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Optimal Finance Daily - Financial Independence and Money Advice
2672: 4 Reasons To Make Extra Money - It Changed My Life And It Can Change Yours Too! by Michelle Schroeder-Gardner
Mar 29, 2024
Michelle Schroeder-Gardner shares how side hustles helped her pay off student loans, travel, and start her own business. She emphasizes the importance of diversifying income for financial stability, exploring new ventures, and reducing financial stress.
08:06
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Quick takeaways
- Side hustles can help in paying off debts, traveling, quitting a job, and starting a business.
- Diversifying income with multiple streams creates financial security and opportunities for new ventures.
Deep dives
Reason 1: Extra Income for Debt Repayment
Making extra money can significantly contribute to paying off debts faster. Despite a good salary, extra income streams enabled the speaker to tackle student loans, travel, quit their job, and start a business. By dedicating time to side hustles, individuals can make substantial progress towards debt reduction, as exemplified by a reader who cleared $25,000 of student loans in a year through side hustles.
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