Who doesn’t want to earn more?
However, it may not be possible to do so with your present job, and you have to wait some time to get a promotion.
But, you can start a side hustle whenever you want and start earning extra dollars every month.
Let me first share the story of one of my friends who became our client.
About three years ago, he had credit cards and a payday loan. He wanted to accumulate enough money before turning sixty.
He was a divorcee and had to shell out a significant amount of alimony a few years back. He had no idea about possible debt solutions.
While going through his financial situation, I found that he could solve his debt problems by enrolling in a consolidation program.
Through it, he would be able to repay his credit cards and payday loans.
But, his budget was becoming a little tight as he had to shell out an amount to pay back debts. So, he started looking for an extra income opportunity.
He used his leisure time to become an online proofreader.
He loves reading books. But, he was a bit worried about how to get started. One of his friends was doing such a job. He advised my friend to make a CV highlighting his experiences.
Then he started applying to the job portals.
Initially, he wasn’t getting much as he had to manage his regular work with the side gig. However, after a couple of weeks, he started balancing the work and enjoying it.
Soon, he started earning a good amount every month.
It wasn’t a job for him; he thoroughly enjoyed it and earned a significant extra income every month.
After reviewing his financial situation, we negotiated with one of his creditors to settle the debt, to which the creditor agreed. The rest he was able to repay through consolidation.
He was successful in clearing debts in about two and a half years.
Here is another story of my client who paid back debt with the help of a side gig.
I have a client who took out a couple of payday loans and searched for suitable payday loan solutions.
However, Mr. and Mrs. Smith didn’t have enough money to solve their debt problems, and I advised them not to use their emergency fund for the purpose.
Mr. Smith always liked teaching and opted to become an online tutor. Since he liked being an online tutor, he advertised it on social media platforms.
He had a good network of friends.
So, it wasn’t much of a problem for him as his friends started recommending him to their friends.
He also browsed through websites like Indeed.com and started applying for suitable online tutor jobs.
It helped them earn a few dollars, which enabled them to repay debt faster.
Mr. Smith is earning quite well, which can substitute for his regular income, and he can take this side gig as a full-time earning opportunity.
Mrs. Smith has also started helping her husband repay the debt together. She is in love with pets. So, she started pet sitting.
They are currently pursuing their payday loan consolidation program. However, they are in a much better financial position now.
They are following a realistic budget without compromising on their enjoyment. The Smiths will be able to repay their payday loans in another few months.
As my friend and Smith, you can also choose side hustles to earn extra. You can do it along with your present job.
Here are a few side hustles that you can pursue to save more or repay the debt before retirement.
Take paid online surveys
All you have to do is review certain products you use. The companies may also send you free test products that you have to use and share your experience.
It helps the companies to make the products better, and you earn extra dollars.
You can look at websites like opinionoutpost.com to gather further information.
Be a freelance writer
If you enjoy writing, this is one of the best options.
No previous experience is needed to start this, and you can make about $30 per hour.
You can also begin proofreading by doing what my friend did to earn extra dollars to repay debt.
You can search job portal websites like Upwork and Iwriter to get started.
Be a life coach
At around age fifty, what could be better than becoming a life coach for others at around age fifty?
By doing so, you can use your life’s experience to coach others. You can earn about $30 per hour by becoming a life coach.
By choosing this side hustle, you can help others achieve their goals and, in turn, earn dollars.
However, you may not be able to learn much initially.
Once people know about you, you can start earning good money. Therefore, choose this option if you’re passionate about it and like helping others.
Rent out the extra spaces in your home
You can rent out your home when you’re going on vacation. You can also rent out extra spaces, like an additional garage that you don’t use.
You can commute with your spouse, have one car, and rent out the spare garage. It’s a good way of making extra money.
Work at special events
If you don’t want to go for a regular gig, you can choose to work at special events in theaters, concert venues, etc.
You will find such events, especially during the summertime. Check out such events in your locality and apply for work.
You can search job portals like Indeed.com for special event jobs. Browse through websites if you need any training to do special event jobs.
There are many such side hustles that you can choose as per your liking.
However, do not hamper your present job to do so. Just use your leisure time to earn extra dollars, and it can help you repay debt or increase your retirement fund.
If you have debts to pay off, especially high-interest debts like credit cards and payday loans, try to repay them as soon as possible.
Go through suitable payday loan solutions and credit card debt payoff options, choose one, and use your extra money to repay debt.
Then, use an extra income to grow your emergency fund and retirement fund to have a better financial life in your golden years.
Author Bio: Lyle Solomon has extensive legal experience and in-depth knowledge and experience in consumer finance and writing. He has been a member of the California State Bar since 2003. He graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California, in 1998 and currently works for the Oak View Law Group in California as a Principal Attorney.