Hope for your financial life and beyond

How to Manage Your Side Hustle and Family Life So You Don’t Go Insane

There may come a time in your life where you want to or need to create a side hustle to earn extra income. A side hustle can be many things depending on your skills and the depth of your need. Regardless what you choose it will be something you do on the side (apart from your day job) to bring in additional money to the family budget.

Side hustles can be a financial blessing. They can help you build up your savings account or pay off debt or meet any a number of financial goals you might have. A few bloggers I know have turned their writing side hustles into full-time jobs and now run their own personal finance websites. Others, like my friend Cat Alford at Budget Blonde have figured out how to make a full-time income from writing for popular blogs. Now she is teaching others to do the same in a brand new course she has developed – Get Paid to Write for Blogs.

side hustle IIIWhile the additional income of a side hustle is welcome there is a dark side that many are unprepared for. Side hustles done improperly can be a curse on family life.

It’s one thing to have a side hustle if you are single. I remember talking with a blogging friend last year who told me how he’d work his 9 to 5, take a 30-minute dinner (maybe) and then work till past midnight writing and networking. I’m not saying that’s necessarily an easy schedule but it’s not like you have anyone else to account for. It’s just you.

When a spouse and/or kids are in the picture side hustles take on a whole different dimension.

The first thing you’ll notice is the tension that surfaces the minute one member begins a side hustle. What was a normal life is no longer normal.

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The 10 Best Summer Jobs for Teens and College Students

Memorial Day marks the official beginning of summer. For teens and college students that means one of three things. Either you are:

a) continuing school by choice (to get ahead) or out of necessity (because you failed)…

b) looking for a summer job to earn money or…

c) in for a really boring summer sleeping in and playing video games.

(I know…some of you think “C” is the best option of the three.)

summer jobs for teensBut I also know teens and college students need money. You have lots of expenses, many of which your parents can’t or don’t want to fully fund. So it’s about time you begin to support yourself my working a summer job.

What job would fit your time frame though? You really only have three months to work as the typical school ends in May/June and returns to classes in August/September. Won’t employers be hesitant to hire you if they know it will only be for three short months?

Some might be. Others however, rely on the seasonal influx of workers because summer is their busiest time of the year. So the fact that you are only available for three months matches up with the increased seasonal activity of that position. The employer will be fine when you leave the job to return to school in the fall because he or she won’t need your help anymore.

Jobs You Could Easily Find During the Summer

To that end, here are 10 great summer jobs for teens and college students. In all these areas, employers will be looking for workers during the summer:

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Secret Advice For Teenagers Who Love to Spend Money

You know who you are…teenager who loves to spend money like it’s going out of style. You spend money faster than it takes a snapchat to disappear. Money comes into your hand one minute and it flows out like water the next.

spend moneyAnd you like it that way!

If that’s you, I have some special advice today. It’s unusual, maybe even secret advice you may never have heard in your life. In fact, I’m actually running a huge risk by even sharing this with you. Your parents may hate me for saying this because it might go against how they have instructed you to handle money. (That alone should excite you to listen up, right?)

But before I reveal this big secret about spending your money, you have to promise me something.

The promise I’m asking you to make is to read this entire post. You are going to love what I have to say about spending money but you can’t take it as stand alone advice without understanding the bigger picture. As they say, the devil is in the details so I’m asking for five minutes of your time to help you avoid failure on this issue.

Ready for the big, secret advice? OK, here goes…

Go ahead and spend money because you’ll never know a time with fewer financial obligations than you have right now.

Now remember that promise to read the rest of the post? Good…because I’ve got some serious cleaning up to do with the mess I just created.

Six Possible Reasons You Love to Spend Money

Have you ever thought about why you love to spend money? Don’t fret if it’s never crossed your mind. Most adults haven’t considered it either.

Based on your age right now (ages 13-19) one of these issues is likely driving you to spend money all the time:

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Dodging Sex and Money Conversations With a 6-Yr. Old

Ever wondered when to have sex and money conversations with your kids? My suggestion…take it slow and only share when they are ready. You have to be alert and on guard for these moments or you could make a mistake, like I almost did the other day when this happened to me…

The chore of walking our dog is a daily ritual. As I lasso him up for another stroll my six-year old son asks to join us. Sensing this would be a great bonding experience I say, “Sure buddy, come on” and we head off into the subdivision.

spidermanThe first few minutes are filled with the usual blathering that can only come from a six year old. I’m not even really paying attention given his topics have no connection to reality. I mean really…what’s the point of responding in depth to questions like “Can Spiderman shoot his webs underwater?” or “What if animals controlled people?”

Oh boy (cue eye roll). This is going to be long walk. Think I’ll keep the responses simple. “I don’t know, bud.” “Oh yeah…that would be crazy.”

Then, in the midst of the mundane, comes THAT topic every parent knows they will have to address but is never quite ready for. And it started like this…

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Top 7 Ways to Raise a Money Smart Kid

Being a father of four I appreciate the value of raising money smart kids. Please welcome today Ruby Andrew as she shares with us some important steps parents should be taking with their children.

Financial values and good spending habits are one of the important life skills parents can teach their children. These lessons have a great effect in shaping the financial life aspect of a child.

Indeed, it is imperative for parents to begin teaching their children these financial lessons at an early stage. Here are seven lessons that should be a must for any parent to teach.

Start talking early enough about money

It is really important for a child to understand more about money. What money can buy, where one gets money and how one spends money.

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The Biggest Home Security Issue Everyone Is Missing

When it comes to home security issues, we typically think of analyzing and paying for the basics: quality dead bolt locks, an alarm monitoring system, and multiple smoke detectors. Maybe we also purchase a dog for the heightened sense of awareness they bring. These are all commonplace methods to deter entry into the home and keep us feeling safe.

home securityYet there happens to be another major home security issue that is usually overlooked. This one is so big it’s hurting individuals and destroying families. Though we know it’s out there we refuse to take the necessary steps to stop its incursion into our home.

What could be so devastating?

The lack of internet security as it relates to online access of pornography.

Your failure to attentively monitoring the use of technology – mainly the access to apps and the Internet on computers and mobile devices that have become the main tool for the distribution of pornography – may be causing untold damage to your family.

Why the Internet Is a Big Home Security Issue

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Why My Kids Love That We Are Not Buying Christmas Presents This Year

I love Christmas! Giving and receiving gifts is one of the highlights of our family’s year. In my mind nothing beats it for family togetherness and sharing expressions of love.

no Christmas presents As a parent though, I’m often hit with a January hangover. My headache comes from watching the majority of the presents I bought for my children lie dormant in a corner of their room. I would say that over 80% of the toys my wife and I purchase the kids each Christmas are played with a couple of times and then left to collect dust. That’s frustrating considering the money we shell out for them.

So last year we asked them to make a list of the items they wanted. They did. We bought them. Same issue occurred.

I’m not mad at the kids. I guess we just have trouble hitting their toy sweet spot.

So just the other week my wife and I decided to do something different this year. We aren’t buying any Christmas presents. To our surprise, when we told the kids what we were doing, they were 100% enthusiastically behind it.

Our Alternative to Christmas Presents

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My 6-Yr. Old Has Earned 100 Dollars and We Are Opening a Savings Account

This past Saturday my 6-yr. old son and I made a trip to our local bank. This trip wasn’t for me though. He was there to open his very first savings account.

savings jar with $100 bills His first deposit was for $103, a very cool amount of money for a six year old to already have. The best part about this money though is that it was earned. All of it came from commissions he has earned from doing work around the house.

My wife and I don’t give our kids allowances for reasons that I’ve shared before. We believe in giving commissions. We developed a chore sheet with assigned tasks for each child based on their age.

Our kids do the assigned work they’ve been given each week and they get paid for that. Don’t complete the work and they don’t get paid. It’s as simple as that. I think that accurately reflects what will take place in a real world work environment.

Teaching Kids About Savings and the Bank

We start our kids out with doing paid chores at age five. So for one year and a few months now Doot-Doot (our 6-yr. old) has been doing five chores per week for which he gets paid five dollars. Two dollars goes into his savings jar, two goes into spending and one dollar goes towards giving.

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Give the Gift of Investing This Holiday Season

I’m happy to welcome today the Debt Free Guys. Enjoy their guest post on how the gift of investing may be the best present a child could receive this holiday season.

Christmas presents under the treeAmericans are expected to spend between 4 and 4.5 percent more this coming holiday season than in 2013 or $981 to $986 billion between November and January, excluding auto and gas sales. The lion’s share of that money is expected to be spent on technology, led by Apple’s iPhone 6 and 6+.

Already this month we’ve seen personal finance blogs with advice to manage expenses this holiday season. Expect to see lists of all sorts on financial blogs and websites, such as “25 Gifts Under $25”, “Gifts You Can Make” and “The Art of Re-Gifting”. We’ll kick off our 2014 holiday shopping advice to give the gift of investing this year.

There will be the exceptions, but most American children will have their fair share of gifts beautifully wrapped and lovingly placed under a Christmas tree or next to a menorah. They’ll excitedly un-wrap their gift, play with their new toy or wear the new piece of clothing, but eventually the gift will be forgotten. Some possibly forgotten before the day is over. Others will be forgotten by the end of the holiday season or a few months later. Even iPhones lose their luster after several months.

What won’t be forgotten is education. As we’ve discussed frequently at Debt Free Guys, we believe there is a gap in education in that kids don’t sufficiently learn enough about money management, saving and investing.

Educate the children in your life and give the holiday gift of life-long investing. There are three ways to do this.

Open a UTMA/UGMA Account

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Should I Leave An Inheritance To My Children?

inheritanceIt’s time to start thinking to whom I will leave my inheritance. If statistics are any indication, I’ve reached the halfway point of my life. Unless the genes of my grandfather on my mother’s side get passed to me, I’ve only got about another 40 years to go. It’s a sobering thought but not one that keeps me awake at night.

These two realities of life I know to be true:

1. Our death will occur at a fixed moment in time.

2. Nobody knows exactly when that moment will be.

So death displays aspects of certainty (we will die) and uncertainty (when?). I find that dualistic nature fascinating. Perhaps that’s why issues surrounding death and what will happen after we are gone remain difficult to discuss. We simply don’t like thinking about anything that relates to the end of us.

But we have to think about it for there is so much at stake. Mess up our death and it could impact those left behind for generations to come.

Where Does My Inheritance Go When I Die?

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4 Guiding Money Principles that Every Child (and Adult) Must Learn

Please welcome my good friend and Certified Financial Planner (CFP®) Shannon Ryan from The Heavy Purse as she guest posts today.

word learn engraved in stoneWhen I was 13 years old, my father began giving me “money lessons” while we ate dinner, and I had no idea how these simple lessons would change my life. He didn’t focus on how money worked, but instead he showed me how my emotions affected my spending habits and money beliefs. With his guidance, I changed how I viewed money – from lack and fear – to one of abundance. Most importantly, I learned how to make financially confident decisions that aligned how I used my money with my goals and values. It felt great.

It wasn’t until college that I realized what a special gift my father gave me. Many of my friends and classmates had not been taught how to handle money wisely. Money wasn’t discussed in their homes, so they learned by trial and mostly error. I wanted to help them and became a Certified Financial Planner (CFP®). For the past 22 years, it’s been my honor to help families and individuals reclaim their money happiness.

How Money Habits and Beliefs Are Formed

One trend I noticed repeatedly was that many of our money habits and beliefs formed when we were children, not adults. We observed how our parents handled money and mimicked them, inheriting their money hang-ups along the way. We then grew up to pass these same hang-ups to our children, continuing the vicious cycle.

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