Archive for John Schmoll

4 Hidden Benefits of a Side Hustle

4 Hidden Benefits of a Side Hustle

4 Hidden Benefits of a Side HustleIf you are motivated to make extra money, you?ve probably thought about picking up a side hustle. You might take this path in order to get out of debt. Or, you may simply want to save up as much money as possible for the future.

It should go without saying that the main motivation for most people to pick up a side hustle is to make additional money beyond what they earn on their normal paycheck. That motivation is good enough. But, you?ll be happy to learn that there are some additional hidden benefits of adding a side hustle to your schedule. We?ll review four of those hidden benefits below.

You might have fun!

Lost in the concern about making money is the fact that you may actually enjoy your side hustle on a personal level. For example, if you decide to teach lessons in something that you are good at ? like playing a musical instrument or a particular sport ? you may get great enjoyment out of giving those lessons.

This is the best case, as you will be earning money for your effort. However, it really won?t feel like work. As you consider possible side hustle options, this is a key point to keep in mind. Find something you enjoy and you will be far more likely to stick with it over the long run.

Stay Busy

People tend to spend money unnecessarily when they have idle time. If you are trying to pick up a side hustle in order to increase your earnings, you may find that you wind up reducing your expenses at the same time.

Between your regular job and your side hustle work, there simply won?t be much time left in the day to shop and spend money in a wasteful manner. Of course, there will always be things you need to buy. But, cutting back on the other stuff can do wonders for your budget.

It May Grow

This is one of the reasons that so many people today are interested in the idea of a side hustle. What starts out as a side gig could potentially turn into a full-time opportunity if you are successful.

Again, this is a point to keep in mind when you are trying to decide what your side hustle is going to be. If you?d like to be able to grow this new stream of income moving forward, pick something that you believe has the potential to develop with time and hard work.

Learn a New Skill

You don?t necessarily have to take advantage of an existing talent in order to get started with a side hustle. Instead, you could pick out something that you?ve always wanted to learn and make that your target.

Sure, you?ll probably have to spend some time learning before you can actually make money. But, that educational process should be seen as a chance to better yourself and expand your skills moving forward.


Why do you side hustle? What benefits have you seen besides more money?


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4 Surprising Ways Anger Can Cost You Money

4 Surprising Ways Anger Can Cost You Money

4 Surprising Ways Anger Can Cost You MoneyMost people would agree that anger is not a good emotion. Sure, it is natural as a human being to get angry from time to time, but keeping that anger under control is an important part of fitting in well in society.

While controlling your anger ? and getting help for it if necessary ? is important mostly for the health of your relationships and your own personal health, being able to manage your anger can also improve your financial life. Let?s take a look at four surprising ways in which getting angry can cost you money.

Impulsive Purchases

You should already know that impulsive purchases are a quick way to do serious damage to your budget. Anytime you spend a meaningful amount of money, you should think that decision through before you actually make the purchase. Unfortunately, if you let your anger get the best of you, rational thinking might not be on your side.

For instance, let?s say you are angry about a something you had recently purchased which suddenly stopped working. In your anger, you decide to just buy a new model from a different brand right away, rather than seeing if you can have the original item replaced for free. Letting go of your anger and thinking clearly could have saved you money in such a situation.

Breaking Things

If you allow your anger to manifest in physical ways ? such as throwing things in your home or other locations ? you may need to spend money in order to replace the things that you?ve broken. Obviously, it would be best to get this problem under control for non-monetary reasons, but there is a financial issue to be considered here as well.

Trying to Keep Up

This one might not be as obvious as the first two, but it is just as important. Some people feel the need to do what they can to keep up with their friends, neighbors, or relatives in terms of physical possessions.

So, for instance, you might wind up buying an expensive car to keep up with a neighbor, rather than buying a more affordable model. If you notice yourself feeling angry about the things those around you have purchased, do your best to calm down and keep things in perspective.

Are those possessions really that important? Probably not. Saving money and keeping your financial life on track is more important than owning fancy items.

Looking for Satisfaction

The last point on our list is an indirection connection, but you should watch for it if you tend to let your anger get the better of you from time to time. When angry, do you tend to spend more money than when you are feeling content?

If you aren?t sure of the answer to that question, think about it carefully and try to spot any patterns in your spending. Some people will make purchases as a way to seek satisfaction when they are feeling angry, but that is likely to be a losing strategy. Instead, do what you can to get to the bottom of your anger issues and leave spending money out of it.


Have you ever let anger cost you money? How else have your emotions affected your finances?


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Should You Pay for Childcare When You Work from Home?

Should You Pay for Childcare When You Work from Home?
Should You Pay for Childcare When You Work from Home?

Having children is an incredible experience. It is exciting and fulfilling, while at the same time being incredibly challenging. Trying to balance everything that is involved with being a parent is no easy feat.

Among the many decisions that you will need to make is how you are going to continue to make a living while caring for your kids. For those who work from home, this topic is especially tricky.

Working from home is great in many ways. Those who work at home are able to avoid a traditional commute, and they often enjoy more flexibility with regard to when their work gets done. Once kids are added to the equation, things can get harder to handle, however.

As every parent knows, trying to get work done while the kids are running around the house is no picnic.

So, the question at hand in this article is the following ? should you pay for childcare when you work from home? Let?s discuss.

An Added Expense

Obviously, the main downside to paying for childcare is the expense that will be added to your budget. In order to make it work financially, you?ll need to make enough money during that time to at least cover the cost of the childcare. And, of course, you don?t want to work for free. So, you should be making enough to come out ahead comfortably even after the childcare costs have been paid.

If your work from home arrangement is such that you earn less per hour than it will cost you to have the kids cared for by someone else, it will probably be best to simply watch the kids yourself and cut back or eliminate that work.

Can You Do Both?

When your kids are little, it is effectively impossible to both watch the kids properly and get any kind of meaningful work done. Little kids require near-constant attention, so focusing on a work task while making sure the kids are okay is probably not going to happen. You may be able to get some work done after the kids go to bed. That is, if there is any energy left at the end of the day. But, working during the day is a no-go.

This can change a bit as your kids get older. As they become more independent and able to entertain themselves for periods of time, you might be able to work without bringing in outside childcare. In the end, you will know your situation best. You will need to decide what makes sense for you and your family.

Remember, it doesn?t make any sense to work for free. And it certainly doesn?t make sense to lose money while you work. If you do decide to bring in childcare so you can work from home, be sure to do the math. This will confirm that you?ll be coming out well ahead in this situation.

If you work from home, do you pay for childcare? Why or why not?

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4 Smart Ways to Make 0% Financing Work for You

4 Smart Ways to Make 0% Financing Work for You

4 Smart Ways to Make 0% Financing Work for YouAt first, it sounds too good to be true. 0% financing basically means you can borrow money for free, and as you know, nothing comes free in this world. However, there are legitimate 0% interest deals out there to be had, especially when it comes to credit cards. Some card companies will offer these opportunities as a way to get you to sign up for their card, and you can definitely benefit if you use this chance wisely. It can go wrong, however, so it?s important to pay attention.

Let?s look at four ways in which 0% financing can work out nicely for your needs.

Knowing the Rules

One of the smartest things you can do in this situation is take a little time to learn the relevant rules of the card in question. Don?t simply see the stated APR of 0% and assume that everything which goes on the card will be interest-free.

How long does that interest-free period last? Does it apply to everything, or only to new purchases?

It might take a few minutes to read through the information that comes with your card. However, that would be time well spent. Your chances of making this opportunity work out for you depend greatly on your willingness to read the fine print.

Making a Plan

Often, 0% cards will be used for balance transfers. This is a way to pay down debt without having to spend money each month on interest charges. Before you decide to use such a plan, do some basic math to see if transferring your balance will be worth it in the end.

There is typically a balance transfer fee involved with going this route, so compare that expense to the savings of not paying interest for a period of time. Remember, that interest-free period is going to expire at some point, and you might not be able to pay off the entire balance before it does.

Don?t Use It Unnecessarily

The money you spend on a card which has a 0% interest rate is still money that has been spent. Sure, you may not have to pay interest on it for a period of time. However, that doesn?t mean it was free money.

If you use this opportunity to buy things that you wouldn?t have purchased otherwise, it will have been a waste. Only use 0% financing for things you actually need to buy or would have bought anyway even without the financing deal.

Monitor Your Credit Score

Constantly applying for new credit deals is not the best idea when it comes to the health of your credit score. As you shop around for 0% deals, make sure to avoid going overboard in the pursuit of an endless stream of 0% APRs.

Sure, it would be great to save a bit of money, but that will only be worth it is the savings are significant enough to warrant the credit score impact. Take all factors into account before taking any action.


Have you ever tried a balance transfer to save money on interest? What other financing offers have you tried?


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What Does Financial Independence Mean? 3 Examples to Consider

What Does Financial Independence Mean? 3 Examples to Consider

What Does Financial Independence Mean? 3 Examples to ConsiderThe words ?financial independence? just sound good. Very few people are financially independent in a way that means they don?t have to think about money on a day to day basis. Even if you have a good job and a well-managed budget, you probably still have financial concerns that play some role in your day to day life.

But what does it even mean to be financially independent? We have listed three examples below to help you get your mind around this interesting topic.

The Ability to Leave

One example of financial independence is someone who has the ability to leave their current job without too much worry on the financial side of things. This person is not necessarily ?rich? by most definitions, but he or she has enough money to not panic if they go through a period without employment.

This is a great place to be, as you will have more freedom on the job than most other people. For instance, if you don?t like the direction that your position has been taken within the company, you can speak to your boss openly about what you would like to be doing.

If they don?t want you to fill the role that you have in mind, it might be time for a change. Those who are financially organized enough to feel independent may be more likely to seek out something that is a better fit than those who badly need every paycheck.

No Money Needed

This may be the purest definition of what it is to be financially independent. If you have enough money to completely stop earning an income while still maintaining your quality of life, you can safely say that you are financially independent at this time.

That doesn?t mean you have to stop working, of course ? you may like what you do and wish to continue. However, you are free to pack it in because of the wealth you have accumulated. It should go without saying that this is a very difficult standard to achieve.

Living a Debt-Free Life

Our last definition might be the easiest one to reach, although that doesn?t mean it will be easy for everyone. To some, financial independence may mean nothing more than not having any debts to your name.

Sure, you still have to work regularly to keep up with your bills, but you aren?t spending any money on interest and all of your possessions are truly your own. It is easy to see why people would aspire to reach this level of financial standing.

It is a good feeling to know that you don?t owe anyone any money, and your budget will probably look a lot better each month without having any debt payments to make.

If you have a dream of becoming financially independent, start here and hopefully you can work your way toward one of the two definitions above.


What does financial independence mean to you? Which definition resonates most with you?


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