Comments on: Become a Consultant to Defeat Debt Quickly http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/ personal finance that makes cents Fri, 10 Oct 2008 22:28:03 +0000 http://wordpress.org/?v=2.5.1 By: Mitigate your law school debt by consulting | The Frugal Law Student http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-86938 Mitigate your law school debt by consulting | The Frugal Law Student Sat, 19 May 2007 14:27:01 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-86938 [...] you're new here, you may want to subscribe to my RSS feed. Thanks for visiting! Get Rich Slowly has an excellent post on becoming a consultant in order to pay off debt quickly. The idea sounds very intriguing to me and is one that I might take up in order to mitigate my [...] [...] you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting! Get Rich Slowly has an excellent post on becoming a consultant in order to pay off debt quickly. The idea sounds very intriguing to me and is one that I might take up in order to mitigate my [...]

]]> By: More Money: 5 Ways to Earn Extra Cash in Your Spare Time ? Get Rich Slowly http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-85844 More Money: 5 Ways to Earn Extra Cash in Your Spare Time ? Get Rich Slowly Thu, 10 May 2007 20:26:20 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-85844 [...] a consultant Earlier this year, Andréa wrote a guest entry about becoming a consultant to defeat debt quickly: “Consulting” may sound intimidating. It’s really just a fancy word for someone who [...] [...] a consultant Earlier this year, Andréa wrote a guest entry about becoming a consultant to defeat debt quickly: “Consulting” may sound intimidating. It’s really just a fancy word for someone who [...]

]]> By: Madison Who’s Who - Package Your Expertise as a Consultant http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-84708 Madison Who’s Who - Package Your Expertise as a Consultant Thu, 26 Apr 2007 12:00:01 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-84708 [...] you are an expert at what you do, you can supplement your current income, or, as this post from Get Rich Slowly suggests, whittle away a big debt or eliminate a mortgage. “If you’re new to moonlighting, [...] [...] you are an expert at what you do, you can supplement your current income, or, as this post from Get Rich Slowly suggests, whittle away a big debt or eliminate a mortgage. “If you’re new to moonlighting, [...]

]]> By: Andrea >> Become a Consultant Blog http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-47500 Andrea >> Become a Consultant Blog Fri, 19 Jan 2007 04:56:03 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-47500 Those are great points, Brad. A regular job does cover some of the expenses and downcycles you mention. That's why I encourage people to <a href="http://www.consultantjournal.com/blog/setting-consulting-fee-rates" rel="nofollow">set consulting fee rates</a> in a way that will make up for those things. However, the onus is on the independent consultant to set money aside in a rainy day fund. (Although shouldn't we all have one of those?) Those are great points, Brad. A regular job does cover some of the expenses and downcycles you mention. That’s why I encourage people to set consulting fee rates in a way that will make up for those things. However, the onus is on the independent consultant to set money aside in a rainy day fund. (Although shouldn’t we all have one of those?)

]]> By: Nelson Fox http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-47205 Nelson Fox Thu, 18 Jan 2007 15:38:15 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-47205 Why not invest in yourself first? Great post. We work jobs to get paid but forget most of the time to "pay" ourselves. Which is the savings, so make it a habit, even if its a small amount, do it consistently. DEBT FREE FOCUS! CASH FLOW should be our goal. Just like pearlandopal mentioned we will have an issue in our life and we need to be prepared for it. Why not invest in yourself first?
Great post.
We work jobs to get paid but forget most of the time to “pay” ourselves.
Which is the savings, so make it a habit, even if its a small amount, do it consistently.
DEBT FREE FOCUS! CASH FLOW should be our goal. Just like pearlandopal mentioned we will have an issue in our life and we need to be prepared for it.

]]> By: brad http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-47156 brad Thu, 18 Jan 2007 14:12:58 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-47156 Another thing about independent consulting is that if you end up liking it you may be able to put those skills and experience to work for a consulting firm. Day-to-day it's not much different from independent consulting (I've been working fulltime for a consulting firm for the last 10 years; that firm was a client of mine when I was a freelancer), but there are a few distinct advantages to working for a firm, such as paid vacations and holidays, health insurance, retirement plans, and other benefits. Plus the reality of the consulting biz is that there are peaks and valleys -- you can go for months working 60-hour weeks and then suddenly you have nothing to do. When you're employed fulltime by a consulting firm you still get paid during those valleys, although there's a lot of pressure on you to keep the valleys short and to bill 100% of your time to clients. You also have a network of colleagues to share the workload, and junior staff that you can delegate things to. On the other hand, as an independent consultant you have more choice over your clients, which is important. It's easier to "fire" a bad client when you're your own boss than when you work for a firm. Another thing about independent consulting is that if you end up liking it you may be able to put those skills and experience to work for a consulting firm. Day-to-day it’s not much different from independent consulting (I’ve been working fulltime for a consulting firm for the last 10 years; that firm was a client of mine when I was a freelancer), but there are a few distinct advantages to working for a firm, such as paid vacations and holidays, health insurance, retirement plans, and other benefits. Plus the reality of the consulting biz is that there are peaks and valleys — you can go for months working 60-hour weeks and then suddenly you have nothing to do. When you’re employed fulltime by a consulting firm you still get paid during those valleys, although there’s a lot of pressure on you to keep the valleys short and to bill 100% of your time to clients. You also have a network of colleagues to share the workload, and junior staff that you can delegate things to. On the other hand, as an independent consultant you have more choice over your clients, which is important. It’s easier to “fire” a bad client when you’re your own boss than when you work for a firm.

]]> By: Randy Wilburn http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-46932 Randy Wilburn Thu, 18 Jan 2007 03:32:28 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-46932 I think Andrea has some great ideas about earning some extra cash. I have found that Consulting and even Coaching can be a way to earn some extra cash. People are always looking for new ideas and especially encouragement. A good consultant or coach can scratch that itch... Most people have an expertise in one are or another. If you get creative you can find an audience for all of that information that you have up in your head. You'd be suprised who you can help. Just be sure to attach a value to the work you do otherwise people will take you for granted and look to you for tons of "Free Advice." Continue to focus on the goal of getting out of debt, if your in debt, and grow...grow...grow that income! If you still need help after that check out "48 Days To The Work You Love," by Dan Miller Randy Wilburn The Steady Plodder http://www.pottpodcast.org I think Andrea has some great ideas about earning some extra cash. I have found that Consulting and even Coaching can be a way to earn some extra cash. People are always looking for new ideas and especially encouragement. A good consultant or coach can scratch that itch…

Most people have an expertise in one are or another. If you get creative you can find an audience for all of that information that you have up in your head. You’d be suprised who you can help. Just be sure to attach a value to the work you do otherwise people will take you for granted and look to you for tons of “Free Advice.” Continue to focus on the goal of getting out of debt, if your in debt, and grow…grow…grow that income! If you still need help after that check out “48 Days To The Work You Love,” by Dan Miller

Randy Wilburn
The Steady Plodder
http://www.pottpodcast.org

]]> By: Andrea >> Become a Consultant Blog http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-46837 Andrea >> Become a Consultant Blog Wed, 17 Jan 2007 23:11:27 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-46837 He he...I am actually a marketing consultant. However, I get so many emails from people asking me to do information interviews, give career advice, review resumes and the like that I decided to just start a site on becoming a consultant. He he…I am actually a marketing consultant. However, I get so many emails from people asking me to do information interviews, give career advice, review resumes and the like that I decided to just start a site on becoming a consultant.

]]> By: MillionDollarJourney.com http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-46828 MillionDollarJourney.com Wed, 17 Jan 2007 22:59:27 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-46828 So Andrea Coutu is a consultant on how to be a consultant... clever. :) FrugalTrader http://www.milliondollarjourney.com So Andrea Coutu is a consultant on how to be a consultant… clever. :)

FrugalTrader
http://www.milliondollarjourney.com

]]> By: pearlandopal http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-46811 pearlandopal Wed, 17 Jan 2007 22:33:18 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-46811 The reason people like to have money sitting in a savings account is so that they have a cushion in case of emergencies. My husband, who'd previously been in perfect health, developed a seizure disorder last year and since he wasn't insured we ended up with $15,000 in medical debt over those four days of hospital care while they tried to figure out what was wrong. He's on medication now, but they still don't know what's causing the seizures. If he were to be suddenly incapacitated, God forbid, we'd need every cent of the small cushion of money we've managed to build up. <i>That</i> is why people don't use their savings accounts to pay off credit card debt. The reason people like to have money sitting in a savings account is so that they have a cushion in case of emergencies. My husband, who’d previously been in perfect health, developed a seizure disorder last year and since he wasn’t insured we ended up with $15,000 in medical debt over those four days of hospital care while they tried to figure out what was wrong.

He’s on medication now, but they still don’t know what’s causing the seizures. If he were to be suddenly incapacitated, God forbid, we’d need every cent of the small cushion of money we’ve managed to build up. That is why people don’t use their savings accounts to pay off credit card debt.

]]> By: Dr. Housing Bubble http://www.getrichslowly.org/blog/2007/01/17/become-a-consultant-to-defeat-debt-quickly/#comment-46796 Dr. Housing Bubble Wed, 17 Jan 2007 22:00:10 +0000 http://www.getrichslowly.org/blog/2007/01/16/become-a-consultant-to-defeat-debt-quickly/#comment-46796 Great post. I would also recommend transferring and consolidating high interest credit card debts onto a zero percent offer. In addition, many folks have $5,000 in cash sitting in a bank account while they have $8,000 in credit card debt charging 20% interest. The way I would look at this is that you have a guaranteed investment of 20% by paying off that debt. Where else can you get that type of return? Somehow folks feel safe just having the income sitting in their low interest savings account. In terms of getting a second job I would also include increasing your income at your current job. Sometimes taking additional night classes or pursuing a part-time degree will increase your annual income anywhere from 10 to 20%. Why not invest in yourself first? http://drhousingbubble.blogspot.com Dr. Housing Bubble - How I Learned to Love SoCal and Forget the Housing Bubble Great post. I would also recommend transferring and consolidating high interest credit card debts onto a zero percent offer. In addition, many folks have $5,000 in cash sitting in a bank account while they have $8,000 in credit card debt charging 20% interest. The way I would look at this is that you have a guaranteed investment of 20% by paying off that debt. Where else can you get that type of return? Somehow folks feel safe just having the income sitting in their low interest savings account.

In terms of getting a second job I would also include increasing your income at your current job. Sometimes taking additional night classes or pursuing a part-time degree will increase your annual income anywhere from 10 to 20%. Why not invest in yourself first?

http://drhousingbubble.blogspot.com
Dr. Housing Bubble - How I Learned to Love SoCal and Forget the Housing Bubble

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