Carlson - Hustle away debt: eliminate your debt by making more money

Copyright 2016 by David Carlson.

Published by Mango Media Inc.

Front and Back Cover Image: Roberto Nez

Interior Design, Theme and Layout: Roberto Nez, Laura Meja, Elina Diaz

All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means without prior written permission.

ISBN 978-1-63353-335-6

Dedication

This book is dedicated to my wonderful wife who never fails to support and encourage me.

Table of Contents

Foreword

Stefanie OConnell , Author of The Broke and Beautiful Life

Ive been side hustling since my first lemonade stand. Personal assistant, virtual assistant, receptionist, tradeshow hostess, coat check girl, flyer distributor, drama instructor, babysitter, research subject Ive done it all. In fact, Ive never been what you might consider traditionally employed.

These days, however, my side hustle is no longer characterized by $10 to $20 an hour odd jobs serving as a financial lifeline. Ive since scaled my hustle from a survival mechanism to a nearly six figure, and growing, business.

Let me assure you though, that this narrative of success is only my experience its not a promise.

I cant guarantee that youll be successful in your side hustle.

I cant promise that youll stumble upon a career you love.

I cant ensure that your hustle will generate earnings in excess.

But it can. It has for me and the many hustlers who came before and inspired my side hustle journey heres why

Side hustling is opportunity a chance to be intentional, diversify and harness control over your income potential; a chance to kick start your debt pay off, amp up your retirement savings and reach your financial goals; a chance to build a life on your own terms!

For me, the side hustle was a chance to break free of the cycle of boom and bust Id become accustomed to living as a professional actress in New York City. Initially motivated by survival, I side hustled to cover my bills until the next acting gig. It was limiting though.

Having grown tired of late nights closing at the restaurant followed by early morning auditions, I began to think bigger about my efforts. $10-20 an hour was a good way to make it to tomorrow, but it wasnt a way to build the life of my dreams.

I kept my restaurant, babysitting and personal assisting gigs to maintain cash flow, but simultaneously struck up another hustle, writing, with the intention of building something more sustainable and scalable.

My first foray into paid writing I got $20/article - not much of an improvement income-wise, so I challenged myself to ask for more. When clients wouldnt come to the negotiating table, I sought new clients that would. Slowly but surely, the requests got bigger - $30, $50, $100, $500, $2,000 and soon, the paychecks were bigger too. So big in fact, that I found myself with more than a side hustle. I had a parallel career.

There was no singular miracle moment, no lightning strike that took my new side hustle and multiplied its value by 100, only the consistency of demanding more from myself, my work and my clients.

Side hustling is all about empowerment using increased income potential to enable greater options and bring the life of your dreams within reach. To maximize that full potential though, you have to push yourself beyond the mindset of short-term survival and go for the big, outrageous fantasies that often exist only in your own imagination.

Making big requests brings these fantasies into fruition, if only in words. Eventually, if you keep asking aloud and delivering value in alignment with those requests, once seemingly unattainable aspirations can manifest in your reality.

I used to have this mantra, six-figures by thirty that Id shout out to my boyfriend while heading out the door to pick up dry cleaning for someone I was assisting or taking the train out to Jersey for a kid I was babysitting. Today Im 29 and against all odds, its happening my mantra is becoming my reality.

This book is filled with the mindset shifts and practical strategies youll need to do the same. Youll learn the value of the side hustle, get concrete ideas on how you can develop your own, and start implementing the best practices to push you way past debt and launch you forward to financial freedom.

I know that in the moment, it might not seem glamorous or groundbreaking to go out and walk someone elses dog or clean someone elses house or change diapers on someone elses kid, but if you start the process and commit to your side hustle with the intensity and intention of creating something as big as your wildest dreams, you may find yourself stumbling upon a path that defies every limit you thought existed and opens doors to opportunities you never considered possible.

Happy hustling.

-Stefanie

Introduction

My wife and I got married soon after graduating from college. We were ready to start our lives together, both as newlyweds and as recent college graduates. We had dreams of buying a home, getting our masters degrees, and traveling. There was one thing that put a strain on both our relationship and finances: the nearly $100k we owed in student loans.

The $1,000+ payment we made each month on our student loans was a major drag on our finances. Even worse, these were minimum payments we were making; at this rate, we would have $1,000 going out the door every month for the next ten years.

Having so much money go towards student loans each month was, needless to say, debilitating. Its tough to pursue your dreams when you feel like you never have enough money.

Despite my job in corporate accounting, student loan debt on top of all the other expenses of daily life left a huge hole in our post-grad finances. While getting promotions at my day job had potential to help, promotions only happen so often. On a day-to-day basis, I had little to no ability to make more money at my 9-5.

My story is not uncommon. Over 70 percent of recent college graduates have student loans, and of those who have loans, the average 2015 college graduate had racked up a little more than $35,000 in debt. The overall student loan debt level recently surpassed $1.2 trillion. Thats enough to not only put a strain on personal finances, but on an entire economy.

Even if a student graduates with no consumer or credit card debt, the impact of student loans can be crippling. Many millennials find themselves unable to pursue the dreams they had for their post-graduate lives.

As a personal finance blogger, Ive read many posts focused on what people should do to avoid or minimize student loan debt. These posts may be helpful for high school students who are just starting college, but what about those who have already graduated and find themselves with a high amount of student loans?

One solution is cutting expenses. There are many advocates of this approach. In reality, though, expenses can only be cut so much. Cutting costs typically does not free up enough money to have a material impact on finances and also typically requires a downgrade in lifestyle.

Instead of focusing on cutting expenses and making difficult lifestyle changes, I strongly believe that focusing on making more money is the best approach for those who are in debt. The inevitable question people have in response to this is: How exactly do I make more money?

Instead of taking the traditional approach and focusing on making more at your 9-5, I have a better solution: side hustles.