HOW TO "GIFT" YOURSELF OUT OF DEBT
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HOW TO "GIFT" YOURSELF OUT OF DEBT
ISSUE #7
Hello Friend!
April is National Financial Literacy Month🤑. So, this whole month, all my posts will focus on financial education and financial freedom (the financial state that allows you to meet your financial obligations and have enough money left over to live the life you want, or to retire early).
To kick it off, I want to talk about one of the things that we hate to talk about, but some of us need to get rid of—the “D” word! Yup, debt!😂
I have a mantra that I taught my son, and I still teach others when I am providing financial literacy training: Debt is the enemy of wealth. It’s a really simple phrase and very easy to remember. I learned it the hard way, so I’m a GREAT teacher on the subject matter! LOL.
We live in a “get it now” culture. Enticing advertisements of “buy now, pay later,” zero percent interest, and airline ticket points can get us in big trouble if we aren’t careful.
Having debt can impair your ability to save and invest, and achieve financial freedom. But there is a light at the end of the tunnel. One way to eliminate debt is to “gift” yourself out!
If you think I’ve gone crazy, just hear me out. 😂
You know that thing you just love doing and are pretty good at? That’s your gift! (I’m talking about God-given talent or skill here, not spiritual gifts—we’ll save that for another post). Surely, your passion can become a side hustle.
COURSE CREATOR
I was blown away last year when I read an article about a single mother who made 126K teaching others how to make candy apples. That’s a lot of candy apples!
From baking to decorating, others are using their gifts to pay off debt and achieve financial freedom.
The pandemic increased our need to do more online, and online education is lucrative. If you have a passion for something, whether it’s knitting or baking, you can help someone else and earn a profit by teaching others online.
According to learnworlds.com, the e-learning market was worth $107 billion in 2015, $190 billion in 2018, and is expected to exceed $300 Billion by 2025.
Here are a few online teaching platforms where you can host your class and learn how to make it profitable:
VIRTUAL ASSISTANT
If you have good communication skills and are good at assisting others to stay organized, you may make a wonderful virtual assistant.
A virtual assistant can do anything from sending out emails to acting as a social media manager by posting social media content or posting content on a blog. One virtual assistant with no formal education scaled her business from 9K to 1.1 million. On his Millennial Money blog, Grant Sabatier outlines how to become a virtual assistant with little experience.
Virtual assistants can earn anywhere from $15 an hour to over $100 an hour depending on one’s clientele.
You can take free or inexpensive courses to help you get started or create your own virtual assistant curriculum by reading and researching. Creating your own curriculum could allow you to turn your knowledge into a course at a later date.
Check out this article from projectuntethered.com to get more information on virtual assistant courses.
LIFE COACH
Life coaching, health and wellness coaching, and financial coaching can be great opportunities to help others while you pursue financial freedom and eliminate your debt.
Personally, I’ve earned money as a book coach, helping others to set up their publishing companies and to write books, and also as a financial coach, teaching basic investing principles and helping others to set up stock accounts. Yes, I’m a low-key investment geek.😍
A study by the International Coaching Federation revealed that the estimated global total revenue from coaching in 2019 was $2.849 billion. If you have skills and knowledge in niche areas that others can benefit from, consider becoming a coach.
I believe one’s experience is his/her validation. You can take courses or programs to help you become a coach, or you can develop your own system of coaching others. Like many others, you may be already experienced in a career niche that you transform into a coaching platform.
From learning how to start a business to how to flip houses, people want to learn. This is valuable information. Knowledge is gold!
AUTHOR
For the writers out there, e-books and physical books are big business! I know first-hand that authoring a book can allow you to pursue your passion and bless others in the process. Whether you write fiction or non-fiction, there is a market for your material!
Authoring a book can allow you to earn royalties for the rest of your life! This is a great way to eliminate debt.
With sites like Amazon KDP and Draft 2 Digital, you can write a book and put it up for sale relatively quickly. All you need is a professional editor to make sure your book is well written and free of glaring errors, and a good graphic artist to ensure that you have an eye-catching cover.
COPYWRITER
If you are a good marketer, you should consider writing copy for others. Copywriting is different from other writing in that its sole purpose is to sell. You know those catchy tag lines like, “Just Do It” and “You’re in Good Hands”? They were more than likely written by copywriters. Organizations like American Writers and Artists Institute can provide the resources you need if you want to pursue copywriting.
CRAFTING
Lastly, crafting can be an easy and fun way to “gift” yourself out of debt. In a previous post, Seven Creative Ways to Relieve Stress, I mentioned how crafting, such as jewelry making and painting could not only relieve stress, but could also be profitable. If you have a knack for creating, consider selling your creative pieces to eliminate debt, become financially free, or have fun money! These are just some of the ways you can “gift” yourself out of debt.
Happy “Gifting”!
Until next time,
Grow You. God’s Way.
Sherrhonda 😍