Couple Money Podcast

Feeling trapped by debt? Get the strategies, tactics, and resources to help you pay yours off faster! 

Using Side Hustles to Pay Off Your Student Loans and Other Debts Faster

Depending on where you are with your financial journey you may be dealing with debt. In some cases, a mountain of it. 

Right now people are keeping an eye out on student loans and understandably so. It’s been estimated that 62% of college seniors who graduated from nonprofit colleges in 2019 had student loan debt.

It’s a burden on many budgets and can feel even heavier if you have other debts like car payments and credit cards. Did you know that the average payment for a used car is over $400

It may be that earning more is a necessity if you’re trying to get out of debt as soon as possible. 

This is why I wanted to share from the archives a discussion I had with Kevin, attorney, side hustler, and the creator of Financial Panther. Years ago, he used side hustles to pay off $87,000 in student loans in less than 3 years!

In this episode we'll get into:

  • what motivated him to pay them off ASAP
  • the real work involved with different side hustles 
  • how your phone can help you earn cash

Hope you enjoy!

If you want to get the ins and outs of repaying your student loan, please check out my interview with Jay Fleischman.

Resources to Pay Off Debts Faster

If you're ready to dump your student loan debt, here are some resources to check out:

Thank You to Our Sponsor Coastal!

learn more about our podcast sponsor coastal credit union

Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!

We've been members for years and love their service and competitive rates on checking and savings accounts!

Rollover Your 401(k) Easily with Capitalize

We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier. 

Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years

And because of the Great Resignation, you or someone you know might be changing jobs even more 

It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with?

One huge benefit with an IRA is you get to choose how your money is invested, not your old employer. 

If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.  

With Capitalize, they handle the process from start-to-finish – for FREE. They handle the process from start-to-finish, and yes that includes calling the 401(k) provider on your behalf. 

Find out how and get started today!

Support the Podcast! 

If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word. If you have friends who could boost their savings, please share this episode with them on social media or just email the link!  
  • Leave a review. Every review helps! Please share your honest feedback on Apple Podcasts,  Spotify, or Audible
  • Become a Patron
Direct download: 12_How_to_Side_Hustle_Out_of_Debt.mp3
Category:personal finance -- posted at: 7:29am EDT