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Nov 11

The Best 3 Side Hustles To Help Pay Down Your Debt

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Debt is one of the biggest obstacles to living your best life. Decisions have to be made in a way that isn’t always what you want or even what’s best for you and your family. Simply because your debt is a big influence on those decisions.

You can’t start a business, or change jobs or even location because your debt needs to be paid. Whether it is student loans, credit cards or car loans, you need to get that number as close to zero as possible so you can get your life back in order in a way that makes sense for you.

That’s why everybody should have some kind of side hustle going that helps you pay that debt down. The faster you can pay it off the better and if you work a side job or do something online, it can help you get that done.

In this article, I will go over several side hustles that can make you quick money in your spare time to get your debt under control.

 

1 – Invest in cryptocurrency

Most investing should be done with an eye toward the future. Usually, they are long term and made to have a nest egg or retirement funds. These days, there are some short term types of investments that help you pay your debt down.

For instance, investing in Bitcoin can yield some fast results. It can be volatile, but this volatility is exactly how you can make a bit of money without waiting for stocks or bonds to mature.

All you need is a free Bitcoin e-wallet to get started and buying and selling the cryptocurrency. Then, when you need to pay your debt for that month, you can cash in the profits you’ve hopefully made for that period. Now, if it goes down then be patient as the value is almost sure to rise if you give it time.

 

2 – Work online

There is a lot of work to be done online. Small businesses, for example, are always looking for freelancers to do small jobs for them and pay quite well for it. You can often find work doing some data entry, virtual assistant work or even bookkeeping that can be done in your spare time.

If you work full time, then usually a couple of hours over the weekend or after dinner can net you a tidy bit of extra money at the end of the month.

If you think that you don’t have any skills, then think again. It doesn’t matter what you already do for work, you can usually find something extra online that is within your skill set that you are already doing. You don’t have to reinvent the wheel here.

 

3 – Sell your crafts

Do you love quilting as a hobby? Or making dolls or small crafts? Then you can easily sell these and pay down your debt with the proceeds.

The best part is that you don’t have to peddle your wares around town looking for a store or spending your weekends at a flea market.

You can set up a shop on Etsy and sell from there. Millions of people visit the site everyday and are looking to spend money.

*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.

 

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