ChooseFI 102 | From 90K of Debt to 6-figure Side Hustle | Timika
Nov 19, 2018
48:02
102 | Blogger and podcaster Tamika Downes reveals how she went from $94K of debt to owning a six-figure income-earning side hustle while continuing her job as a school nurse and raising three children.
- Timika's early financial experiences came through immigrant parents, from Barbados, hustling and saving.
- Having a side hustle was common place in Timika's family.
- Despite her family's habit of saving, Timika finished her education with $94K of debt.
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- After her undergraduate Timika had $24K in debt.
- Student loans for her master's cost $35K
- A second, nursing degree, cost another $30K
- Choosing to pursue something that you're not quite ready for can often lead someone to pay more than necessary.
- Nursing degrees don't have to cost $30K; immediately after high school students can become qualified Certified Nursing Assistants (CNAs) working in hospitals or nursing homes while starting at a community college and finishing through a bridge program at a 4-year school.
- Nursing is a trade; find the most efficient way to get qualified.
- Many universities offer tuition assistant to the children of faculty/staff, often including tuition at other universities.
- What options did Timika consider in order to decrease her student loan debt?
- Timika's mindset changed when she started to own her life circumstances; taking responsibility for her finances was a natural result.
- Instead of buying a $20K car, Timika bought a $20K business – a lice clinic.
- Timika spoke with out-of-state clinic owners and did her homework before deciding to invest in the set up for her clinic.
- Since opening the business, Timika has increased her talentstack to include:
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- Securing a business lease
- Blogging
- Website management
- Business finance management
- Timika went to coding bootcamp, for 75% discount as a female minority.
- The lice clinic is now almost passive income: Timika only devotes three hours a week and has hired employees who manage the rest.
Links:
The Road to Retirement: (Re)Learning to Love Work
For more information, visit the show notes at https://ChooseFI.com/102