With three little kids 6 and younger, it’s hard to work extra to throw to the debt snowball. BUT staying in debt is WORSE! Have you ever put your future into a calculator? Every year we stay in debt and don’t max out our 401Ks costs us HUNDREDS of THOUSANDS of dollars. That is so maddening… but it adds fuel to the fire! I put my current age, 29, into the calculator and said I would retire at 67 while putting $1500 per month in (to max it out!) I have $15000 in my 401K currently and I used a 10% rate of return. We would retire with $7,769,124! (That’s seven MILLION seven hundred sixty nine thousand one hundred twenty four dollars! I could definitely travel and flip a few houses on that.)
Let’s change one thing for funsies… my age. If I put starting this torrent of savings at 30 instead, we would retire with seven hundred twenty four thousand, two hundred and eighty four dollars LESS! A one year delay changes this scenario by seven hundred thousand bones. HOLY MOLY GET ME A SECOND THIRD AND FOURTH JOB NOW. Sorry to All Caps you, I got a little passionate there.
Here’s that investment calculator for you to torture I mean inspire yourself:
What’s the lesson, what is the takeaway?
GET AN EXTRA JOB TO GET OUT OF DEBT AS FAST AS HUMANLY POSSIBLE! (Again with the all caps – #srynotsry)
Here are some of the things I have done to add to our income and knock out this debt:
Uber (did this one up until 9 months pregnant with Jack – husband did not like that LOL.)
VIPKID (teaching English online) (This one was awesome! I loved my students!)
Social Media research (so fun and interesting!)
Real Estate videos (again a fun project and a way to grow cratively)
PR consulting (most lucrative)
Dog Sitting (Fun but dirty)
Field Inspections (inspecting not for me)
Some of these I could do with my kids and some I’d have to do while my kids slept. I drove Uber after my kids were down for the night. If my husband wasn’t home, my kiddos would either sleep on my neighbor’s couch or at a friend’s home. For VIPKID, I would wake up at 3:45 and teach from 4-6 6 or 7 days a week. The kids would get up around 6, 6:15, and I would get them ready and take them to school so I could be at my regular 9-5 by 8:30.
The other jobs I could have my kids with me – like field inspections or dog sitting, and the rest I could do from my home office when the kids were napping or playing outside. I’m talking the Social Media research I did freelancing for agencies, PR consulting I contracted out with a private company, and Real Estate videos I made for some real estate agents. A friend of mine made and sold beautifully crocheted scarves and another friend has started Shipt – which is intriguing me!
Field inspections ($20), VIPKID, ($18) and Uber (per mile + time – averaged probably $10/hour) all classified me as independent contractors where my hourly rate was set by the company. Sometimes I got tips though! The benefit here was that it was very reliable. The bad part was that I could only do these things while my kids were asleep.
The PR consulting, social media research, and real estate videos were much more lucrative – that’s the benefit, you get to set your own prices! But as businesses but they were feast and famine. No clients, no paychecks! I loved being able to work on these from my home office while my kids played or napped or hung out with daddy.
A big part of our debt snowball is from extra jobs. Extra jobs for the win! And even though they are exhausting… I just think, short-term sacrifice, long-term gain! There were probably some more random gigs that I just don’t remember. What are your favorite extra jobs? Any side hustles that are working for you? I’d ove to hear about them in the comments!