time on my hands, I accommodate as many as I can. This way, our neighbors can go on their vacations with peaceful minds, knowing who is taking care of their pet family members.

I actually do a lot of things! They are all fun for me and give me joy. On top of taking care of pets, I am helping a bakery grow and I write a blog to help new grads, moms, and people in debt live minimalist lives in order to get closer to financial freedom. I also volunteer at the farm down the street. You should join me sometime!”

Her son came out of the house at that point. A saving grace for both of us. ‘Ah, okay’ as she backed away. I hope I didn’t freak her out. But it’s true. I can’t say at what point during the pandemic I actually became financially free – in the sense that I am not tied to my money, and I stopped working for pay alone.

Perhaps it was when I had enough FU money to quit the job that I hated. More likely it was the healing time period when I learned that I could create any position for myself. Or maybe it was after people reached out to me to help them. Did you know that I never asked to work at either of the two dental offices I currently work at? Actually, I was expecting to never work in dentistry again! I also did not apply to be a wholesale director of the bakery. In all three cases, they came to me and asked if I could help at times when they had no one.

I do my work because it entails helping others. That’s what I like to do. Not because of the money anymore. If my jobs were taken away from me today, I wouldn’t be sad, mad, upset, or worried. I would probably just shrug my shoulders and keep contributing myself to this life, keep showing up for people I’ve gotten to know. Not much would change, except maybe a pivotal shift on where I spend my energy most.

When I think about work, I don’t think of it in the traditional sense of a job. I just think of it as another day where I go and help a few people out. That’s all. I am not dependent on a specific company or career. I am only dependent on myself. I’ve focused on building myself up rather than building a career. (That’s advice I would give any college student!)

My neighbor was probably thinking to herself, “Poor gal. She has to work so hard to be able to live.” I’m over here thinking, “How do I get this neighbor out of her box to join me in this thing called life?” Hopefully we become fast friends. Bringing over banana bread might do it.

Do what you love, and call it work. Some say it can’t be done, but I’m trying my darndest to prove them wrong.

Related posts:

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10 Steps to Financial Success for New Grads

This post is sponsored by SoFi. SoFI recently created a Work Dashboard that you can use to keep track of your goals. This includes a Student Loan Debt Navigator. And if you decide to pay off loans aggressively, SoFI can also refinance your loans (here’s my affiliate link). Please see Step 5 before doing so.

First and foremost, Congrats! You’ve made it out alive (barely, perhaps?). Now that school is out, it’s time to make money in. Whether you’ve started your first job or are just figuring out your next move, it’s important to start thinking about your finances from the get-go and to act intentionally about money. In an effort to get you closer to a life of financial independence (or at least just enough to quit a job you don’t like and have the freedom to pick-and-choose), let’s review 10 steps you can start to take for success. If it all sounds too overwhelming, no worries. Take it one easy step at a time. I recommend breaking them down over a few weekends to ensure steady, solid progress over time.

10 Steps to Financial Success

1. Review Habits

You want to know where you stand with your money. More specifically, you want to know where the money is going. Whether you’re aware of it or not, the way you handle money is centered around the habits you’ve formed over time. The best way to find that out is to create a budget. That is the very first step we took towards our path to financial independence.

I would start by creating a budgeting tool. If you don’t know how to do that, I created a FREEBIE that teaches you how to Create a Budgeting Tool That Works for you and your family here.

Without tracking where your money goes, you cannot ever analyze your habits or learn from your mistakes. You don’t know where to improve. This step is so important to our financial journey that I even wrote an entire course around it: How to Master Your Budget. You can access my course for FREE. After the course, I would highly recommend signing up for a budgeting tool, to streamline the process. It makes it more fun rather than feeling like a chore. The one we use is YNAB (You Need A Budget)! Find out how YNAB helped me pay off $84,000 in student debt within my first year of loan repayment.

2. Build Credit Score

If you’re like me, I had a whole slew of debt when I graduated college. I decided to tackle all of my credit card debt and improve my credit score. Graduating from school is a great time to build habit #1: Pay off all your dues in full each month. After you do that, go ahead and tackle the bigger payments like car loans and student debt. By making monthly payments on time, you’ll build your credit score in no time. Don’t forget that a poor credit score can make your life harder in the future, so avoid it at all costs. In fact, it could cost you more money too, since a low score typically lands you a higher interest rate on future loans!

If you have trouble paying off your credit card debts, you can always try The Credit Pros. They will help identify the most damaging and most helpful credit items, as well as provide advice and educational tools.

3. Pay Off High-Interest Debt First

High-interest debt increases the amount of money you lose paying off the interest. I had a lot of credit card debt when I graduated dental school because I pretty much had no money and was living off of my dreams and thin air. I tackled credit card debt first because the interest rate on those was 16-24%! YIKES. Get that high-interest debt off your plate, so that you can focus on paying off your student loans (if you have any).

4. Pick a Strategy for Your Student Debt

I am being honest when I say that it doesn’t matter what strategy you pick for paying down student debt – as long as you have one and you stick with it! I personally needed to pay off my student debt as aggressively as possible, but if your lifestyle better matches with the loan repayment and forgiveness programs, then go ahead and do it! It is important to be well-versed in the different repayment options, so do the research and choose wisely.

5. Talk to a Professional

If you have any doubts at all, I would highly recommend speaking with a professional. That’s what I did! I spent my entire first paycheck paying for a financial advisor. They aren’t cheap, but their return is ten-fold! I have two I would recommend. Travis Hornsby from Student Loan Planner saved us thousands of dollars by picking the correct plan. Andrew Paulson, from White Coat Investor, is another option. Once you’ve decided which path to take, determine if refinancing is something you should do. SoFi is a company that does student loan refinancing but there are plenty others out there, too. Shop around – I’ve listed a few in this previous post!

6. Max the Match and Other Contributions

The earlier you start saving for retirement, the better. There are plenty of options out there, but whether you choose a 401K or an IRA, if you have a company match benefit, make sure to maximize it! That is free money that not everyone has the privilege to have. I certainly don’t, but we definitely max out my husband’s match from his company.

7. Save up

I am certain future you will have wants and wishes. There are many things out there you probably plan to buy, some of which are quite big purchases. If you wish to buy a graduate degree, a car, a home, or anything else of that nature, you’ve got to learn how to save up. Remember those habits you formed at the beginning of the journey? Well now it’s time to benefit from them. For me, I don’t mess around with my savings, especially if it’s a short-term goal. I am quite conservative in that way. I stash my savings in a high yield savings account like Marcus, where I can gain interest on my savings at a higher rate than a traditional savings account, without risking losing money (as opposed to investing my savings in a brokerage account). Find out how a Marcus High Yield Savings Account can help you reach your short term goals. If you’d like to sign up, my referral link here will give you a 0.2% APY increase on the current rate.

8. Invest With Your Head – Not With Your Heart

I consider investing an advanced finance skill. However, I can’t argue with the fact that the sooner you start, the better you become. Like any other skill, it takes practice. However, if you haven’t learned how to control your spending, get rid of debt, maximize your retirement opportunities and save money for your future goals, then there’s a chance you’ll lose the investing game – and bad! Perfect Steps 1-7 first, and then remember this advice: Invest with your head, not with your heart.

9. Find Your Tribe

They say it takes a village to raise a child. Well, the same goes for being managing money. You need people in your corner who won’t tempt you to spend your hard-earned dollars. People who will understand if you would rather order pizza than go out. Friends who won’t ditch you because you said no to a few happy hours. You want someone in your corner cheerleading you on your way to financial independence. Your tribe is very important. It can be the making of your success, or the downfall. I don;t want to be elitist, but even your friend group should be an intentional choice.

10. Set A Date

All of this should be given an end date. Make a plan, then set it in a calendar. Life can get in the way – so make sure to revisit your plans, goals, credit score, and debts once every six months. Look at that date you’ve created for yourself when you lose your way. Soon enough, you will be financially free!

I don’t know about you, but navigating the post-grad world can be tough! It’s easy to feel overwhelmed by the advice out there, or worse, completely lost and with no one to turn to. I hope this guide has helped to at least start the journey. Other related posts that you may find helpful:

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Preparing for the Resumption of Student Loan Payments

This post may contain affiliate links. Please see my disclosure to learn more. 

I don’t pretend to know what anyone’s financial situation is like. I know that our stories are different, and depending on where we lie on our path, the story changes with time. I have already written about what one should be doing with their federal student loans at this time, but the advice is not finite. I find that the best mode of action, historically, has been to share with others what I myself am personally doing with my student loans, and letting others walk away with what they’d like to keep for themselves. So here it is. A little update on me, preparing for the resumption of student loan repayment once the 0% interest resumes at the latter part of 2021.

WHAT WE’VE BEEN UP TO

For the past year, I have been holding onto my usually aggressive student loan repayment sums for multiple reasons. Firstly, the uncertainty of the economic and social situation due to the pandemic. Mike spent 10 out of the 12 months last year not working. I honed in on only working part-time at one of my offices so as not to spread disease among different population groups. Family members lost jobs and we didn’t know who would need our support. Siblings moved back into parent’s homes, parents themselves moved, and a majority of our immediate families went without work or school for most of 2020. So I paid my minimum payment (in order to avoid forbearance just in case it affected the terms of the loan in the long-run) and took the rest of the income and invested it into a High Yield Savings Account.

Meanwhile, to compensate for Mike not working, I maxed out my 401K for the first time ever, and dabbled into a brokerage account. But for the most part, we enjoyed the relaxed vibe of staying at home and doing nothing for the most part of 2020. I wasn’t as tight on finances as I should have been. I have financial independence to thank for that – and you can read how pursuing financial independence has actually benefitted us during times of COVID.

Regardless, I am starting to feel that the end of an era is near. With the available vaccinations increasing in Southern California, I am anticipating the reopening of most of our economy, which will also signal the end of the student loan forbearance (currently scheduled for September 2020). So, like any Spring bird preparing for what’s ahead, I am gathering my resources like figments of a bird’s nest, and preparing for the return of my aggressive student loan repayments.

THE GAME PLAN

Because my loan was huge ($575,000), we initially stayed with a student loan forgiveness program instead of refinancing back in 2017, in case something unexpected came our way (oh, sayyy COIVD?). However, now that the loan amount is dwindling, we are starting to see the light. The OG plan was always to refinance once the loan reached under $300,000. Why this number? I have found that this number is the threshhold for many student loan refinancers. Many of them won’t even consider a refinance if the loan amount is more than $300,000. It is also the threshold that transitions one from a high interest rate (ours is 6.8%!!) to a lower interest rate (around 3%).

Luckily, under the REPAYE plan, the interest rate was half-subsidized by REPAYE, which meant we were able to stay in the student loan forgiveness program while paying interest fees around what we would have paid if we had refinanced. This is why it is important to understand your loan repayment options, which you can definitely learn more about here. This subsidy ends after three years, and we reached that mark during COVID (November 2020). Luckily, due to the 0% interest rate in effect right now as part of the COVID relief program, we have not jumped into the 6.8% interest rate bracket. However, our goal is to be under $300k by the time the 0% ends and refinance to an interest rate that is hopefully lower than 3%. I do not recommend refinancing your loan before the deferment period ends, but I do recommend preparing for it by planning to pay off the largest chunk you possibly can and then refinancing to a better rate to make the going easier for you in the future. Think of it as a snowball method.

OUR PREPARATION

We are doing a few things to prepare for Fall. None of these things are out of the ordinary for us. They are actions that I’ve been advocating for years. Although I must say that we’ve loosened the reigns a bit recently. Our frugal muscles have become droopy, and it’s time to exercise. Here is what I plan to do in the upcoming months.

  • Tightening up the Master Budget. Since we eliminated a majority of our spending due to the lock-down, I have found that over the past year, I have loosened significantly the reigns on spending buckets that would usually have tightly closed lids. The savings we received from cancelling subscriptions, gym memberships, and most importantly, international travel trips has given me a lot of leeway with home and lifestyle improvements. Now, it is time to tighten the purse strings once more. Don’t let any stone go unturned. You can create monthly frugal challenges to make the saving more fun. Here’s a few of mine.
  • Resume Side Hustles. In order to protect my family and my patients, I had decided to stop my dog-sitting and my bakery last March. I also decided that it would be best to only work at one dental office at a time. But now that things are opening up again, I have started to resume my side hustles. I have returned to the bakery where I once worked as an early morning baker and have started the position of Wholesale Director in March. I love being back with the Rye Goods crew, and truly enjoy my alternative work life. I also have continued to write for this blog, as well as guest write for Bogobrush. If you wish to grow your income, too, check out my ever growing list of ways to earn extra money here.
  • Research Refinance Options. If, like us, you plan to finagle your way down to the smallest loan amount possible with the hopes to refinance for the lowest rate possible in order to snowball your way to student debt freedom, then I highly suggest starting the research on refinance options today. There will be different companies vying for your attention. It would be best if, when the time comes, you are well-versed enough to be able to refinance in a jiff. The worst possible scenario is choosing a refinance company that won’t give you the best deal, or waiting so long that you will be stuck paying the high interest fees when loan repayments resume. A few things to note. Do not apply to them if they pull your credit. You want to maintain your good credit score for when the actual time comes. Also, the smaller your debt, the better your rate. So save, save, save! Lastly, make sure you have budgeted out enough emergency funds to cover your monthly payments after exiting from your student loan forgiveness program in case of job loss or an emergency. Preparation is key before pulling the trigger. Here are a few refinance options that I’ve been recommending to colleagues.
  • Speak to a Professional. Still don’t know what to do? Speak to Travis and his team at Student Loan Planner. They are knowledgable and give great advice. I highly recommend their services for those who do not know what to do with their loans. I send all of my closest friends and family members to him because I trust his team and know that they are up to date with the finest details regarding student loans. For those looking for an alternative option, there’s also Andrew Paulson, from Student Loan Advice backed by White Coat Investor. I haven’t yet tried his services but I am always trying to keep an eye out for good options! Once you’ve decided which path to take, determine if refinancing is something you should do.

I feel like a warrior getting dressed for battle. It has been a long year of nothingness. I must admit that it was lovely and nice, but I am ready to get on my horse and face the challenges of loan repayment once again. Instead of our usual yearly update (because there is nothing to update you on), I hope that this post suffices. I will write a lengthy one as September draws near, as well as after our planned refinance.

Photo by Green Chameleon on Unsplash

Related posts:

Finance: The Second Year of Paying Down $550,000 in Student Loans, An Update Student Debt: How to Lower the Interest Rate Without Refinancing Out of The Loan Forgiveness Program COVID’s Student Loan Deferment Update

How To Use Affirm to Grow Your Wealth

This post may contain affiliate links. Please see my disclosure to learn more.

In general, I am not a big fan of financing companies because I believe that they enable people to buy more than they can afford, with disregard to social responsibility and actual value. We live in a consumerist society focused on bombarding its constituents with more reasons to buy. The endless cycle of consumption is a rabbit hole that many fall into and never get out of. Because of this, I am generally hesitant to promote financing to my readers … unless it has potential to grow their wealth.

Before reading on, I do want to make the following statements.

I am assuming that the person reading this post is financially educated and savvy, does not live paycheck to paycheck, wishes to grow their wealth, has mastered their budgeting basics, and has an aversion to spending on frivolous things that don’t add value to their life. I would like to say that if you are not all of these things, we need to start elsewhere on growing wealth. Start with the basics and set up a budgeting tool that works for you and your needs. Get my FREE course on How to Create a Budgeting Tool That Works, by signing up below!

This advice is not for those who are privvy to emotional spending, stress shopping, or just mindless consumption, that which pervades much of our American society. If you feel you have the aptitude and wherewithal to use the information I have yet to divulge about taking advantage of financing in order to grow your wealth, then I welcome you to the rest of the post. But if you have even the slightest uncertainty, I recommend you start with beginner posts such as any of the following:

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With that said, let’s continue on to how we can use financing companies such as Affirm to our advantage.

What is Affirm?

Affirm is a financing company that has recently experienced an increased exposure due to financing partnerships with multiple companies. In January 2021, they went public with the ticker symbol $AFRM and have seen an increase in stock value since their IPO at $45. I have personally seen Affirm used in a few of my favorite companies such as East Fork Pottery, La Marzocco, Nisolo, Dyson and Leesa. While this post was not written in sponsorship with Affirm, the eureka moment for utilizing its financing options came to me at a time when I was mulling over alternative wealth growing strategies.

Given that someone has good credit and can secure a 0% interest rate with Affirm when buying big purchases, they can extend their payments over a short number of months (because long-term financing leads to increased rates) which may allow for investment opportunities.

We aren’t talking big bucks here, of course. But what if everyone who is financially stable approaches all forms of consumption with a mindset of, “pay myself first.” If they embrace this mindset, then they would likely prefer to pay for their new Leesa mattress in three payments over the course of three months with 0% interest rather than upfront. If a new mattress costs $1,200, then divvying up payments into thirds allows for $800 to be invested over the course of one month and $400 to continue being invested for an additional month. You are still able to obtain the product at $0 additional cost to you via Affirm financing while Affirm gives you the time to grow your money. Of course, this is assuming that you were already going to buy this product that adds value to yourself. It is not an excuse to buy, just because.

This concept of pay yourself first is not the mentality that many people take. However, I view it as a great strategy for growing wealth – one that simply requires the reframing of our approach to paying for stuff.

It seems quite silly. Small, even, for some people. It can be especially controversial for finance people who promote paying everything upfront in cash. Some people may view Affirm financing as debt. I would like to argue that we can reframe this perceived debt as a calculated decision made to grow your own wealth before growing someone else’s.

Finance gurus who dissuade the use of credit cards may be cringing at my suggestion, but I guess I’m not exactly conventional in that regard. I mean, I use the opening of credit cards in order to fly globally for free by travel hacking! So yeah, I love credit cards (as long as it is used in a controlled manner to further yourself along your life path). And I like the flexibility Affirm gives people, who may take advantage of the opportunity to grow wealth.

As I said at the beginning of this post, if you are someone who hasn’t yet mastered your spending and your budget, I recommend not trying this tactic. But if you are ready to go next level with the way you pay for your stuff on a day-to-day, it’s something worth considering.

Related posts:

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Financial Advice for Young People in their 20’s

I find that financial literacy is quite low for people in their early 20’s and 30’s. This is not a fault of their own but rather, a cultural failure that presents us all with opportunity for improvement. As a society, we do not openly embrace talk about money. In our educational institutions, we do not teach young children about finance. Within our media channels, we promote a consumerist lifestyle. Culturally speaking, we value hard work, status symbols and the physical earning of money over the actual growth of financial wealth.

I was once young too. I was financially illiterate. I obliterated my savings, worked multiple jobs, and took out more than half a million dollars in debt trying to chase the American dream. Only now, in my early thirties, am I realizing that the short-comings of my financial education is the cause of my financial mistakes. We learn these things later than we should.

The success of young people greatly depend on our ability to talk about money. So I am now talking about it.

In order to combat this information gap, I wanted to share five finance tips with our young population.

Related Posts:

Top 5 Things Young People Should Do To Get Ahead in Finance

Master Budgeting Skills. It doesn’t matter how much money you make if you don’t know how to budget. You could make a million dollars but if you spend a million dollars, you aren’t any richer. In my opinion, knowing how to control the outflow of money is more important than increasing income. Mastering a budget is the first step to financial independence because you learn how to manage your cash flow. Without this control, everything else is irrelevant. Budgeting requires an awareness of your spending. It’s like losing weight. The first step to being healthier is knowing how many calories are being eaten and burned. Without monitoring what goes in and out, there is no chance for improvement. Mastering a budget is mastering your self-discipline around spending. But it takes a lot of practice and work. So start early and make the habit stick! I wrote an entire course on how to build a budgeting tool that works and published it for FREE to help others get started.

Sign up below to send the free course straight to your inbox.

Learn how to flex those frugal muscles. Being financially savvy requires the same diligence and work as being physically strong. Just like real muscles, frugal muscles can grow – with practice. Learn how to be frugal. Realize that not everything needs to be bought. There are many alternatives to spending! For example, try skipping the spin or yoga class and run outdoors or go on a hike. Instead of dining out, try cooking a new recipe. Want to read a book? Look for it at the library. Be creative in finding ways to get what you want for free. Try making things instead of buying them. Learn the art of the trade. And when all else fails, find the beauty in living without. Remember, everything you think you need you were once without, and you were just fine. It all comes down to understanding that every clutter you own used to be money and every dollar you spend used to be free time. Here are a few frugal challenges to get the ball rolling.

Choose a social circle that will uplift you financially. Sometimes, when we tell others that we want to opt out of brunch or happy hour because we are trying to save money, we get a negative reaction. People can get defensive when you turn them down in favor of saving yourself a couple bucks. Trust me, I have been there. However, there is a saying that I love to preach. You are only as good as the five people that you spend the most time with. You will have an easier time on your financial journey if you have like-minded people around you to celebrate your wins. These are people who will motivate you to save, as well as support you when times get tough. If you have difficulty setting boundaries, perhaps this is a good place to start.

Invest in yourself before anything else. I am not entirely against spending. I believe that spending on things that add value to your life is important. However, you want to make sure you invest in yourself before anything else. When I refer to investments, I am not referring to a car or a home. I am referring to investing in things such as continuing education, management skills, mental health, physical health, relationships and personal time. After you’ve invested in yourself, you may see that informational wealth and good health can lead to financial growth. And THEN you can think about investing in other things.

Start planning for retirement now. It is best to start planning for retirement as soon as possible. Due to the exponential potential of retirement funds, early starters will have an advantage over those who wait until they are in their 30’s or 40’s. If possible, maximize your 401k and get your company match. If you have extra money, I would recommend funding a ROTH IRA on top of that. If you have additional income, you can invest it in the market, get into real estate, or for the most conservative, keep it in a high yield savings account to earn interest. Make money work for you, instead of working for your money. Those who act now will go through the difficult parts in their youth but will have an easier time as they age. And vice versa. The unwillingness to act could lead to a very difficult financial future. If you are in your 30’s or 40’s, there is no use crying over spilled milk and lost time. It is not too late for you, but start TODAY.

These are just the basics but all of these things will help create a strong foundation for the decades to come. Most importantly, do not be afraid to ask, be willing to listen, keep an open mind, and constantly seek information. That, in itself, is another level of wealth.

Related posts:

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The Ever-Growing List of Ways to Earn Extra Income

This post may contain affiliate links. Please see my disclosure to learn more.

There are two paths to growing wealth: spend less money, and earn more money. I have already addressed the former in my Ever-Growing List of Things I’ve Given Up in the Name of Frugality. It’s about time I address the latter.

I am ALL about the side-hustle. I have spent the last fifteen years of my life working multiple part-time jobs and creating side hustles. I had three jobs in Undergrad at the same time, and worked after school in dental school. Job titles that I’ve held include Jamba Juice worker, Jamba Juice Training Mentor, Banana Republic Visuals Specialist and Retail Associate, Dental Assistant, Private tutor, Tutor at a tutoring company, University Librarian, Rover Dog-Sitter, Baker at Rye Goods, Owner of Aero Bakery, Dentist, and Blogger. On top of that, I have earned extra money guest-writing for people, being a “lab-rat” for all sorts of University research studies, baby-sitting, baking treats for parties, and other random title-less positions.

Your Job Doesn’t Have to Match Your Profession

I know COVID-19 has caused many people to lose their jobs. I hope this post finds you, somehow. There are endless ways to earn money. There is no reason to stick to what your degree or license is on. Many jobs require very little experience, and honestly most of what I did I learned along the way.

For example, I had no culinary degree and yet I reached out to a bakery via Instagram and asked for work. I took the only shift available (the early shift from 2am to 6am) and balanced it with my 5-day-workweek as a dentist. From there, I learned how to open my own bakery and manage that from the comforts of my home.

Likewise, I had only lived with my family dog for four years, but I deemed myself good enough for dog-sitting. I simply applied on the Rover App which only required a few lines of information and a few essays as to why I would be a good fit. After four years of dog-sitting, I now manage my own dog-walking and dog-sitting business. I have grown my clientele to the point where I don’t need to advertise myself. I have repeat clients on the regular.

I have never changed diapers in my life but I sure as heck volunteered to babysit. I used to dabble in writing and somehow, I was paid to write all of the content of an entire website at the age of 20. No one gave me permission to create a blog, or be on podcasts, or half of the other things I ended up doing. But I did them, and you can too. All you need to do is throw yourself out on a limb, ask people around you how you can be of service, and give yourself the permission to try, and fail, and grow. You need to be vocal, confident, and trusting of your skills and talents. I believe every person has a long-list of things to contribute, and by offering to do so, we not only make ourselves richer but those around us richer too.

With that said, here is my ever-growing list of ways to earn extra money.

  1. Start a blog. I use WordPress as my hosting site and I started this blog for free. I first learned I could earn money for this blog through this course: Making Sense of Affiliate Marketing. I then turned the blog into a business site which costs a yearly fee, but the money you earn from your blog can easily offset that fee. I would highly recommend growing your e-mail list via ConvertKit so that you can reach even more people.
  2. Create an E-Course. I created my first E-Course called Mastering A Budget. I highly recommend Teachable (this is my affiliate link). It is such an easy program to use, and I know many people who have earned hundreds of thousands of dollars via Teachable. Write E-courses on things you care about or know a lot about. Trust that what you have to teach people is valuable!
  3. Save electricity. We participate in OhmEvents and shut down our electricity during high-usage times. The first month, we earned $80. The second month, we earned $70. You can earn over a thousand dollars a year saving electricity. It can even pay for your utility bills for the year! Sign up using my affiliate link to OhmConnect and start earning now. If you use my affiliate link to sign up, you will automatically earn $20!
  4. Pet-sit. There are many apps from which to pet-sit, but the one I used to get started is Rover. I highly recommend it if you’ve never dog sat before. You can choose to dog-sit either at the pet’s home or your home, walk dogs, or just swing by and check up on dogs. Getting paid to play with pets is the best! Once I built my clientele on Rover, I was able to create my own website and run my own dog-sitting brand.
  5. Baby-sit. There are many parents who need baby-sitters. Especially now that WFH is more common. Over-whelmed, over-worked, and over-extended parents need a break! Guess who can offer their services… Baby sitters have always made decent money (more than minimum wage jobs like retail), although they do hold more responsibility. But it is gratifying work and gives you a second family to be a part of.
  6. House-sit. House-sitting is a great gig. My sister-in-law blends house-sitting with dog-sitting. She offers to watch dogs at their homes, thereby increasing the value and the fee. House-sitting is also great if you like to travel. You can choose to housesit in a different city, and get paid while traveling!
  7. De-clutter your stuff and sell them on Poshmark. I recently discovered Poshmark and have had high success selling my things on this platform. I make about $50 a month selling things on Poshmark. It’s also a good place to shop responsibly and frugally (see my previous post here).
  8. Clean Homes. If you know how to clean, then you have gold on your hands. I know many people who hire others to clean their homes for them on a weekly basis. Cleaners get paid anywhere from $100-$200 per visit. If you don’t mind getting on your hands and knees and you like to work in solidarity, then perhaps cleaning homes is the right gig for you. Plus, nowadays, professional cleaners are much needed! Turn on a Spotify playlist and get to work.
  9. Drive for Uber or Lyft. After your day shift, drive in the evening for one of these companies. I heard that certain nights and weekends are popping. My brother did this for a while during his year between undergrad and dental school. He mostly drove around the city that he already lives in. It’s a great gig for night owls.
  10. Deliver food via PostMates, GrubHub, or Amazon (Whole Foods). Food delivery has become increasingly popular and there is prestige to becoming a Whole Foods delivery person (I hear there’s a daily waitlist!).
  11. Create Websites. Know a little bit of code? Understand the basics of websites? It’s okay. I didn’t either but look at me now! I am not tech-savvy. I have problems when my phone updates. And here I have built this space from scratch. Offer your services to someone who is just starting their business. I am sure they have a lot of other things to worry about. Create their website, learn along the way, take their feedback, and keep tweaking.
  12. Be a photographer or videographer. Nowadays, almost anyone can turn these hobbies into a real job – that earns decent income! You can sell your pictures online so that others can print them and frame them around the house. Or you can shoot for events or companies. A photographer or videographer can easily make $1,000 from a single event. If you’re really good, you can make a few grand! Just ask around. There are many people who need professional pictures. It is the digital age, after all.
  13. Tutor. I used to tutor high-school level math, Spanish, biology, and chemistry. Tutoring makes $60-80 an hour, depending on your area. In order to increase efficiency, tutor multiple kids at the same time. Offer the parents a discount to seal the deal. You will get paid more for the hour.
  14. Teach a class. I do think that everyone has something to offer. If you are the more creative type, why not teach music, dance, finance, or basic life-skills. Hold virtual classes via Zoom. Do something fun, like teaching a class on how to make a latte. Or how to tend to plants. Do a workshop of calligraphy – and make it a series! I have used my baking knowledge to teach a Lunch-and-Learn over Zoom for a company before. They paid me to show people how to make Blueberry Rye Scones for 30 minutes. The world is at your fingertips.
  15. Lead Yoga and Gym Classes. My best friend is a yoga teacher for CorePower Yoga. And although gyms are closed now, you can always make yoga videos on YouTube and get paid after a certain number of views. Or you can host a Zoom meeting and have people tune in. Charge them a registration fee and give them access to your Zoom room after they’ve paid. It doesn’t have to be a work-out class in person.
  16. Be a professional de-clutterer or home organizer. People are stuck in their homes. They have turned their attention to long-ignored spaces. (I know I have). The de-cluttering craze has gone viral (was it not already?). But many people give up half-way through because of the rigorous process and the overwhelm. I have a friend who started a business that helps people de-clutter their homes. Consultations via Zoom or Facetime are easy to set-up. Help people create the ideal WFH spaces.
  17. Become a Virtual Assistant. A virtual assistant job could entail social media management, editing blog posts, checking emails, scheduling appointments, booking travel, and more. Essentially, this job pretty much involves doing things that people need done but don’t have the time to do. Sound familiar? This is a great job for people who wish to work from home, are good at organization, and don’t mind tedious tasks.
  18. Rent out your car. There’s a site called Turo, which works kind of like AirBNB. You can list your car (it only takes 10 minutes!) and have others rent it from you. This is especially great if you work from home and don’t need a car every day. It is also a great option for those who have a fancy car that people will want to borrow for a joy-ride.
  19. Become a landlord. We actually rented out a room in our home for the first five years of our marriage. This helped us to save money which we funneled into my student debt. It also helped us save money to buy our first home, and then again to buy our second home. This is one of the ways we made our home cash flow positive.
  20. Help People Move. I moved 10 times before high-school, and then 7 times after college. Let me tell you, moving isn’t very fun. Many people need help with the labor-intensive part of moving, so offer to help people move their stuff! It’s a workout, and it makes decent money, too. If you’re efficient, you can make $100 an hour!
  21. Place Advertisements on your Car. I know this one is pro-consumerism and I don’t love it, but it is an option. I drive a Scion XB that’s fairly old and has a lot of flat angles. It is the perfect moving billboard. I haven’t done this because I don’t love promoting buying things in general, but if you need to make passive income and don’t mind pasting something on your car, this is an easy one.
  22. Work Part-Time at a Grocery Store, Bakery, Restaurant, Hotel, Coffee Shop, Retail Store, etc. This one ends up being the hardest gig to land in 2020. Who knew? But as the economy reopens, be prepared. Keep an eye out. You’ll likely have to play the numbers game and apply to as many opportunities as you can, but don’t give up!

Over time, I will add to this ever-growing list. Feel free to chime in!

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