Skimm Money: Revenge Spending, Side Hustles, And Student Loan Forgiveness

Free Advice From…

Want extra cash in your bank account? Rachel Rodgers, founder of Hello Seven, is here to answer your questions about starting a side hustle so you can up your earning potential and build that wealth.

I want to create another stream of income on top of my 9-to-5 job. How can I start a successful side hustle? 

Keep it simple. Choose a service you enjoy providing. It could be anything from dog walking to proofreading. Then, make a list of 50 people you know, including friends, family, neighbors, and colleagues (you know more people than you think you do). Finally, reach out to those people and ask them to do one of two things: Hire you or pass your info along to someone who might need your services.

What skills should I have locked down before launching my side hustle?

The only skill you need is coming up with something to sell. Figure out a service or product that will make your client or customer’s life better than it was before. Then, go convince at least one person to buy it. Collect the money. Now, you’re officially running a side hustle. All other skills — negotiating, marketing, hiring, and leadership — are important, too. But all of that comes later on the journey. 

What are your top three tips for side hustlers who want to up their earning potential? 

1. Ask yourself, “What is something I can provide that will make my client or customer’s life better?” 

2. Decide what you’re going to charge for your service or product. Then double it. 

3. Even if you only have one client, give them a phenomenal experience so they rave about you to everybody they know. That’s how you’ll get your next influx of clients.

Answers have been edited and condensed for clarity.

Money Win

“My husband and I just bought a 2023 Subaru BRZ after paying off one of his student loans. We're on track to pay off two more loans this year!” 

— Michelle R (NC). Major congrats. Just think of what else you’ll get to do as you hit more debt-free milestones.

For the Group Chat

What’s arriving 15 mins late with Starbucks in hand? 

The impending recession economists have been talking about nonstop. 

The battle for student loan forgiveness has begun…

But millions will still have to repay loans regardless of the outcome. 

Who's living rent-free?

Some Gen Zers.

The gender pay gap hasn’t improved much in the past 20 years…

It has a lot to do with motherhood. Plus, low pay in female-dominated fields.

Investment Piece

You work hard for your money, and we’re here to help you spend it wisely. Below, Thatiana Diaz, editor-in-chief of Remezcla, shares an everyday staple worth the $$$. Plus, how she had to move past the guilt to buy it. 

Tell us about a recent purchase that felt like an investment.

I never saw my immigrant parents invest in expensive items. They were worried about giving us a better life. After carrying my cash and cards in a passport holder for years, I decided to move past my first-generation guilt and reward my hard work with something I’d use every day. After much research, I landed on this wallet.

How much did you spend on it? 

$529.65, including tax.

Why do you consider it a worthy investment?

A wallet is used nearly every day and will always come with me outside the house. It represents my hard work, and I know it will last me a long time and stay a classic.

Answers have been edited and condensed for clarity.