How To Money

How To Money

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How to Money 8/6

Tesla Model S electric car at a supercharger charging station

Photo: Sjo / iStock Unreleased / Getty Images

Joel covered a lot this week, so here's a quick outline of what you need to know to get yourself on your way to financial happiness:

There has been some news about Tesla offering people 84-month car loans. This may seem like a good idea for you to finally be able to afford that new car you've been wanting. But 7 years is a really long time! It's a better idea to hold onto your car or just buy a cheaper car. A good rule of thumb to finance a car is the 20/4/7 rule. The 20 is putting 20% down. The 4 is to finance it for no longer than 4 years. The 7 is that it shouldn't cost more than 7% of your gross income.

Around 1 in 3 Americans currently have a side hustle. But is it worth it? Even though it's great that you can get some extra income, it's important to take into consideration before picking up that gig work:

  • How consistent is it?: If you're sitting around waiting for work, those hours need to be taken into consideration
  • Does it offer a career path?
  • Lack of health insurance and little to no benefits
  • The pay isn't great: 85% of gig workers make less than $500 a month which is fine for part time work, but hard to live on when it's your full time gig

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