Dealing with Emergency Medical Bills and Other Unexpected Life Challenges
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We want to believe that we are in total control of our lives, but no. There are lots of surprises along the way! I’m sure I’m not the only one here who wakes up every day hoping for little happy surprises. But, here’s the thing, we don’t always get what we want.
In one way or another, we’ll encounter life-changing, abrupt events that can shatter our lives. How exactly do you deal with unexpected medical bills, illnesses, and even death?!
It’s unthinkable, I know. I will say though if you have your finances in order it is one less thing to worry about. There is a way to prepare and survive these stressful moments. I got through tons of financial issues through a helpful passive side hustle.
Never let yourself get carried away by your troubles.
Life is full of surprises! Some of those surprises are good, some are bad. I, myself, have encountered horrible surprises multiple times, and the level of stress it brought me was just unthinkable. I said to myself, “preparing for these instances is just impossible.”
What’s important is you don’t let yourself get carried away with everything. At some point, frustration, anger, and fear will take over your emotions but try your best to gain composure.
What you would want to depend on during this painful time is your ability to solve problems creatively.
My “creative” solution?!
Have a passive side hustle that can deliver great value to people, and at the same time give me passive income. You’ll never go wrong with passive income streams!
How do you deal with unexpected medical bills and other financial troubles? Look for a passive side hustle!
Is it even possible to run out of problems in life?!
One kind of problem that seems to take over the lives of most people nowadays are money issues. I know that we are all expected to earn and manage our finances wisely, but sometimes, it’s just so difficult, most especially if you are living paycheck to paycheck or client to client!
Financial troubles stem from not earning enough or from being in debt. Being married or co-parenting with someone who is not good with money also spells trouble.
Things are bound to get more miserable if you experience sudden illness and deal with unexpected medical bills. How do you prepare for that?
If you have a full-time job that doesn’t pay enough, you may want to have a passive side hustle. The main challenge here is that you should learn how to manage your time effectively. You are already going through immense financial troubles. I’m sure you don’t want to go through more stress!
Financial stress is toxic and can take a toll on your health. (hint: a passive side hustle helps)
1. Poor physical health
Stressing too much about money can lead to heart disease, sleep problems, migraine, diabetes, and many more health issues. If left untreated, these illnesses can lead to more serious, life-threatening illnesses. You don’t want to deal with thousands worth of medical bills. This will plunge you even further to debt.
2. Poor mental health
Research shows that individuals in debt and those dealing with lots of financial issues suffer more from mental health problems like anxiety and depression. Financial and mental health are always connected! Eventually, financial stress can lead to poor mental health.
3. Delayed healthcare
Delaying healthcare treatments can lead to stress, higher costs, and worse conditions. With less money on hand, individuals who are already experiencing financial problems tend to skip and cut corners on crucial areas like healthcare.
4. Unhealthy behavior
People experiencing financial stress tend to engage in several unhealthy behaviors, from alcohol and drug misuse to gambling and an unhealthy diet. We go through this even when heartbroken, right? Instead of engaging in our regular routines, we lock ourselves in our rooms for hours while binging on ice cream.
To Everyone Out There Who Are Struggling to Earn Additional Income, I Was Once Like You!
Imagine trying to live on a full-time paycheck and still not having enough. Yah that was my hubby and me for a while and it’s crazy!
Dedication to your family is one thing, but paying the bills without sacrificing everything is another. To all the people out there who are struggling to earn extra income, I was once like you!
At one point in our family, I had quit a $97,000 a year Information Technology job in Corporate America to stay home with my two babies, age 2 & brand new. I was exhausted from working 13 hours a day and never seeing my children or husband. I thought the transition would be easy but after a few months of trying to live on my husband’s salary of $32,000 a year – I knew I couldn’t continue to just take care of my babies all day and not help bring in income.
So, I did what some of my friends were doing, I started a day-care. I was making around $1200 a month. It helped even though we were still bleeding financially. Although I loved watching my day-care kids, I was feeling antsy, we needed to make more money and I was bored.
So I started spending some time on the computer and I found that so many people were making a killing online selling various courses and products. I thought it might be a good idea but I wasn’t completely sold yet. So instead, I decided to join an mlm company.
I tried to sign up everyone, I knew into my new mlm venture. I even bugged my mail lady about it. But I wasn’t having much luck. So one night, I decided to spend our last $57 we had in savings on fliers to advertise my mlm.
Little did I know that that would change my life forever.
I got up at 5 am early on a Saturday morning and went out with my friend to drop off fliers in the nice part of town. When I came home around 7 am and I went back to bed. The thing, I remember was being in that state of almost asleep, and I heard a loud bang.
I woke up, jumped out of bed, ran downstairs, and saw that our garage was on fire. I yelled at my husband to go outside and check it out. And I went and got my babies out of their room and ran out in the backyard.
I remember thinking, I should have spent that last $57 on new underwear. You see I was wearing holy underwear with a ratty old teeshirt out in my backyard with the babies.
I was yelling like a banchee at my husband to be careful – I am sure the neighbors 2 blocks away thought there was a domestic dispute going on. Then firemen showed up and put a big ladder over the backyard so we could climb over the fence into the neighbors back yard.
I was horrified and mortified. The fireman and all my many neighbors got to see my granny panties that were full of holes.
So I put on my thinking cap and got super resourceful! It was summer-time. I moved all my little kids into one room and hired a live-in nanny to stay with us for the summer. She helped me take care of my kids and the daycare kids. I paid her out of the salary from the daycare.
I had one of those big old thick computers and a ratty old desk in my laundry. And believe it or not, I spent 4 months in that laundry room during the summer learning how to generate leads online. My break-through came when I learned how to generate cheap leads on eBay – after spending over $23,000 on credit cards and from our savings on various scams online.
It was a steep and costly learning curve.
From there I learned how to generate more cheap and free leads online. I wrote an ebook and sold it for $37 over and over again. Then I discovered how to use Facebook to generate leads online.
The best part was then I went on to create an online course called the “7 Touch Series” and I taught it to over 2,000 solopreneurs and people just like you who are looking for a passive side hustle. The “7 Touch Series” was all about how to use this system to build their own online passive income source.
Trust me when I say this, it hasn’t always been an easy journey but it has been worth it. Good thing I discovered the magic of creating online courses and sharing my knowledge with other people like yourself. It allowed me to generate money online, and help other entrepreneurs who wanted to make money online.
I can help you too.
Prepare for those unexpected, unfortunate events by changing your attitude about money.
1. Come up with an effective spending plan.
Even if you have a high-paying job and lucrative passive side hustle, you won’t be able to save if you don’t have a proper spending plan. Plan how you want to invest the money that you currently have, and work towards your financial goals.
Take note of your non-routine, predictable expenses like new clothes, and monthly predictable expenses such as utility bills and groceries. More importantly, this is where unpredictable, emergency expenses come in. Don’t forget to list your medical emergencies under this!
2. Pay off all your debt.
Having a passive side hustle won’t make you an instant millionaire, so do it one step at a time. Make a list of your debts, and work your way through that list. One way to do it in order of balances owed, while disregarding interest rates. Feel free to pay the lowest ones first, until you get to pay the highest debts in full. This feels really good even to get a small debt paid off.
3. Reduce your expenses going forward.
This is not going to be easy! However, it’s not like you need to abandon every little thing that you love. As much as possible, be creative in lessening your expenses. One thing you can do is buy clothes during the sale season, or use coupons when eating out at restaurants.
4. Let go of the “I deserve this” attitude for now.
The “I deserve this treat” attitude encourages people to make impulsive purchases just to reward themselves for their hard work. At times, it’s all for emotional gratification.
Don’t get me wrong, though. I reward myself, too. It’s just that, habitually purchasing stuff on impulse is a total waste of money. Instead of impulsively splurging on small treats, just invest in more meaningful, valuable purchases.
5. Don’t make unhealthy financial choices.
Resisting the urge to spend can take a lot of willpower. In order to manage your finances properly, develop long-term, effective strategies that bring lasting changes. An example of a big change is to just maintain one credit card to pay your bills and purchases.
6. Get enough rest and exercise.
Getting enough sleep, rest, and exercise help put you in the best possible mental and physical shape to defeat life’s challenges. These healthy habits wash away stress and help you maintain a clearer mind. No need to acquire a gym membership.
You can just go for a short walk outside or do simple exercises in your room for about 10 minutes. The goal here is to get your muscles moving and heart pumping!
Start your passive side hustle now!
The COVID-19 pandemic made us realize lots of things, from focusing on our mental and physical health to career and financial stability. Coronavirus is probably the biggest, life-changing surprise we experienced this year. Now, it’s time for us to move on, and prepare for plenty of possibilities. We can’t be in control of 100%, but we can prepare to face the challenges head-on. Let’s start by reassessing your finances.
I understand that now is maybe not the best time to leave your full-time job to look for better opportunities. For now, it’s best to look for a passive hustle that can give you additional income. Any awesome passive income ideas in mind? Go ahead and explore rental properties, peer lending, estate investment stocks, and more. My advice take advantage of the internet. Trust me, it’s possible to use the online platform to boost your earnings.
What is a good passive side hustle to make extra money?! Create and sell online courses!
Are you an expert on a specific topic? If you have high skill levels and strong knowledge of a particular industry, you can use these strengths to generate more passive income. Create an online course targeted to a specific audience. Then, you can either sell it on your own website or Udemy or Thinkific. The best part of creating an online course is that you can finish all the initial tasks, and continue to get paid every time someone buys it.
Coming up with a good passive income stream is a big, long-term project. It is an absolute game changer for every person out there. Just imagine the amount of money you can save with an additional passive income. You can use it for your children’s emergency funds, dream vacation, retirement or for any unexpected challenge you may experience in the future.
As for me, the most lucrative passive side hustle is online course creation. If done right, it can be a fulfilling and financially rewarding venture. Do you think you can do it? I’m sure you can! Start thinking about possible online course topics now (it really depends on your expertise!). The goal here is to achieve a steady income flow, without the day-to-day full-time job commitments. Good luck on your new journey as an online course creator!