Should I Take on Debt to Start A Business on The Side? (Money Q&A)

The Personal Finance Podcast

Andrew Giancola

Entrepreneurship, Investing, Business

4.6 • 1.2K Ratings

🗓️ 7 July 2025

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode of the Personal Finance Podcast Money Q&A, we are going to talk about should I take on debt to start my dream business on the side? Watch this episode on Youtube Today we are going to answer these questions: Question 1: Should I risk $40K from my home equity to launch my dream tutoring center or build more clients first? Question 2: Should I raid my emergency fund to max my Roth IRA upfront or play it safe and invest slowly? Question 3: Is going into student debt for film school in NYC worth it — and how do I avoid drowning in loans? Question 4: How do I figure out what my pension is really worth when planning my retirement? Question 5: What are legit remote side hustles to crush credit card debt if I love reading and editing? Question 6: Should I pay off a 20% credit card with my 7% HELOC — or leave it alone and pay it down slowly? How Andrew Can Help You: Listen to The Business Show here. Don't let another year pass by without making significant strides toward your dreams. "Master Your Money Goals" is your pathway to a future where your aspirations are not just wishes but realities. Enroll now and make this year count! Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining Index Fund Pro! This is Andrew’s course teaching you how to invest! Watch The Master Money Youtube Channel! , Ask Andrew a question on Instagram or TikTok. Learn how to get out of Debt by joining our Free Course Leave Feedback or Episode Requests here. Car buying Calculator here Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast. Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at shopify.com/pfp Thanks to Policy Genius for Sponsoring the show! Go to policygenius.com to get your free life insurance quote. Indeed: Start hiring NOW with a SEVENTY-FIVE DOLLAR SPONSORED JOB CREDIT to upgrade your job post at Indeed.com/personalfinance Go to https://joindeleteme.com/PFP20/ for 20% off! DELL: Get a new Dell AI PC starting at $749.99, at Dell.com/ai-pc. This episode is sponsored by Plaud https://www.plaud.ai/ — an AI wearable gadget that takes notes of meetings and calls. With Plaud, you don’t have to take notes and make summaries anymore. Shop outdoor furniture, grills, lawn games, and WAY more for WAY less. Head to wayfair.com Function is offering 160+ lab tests for $365 to anyone who signs up. To get started, visit www.functionhealth.com/PERSONALFINANCE Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com/PFP Links Mentioned in This Episode: 5 Side-Hustles That Can Turn into a Full time Income! 5 Side-Hustles That Can Turn into a Full time Income! (Part 2) Connect With Andrew on Social Media: Instagram TikTok Twitter Master Money Website Master Money Youtube Channel Free Guides: The Stairway to Wealth: The Order of Operations for your Money How to Negotiate Your Salary The 75 Day Money Challenge Get out Of Debt Fast Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Are you trying to make progress with your finances? I've been there. Overdraft fees, missed payments,
0:05.6	and wishing I had better tools. That's why I switched to CHIME. When you set up direct deposit,
0:10.4	you get paid up to two days early, access fee-free overdraft with SpotMe, and there are no monthly fees
0:16.5	or maintenance charges. I also love how CHIMM sends real-time balance alerts and has 24-7 customer
0:22.3	support. And with access to over 50,000 fee-free ATMs, it's made managing money way easier.
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0:33.4	chime.com slash pfp. That's chime.com slash pfp. Chime feels like progress.
0:40.1	Chime is a financial technology company, not a bank. Bank. Bank. Bank,
0:42.3	provided by the Bank or Stryd Bank N.A. Members FDIC.
0:44.6	Spot me eligibility requirements and overdraft limits apply.
0:46.4	Timing depends on submission of payment file. Fees apply at out-of-network ATMs. Bank ranking and number of ATMs,
0:49.7	according to U.S. News and World Report 2023. Time checking account required. Enough from the Traglyan.
0:54.7	Spiele Tony Hawks Pro Skater 3 and 4 and grinds as were it 2002.
1:00.4	A legendary remake of original games with nine parks, crasser tricks,
1:04.7	platform-overgrength multiplayer and ab-gaffirned new game modi.
1:08.8	Hold you the new Tony Hawks Pro Skater
1:11.1	3 and 4
1:12.0	and see
1:12.8	the world
1:13.3	the shrette
1:14.1	never
1:14.7	now.
	...

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