May 2018 - Page 2 of 2

Archive for May 2018

5 Reasons to Pick Up a Temporary Side Hustle

May 7, 2018 Wise Dollar Side Gigs No comments

There?s a strong chance either you or someone you know has a side hustle. It?s fairly common for working aged people, and especially for Millennials.

Figures from the United States Bureau of Labor Statistics support this observation. Their figures for 2017 showed that over 7.5 million people above the age of 16 years held multiple jobs.

Even if you don’t have a side hustle forever, here are a few reasons why you might want to pick one up temporarily.

1. To Pay a Large, Unexpected Bill

Unfortunately in life, things sometimes happen that are unexpected. For example, your car may break down, your furnace might take its last breath, or your refrigerator could quit.

No matter the cause, the unplanned for event could result in a large, unexpected bill. This could be one of the reasons to pick up a temporary side hustle.

Taking on side work for a short period of time can help you pay off unplanned bills. Furthermore, it may prevent you from going into debt or racking up interest from charging it on your credit card.

2. To Build up Savings

Another of the reasons to pick up a temporary side hustle could be to build up savings.

With an emergency fund established you will be able to cover unexpected expenses. Then you can slowly replace the money in the emergency fund for the next time.

3. To Reduce Debt

Some people take on a temporary side hustle to reduce their debt faster. It?s a much better idea to take on a side hustle than it is to consider debt consolidation, for instance.

Debt consolidation doesn?t eliminate debt it just moves it around. However, applying more money to your debt can have a big impact and get the ball rolling toward a more secure future. That is how a side hustle can help you reduce debt.

4. To Learn New Things

Sometimes the reasons to pick up a temporary side hustle are less urgent. As an example, you might want to learn some new skills to use in another area.

Let?s say you take on a side hustle as a virtual assistant. You may be able to pick up some skills that could help you build your own website and monetize it for added income.

In addition, learning new things is always a great backup plan if you leave your regular job unexpectedly for some reason. At least with a temporary side hustle you have some income until you can find another full-time job.

5. To Invest for the Future

Have you ever wanted to start investing but lack the funds to make it happen? That could be another of the reasons to pick up a temporary side hustle.

Having some extra money in your budget could allow you to finally meet the minimum necessary to begin investing. Then you can add to your investments in smaller, regular increments to grow your money even more for the future.

Many people take on a side hustle. You may want to pick up a temporary side hustle too so you can improve your financial future.

Which of these reasons would cause you to pick up a temporary side hustle?

Photo courtesy of: rawpixel

What to Do When People Ask You for Money

May 2, 2018 Wise Dollar Money Management 2 comments

If you are a responsible adult, you likely have your financial life in order. You may not be rich, but you keep a detailed budget and you are smart with your spending. That means there is more money coming in than going out each month, and you are able to save for the future while leading comfortable lifestyle today.

Unfortunately, not everyone is so responsible. Many people spend much more than they earn, which quickly lands them in a tough spot. If this is the life lived by someone close to you, it is possible that they will turn to you for financial assistance sometime soon. When they come calling for cash, what do you say? This is a tricky situation, to say the least.

You Are a Nice Person

The first thing to square away is the fact that you should be able to lay your head down on the pillow at night feeling good about yourself, regardless of this decision.

If you decide that you aren?t going to lend any money, that doesn?t make you a bad person. This is a complicated topic, and there are many ways to look at it. Once you realize that saying ?no? doesn?t make you a bad person, it will be easier to remain objective and make a smart decision.

Why Do They Need Help?

This is probably the main question to ask yourself ? and the other person ? when deciding how to proceed. Why is this person in a position to need financial help? Sometimes, it is a very legitimate reason. For instance, they may have had a combination of untimely events, such as a large medical bill and a work layoff. That doesn?t make them a bad person, or irresponsible ? it just means they are going through a tough time.

On the other hand, this person could be asking for money because they have not yet decided to take control of their own life. They make money, but they spend it just as fast. Or, they keep becoming unemployed because of their own actions, like showing up late for work or doing a poor job. This person is not the victim of bad luck ? they are dealing with the consequences of their own actions.

Making a Judgement

It is a good idea to avoid judging people on a day to day basis, as you have your own life to lead. However, when someone asks you for money, it is inherent that you will need to judge their situation. Do you feel comfortable with lending or giving this person money? What are they going to do with it? Is your help going to change anything moving forward?

For a person who is the victim of genuine bad luck, you may be able to give them the chance they need to catch up. This is a person who has proven themselves to be responsible, and there is no reason to think that won?t continue to be the case. For a person who is out of money because of bad decisions, your help won?t change their patterns. Rather than a loan or a gift, they likely need a financial intervention of some kind.

In the end, trust your personal judgement and never give away or loan money that you can?t afford to go without. Take care of yourself and your family first, and help others as you can from there. It?s always hard to say no when someone needs financial help, but in some situations, saying no might actually be the best thing you can do for their future.

Have you ever been asked for money? What did you do when someone asked you for money?

Photo courtesy of: Goumbik

WiseDollar