What It's About
Today's listener wonders if she should break the golden rule of personal finance.
Notes from Chris
Episode 1761
Let’s get real! Today’s topic can be expressed in a single sentence: Should I use an emergency savings fund for my side hustle? I feel like everyone who hears that question already has an opinion. In this ongoing dialogue I try to provide my answer as well as pose any further questions that might be helpful."Hi Chris this is Jess from Arcadia and I recently found your show through Spotify. A few years ago, I began to take my finances more seriously and work on a plan to get out of debt. That led me to you and the goal of increasing my income rather than just trying to cut expenses and save more. But I have a dilemma: a business project I'd like to invest in will require some real capital—it's not a hundred-dollar startup. I have an emergency savings fund that I could tap, but this isn't an emergency. I’ve thought a lot about it and I don’t think it’s a gamble; I think it’s a true investment in an idea I believe in. But I’m also pretty sure most financial advisers would say “Don’t touch your emergency fund.” What do you say?"Listen to today's episode to learn more...
SEE ALSO:
- Q&A: How does a side hustle fit into a savings plan?: How does a side hustle fit into your overall savings plan? That’s what our listener wants to know, in response to some recent comments on different asset classes.
- Q&A: What kind of business can I start with $300?: If you only have a small amount of money, what’s the best side hustle to pursue?
- WEEKLY RECAP: The $0 Startup, Sign Hustles, and Ways to Save Time: In our ninth recap of Season III, we'll highlight the lessons learned in this week. Also: an audio update from a previous case study!
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Resources
CREATE YOUR ONLINE STORE
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GET YOUR FIRST 1,000 EMAIL SUBSCRIBERS
Social media is nice, but building an email list is still the single best way to get customers and clients for your hustle. It's not hard to get started—sign up for a 30-day trial and join the list-building challenge! You’ll be up and running in no time.
Sponsors & Gratitude
Don't Do Business Without It
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To infinity and beyond,
