This week’s Money Master is Kyle Taylor of The Penny Hoarder. By eight years old, Kyle was already clipping coupons. He’s now grown into a full-fledged hoarder of pennies, well all things money anyway. Kyle dishes out great advice. Below, we’re particularly fond of his answer to question number three. We’ve discussed this several times at Debt Free Guys™.
1. What’s your story?
Like most 20-somethings, I started this decade of my life as a poor college student. I started racking up student loan debt faster than I could count and was still struggling to make ends meet. So I started looking for different ways to make extra cash in between classes and quickly realized I had a knack for finding really weird odd jobs.
One of my favorite gigs was when I worked as a beer auditor; I was essentially paid to visit liquor stores/grocery stores around town and see if they would ask for my ID when I tried to buy a pack of beer. The best part of the gig? I got to keep the beer and each location paid me between $30-$50.
My friends were a little curious about my new windfall and when they heard about my job, they encouraged me to start writing about my adventures. This was a little more than five years ago and it’s when I decided to start the blog, ThePennyHoarder.com.
2. What’s your point of view, as a personal finance blogger?
I believe we spend too much time thinking about how to save money and not enough time thinking about how to make more money. In fact, much of the personal finance advice that has been written in recent years focuses on different ways to cut back: give up your Starbucks, freeze your credit card, buy a used car.
There’s nothing wrong with that advice (and many of us probably could stand to cut back a bit!), but the problem is that families end up spending all of their time figuring out ways to reduce their expense column and really only half the battle. Look – the median salary in this country is less than $52,000. That’s just simply not enough money to raise a family on.
3. In one sentence, what’s one piece of sage advice from your personal finance background that you’d like to share with our readers?
Diversify your income.
You can keep track of Kyle’s insight by visiting The Penny Hoarder regularly, or become and email subscriber, sign up for his RSS feed or follow him on social media. We know you’ll be glad you did.