In today’s episode, we will speak to my friend Jerry from Peerless Money Mentor.
We met on Twitter since he is posting some great and fun financial content out there. Despite being equipped with two degrees, Jerry found himself in too much debt and overspent on things he could not afford. He luckily refinanced some of that heavy debt and entered little by little into the personal finance space. As he escaped being broke and gaining mastery on his finances, he is now on a mission to help others master theirs! For those struggling with debt, check out his interview series, From Broke to Financially Woke.
Jerry will share his experience on how he got into debt in the first place (From Broke Phi Broke…) and how he managed to crush it (…to Financially Woke). In the next part, we will exchange perspectives on side hustles like driving for Uber, freelancing, answering online surveys, helping companies with their social media marketing, etc. We will evaluate the pros and cons and if they make financial sense at all.
This episode is for you if you are currently trying to increase your income with side activities and want to evaluate which ones might be right for you.
- Jerry got first “attracted” to credit cards thanks to their rewards program, there is nothing wrong with that but make sure you can afford every payment and do not get lured into collecting points/miles. Should you end up with a large debt with a high-interest rate, look at refinancing solutions, this will make things easier.
- Easy cash but hard life: The more credit cards you have, the more the debt accumulates in the background. And like Jerry, you might end up having to work extra jobs and endure 80 hours workweeks just to pay it all off. And in addition, this can put a strain on your relationships.
- Avoid the “I deserve it” mentality. Even though it can be hard or embarrassing not being able to afford the trips and various activities with your peer group, live below your means. This is crucial for your finances.
- Going into debt can happen to anyone, it all boils down to psychology, background, childhood and so on. People that find themselves in depression will often make irrational decisions such as overspending on items they can’t afford. Even though the knowledge is around and people know what they need to do, they do not do.
- Side hustles like driving for Uber may seem exciting (even addictive) at first as you see the extra money coming in. But go through the full cost-benefit analysis and evaluate if it makes sense for you. For someone who needs the money right now, it can make sense to take on food delivery jobs, Online surveys or driving for Uber. If you are trying to create an extra stream of income for the long-term, then look at high in-demand skills such as Coding, social media marketing, these can even turn into full-time activities.
- You want to work to live and enjoy your time with your friends and family, not live to work!
Who is Jerry?
Jerry is a freelance writer in the personal finance space who owns the blog Peerless Money Mentor and a freelance writing/content marketing business called Peerless Content, LLC. He is based out of Baton Rouge, La. When he is not writing, he enjoys reading, traveling, and hanging out with friends. You can contact him on Twitter or via email.
- Website: Peerless Money Mentor
- Twitter: @peerlessmoney
- Value of Time: What is your time really worth to you? (read more here)
- Book recommendation: The Alchemist
- Best purchase under 100 USD: Google Home Mini
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