Agree/Disagree: it's up to you.
You've absorbed all you can from MMM. You're living a simpler, more frugal life, riding a bike, paying down your debts, and getting real impatient on the long road to financial independence. Why? Well, you've got high interest consumer debt and/or a student loan and/or a car payment and/or [insert liability here].
You've done your projections and based on your current resources it seems like it is going to take FOREVER AND A DAY to finally EXTINGUISH THE PERPETUAL FLAMING LOCKS that you call hair for whatever reason.
Here's my solution:
Send yourself to jail. No, not real jail! Employment jail. Yep, I'm talking about picking up a second part-time job at the car wash like Walter White did before he Broke Bad.
No, it doesn't have to be a car wash, but hear me out. You're in debt. You work a full 40+ hour per week job, then go home and enjoy your free time to unwind and relax. You worked really hard all day, ate a brown paper bag lunch while your coworkers went out, deserve a nice cold beer, a home cooked meal and some quiet time before you have to get up and do it again tomorrow. (psst!...complainypants)
You have all of this FREE TIME in the evenings and on the weekends to enjoy yourself. Are you really free? Remember that money you owe? All that money you owe is accruing interest. It's stealing your freedom and keeping you in the day job grind longer and longer. See where I'm going with this?
My suggestion:
Pick up a second part-time job somewhere and use those paychecks to go directly towards debt (or into an investment account if you're debt free).
My experience:
2013: I worked a full-time salaried position 40+ hours a week and on evenings and weekends I went and delivered pizzas to pay off my '06 Scion Xa much, much faster a few years back. I'm a sucker for tips. I like the immediate reward at the end of the night that I can go deposit into an ATM. I tracked my tips in Excel when I got home each night to keep me motivated and for tax purposes. (Then I sold my car, moved cross country and financed another one. Very dumb move on my part, but I digress.)
2015/2016: Before I knew about MMM, I had been giving tennis lessons and stringing rackets to fund my portion of my SO's graduation trip to Europe. I amassed enough cash for everything, all the while not having to stray from my savings & investment plan. The great news is I didn't even spend all of the $5,000 I had saved for the trip and was able to tuck the rest into an investment account when we came back. I made $40 per lesson and roughly $10 per racket.
Here's what I like about this idea:
1. It lets you flex those badassity muscles. It shows just how hard you're willing to work.
2. A second job keeps you busier.
3. If you're busy, you're not buying crap.
4. If you don't have as much free time, you're much more mindful of how and with whom you spend it.
5. If you're not home, you're not running up the utilities.
6. You get more free time back when you get out of debt. It really translates into freedom (from jail) and it has a clear ending point. It is only temporary!!
7. *Because no one wants to work two jobs, it makes you even more mindful of what you're doing with your regular paycheck (unless you're silly enough to think extra income = extra spending).
8. You're inadvertently increasing your savings rate (or debt reduction rate) by temporarily increasing your income and putting it towards savings (or debt).
Possible 2nd job options that are better than minimum wage
--> Pizza delivery Driver
--> Uber/Lyft Driver
--> Bartender (personal favorite and am trying to find a gig in the East Bay. Possible barriers to entry**)
--> Personal trainer (requires certification it has a higher barrier to entry)
--> Server/Waitstaff: Depends on the state you're in. CA is great. $10 minimum wage plus tips. TN wasn't so great when I lived there briefly in 2013. Less than $3/hour plus tips. A slow shift and you're boned.
--> After school tutor: Very rewarding & I often see jobs like this offer $15-$20/hour
I was an assistant tennis coach during college. Usually you get a paid stipend at the end of the season that has ranged --for me at least-- from ***$500 to $3,000. If your students go post-season, there's even an extra bump in the stipend. I managed to 'assistant coach' my high school team while I was in college all four years.
"Easy 2nd jobs" (minimum wage warning)
> Front desk at a gym
> Front desk at a hotel (overnight especially)
> Night janitor: This could be difficult if the job entails stripping & waxing floors, but most other janitor duties are pretty easy. Vacuum, mop, sweep, trash, clean windows.
They can offer potential perks like free gym membership, discounted hotels, and new skills with floor equipment.
Thanks for reading. Feel free to add your own job ideas or experiences to this list.
This plan might not work for everyone. Here are a few situations I acknowledge
1. If your day job is physically exhausting
2. You have children you need to raise
3. Your day job has irregular hours or you have to be on call
The optimal audience could be anyone from bright-eyed, bushy-tailed 20-somethings that have near-infinite energy to folks that have grown children that require less supervision to anyone with a fairly regular schedule and free time in the evenings/weekends.
*Gross generalization here, especially since I look forward to giving lessons and plan on doing it well into Financial Independence.
**I'm debt free but have a genuine interest in mixology and would like to put the additional fund into my F.I. fund, or towards another trip.
***$500 was the year I was only there twice a week and split the stipend with 2 other assistant coaches. $3,000 was when I was able to be there 5 days a week, plus go to the away matches, plus the team went post-season. Other years varied depending on the school district's budget and politics I let the main coach deal with.