I think that everyone that I know that has paid down debt quickly has done so with a side hustle; my side hustle is m.y.s.t.e.r.y s.h.o.p.p.i.n.g. M.y.s.t.e.r.y s.h.o.p.p.i.n.g has allowed me to, every now an then, make significant payments towards my credit card bills, as well as the minimum payments on my student loans, which will be deferred when I return to full time status in the fall.
For anyone who has thought about or is thinking about m.y.s.t.e.r.y s.h.o.p.p.i.n.g, or developing any other side hustle, I will tell you this about my experience:
1) Set up cost should almost be zero. Unless your side hustle is your own business, in which it would make sense to invest, you should not be investing large sums of money in your side hustle. I paid zero out of pocket dollars to begin m.y.s.t.e.r.y s.h.o.p.p.i.n.g and any company that makes your pay to work for them is a SCAM.
2) Figure out what your time is worth. For example, it makes no sense for me to do a shop which would require that I use time that I could otherwise be working at one of my other jobs; the other jobs pay better. Another example, it would make zero sense for me to complete a shop that would require that I drive more than ten miles from my home; the cost of gas prices would offset an profit that I hope to make.
3) You should probably not be turning to your side hustle in desperation; it should be an alternative way to make money. Turing to a side hustle in desperation could very well be a set up to make very poor choices about what you are willing to do and because unless your side hustle is illegal (which I am not knockin'), the turnaround time on payments is usually the same time that it takes for any other job. That is unless your side hustle is on a cash only basis, to which I say, hooray for you.
There are some great articles on the Internet about side hustles including these from Essence magazine.
So what's your side hustle?
Monday, June 30, 2008
What I Won't Do...
This past weekend, while at my second job, I came to the realization that I think everyone comes to at some point in the life or career: I placed a dollar value on my free time. And I am happy to say that it is NOT $9.00 an hour.
Not too long ago, I blogged about how serious I have become in my decision to pay down all of my revolving credit card debt before I graduate in the fall. To put more money towards my credit card debt I decided that it was imperative that I get a second job. However, despite what I was told when I was hired, which was that some weekends would be required, I have been scheduled for EVERY Friday, Saturday, AND Sunday since I began working. Most nights I go home well after the chefs and the rest of the waitstaff leave...as in hours later. The job is also not just the dishwasher...it is also being the janitor and prep cook when necessary in addition to our actual job. If all of this wasn't irritating enough, my fellow dishwashers don't pull their weight; in fact, one of them is good friends with the chef and is only scheduled for Sunday evenings and weeknights. The other day he had the audacity to say that he should be able to go home early, READ: while most of the work was still left to be done, because he came in earlier. I looked at him like, "Fool, I have worked ever day this weekend and you think YOU should go home early because you sat around tasting food for a couple of hours before I got here?" Okay, I didn't really say that but it's what I wish I had said. Instead I said something like, "I don't think that it's fair that I get left with most of the work just because you came in earlier...you did get paid for that time." He looked sheepish and stayed till the end.
All of this is to say that this past Saturday night when the chef told me that the schedule would stay the same and that I would have to again work every day next weekend, including the forth of July, not getting time and a half for working a "national holiday," I put in my two weeks notice. When I left that evening the General Manager wanted to talk to me but I pretty much told him my mind was made up. I am a VERY hard worker and I know that I can get a job somewhere else where nepotism doesn't play such a large role in the way in which chores get doled out and how staff are scheduled. And if it does, I might be willing to put up with it...but not for $9.00 an hour.
This job has made me increasingly grateful for my main employer who not only pays me well but has paid holidays. His philosophy is, "I've always thought it was easier to pay well for good help, than to pay poorly for poor help."
My decision to leave will not impact my payoff goals that much as I am scheduled to complete my two weeks notice right before my Sorority's National Convention and when I return, I will return to thirty hours a week at my first job.
Not too long ago, I blogged about how serious I have become in my decision to pay down all of my revolving credit card debt before I graduate in the fall. To put more money towards my credit card debt I decided that it was imperative that I get a second job. However, despite what I was told when I was hired, which was that some weekends would be required, I have been scheduled for EVERY Friday, Saturday, AND Sunday since I began working. Most nights I go home well after the chefs and the rest of the waitstaff leave...as in hours later. The job is also not just the dishwasher...it is also being the janitor and prep cook when necessary in addition to our actual job. If all of this wasn't irritating enough, my fellow dishwashers don't pull their weight; in fact, one of them is good friends with the chef and is only scheduled for Sunday evenings and weeknights. The other day he had the audacity to say that he should be able to go home early, READ: while most of the work was still left to be done, because he came in earlier. I looked at him like, "Fool, I have worked ever day this weekend and you think YOU should go home early because you sat around tasting food for a couple of hours before I got here?" Okay, I didn't really say that but it's what I wish I had said. Instead I said something like, "I don't think that it's fair that I get left with most of the work just because you came in earlier...you did get paid for that time." He looked sheepish and stayed till the end.
All of this is to say that this past Saturday night when the chef told me that the schedule would stay the same and that I would have to again work every day next weekend, including the forth of July, not getting time and a half for working a "national holiday," I put in my two weeks notice. When I left that evening the General Manager wanted to talk to me but I pretty much told him my mind was made up. I am a VERY hard worker and I know that I can get a job somewhere else where nepotism doesn't play such a large role in the way in which chores get doled out and how staff are scheduled. And if it does, I might be willing to put up with it...but not for $9.00 an hour.
This job has made me increasingly grateful for my main employer who not only pays me well but has paid holidays. His philosophy is, "I've always thought it was easier to pay well for good help, than to pay poorly for poor help."
My decision to leave will not impact my payoff goals that much as I am scheduled to complete my two weeks notice right before my Sorority's National Convention and when I return, I will return to thirty hours a week at my first job.
Monday, June 23, 2008
Posting & Cleanup
I have been really bad about posting daily or even weekly and the last two post were thrown together as they were what I was thinking/experiencing at the moment that I wrote them. That being said, over the next week, I will begin to clean up my blog, seriously editing previous post and doing a better job of organizing them. After this clean-up, which I have given myself till Wednesday to perform, I will begin posting every Monday, Wednesday and Friday. *waves to anyone that might care*
Till the next time...
BEN
Till the next time...
BEN
Friday, June 20, 2008
Job Numba 2
I am very serious about my debt pay down and since I am not taking classes over the summer, I have decided that I need a second job. I now wash dishes on the weekends at a local restaurant for $9.00 an hour. Hey, ya gotta start somewhere. Even though it only nets me an average $127.00 more each week, there is a residual bonus...being busy on weekends means you have less time to spend money. Although, since I seem to have become consumed with this fever to get out of debt, I haven't really been in a money spending mood and have become very stingy with my money.
Of that $127.00, $100 goes to Rank of America and $27.00 goes to my savings account. Although, since I have decided that I would really like to tithe, I may be changing the way that I manage this check as well.
Of that $127.00, $100 goes to Rank of America and $27.00 goes to my savings account. Although, since I have decided that I would really like to tithe, I may be changing the way that I manage this check as well.
Today I began saving...
It doesn't have much in it. A little over $60.00...but I can not even begin to describe the immeasurable sense of relief that I felt the moment that I opened it. I walked in with a graduation check, the rest of which are gone, and opened an account across the street from where I work. I have always known that I should have a savings account but never really did anything about it because there was always debt to pay. Most economist would say, if you are earning 1% in savings account and paying an interest rate of 29.24% on a credit card then you should be funneling ALL of you money into paying down your credit card debt. And they would be right. However I have chosen not to for one very important reason:
Emergency Fund. I prescribe to the Dave Ramsey method of dealing with debt, which suggest that I should have a thousand dollar emergency fund so that I am breaking the cycle of debt and not going back into debt if and when an emergency should occur. This article explains it a lot better than I could.
There is also general relief at this idea that should something happen, that there is a little money set aside.
Emergency Fund. I prescribe to the Dave Ramsey method of dealing with debt, which suggest that I should have a thousand dollar emergency fund so that I am breaking the cycle of debt and not going back into debt if and when an emergency should occur. This article explains it a lot better than I could.
There is also general relief at this idea that should something happen, that there is a little money set aside.
Wednesday, June 11, 2008
Why I Hate Shi*ti Card! Part 3
06/03/08--This morning I decided, just for the heck of it, to check my Shi*ti Card account; just to make sure that the balance was still zero dollars as my bill would be due next week. Just as I suspected, my account had been assessed a $3.41 finance charge. When I tried to pay for it online it kept saying that my session had timed out. Finally, incredibly frustrated, I called Shi*ti Card. I was told the problem was that I was trying to pay a finance charge. *blank stare* I was then asked if I wanted to make the payment over the phone. I replied, "NOT if I am going to be charged a $15.00 pay by phone fee." She replied, "No, I will waive the $15.00 fee as a one time courtesy." WTF? I can't pay my bill online via YOUR site because it is ONLY a $3.41 finance charge that YOU charged me and you are doing ME a courtesy? Whateva...neway, she said there should be no additional charges, however, I will continue to check my account regularly.
06/04/08--The CitiCard website has my available credit line at $500.00. Which is incredibly interesting since the account is supposed to be closed. After getting the run around from one of the CSR's, who was otherwise polite, I discovered that the account is still "OPEN." While I hate Shi*ti Card and have no desire to continue on this relationship I am contemplating keeping the account "OPEN" to maintain the length of my credit history.
06/04/08--The CitiCard website has my available credit line at $500.00. Which is incredibly interesting since the account is supposed to be closed. After getting the run around from one of the CSR's, who was otherwise polite, I discovered that the account is still "OPEN." While I hate Shi*ti Card and have no desire to continue on this relationship I am contemplating keeping the account "OPEN" to maintain the length of my credit history.
Why I Hate Shi*ti Card! Part 2
Edited 05/17/08--I logged back in this morning and made a payment for the remaining $79.11. Now I just need to wait until I get my next statement from them to make sure the balance is $0.00.
Edited 05/20/08--I logged into my Rank of America checking account this morning and saw that the $79.11 had been withdrawn from my checking account. I then logged into my Shi*ti card account and saw that magical $0.00 had appeared. Now, all I have to do is wait for my statement to check for miscellaneous finance charges and I can close the book on this relationship.
Edited 05/21/08--So, as I have recently began to embark on credit repair, I thought it would be a good idea to call all of my creditors (all of them that appear on my credit report) and make sure they have my most recently updated dress. Everything is going fine, I can fix the address for most of them online in two or three minutes. Then I get to the Shi*ti Card website. Unfortunately, they are unable to process my request at this time. I called ALL of the customer service number on their website. On all of them I am immediately greeted with a domineering automated system that keeps repeating, "Please enter your sixteen digit account number now. I'm sorry, that response was not understood." She kept repeating this OVER and OVER again no matter how many times I pressed zero and asked to speak to a representative. Frustrated, I began to give up until a light bulb went off in my head. *PING* Whenever you are more than 30 days late in making a payment this particular credit card company will call you EVERY day, MULTIPLE times a day. Anyone who has this card knows EXACTLY what I am talking about. I went through my phone;s avoided...er...missed calls and found their number. I dialed it. Well wouldn't you know, within two rings I was connected to a real live person. While it did take me an additional ten minutes to explain, to the no doubt underpaid international CSR, that I was saying "four" and not "zero," I was eventually able to change my address. However, when I inquired as to when I would be getting my statement with a "Paid In Full" indicating that the account was closed, he refused to say anything other than, "Yes, we show you have zero balance."
Edited 05/20/08--I logged into my Rank of America checking account this morning and saw that the $79.11 had been withdrawn from my checking account. I then logged into my Shi*ti card account and saw that magical $0.00 had appeared. Now, all I have to do is wait for my statement to check for miscellaneous finance charges and I can close the book on this relationship.
Edited 05/21/08--So, as I have recently began to embark on credit repair, I thought it would be a good idea to call all of my creditors (all of them that appear on my credit report) and make sure they have my most recently updated dress. Everything is going fine, I can fix the address for most of them online in two or three minutes. Then I get to the Shi*ti Card website. Unfortunately, they are unable to process my request at this time. I called ALL of the customer service number on their website. On all of them I am immediately greeted with a domineering automated system that keeps repeating, "Please enter your sixteen digit account number now. I'm sorry, that response was not understood." She kept repeating this OVER and OVER again no matter how many times I pressed zero and asked to speak to a representative. Frustrated, I began to give up until a light bulb went off in my head. *PING* Whenever you are more than 30 days late in making a payment this particular credit card company will call you EVERY day, MULTIPLE times a day. Anyone who has this card knows EXACTLY what I am talking about. I went through my phone;s avoided...er...missed calls and found their number. I dialed it. Well wouldn't you know, within two rings I was connected to a real live person. While it did take me an additional ten minutes to explain, to the no doubt underpaid international CSR, that I was saying "four" and not "zero," I was eventually able to change my address. However, when I inquired as to when I would be getting my statement with a "Paid In Full" indicating that the account was closed, he refused to say anything other than, "Yes, we show you have zero balance."
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