How much money should you invest in a side hustle or side business?
How do you know if your side hustle idea is viable?
What if you want to start 5 or 6 side businesses? Should you lump these together under a common business umbrella? Or should you separate them out?
These are the questions about side hustles — asked by listeners Adalia and Brionna — that I answer in today’s episode.
My friend Joe Saul-Sehy from the Stacking Benjamins podcast joins me to chime in with his views on building side businesses, as well.
Joe and I also answer two non-side-business-related questions, as well.
You talk about saving 50 percent of your income. What exactly does this mean?
I have $10,000 in credit card debt and $48,000 in student loans at a 5 percent interest rate. I have a $1,000 emergency fund and $32,000 in retirement funds. My dad is willing to give me money to repay my student loans; should I accept this? And if so, should I put this money towards student loans or retirement?
We tackle these questions on today’s episode. Enjoy!
- Las Vegas Victims’ Fund – GoFundMe
- How to Save Half of Your Income – Afford Anything article
- The Anti-Budget – Afford Anything article
Thanks to our sponsors!
You’re busy. You don’t need to junk up your schedule with mundane tasks.
Here’s a question: if you’re an entrepreneur or someone with a side hustle, how much time do you spend organizing invoices, chasing your clients down for late payments, and messing with receipts and reimbursements?
Yeah — more than you’d like to.
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Visit Freshbooks.com/paula for a free 30-day trial. Please mention this show when they ask how you heard about them.
Are you an entrepreneur? Do you have a side hustle in which you have to send goods to customers? Maybe you’re a seller on Amazon, or you have an Etsy shop.
If so, you should check out ShipStation. They offer two awesome benefits:
- It’s a centralized platform which you can use to process shipping orders. You can import, manage, and ship your orders from one simple interface. They have shipping labels for all of the top carriers.
- They offer deep discounts on shipping! This could potentially save your business a lot of money.
Interested? Try ShipStation for free for 30 days and get additional month free, only if you use my promo code Paula. Just click this link, then click on “heard our ad?” on the top right of the screen, and type in Paula. Make Ship Happen.