Ask Paula - The Side Hustle Episode

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 9 October 2017

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

#98: How much money should you invest in a side hustle or side business? How do you know if your side hustle idea is viable? What if you want to start 5 or 6 side businesses? Should you lump these together under a common business umbrella? Or should you separate them out? These are the questions about side hustles -- asked by listeners Adalia and Brionna -- that I answer in today's episode. My friend Joe Saul-Sehy from the Stacking Benjamins podcast joins me to chime in with his views on building side businesses, as well. Joe and I also answer two non-side-business-related questions, as well. Skye asks: -- You talk about saving 50 percent of your income. What exactly does this mean? Steph asks: -- I have $10,000 in credit card debt and $48,000 in student loans at a 5 percent interest rate. I have a $1,000 emergency fund and $32,000 in retirement funds. My dad is willing to give me money to repay my student loans; should I accept this? And if so, should I put this money towards student loans or retirement? We tackle these questions on today's episode. Enjoy! Links and more resources can be found in the show notes at http://podcast.affordanything.com/episode98 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hey, this is Paula. Before we get to today's show, I wanted to let you know that we have set up a link called
0:04.9	affordanything.com slash help vagus. This redirects to a GoFundMe page.
0:12.1	For the Las Vegas Victims Fund, all of the money raised on that page will go towards the victims
0:17.8	of the Las Vegas massacre. Please help in any way that you can.
0:21.8	Affordanything.com slash help vagus. Thank you so much now onto today's show.
0:36.7	You can afford anything but not everything. Every decision that you make is a trade-off against
0:40.9	something else. So what's most important to you and how do you align your day-to-day choices
0:46.9	with those values and priorities? Answering this is a lifetime practice and that's what this podcast
0:52.4	is here to help you achieve. My name's Paula Pat host of the Affordanything podcast and every
0:57.6	other week I answer questions that come from you, the listeners. This week I've invited my friend
1:03.1	Joe Salcihi host of the Stacking Benjamin's podcast and recovering financial planner to join me
1:09.6	in answering these listener-submitted questions, community-submitted questions. Here's show.
1:20.4	Hey Joe. Paula, we're back. We're back. We're back on the air. We're doing this.
1:25.6	We're going to tell people stuff about money, things about money. I can't wait. Maybe if they're lucky,
1:29.9	we will. Actually, I'm really excited because what I like about your show is that we get to dive in
1:34.3	a lot more than we do on my show, which is awesome. Cool. Let's start with our first caller. Her name is
1:39.2	Sky. Hi Paula. My name is Sky. I've been listening to your podcast for about two months.
1:46.4	I'm super new to thinking about and working on my financial future. I have kind of a stupid question.
1:55.2	You talk about saving 50% of your income, but I don't really understand what that means or how
2:01.8	that applies to your costs of living and payments and all those things. Like when you say you say
2:08.0	50% does that mean everything, including your overhead for your mortgages, for yourself and all your
2:14.4	rental properties or your 401k contributions and your IRA and then your emerging funds saving for
	...

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