The Personal Finance Podcast

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

4 snips
Jul 7, 2025
The podcast dives into the dilemma of taking on debt to launch a side business, highlighting strategies like using home equity wisely. Listeners learn about the implications of student loans for film school and discover ways to minimize debt through careful planning. Practical tips on balancing emergency funds with retirement investments are offered. The discussion also covers earning extra income through online side hustles, while managing high-interest credit card debt with innovative financial strategies.
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ADVICE

Test Business Demand First

  • Test demand before large investments by running a small pilot using rented community spaces or rooms.
  • Use deposits and a waitlist to validate pricing and commitment for your tutoring center idea before leasing a commercial space.
ADVICE

Protect Emergency Fund First

  • Keep your emergency fund intact and avoid using it to front-load your Roth IRA.
  • Dollar cost average your Roth contributions over the year to maintain a safety net and steady investments.
ADVICE

Manage Student Loans Wisely

  • Calculate exact tuition, housing, and living costs before borrowing student loans.
  • Borrow less than or equal to your expected first year salary and have a clear repayment plan.
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