Need help getting out of debt? Many people turn to consulting to help dig themselves out of debt. I’m not suggesting that you quit your job and become a consultant if you’re financially unstable and the creditors are ringing. However, consulting can complement your existing income and allow you to pay down debt faster.
Getting out of debt with consulting: a true story
One of my friends was struggling under a mountain of credit card debt. It wasn’t that this person was irresponsible with money. A long term relationship ended, leaving my friend to carry rent, groceries, car payments, and other basics alone. Like many people, my friend had made financial choices that wouldn’t have been considered if my friend had been living on a single income. And hence a mountain of debt piled up.
My friend asked me what to do. I suggested picking up consulting, a work from home job, or a side job. I noted that consulting would be the best option, since, in my friend’s case, experience and demand would allow for a high hourly consulting fee. In fact, even though my friend had only been out of school for a short time, my friend was able to land contracts that paid $50 an hour or more. By working just five hours a week, my friend was able to generate an extra $1000 a month for credit card bills. In less than a year, my friend was out of debt — and thus able to pocket $1,000 a month, just for working a half day each week.
Get out of debt by consulting
If you’re looking for a way to pay down debt, consider picking up consulting work. Make some real money! Why earn a small hourly rate at a typical service industry job, when you can sell your knowledge and earn an hourly rate that can make a real difference to your life?
- Getting out of debt via consulting
- Consulting business ideas
- Personal finance for consultants FAQ
- Setting consulting fee rates
- Best ways to pay off debt
- Side jobs
- Consulting Fees: A Guide for Independent Consultants
- Discover Your Inner Consultant
- Discover Your Inner Entrepreneur (for moms)
"Getting out of debt via consulting" from Become a Consultant at ConsultantJournal.com.