News Information and Media Site: Man Quits Job At Ford Motors To Focus On His Side Hustle That Earns $14K Monthly

Newsletter Sep 18, 2024

Hey there, it's September 18!

In today's edition, we're talking five-figure side hustles, smart financial moves, and big updates like Amazon's office mandate pushback and Starbucks' leadership shake-up. Plus, for those managing student loans, we've got important deadline news you won't want to miss. So, grab a coffee, settle in, and dive into all the exciting updates ahead.

In the Fast Lane of Business...

Amazon employees are threatening a "soft quit" after CEO Andy Jassy mandated a full return to the office in January 2025, with some accusing the policy of pushing them to resign. Jassy defends the move as necessary for innovation, though many workers see it as outdated. Despite the backlash, Jassy warns that those not complying may no longer have a place at Amazon.
Starbucks North America CEO Michael Conway is retiring after 11 years, and the company won't replace him. He'll stay on as an adviser until November, following the recent appointment of former Chipotle chief Brian Niccol as global CEO. Instead of filling Conway's role, North America retail head Sarah Trilling will report directly to Niccol as Starbucks refocuses on streamlining operations and revitalising its coffeehouse culture.
The U.S. is nearing its first interest rate cut since Covid, but the size of the cut is sparking debate. Senator Elizabeth Warren is pushing for a bold three-quarter-point reduction, warning that high rates are damaging the job market. However, Wall Street and Fed officials expect a more modest cut, with the decision set for Wednesday.

Influencer-Approved Business Ideas For You

Cody Sanchez, founder of Contrarian Thinking and former Wall Street exec, shares five beginner-friendly businesses you can start over the weekend, including window cleaning and mobile car detailing. These underrated hustles can rake in up to five-figures monthly with minimal startup costs. Ready to ditch the 9-to-5? Sanchez's tips could have you earning fast. Watch her full breakdown here.

Side Hustle You'd Be Crazy Not to Try

According to a CNBC article, Chris Pyle turned a side hustle on JustAnswer, a platform where experts provide paid answers to user-submitted questions, into a full-time career. Starting in 2006, Pyle quickly found success answering mechanical questions, earning $500 in his first month and eventually surpassing his $75,000 salary at Ford Motors by 2012. Today, he makes around $14,200 a month on JustAnswer, working 8-10 hours a day, seven days a week, while enjoying the flexibility to be with his family. His income has funded a 34-acre property, a new home, and an RV, and though he's not an employee of JustAnswer, Pyle has no plans to return to traditional employment—unless he's the boss.

Personal Finance News to Boost Your Bank Account

Retirement accounts like 401(k)s and IRAs offer tax benefits and growth potential, but rolling over a 401(k) into an IRA can leave your funds in cash if not reinvested. Vanguard found nearly 30% of clients who rolled over funds hadn't reinvested, risking over $130,000 in lost gains. Unlike 401(k)s, IRAs require active management, and wealthy investors often convert traditional IRAs to Roth IRAs for tax-free withdrawals—an effective strategy to maximise savings.

Starting in 2024, businesses must file a new Beneficial Ownership Information (BOI) form under the Corporate Transparency Act to increase transparency and prevent illegal activities. The form requires corporations, LLCs, and registered businesses to report details about their "beneficial owners"—those with control or significant financial interest. It's a one-time filing unless ownership changes, with companies formed before 2024 having until January 2025 to submit. Filing is free, and early submission helps avoid penalties.

The federal student loan repayment "on-ramp" ends Sept. 30, and missed payments could hurt credit scores by January. Around 10 million borrowers are at risk, with many already behind on payments but protected during the grace period. Borrowers should start paying in October to avoid damage, but help is available through financial advisers and programs like Fresh Start. Ignoring the issue could lead to default and wage garnishment, so it's crucial to act now.