side hustle

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Money Moves to Help Millennials Save

A 2016 survey of 7,000 Americans found that 34 percent have nothing saved. When it comes to money and millennials in particular, though, things get a little confusing. While one study found a small percentage of millennials have already stashed away $100,000, another found 46 percent of young millennials have nothing saved. If you’re in the “no savings” camp, how do you get started when it feels like you don’t have a penny to spare? Set a Small Goal First things first. All savers have to start somewhere and sometime. It is all too easy to quit before you even start. If you are asking yourself how to start saving, congratulate yourself for taking the first step. Then create a small goal that will set you up for early success. If you saved no money last week, set a goal to put aside $5 or $10 this week. Set up…

Is It Time to Turn Your Side Hustle Into Your Main Gig?

More than 53 million Americans work as independent contractors according to a 2014 study issued by the Freelancers Union. LinkedIn research forecasts independent workers will comprise 40 percent of the workforce by 2020. That’s a substantial percentage of the workforce operating independently already, and a significantly larger number predicted to be working for themselves in just a couple years. The “gig economy” is in full-force  and shows no signs of slowing down. Quite a few people will likely leave their full-time jobs to work for themselves over the next couple years. The prospect of working for yourself and building your own business, free from the timeclock, corporate bureaucracy and mismatched management styles, can certainly be appealing for some, but intimidating for others. Proponents, like Chris Guillebeau, author of Side Hustle: From Idea to Income in 27 Days, says, “a side hustle is more than just another stream of income, it’s…

Freelancing and Consulting: Becoming Your Own Boss Out of Necessity

In many ways, being your own boss is the embodiment of the long-held American dream. Currently, an estimated 53 million people are working as independent contractors and that number is expected to continue rising for the foreseeable future, comprising a full 40 percent of the workforce by 2020. A recent study by the Freelancers Union and Upwork found that while 63 percent of freelancers were working independently voluntarily, that means 37 percent – a not-insignificant portion – were doing so out of necessity. Much of that 37 percent are workers who were laid off or otherwise let go from full-time positions and were unable to quickly find another acceptable full-time job. Rather than settling for unsatisfying work or being unable to pay bills, they turned to freelance work and independent contracting. While the idea of working for yourself, building your own business and doing what you want to on your own…

Thinking About Your Monthly Cash Flow Like a Business

If you were a business, would you be a profitable one? At the end of each month, do you earn more than you spend? Is your enterprise profitable? While individuals like us go to work and earn an income each month, few of us look at our finances like a business. However, just like a business, we need to earn more than we spend each month and regularly assess our finances to know we are on the right track. Follow these steps to start treating your finances like a business and establish a path to financial success. The Business of You Before getting into the tactical aspects of managing your money like a business, the first step is to get into the mindset of running your finances like a business. This means a mental shift in how you think about and interact with your money. Businesses use accounting software to…

Real-World Options to Pay Down Debt

Debt—it seems to sink its claws into just about everyone at some point. From student loans and credit cards to car loans and mortgages, eight out of ten Americans have debt of some sort according to a July 2015 study from The Pew Charitable Trusts. Still, becoming debt free isn’t impossible. In fantasy land, you might inherit a cool million from a long lost aunt thrice removed and voila, you have the windfall you need to eliminate your debts. But for those of us facing reality, fear not. These real-world steps will work for anyone who is on a journey to pay down outstanding balances. Understand Your Numbers Total up your debt Before you can begin to slay your debt, it is essential to know exactly where you stand. While you are running the numbers, make sure you are clear on what debt actually is. Anything you don’t own outright…

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