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Do you have debt? Do you want to pay it off fast? You might want to kick your earning potential into high gear by joining the gig economy.
Without supplementing your income with a side gig, you’re probably slowly paying debt off in small installments according to a schedule set by your lender.
Just how many of these payments you have to make depends on what you borrowed. A payday cash advance is due back by your next payday, an online installment loan may last months or years, and a mortgage — the longest loan of them all — could hang around for decades.
Although it makes sense to borrow money online sometimes, it’s annoying how debt ties up your income for weeks, months, or even years. If you want to reclaim your money, a side gig can help you pay off what you owe faster.
Before you double down on extra payments, check your online loan lender’s pre-payment policy. Some lenders will penalize you if you make payments outside their rigid schedule, even if you’re early.
If your existing loans allow for pre-payments, check out this list of side gigs below. These easy, online freelancing options can help you pay off debt fast.
1. Virtual Assistance
Are you an organized person? Become someone’s virtual assistant! It’s just like being a personal assistant, but you carry out all your duties online. This means never having to go for a coffee run or picking up dry cleaning — although you may have to arrange for these services to happen over the web.
Rates for VAs start at around $15–20 for answering emails, scheduling, managing social media accounts, and coordinating meetings. However, you can earn even more once you have experience and a long list of satisfied clients willing to give you a glowing reference. One virtual assistant was able to go from side gig to full-time, pulling in $140,000 a year.
2. Tutoring
Tutoring is another great side gig to help you pay off those lines of credit and installment loans. You can do this the old-fashioned way by meeting your students at the local library or café, helping them with their math or English homework. Or you can head online and begin to tutor students from all around the world.
As a tutor, you could rake in anywhere between $25 and $75 per hour. You also have the opportunity to earn more if you can tutor more complex subjects, or you help your students prep for important tests, like the LSTATs or MCATs.
3. Dog Walker
After a year living under lockdown, who wants to spend more time glued to their screens? If you need to get out and about now that you’re vaccinated, consider becoming a dog walker. You’ll be able to meet new four-legged friends in the neighborhood while getting your steps in during your lunch break.
According to Home Guide, dog walkers usually charge $10–35 for a half-hour walk. You could break into the high end if you live in an in-demand neighborhood, or you’re willing to deal with challenging dogs.
Find Your Side Calling and Say Goodbye to Debt
Once you hit your groove as a virtual assistant, tutor, or dog walker, you’ll be able to maximize your earning potential and sock away even more money into outstanding installment loans and lines of credit.
Good luck side gigging and remember to funnel your new paycheck into debt.
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