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If You Are Young And Have A High Income: Treat It As A Windfall

By almost any measure, I had hit the jackpot. I graduated from law school in 2013, with honors, and landed a job at one of the largest law firms in the midwest. In an era when law students were – and still are – frequently finding themselves unemployed or underemployed, I was one of the “lucky” ones. My starting salary in my first ever real job was $110,000 per year. Here I was, a 26 year old kid making a salary that my middle class parents had never earned in their entire lives. The most I had ever earned in a year before was about $20,000.

According to the Bureau of Labor Statistics, the average salary for 25-34 year olds in the United States is $38,324 a year. I was making nearly 3 times that amount. By 2016, my salary rose to $125,000 per year. I was a baller!

But, like almost all new lawyers (or almost anyone entering a high paying professional field), I also had sizable student loan debt: about $87,000 worth.

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June 2016 Side Hustle Report – $2,496.96

One feature I thought I’d put on this blog is a monthly Side Hustle Report to track my side hustle income.

What I love most about side hustling is how easy it is to develop a side hustle today. Back in the old days, you really needed a specific skill, maybe needed to develop a website, and definitely needed a way to reach customers.

That’s all changed with the new sharing economy platforms that have sprung up in the past few years – think Airbnb, Uber, Postmates, etc. For anyone looking to make a couple extra bucks a month I always recommend getting involved in these sharing economy platforms.

Continue reading June 2016 Side Hustle Report – $2,496.96

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Starting The Financial Panther Blog

Most blogs like this start from the same point, the writer is in debt and documents his or her journey out of it. If I had started this blog two years ago, I’d be starting from the same point. I graduated law school in May 2013 with $87,000 in student loans. My net worth at the time was negative $87,000.

2 weeks ago, I paid off my student loans in full. My net worth today is approximately $50,000. Going from negative $87k to plus $50k seems pretty good in my book.

Continue reading Starting The Financial Panther Blog

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