The Rachel Cruze Show - How to Keep More of Your Money in Your Wallet

Episode Date: August 1, 2022

If you’re trying to make (and save) money quickly, this episode will give you some great tips and strategies. Plus, we’ll talk about the main reason people go bankrupt here in the U.S., and what you can do to avoid or lessen some of those expenses! Here’s what’s coming up: ·      15 Ways to Make $10,000 Fast ·      The #1 Reason People Go Bankrupt   Helpful Resources: Christian Healthcare Ministries Financial Peace University EveryDollar Sponsors pay the producer of this show, The Lampo Group, LLC, advertising fees for mentioning their services or products during programming. Advertising fees are not based upon or otherwise tied to any product sale or business transacted between any consumer or sponsor. The following sponsors have paid for the programming you are viewing: Christian Healthcare Ministries.   Learn more about your ad choices. Visit megaphone.fm/adchoices

I don't want you to live that life where you're doing an extra job for the rest of your life. No, no. But to get ahead and kind of get that boost that you need with your financial goals, it is worth it. Within two to four to six months, you could have so much money saved. So in this episode, we're going to talk about the number one reason people go bankrupt and how to avoid going into bankruptcy for this. You may be shocked on what it actually is. But first, let's talk about nine ways to save. $10,000 and one year. Yes, you guys, it is possible. This can go towards your starter emergency fund,

paying off debt, or even your larger emergency fund after you are debt-free. Take a listen. So we all could use some extra money right now, especially if you are building up your fully funded emergency fund and Baby Step 3, which is three to six months of expenses in savings. So what if you could save $10,000 in a year or less? It's possible, and I'm going to give you some tips on how you can do that. Now, I know it sounds like a ton of money because it is, but when you actually do the math, it works out to $27.40 per day. So that means you need to save or make an extra $27.40 a day.

Or you could just round that up to $30, which means you could do it less than one year of saving up $10,000. So if you just think about some ways you can make or save an extra $30 a day, it doesn't feel as overwhelming. And there are a lot of ways to do this. So let's talk about a couple of ways you could earn an extra $10,000. First up, you could rent out a room in your house. So if you have a spare room, you could actually rent it through a site like Airbnb.

So if you rented it out for $65 a night and booked it $155 night, you can make $10,075 on Airbnb in a year. Now, of course, there's some, you know, Airbnb fees and taxes and things, but that's a way to do it. Also, you can run out actually other spaces in your house, not just a room. So, again, if you don't want that whole room taken up,

you can actually run out places like your closets, a garage, a backyard, or even your driveway. There's a website called neighbor, and you can actually make up to $400 a month renting out closet space. Also, a neighbor, you can rent out your empty garage for up to $600 a month, and you can make up to $150 a month

renting out your empty driveway. Who knew? And then there's an app called Nooksie. So again, it's kind of like Airbnb of Backyards. So you can actually rent out your backyards for people to have parties or go camping. And you could do this close to a 1,000, $1,000 per month. Is it not crazy? You can make a $1,000 a month, renting out your backyard.

So let's say you decided to rent out one closet, your garage, and your backyard. You could possibly make $10,000 in five months. You're not doing it forever, right? I mean, you're just like, for five months, what could I do? It's crazy. You could also rent out your car. So Turro is a site that you can do this. And there's a calculator on their website to show you how much you could actually make by renting out your car, and it's based on your region, your type of car, all of that. But people can make up to $1,000 a month or even more renting out their car. So you could potentially make $10,000 and 10 months by doing this. You could also drive for Uber or DoorDash.

So the average Uber driver earns about $15 to $22 an hour, and the average Dasher earns $25 an hour. So if you did Door Dash deliveries two hours every day, you could make $10,000 in a little over six months. Also, Instacart, you can make anywhere from 120 to 160 per day. So that means you could have $10,000 in a little over two months if you did that. You could also flip and sell furniture. So this is a great option. You can go to thrift stores or yard sales and get a piece and redo it, fix it up, and resell it, make a profit. Now, obviously, how much you buy for the original piece and the materials, all of that,

will depend on what you could sell it for. But let's say you sold five pieces of furniture and made $200 profit each time you did that. You could have $10,000 in 10 months. And also there's a video I recently did with someone who's an expert on furniture flipping, so you can check that link out in the description. You can also tutor online.

So the demand for online tutoring is so high right now. And depending on what site that you use, what subjects or topics you can teach on, again, you could do like SAT or ACT prep. You could earn up to $60 an hour. So let's say you're only making $30 an hour and you tutor two hours a day, Monday through Friday, you can make $10,000 in about eight and a half months.

Now, I reached out to my community on social media to see what they did to earn money fast, and so here were some of their responses. I walked dogs, I dog set, house set, babysat, clean my sister's house, sold things on offer up, helped people organize their homes, drove people to and from the airport. For a private retreat center,

I stopped getting manicures and pedic. care of some facials and massages. I stopped eating out. I didn't buy clothes, all of that. And she saved a lot of money and made a lot of money. Someone on Instagram said my husband and I cleaned a warehouse on Saturday mornings together. Someone else said that I did meal planning, eating leftovers for lunch and dinner, shopping sales to get our food budget to $350 a month so we can put more in savings. And we're not planning any vacations during this time. We have met mobile, so we only pay $15 a month. We only shop once a week. We meal plan around sales. We have sold things that we're not using. We're taking house-sitting jobs or an extra money. All of this goes

into savings. Someone else on Instagram said that she was a clinical research study participant while I was in grad school and postdoc. Someone else on Instagram said, spending freezes. You can do this for one day or a month, but it really adds up quickly. This person said staying out of Target is key. Amen. Another comment was content writing, cleaning houses after my main job, and also working as a Zumba instructor. And the last one said, I helped cater wedding, super fun and paid well for a weekend side hustle. Okay, so I love that those are such creative ideas.

Again, they kind of give you this real world like, hey, here's what you can do. But think about that list earlier, you guys, all of that, some of it was, yeah, you're doing something every day extra, but within two. to four to six months, you could have so much money saved. It's crazy. And it's not forever. Again, I don't want you to live that life where you're doing an extra job for the rest of your life. No, no. But for a period of time to get ahead and kind of get that boost that you need with your financial goals, it is worth it. And of course, when it comes to saving money, one of the best ways that you can do it is budgeting, being intentional and knowing exactly where your money's

going. So make sure to check out my favorite budgeting app every dollar. It makes a huge difference. All right, you guys, I hope I motivated you. Got those gears turning where you kind of think, I'm stuck. Oh, this is stuff is so hard and inflation's so high, all of it. But hey, you can bust through it with some sacrifice. You can save money quickly. So today we're going to dive in to a topic that is not as fun to talk about, but it's a reality for some people, and that is bankruptcy. So I'll be talking about the number one reason why people go bankrupt and then give you some tips of how you can work through this issue if you're experiencing this kind of situation. So the number one reason people go bankrupt in the U.S. is medical bills. According to a 2019 study from the American Public Health Association, about 66% of bankruptcies in America are caused by high medical bills.

In 2021, 50% of Americans had some type of medical debt. This is hard, you guys. This is a debt that you, you know, take on, these bills you take on for the care of you, for your health, for a spouse's situation, one of your kids. And so it's one of those things that's like, I'm going to do what I have to do to help. And then the sad reality of what it costs, especially if you don't have insurance. So you guys, getting health insurance, I know it can be so expensive. And depending on your employer, if you're self-employed, there's a lot of different routes,

a lot of different options. But looking into that is going to be huge to see what insurance can come. cover. But for people that the insurance didn't cover certain situations or they don't have health insurance, then it is a part of our world, sadly, that people struggle so, so much, not just on that health side, but on the financial side. So if you are struggling with a lot of medical debt, a lot of medical bills, here are a couple of things just to keep in mind. Number one, don't blindly pay the bills. So in other words, don't just pay them without checking out the bills. And so we We trust our doctors so much, but a lot of the time our bills come from a billing department

that is completely separate. So mistakes can be made. So do not pay without first investigating and making sure all the charges are correct. Also, you want to ask for an itemized bill. So this means you can see every single charge in exactly what it was for instead of just one big bill. And then you can also look and see, okay, I may need explanation on this or of this benefit. you know, what did the insurance cover? What did I owe out of pocket? And so get some really,

really specifics. And if you get any weird answers, then make sure to follow up with your health care provider. You can also research assistant programs. So depending on your state and level of income and a few other factors, there are federal programs that might actually help you pay for your medical bills. And there's also non-profits like Healthwell Foundation that provide financial aid for people with chronic conditions like cancer. So it is worth doing your research and looking into it. Also, if you have a lot of medical debt or medical bills, negotiate. Okay, negotiation is a powerful strategy when you're making purchases, but also when you're paying bills. So you can actually set up a meeting with the hospital administrator

or the billing department and explain your situation while you aren't able to cover the bills right now and ask if they will settle for any lower amounts. You can even ask for, you know, 10% off. The worst that they can say is no, but at least ask. Also, work out a payment plan. So if you aren't able to get a discount, ask them they can put you on a payment plan so that you can break down the total bill into smaller chunks that are more manageable. There's usually no interest or lower interest if you receive acute care, meaning that you were treated first and then billed afterwards. And just remember, your goal is to pay it off as fast as possible with the debt snowball. So you want to start with the smallest medical debt first. Also, get on a budget. If you

haven't been doing this, things can feel overwhelming, especially if you're in a really dire situation like someone that's facing bankruptcy. But there are things to do where you can look to see what can I control and your income coming in to be able to say, okay, this is exactly where my money's going, because this also is going to help you cut expenses to be able to pay off those bills even faster. And again, if you have a ton of debt, medical or not, this is such an important thing to have in your life financially. You can also talk to a financial. You can also talk to a financial coach. So if you're feeling really overwhelmed and confused, a financial coach can actually guide you through everything. You can get a free consultation when you check out one of our Ramsey preferred

coaches. Now again, you guys, this topic, it's really difficult and really sensitive to navigate because it's very overwhelming. It's very stressful because, again, not only are you dealing with a financial issue, but also a health issue is attached to it, again, whether it's you or someone you love. So it is, it's so, so hard. I know some of this is easier said. been done. And I'm so sorry, but I can tell you, after doing this job for over a decade, we have heard story after story after story of people who have been in really hard situations, but there is a persistence that they have. And the road is long, but they keep at it and they keep at it and they keep at it. And it's amazing that at the end, they're like, okay, we did it.

And so hearing those stories of victory and hope, I hope gives you a sense that it is possible. And even though it's so stressful and it's so hard, just know that we are with you. And I'm hoping that this video, again, gives you some ideas of what you can do to not only lower your bill, but contain the situation and give you a method to go and pay this off.

And so if you have been through this kind of situation, you have ideas, comment below to let everyone know because, again, people are searching for answers in a way to get through this crazy life, especially if you're in a situation like this with a little bit more guidance and peace. So yeah, you guys, bankruptcy.

tough subject and especially because it's medical bills and so it's always heartbreaking but hopefully some of those tips help you if you find yourself with a lot of medical bills currently. Well, thank you guys so much for listening to this episode of the show. If you have not hit the follow button and subscribe to this podcast, make sure to do that and if the spirit leads, you can leave a review. As always, make sure to take control of your money and create a life you love.