My Most Hated Financial Advice: Side Hustles
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- Опубліковано 2 кві 2024
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Increasing your income is one of the most powerful things you can do to reach your financial goals . . . but the skeptics have a lot to say about this advice. Today I’m addressing the haters, answering your questions, and sharing creative ideas for side hustles.
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I think the main reason people have a negative reaction to the side hustle idea is because, and this is obviously only my opinion, people shouldn’t “need” to have a side hustle in the first place. They should be able to have one job, and be able to survive AND have some left over for savings, etc. I think people have gotten so comfortable with everything costing so much that they have just given up, and given in.
The world doesn't owe us anything
You can if you make smart decisions but people don't do that.
One job and able to survive is possible. One job and able to thrive is a different story.
She's talking about taking on a side hustle to get out of unnecessary debt people have accumulated, not necessarily to make a living.
They never mention side hustles to live on. It's intended to use to pay off debt or save up for a purchase. Not to pay your bills
yea it sucks. i have a 9-5 selling Pro Audio gear and providing tech and customer service. when i get off there, i go home and walk my dog, then i go work HVAC from 6 PM until around 11 or 12 PM. One of the managers at my 9-5 got his HVAC license and I am his apprentice. I do more HVAC during the day on weekends then on weekend nights i play drums in a country band (not my ideal choice but it pays and I have regular weekly gigs). I am tired all the time, but I am getting my federal student loan paid off (after 10 years of paying the minimum - yikes). only have $3500 left on my truck. then its time to slam that mortgage! i have to plan time off in advance. i decided to take this thursday and friday off from my 9-5 and HVAC, but I have a drum gig friday night and i will be back working all weekend.
Take heart, RustyDodd, you are doing an amazing job at getting rid of that debt and you're going to feel so rich and so chill once everything's payed off and you can relax your hours! Light at the end of the tunnel. Best wishes, Maria
I've been watching her videos for awhile now. I like her advice. Just remember that these side hustles can cost you as much as they're making you
It can cost you sleep, sanity and taxes. Under the table jobs like babysitting or pet sitting might help more. When my husband took extra jobs as a cop he was so tired and crankier because being in uniform that long and only sleeping when home, wasn't working. We did it with less money and transferring our high interest to 0% and every month amount went down and no interest eating it up. Done with most in a year.
Anyone who makes excuses as to why they can’t do a side hustle just looks for reasons why they can’t do it instead of looking for one they can!
@@workinprogress-ye5or You only have so many healthy years in you, don't waste them trying to earn ever more money. Focus more on simplifying your life and focus on what is important and makes you happy.
The best "side hustle" is to do extra hours where you already work. And the more you are at work the less you are out shopping and spending money!
Only if your place of work pays for overtime!
Doesn't work for pretty much anyone on salary. What we get paid is what we get paid regardless of the number of hours worked.
I literally said this to myself this morning. lol.
@@stephenburke7921 Get a better job that pays you for hours worked.
Yeah this only works if ur employer allows it. next...
I cleaned up my garage on the weekend and theres a series of childrens books I have collected but havent read in ages - I looked them up on ebay and some of them are worth about $40 so Im going to try to sell them online.
I deliver Walmart groceries for roughly 15-20hr a week and bring home an extra $1,800-2200/mo and it’s easy
How much do you put aside for taxes? I was wondering how to do this
Is this through Walmart directly or through Shipt, Instacart, etc?
@@brian7110it is through Walmarts delivery app called Spark
@@nicolewhite3276I put away roughly 20% and use stride to track my miles for tax deductions
You make $100/ hr? I find this hard to believe. You must be doing MANY deliveries in an urban area.
I have few years left until my kids won't like spending time with me anymore so no, Im not getting any extra jobs. I show up for them, cool healthy food, attend all their shows and appointements and stay reasonable with money. And in a few years when everything I do seems wrong to my teenagers I will go hide in my new, extra jobs.
Thank God I don't need to do a side hustle. I'd rather spend less money.
Yes, it's good if you have a big mess but others can take a bit longer and be frugal. They keep saying Lyft but I keep reading how they are getting paid less and it's not safe for everyone to do that. When a long time ago Dave said Pizza delivery to a woman (I think he was just in that mode) I thought "In a million years, he wouldn't have his daughters delivering anything if they fell on hard times in another universe." Working at a pizza place maybe but not going to strange homes.
"Turn the hobby into a freelance gig".. started this in 1985.. and 39 years later.. still going. I also concur with those who point out that just working overtime - even just 1 hr per normal workweek day (x 5 days/ week) adds around 18 percent more pay to the budget bottom line. I worked about 2hrs. additional time to every normal work day.. and added $500/mo. to my finances. The REAL benefit was in the vacation time.. which was computed based on NUMBER OF HOURS worked weekly.. adding a LOT of "extra" vacation/flex time. So, I agree with everyone that said.. don't ignore overtime if at all possible. The best paying and often easiest side hustle for most people is their regular job!
BTW, I understand the reluctance to do side hustles. It is like taking precious hours of your life.. but debt is a chain around your neck that is threatening to drown you!!
A note about tutoring -- often school districts will keep a list of tutors for people to hire. Call a school in your area to find out!
I am a single full custody parent with 3 kids. I have a regular 40 he a week full time job. I have 3 other side hustles. Those 3 other gigs being in an average of $500 for me and I love it. Some are seasonal so I do have a drop in income outside of that but went from a $9,000 yearly income to $56,000 yearly income! I’m so grateful I stoped my excuses and got to work. It Is exhausting at times but temporary to save up for a goal!
A big congratulations on having 400,000 members! You go girl❤
You really give good advice, I am a believer that you are in control of your own life and sometimes we have to work long and hard. Thanks for being a great cheerleader.
Ah yes get three jobs why didn’t I think of that
You’re just missing her point
And that should be temporary. It's a hard season, you do whatever it takes to get thru the hard season so you come out on the other side ok.
When my son went to college, I wanted extra money to help pay our monthly contribution and they told me that would make our contribution more....I was like "what?" You make more, they adjust your contribution. So I had to look for babysitting or things that didn't show up.
yes, some colleges are dollar to dollar almost, others not.Why work more if they are going to say, "oh you made more" That happened to us, my husband and I were 100,000 and son got good scholarship and then he got a raise/promotion and was 108,000 next time and they upped our contribution to reflect the raise so no extra savings for 3 more years.
Thanks for all that you do ! 🎉
I drive 28 miles one way to work and drive Uber on the side which allows me to deduct the miles I drive to my regular job. After I deduct my mileage I actually have extra income that is tax free.
That’s weird. I love side hustle tips. I love side hustle content. How much basic finance and budgeting advice do people want 🥴 the budgeting and saving money stuff is so repetitive either you get it or you don’t. I’m down with budgeting and not being in debt. I’d rather have advice on how to increase my income streams now.
Great tips Rachel!
Not easy but definitely doable. I sell on Ebay in addition to my full time job.
Excellent!
No retailer is going to be OK with you starting at 1 day a week and every other Sunday..
Yeah, I worked for Target for 7 years. I was lucky to get 1 Sunday off per month.
I work a 40 and do uber about 2 hours after work a day and get about 300$ a week so 1000$ a month is not outside possibilities of extra income for side hustle
I am 67 1/2 retiring in June 2024
I started thinking about what I will do when I retire about 7 years ago.
Boating and training/tutoring has always been fun things I like to do.
So I got my Captains License 6 years ago thinking I would start moving sailboats.
Well the owner of the Captains school asked me if I would want to be a professional trainer.
This worked well for me because I could use my vacation time to do the classes while I was still working.
So for the past 6 years I have earned between $6,000 to $8,000 per year.
This has also given me contacts in the boating business and I was contacted by a boating club to help teach their members how to dock power boats.
When I retire in 57 days I will have 2 part time jobs earning about $20,000
The point of this is once you start doing a side hustle you never know where it will take you.
Some call this making your own luck.
These are really good ideas!
The best side hustle I ever had was working in a night club. Almost everyone there has two jobs and works really hard. It also keeps you from going out and spending all your money on the weekend during your 20’s.
Additionally I did IT work through word of mouth from my parents. Often you are called out for incredibly easy things like backing up files on a hard drive or removing malware.
I don't think it's safe for women to drive Uber.
It's not safe for a man either. I wouldn't do that job for any amount especially in America
It also puts so much more wear on your car that most of the time it doesn't actually make you that much after you calculate the extra maintenance needs
I HATE when they keep defaulting to that. Like Dave would have his girls delivering pizza to strange home and meeting strange people at doors or have them waiting for you in bad cases. Geez...there is something other than pizza delivery. I guess he hasn't read how drivers are getting less after the fees they pay to company.
@@charlenesorley2909 Why my dad, bless his soul, stopped his paper delivery when not at post office many years ago. He stop and go and travel wore the car out so much faster vs the pay.
I have a full time job, a side job, a UA-cam channel to work on - and I still clean up my inventory and sell them on Facebook for additional income. 😁
Amazing.
I was with you until you said “retail bonus”!
Retail does not give bonus!
commisions are pretty much a thing of the past and if you got them, many paid you much less and it made the sales help very aggressive.
I believe there is always something you can do to earn a bit of money but I always love the advice to drive uber or deliver pizza. This might be a shock but not everyone has uber and pizza delivery.
I did various side hustles for Y E A R S meaning 20+ years ...dog walking, pet sitting, clowning, organizing jobs, general help around the house, running errands while working in acting voice over-advertising full time, then, switching to teaching full time and now I'm exhausted and I'm a stay at home housewife. This has to be done with "borders" ... and in a limited time frame... I also sold $6,500.00 worth of stuff on Facebook market place and we just had to spent it on healthcare - whatever.--- it just took me a away from my "focus" anb being successful after a certain time....I'm not saying never do it - but FOCUS is the key to success. Not dividing time, effort and creativity. I like your advice, generally, but it's predicated on we shouldn't "enjoy" or work or have any fulfillment or joy or passion? We should just "work and make money" -that is the Ramsey thought process - . Doesn't it matter what we do - loving our jobs doesn't matter to you guys either it seems...Why ?...what about following your passion and being fulfilled. That also counts.(This is NOT a "hate" comment, just a legit question from someone who has done it ALL.... Thanks, Audra
Yes, to some extend I agree that people should not need side hustles, in addition to a full time job, to make ends meet. Normally. People also should not be needing to spend money they don't have (aka credit card debt) to buy things they don't need to impress people they don't know. And then end up in so much debt they can't get out of anymore without needing a side hustle. There's a wisdom in living simple lives below your means. On the other hand some people ended up there not by choice - if a family member got sick for example. So in some situations a side hustle can be a good temporary measure to get out of a situation. Should not be needed forever though.
In my experience it keeps people engaged in something they feel they are building for themselves. It cannot interfere with your job. I built my side hustle into a nationwide business that makes me dpuble what my six figure job does but it took me a decade to build into that. You can grow slowly just dont lose a bunch of your money or sacrifice your job.
I'll tell you a short story about someone from my local area in Rochester, NY who struck gold with his side hustle. His name was Bill Gray and he worked for Kodak during the Great Depression for 17 cents an hour, but wasn't making enough to support his family. So he started a weekend side hustle cooking and selling hot dogs on a roadside stand in 1938, working as much as 18 hours on a Saturday to feed his customers. His hot dogs were an instant hit, and in 1942 he ended up leaving Kodak and opened a restaurant from his side hustle, adding more to the menu like hamburgers, french fries, and milkshakes. During the 60s, 70s, and 80s, his business was such a BIG success he opened several more locations throughout the whole area. Decades after his passing, the business he created now has 16 locations and is one of the most successful greasy spoon restaurants in my county.
hi from Buffalo! go Bills!!
Find something you will rnjoy I enjoy my side hustle, it is low risk, I choose when to work, I write off most of the income and many car and household expenses. It has provided extra money to pay down debt, invest or support charities.
You need to discuss the accounting and tax implications of side hustles. Taking money under the table is risky and dishonest.
Ironically for the people complaining about taxes for side hustles.
My wife's side hustle is tax analyst
"Impossible to add an extra $1000 a month with a part time job" is bologna. I work 40-45 hours a week at my main job and then another 17-22 hours a week at a part time job that gets me a take home amount of $250-300 a week. That is over $1k a month, and it has helped tremendously to knock down debt we have.
I don't know what to do for a side hustle anymore. I used to have a 2nd job that fit in with my work at the time, but that changed and isn't an option anymore. So I have weekends now..... And I'm not sure what to do. Do I need the hustle? No. But it'll help with the extras.
I'm doing Walmart spark and those delivery gigs. The earnings are not evening out, due to high gas prices and car maintenance when you have an older vehicle. My friend car broke down after 4 weeks of Uber driving, they paid $600 for a fix. Math done not worth delivery gigs. Also delivery gigs are now having long waitlist taking 6 months to a year, oversaturated with gig workers in California. Good luck
Side jobs were just too taxing with 3 kids. I found taking my store credit card with high interest and a Chase card and putting it on a 0% interest card worked like a charm. We had good credit, so 0% or 3% offers came a lot. Seeing the amount go down without interest was a high much more than a snowball. I couldn't stand seeing the interest eat up my hard earned money anymore. Within a year, most were gone and I haven't had a store card since then. I use my Chase and pay it off weekly or monthly and use the points (up to 200.00 over the year) for gifts.
I did the same with a Disney card many years ago. I had run up cards being home with my twins,large car repairs, water heater etc. Seeing a 100.00 payment actually bring down the 3000 bill in full was very motivating. Back then Kohl's was 20% (now 29?) and I had put a vacuum on it and it was taking forever it seemed but once I put that amount on my Disney card, it was gone much faster. It helped that I was never late with a payment and paid more usually so those offers were there a lot, I also remember 0% and then 3% after a year. Even now, if I buy a couch after researching and want to spread out payments, I do the 0% for a year. If I can find it cash cheaper, fine, but usually can't.
Drive a school bus - take the kids with you. Do before or after school care in a district - take your kids with you. District dependant, of course, but I know its allowed where I live. Respite care for someone you know that has special needs and qualifies.
Tips are rarely added while driving for DoorDash. Usually 4hrs of driving brings in about 60 bucks where each order makes you between 3 and 10 dollars. You might be lucky and score a 20 dollar Walmart pickup but that’s rare.
I’m so confused about the advice from Ramsey solutions lately.
On one video it’s all about side hustle. Another video when someone has a side hustle it’s called “cheating” and “employer polygamy” and a slew of other descriptions that make it sound like having a side hustle is a terrible thing. What is is? Good to have a side hustle or bad?
I think that it's good to have a side hustle. If it's in the same Industry as your full-time job then you should let the full-time job know. In some employers, you have to be authorized to work any other job.
The "cheating" or "polygamy" stuff they're talking about is when you're working more than 1 full-time job at the same time and usually during the same hours. So if I worked remotely for Company A and their schedule is 9-5 but I'm also working remotely at Company B and their schedule is also 9-5, then that's what they refer to as "cheating". Even if it were different times, they still consider that "cheating" assuming they are both full time jobs.
If you're working a full-time or part-time job and then get side hustles/part time jobs, then that's not considered "cheating".
(not my opinion so I don't agree/disagree but just breaking down what Ramsey means)
yes, cheating is when they do the same job for someone else or ON the job. Odd but people will do that trying not to do more hours. I can see that getting you in hot water.
Rachel, what would you do for a side hustle? That would make an excellent couple of videos.
Like Dave would EVER allow his baby girls to do anything remotely dangerous. I can see her babysitting if in another universe or watching pets. ; )
side hustles are hard work. Not to mention the tax implications of owing at the end of the year.
It's not like "side hustles" are a new thing. Back in the day, when I got my first "real" job (I mean it was a good job on the career patch I am still in now), I also got a job on weekends / evenings at a local video store (OK, so this was WAY back in the day) and I also did computer consulting work on the side...
Now, as I am getting closer to retire, I don't see how I could do that now. It does seem like it was a crazy amount of time working...
But back then, I actually was having a great time with all of those jobs... Did that for about two years, when I got my first real job that actually payed me enough to not worry about it (and that job required me to move, so I couldn't have stayed at that video store side job anyway)...
My husband and I both have high paying corporate jobs. He also does consulting for IT on off hours and we Turo out two vehicles. We bring in easily another $2000 a month.
I mostly push up against side hustles because... no.. time is not money. Time is time, and you can not get that back. I can always increase my skills. Specialize and make more money that way through training programs and aggressively pursuing my career. I absolutely hate the "time is money" phrase. No.. it absolutely is not in any way.
Im not opposed to putting in side work that has a specific purpose. Like taking night classes that leads to a career that has the realistic potential to substantially increase your income. Or a side job that could lead to your own business. Or contact work where you get to choose projects. But just having a retail job to me is no longer appealing. For a short period. Sure. For short-term goals. But i don't see the point in doing any of this because these things lead to nowheresville. And you lost time in your life you cannot get back that you could have done something meaningful. Your job has absolutely no meaning and does not define you. There are few exceptions. Doesn't mean it isn't needed. But jobs are the biggest misuse of your time.
But again. It's just whats the goal? If a short run allows you more freedom in the long run. Fine. Like maybe working retail allows you to be debt free in 6 months and you can take that trip you always wanted. Great! Short runs. Fine. But doing a dead end side hustles for years is lost years. Is it really worth it to get debt free a few weeks earlier? I mean you have to decide that and maybe if it adds meaningful years you your life in the future I can get behind. It all about how Is this helping you? And what's the goal? And does that add meaning to your life or are you just impatient and too eager to loose the extremely little of it you have?
I agree. As I get older, I think my time is more important than money. You can always make more money, but you can't make more time. I'd rather live below my means.
Love the show but something I don't understand ...Why the background music?
On baby step 4
I do dog sitting as my side hustle not because I need it but because I enjoy it. I love caring for dogs and cats. I've stayed at some lovely homes while pet sitting. It's like an Airbnb, but they are paying you to stay.
My wife is always out late at night doing her side hustles.
If your investments have monthly dividends, you don't need a side hustle. I call it pizza money or mailbox money. Saves you gas money.
I also want to start my trauma based life coaching biz with a few clients
Side Hustle = make your taxes complicated
Yes, my sister found that out. She was LPN and worked more to pay for something and it put her in new tax bracket. A cowoker who is P. Therapist, she also did side gigs to help down payment on house, had to pay a lot of taxes, she was shocked. It's not the worst but you need to do the math and for most of us, it's not that easy.
Only in the US
Uber and Lyft take 40% off the top.I drove Uber Lyft for three years. Nearly ruined my car. Expenses are gas, mileage and depreciation. Uber profit is about $10.00 per hour, if that, before taxes; and with ride-share we are 100% responsible for the insurance and now state require "Ride Share Insurance" that is very expensive and in many state, we can't even get covered to drive in a "ride share" capacity. Its ultra risky. Can you address the extra insurance and gas costs?
Can you give me a link for transcription jobs? Where do I look?
I drive truck and work 70hr workweeks. I hardly have time to take care of myself. Where do I find time? Reduce to 5hrs of sleep for an extra 2hrs after work?
If you have no education or skill, side hustles are for you, work more. Otherwise, get a better paying job, the best way to make more money is job hopping. I have quadrupled my income in 15 years across moving to 4 different jobs. NO WAY a side hustle would have increased my income by 4X.
Three jobs???
And also- what about people who would like to spend time with their family!?!?
And DR solutions is also advising people to save money by not tipping, while also telling people to take side-gigs that have tips!
My tips have gotten so low :( and car maintenance so high its barely worth it
It’s madness that people need to consider working so much just to get by.
Become a culinary instructor, great side hustle 😊
I have a part time job I work 4 hours a day working from home I bring in 1300 a month. I have 3 kids I'm married and pregnant with a 4th. I'm also looking for a side hustle currently.
Take an audit of your tax withholding especially if you got back any refund this year with having the children as dependents. I helped a family member bring home an extra 500 a month bc the family had 0 federal tax liability from being married and 4 kids. The father was having roughly 200-250 every 2 weeks cut from his check being he had always been told to claim single and 0 on W4 tax form when start a new job.
I guess it depends on the situation. I don't know but i get paid 230-280K USD a year in software development but getting up there was greatly due to working extra hours, putting in extra effort, acquiring new skills, working 80 hrs on rare occasions... And im not allowed to start a business in IT because of no-compete clause in the contract. I feel like delivering pizza's next to this job would decrease my income over the long haul by distracting me from going all out on my main job, missing bonuses and promotions... Could be wrong of course. Should a big law-lawyer or neosurgeon deliver pizza's too?
No they shouldn’t, and if they are making that much money they shouldn’t even need a side hustle. Unless they are suffering from a major case of “lifestyle creep”. In which case the answer is not more money, it’s them evaluating their life.
I think it is easy to say get some side hustles but I also think people would listen better if you would do it yourself for a while and then you will know what you are asking someone to do when you tell them to "get a side hustle". For instance, do a series where you go out and do side hustles yourself for a year. You could do a new side hustle every month.
Lol when I see these things people have no life left.. 😂 life is more then working
I think you might enjoy the story of the Mexican fisherman. A quick google search is all you need on that. It’s a short story
Adopt an EXTREME minimalist lifestyle and you won't have that problem.
@@joeplem5329 I think it depends on the person. I can live fine and still safe more then a 1000 euro a month.
She is giving some great tips on how to quickly pay off debts so that you wont need to work these extra jobs.
Also she's doing gross pay not after taxes
Why are taxes not accounted for?
They always do gross, you get the reality the first time you get the check. Also for some people the side hustles have them pay taxes because they made so much more. Depends on your other salary.
@@deb9806 yes, happened to someone in my family, she was shocked, but on that line that her OT and extra nursing jobs put her over a percentage.
Literally anyone can go deliver pizzas Friday Saturday night. They always need more people.
Most side hustles are just energetically spinning your wheels.
Stay home mom 3 days a week?? Doesn't that just mean those are your days off of work? So she works part-time?
lol people making commission in retail
I disagree
I do side hustle to pay off my debt in short term
In short term my current job does not able to provide additional revenue to intensely pay off my debt in short temr
All these finance advisors who recommend transcription jobs make it sound like it's a breeze to get in. Not so.
this is very easy to speak on when your dave ramsey’s daughter and married to a millionaire real estate investor. these ramsey people need to address the fact that they’re incredibly out of touch with reality.
This girl wants you to work a full-time Job, Then get a side hustle after that full time job and then get a part time job on the weekend.😅😅 Look I work a full time job and then I do Sidw hustle on my days off. I don't have kids or a wife and i'm exhausted. She's not being realistic here. Has this lady ever worked three jobs at one time in her life. Doubt it. She basically wants you to work sixty hours a week and give up any assemblence of a fun life you ever had
I thought you were sketchy. I was confirmed when you started mentioning Christian Healthcare Administries like it wasn't just on the news for scamming people recently. You're so horrible for that.
The true goal is to have money work for you passively and not do side hustles that take more time from a person who could otherwise be enjoying life. A person benefits more from job hopping instead of doing side hustles. This person gives bad advice.
I take out older woman out on dates for money
So her advice is that people should have 3 jobs and work round the clock. Do you think she does this? As Dave Ramseys daughter?
Good for you if you want to do this but I find it a little ridiculous to expect it of other people.
Also Uber and Lyft drivers have to subtract gas, extra insurance costs and the cost of the wear and tear on their vehicle from their income.
Prostitution?
😂
She seems like a nice lady but she has zero credibility. She is the daughter of Dave Ramsey and he has hundreds of millions. It's absurd she is teaching people about side hustles