Latest news with #JamesFrancis
Yahoo
24-05-2025
- Business
- Yahoo
5 Steps To Quit a Side Gig You Hate When You Still Need the Money
According to recent research from PYMNTS Intelligence, 41% of consumers have a side hustle these days, and 22% of those with a secondary income source cited having one to cover basic living expenses. In surprising news, the extra income accounted for 43% of the total income of someone with a side hustle. Read More: Find Out: Regarding those earning under $50,000, the side hustle accounted for 76% of total income. This research indicates that Americans rely on side gigs to get by. However, there could come a time when you no longer have the energy to balance multiple jobs. If you need your side hustle income to help out with expenses but are tired of working so much and want to quit the gig for a better work/life balance or improved mental health, there are ways to do this. Here are five steps to quit a side gig you hate when you still need the money. 'The first step is being honest with yourself about what you can realistically handle,' said Michael Rodriguez, a CFP and the owner of Equanimity Wealth. 'If you're relying on the money, you can try tapering down the gig slowly instead of quitting all at once.' You want to give yourself an adjustment period to not shock your finances. This means that you'll want to set a deadline in advance so that you don't abruptly drop a supplemental income stream that's helping you get by. This leads us to the next step. James Francis, a financial expert and CEO of Paradigm Asset Management, suggests conducting a freedom audit to determine what it would take to quit the side gig. Here are a few questions to look at: Why are your expenses so high? How much of your monthly expenses depend on the side gig? How much money do you need to cover the basic living expenses? You'll want to run the numbers to see how much of your side gig income needs to be replaced to cover your bills without stressing about getting by. Once you have the numbers clearly outlined in front of you, this could help alleviate some anxiety about dropping the income stream. 'Take a look at your spending and start trimming expenses so that your full-time income can support your lifestyle,' noted Rodriquez. You'll want to review your expenses to determine if there's any room to find some savings so you don't have to maintain two jobs to get by. At this point, you'll want to go through your monthly subscriptions to see if there's anything that can be cut or negotiated to help you save money. You may find that you're relying on $500 monthly from the side gig to get by, which you could cut from your monthly fixed costs. Sometimes, the extra funds from a side gig could lead to lifestyle inflation. Reviewing your personal spending and conducting a freedom audit will help you figure out how much money you have to make up for outside of your full-time income. You'll want to take an honest look at the real price of the extra income. You could be compromising your health and relationships by allocating this time towards your secondary gig. The harsh reality is that you could use the hours dedicated to a side gig to build wealth in other ways. Francis mentioned that many burned-out side hustlers often fail to realize that their free time is valuable. The two hours that you're putting into the side gig could be better utilized by reinvesting into a more productive activity, like learning a high-value skill or even trying to become better at your main job to get a raise. Better uses of your time are available, and you don't have to feel stuck in that second gig. The goal is to make your money work for you so that you don't always have to clock in. Francis suggests redirecting a fraction of that side income towards investments that generate passive income so that you can quit in the near future. You can invest in assets that pay dividends, conservative index funds, or fractional real estate. The goal is to build financial momentum that doesn't depend on working another shift. It may take some time to see results from your investments, but the good news is that these sacrifices can help you quit that side gig. Rodriguez concluded, 'Chasing every extra dollar isn't often worth it, especially if you're constantly exhausted or missing out on your life. Like anything you do in life, aim to find a balance that actually works for you.' More From GOBankingRates Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Sources: PYMTS, 'America's Second Shift: Why Side Hustles Are Now a Financial Lifeline' Michael Rodriguez, Equanimity Wealth James Francis, Paradigm Asset Management This article originally appeared on 5 Steps To Quit a Side Gig You Hate When You Still Need the Money Sign in to access your portfolio
Yahoo
24-05-2025
- Business
- Yahoo
5 Steps To Quit a Side Gig You Hate When You Still Need the Money
According to recent research from PYMNTS Intelligence, 41% of consumers have a side hustle these days, and 22% of those with a secondary income source cited having one to cover basic living expenses. In surprising news, the extra income accounted for 43% of the total income of someone with a side hustle. Read More: Find Out: Regarding those earning under $50,000, the side hustle accounted for 76% of total income. This research indicates that Americans rely on side gigs to get by. However, there could come a time when you no longer have the energy to balance multiple jobs. If you need your side hustle income to help out with expenses but are tired of working so much and want to quit the gig for a better work/life balance or improved mental health, there are ways to do this. Here are five steps to quit a side gig you hate when you still need the money. 'The first step is being honest with yourself about what you can realistically handle,' said Michael Rodriguez, a CFP and the owner of Equanimity Wealth. 'If you're relying on the money, you can try tapering down the gig slowly instead of quitting all at once.' You want to give yourself an adjustment period to not shock your finances. This means that you'll want to set a deadline in advance so that you don't abruptly drop a supplemental income stream that's helping you get by. This leads us to the next step. James Francis, a financial expert and CEO of Paradigm Asset Management, suggests conducting a freedom audit to determine what it would take to quit the side gig. Here are a few questions to look at: Why are your expenses so high? How much of your monthly expenses depend on the side gig? How much money do you need to cover the basic living expenses? You'll want to run the numbers to see how much of your side gig income needs to be replaced to cover your bills without stressing about getting by. Once you have the numbers clearly outlined in front of you, this could help alleviate some anxiety about dropping the income stream. 'Take a look at your spending and start trimming expenses so that your full-time income can support your lifestyle,' noted Rodriquez. You'll want to review your expenses to determine if there's any room to find some savings so you don't have to maintain two jobs to get by. At this point, you'll want to go through your monthly subscriptions to see if there's anything that can be cut or negotiated to help you save money. You may find that you're relying on $500 monthly from the side gig to get by, which you could cut from your monthly fixed costs. Sometimes, the extra funds from a side gig could lead to lifestyle inflation. Reviewing your personal spending and conducting a freedom audit will help you figure out how much money you have to make up for outside of your full-time income. You'll want to take an honest look at the real price of the extra income. You could be compromising your health and relationships by allocating this time towards your secondary gig. The harsh reality is that you could use the hours dedicated to a side gig to build wealth in other ways. Francis mentioned that many burned-out side hustlers often fail to realize that their free time is valuable. The two hours that you're putting into the side gig could be better utilized by reinvesting into a more productive activity, like learning a high-value skill or even trying to become better at your main job to get a raise. Better uses of your time are available, and you don't have to feel stuck in that second gig. The goal is to make your money work for you so that you don't always have to clock in. Francis suggests redirecting a fraction of that side income towards investments that generate passive income so that you can quit in the near future. You can invest in assets that pay dividends, conservative index funds, or fractional real estate. The goal is to build financial momentum that doesn't depend on working another shift. It may take some time to see results from your investments, but the good news is that these sacrifices can help you quit that side gig. Rodriguez concluded, 'Chasing every extra dollar isn't often worth it, especially if you're constantly exhausted or missing out on your life. Like anything you do in life, aim to find a balance that actually works for you.' More From GOBankingRates Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Sources: PYMTS, 'America's Second Shift: Why Side Hustles Are Now a Financial Lifeline' Michael Rodriguez, Equanimity Wealth James Francis, Paradigm Asset Management This article originally appeared on 5 Steps To Quit a Side Gig You Hate When You Still Need the Money Sign in to access your portfolio
Yahoo
21-03-2025
- Yahoo
Deputy indicted in fatal Leon County traffic crash
Leon County, Tx (FOX 44) – A Montgomery County deputy has been indicted in connection with a 2024 traffic crash that left another deputy dead. Deputy James Francis was named in the indictment in connection with the February 21, 2024 crash that occurred in Leon County as a prisoner was being transported. Another Montgomery County deputy, Charles Rivette of New Caney, was pronounced dead at the scene of the crash. Montgomery County Sheriff Wesley Doolittle said Deputy Francis has been placed under arrest and terminated from his employment with Montgomery County. Sheriff Doolittle said this is a serious matter and that the Sheriff's Office remains committed to upholding the highest standards of accountability and integrity. He said the legal process will proceed accordingly and that his agency will continue to cooperate with all relevant authorities. At the time of the crash Texas Department of Public Safety Sgt. Justin Ruiz said it had occurred at 10:29 p.m. Wednesday February 21, 2024 on Interstate 45 southbound, about five miles south of Buffalo in Leon County. Sgt. Ruiz said the patrol vehicle, a 2023 Chevrolet Tahoe, was being used to conduct an inmate transport. It was traveling southbound when it struck a 2009 Freightliner 18-wheeler which was also going south. During the crash, the front passenger of the Tahoe was ejected and landed in the northbound lanes. After the initial crash, the Tahoe also ended up coming to rest in the northbound lanes. Just after the first crash a 2008 Ford F-150 going north struck the passenger who was ejected. A 2016 Freightliner and a 2008 Freightliner going north then struck the Tahoe, where it had come to rest. The passenger who was ejected and struck was identified as Deputy Rivette, and was pronounced dead at the scene. PREVIOUS STORY: Montgomery County deputy killed in five-vehicle crash in Leon County Deputy Frances had been the driver of the Tahoe. After the crash he was airlifted to Christus Mother Francis Hospital in Tyler with serious injuries. The back seat inmate passenger was airlifted to CHI St Joseph Regional Hospital in Bryan. The driver of one of the Freightliners that struck the Tahoe was transported to Freestone Medical Center. The other Freightliner drivers and the driver of the F-150 were not hurt. Sheriff Doolittle issued the following further statement: 'The loss of Deputy Rivette is deeply felt by all who knew and served alongside him, and the events that followed have only added to the sorrow. We stand firm in our responsibility to ensure accountability while recognizing the gravity of this moment for everyone involved. In times like these, we must support one another, honor those we have lost, and remain steadfast in our commitment to justice and integrity.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
01-03-2025
- Business
- Yahoo
5 Purchases That Will Help the Middle Class Build Wealth
If you're earning a middle class paycheck and actively trying to increase your wealth, you might find yourself stumped as to how to go about it. Learn More: Try This: While you may not grow your riches overnight, there are certain money moves you can make to help you reach your goals. Below are some of the top purchases that will help you build wealth if you're part of the middle class. According to James Francis, CEO of Paradigm Asset Management, one of the most valuable purchases middle-class families can make is financial education — whether through books, online courses or working with a financial coach. Understanding how to budget, invest and leverage tax advantages can create long-term financial security. 'Even a $200 investment in the right course can provide lifelong returns by teaching strategies to avoid debt, maximize retirement accounts and generate passive income,' Francis explained. Find Out: 'Owning real estate has always been a key path to wealth, but for many, the cost of homeownership is too high,' said Francis. 'Now, middle-class investors can buy into real estate through fractional ownership platforms like Fundrise or Roofstock, which allow them to invest in rental properties with as little as $100.' He said this offers access to property appreciation and passive income without the barriers of traditional real estate investing. Instead of just going with mutual funds that charge high fees, Francis said middle-class investors now have the option to buy direct indexing portfolios. This allows you to own a customized mix of stocks that follow an index, while also helping with tax savings and even aligning with your personal values. 'It's a strategy that used to be only for the ultra-wealthy, but now platforms like Wealthfront and Vanguard Personalized Indexing are making it way more accessible,' he said. 'One of the smartest investments isn't just in stocks or real estate — it's in yourself,' said Francis. He noted middle-class professionals can seriously level up their earning power with high-value certifications like PMP, coding bootcamps or even AI and cybersecurity training. 'These kinds of skills can lead to pretty big salary jumps — $10,000, sometimes even $50,000 more a year. And when you add that up over time, it can make a huge difference in building real wealth.' 'Getting the right tools, software or even just some basic inventory to kick off a side hustle can be a game-changer for building wealth,' Francis explained. Whether it's setting up a small online shop with Shopify, putting some money into a solid business course or just getting the right gear for a high-demand service, these kinds of small but smart purchases can open up extra income. 'And having that extra stream of cash can make a big difference instead of just depending on a paycheck,' Francis said. 'These are just a few smart purchases that can help middle-class families start building wealth over time.' More From GOBankingRates Here's the Minimum Salary Required To Be Considered Upper-Middle Class in 2025 The Money You Need To Save Monthly To Retire Comfortably in Every State 7 Tax Loopholes the Rich Use To Pay Less and Build More WealthThis article originally appeared on 5 Purchases That Will Help the Middle Class Build Wealth
Yahoo
06-02-2025
- Business
- Yahoo
7 Money Moves Upper-Middle-Class Families Should Make To Stay Ahead
Reaching upper middle class status is no easy feat; holding onto it, however, is another story. 'Let's face it: Keeping your finances in order isn't as easy as it used to be. Inflation, taxes, and rising costs are eating away at your hard-earned income,' said James Francis, CEO of Paradigm Asset Management. Learn More: Try This: 5 Subtly Genius Moves All Wealthy People Make With Their Money If you're an upper-middle-class family, you may not have a hard time, but staying ahead requires more than just a good salary. 'Over the years, I've seen what separates families that thrive from those that struggle,' Francis noted. Here are key financial steps the upper middle class can take to protect their financial future. According to Francis, taxes are one of the biggest expenses for high earners, and many people pay a lot. 'Start by maximizing tax-advantaged accounts like 401(k) [plans], [individual retirement accounts] IRAs and [health savings accounts] HSAs. If you invest, consider tax-loss harvesting, which means selling assets that are taxed to offset taxable gains,' he explained. 'And don't wait until tax season to strategize: Smart families make tax-advantaged investments all year long.' Check Out: 'Your 401(k) alone won't be enough,' said Francis. 'Inflation can erode savings if you don't diversify.' He advised that a solid investment portfolio includes: Stocks (U.S. and international) Bonds, especially those protected by inflation Alternative assets (real estate, private equity) 'Markets have changed and what worked a few years ago may not work today,' Francis warned. He recommended regularly reviewing your investments and adjusting as needed. It's easy to justify upgrading homes, cars and vacations when your income increases, but according to Francis, uncontrolled spending can sabotage your long-term security. 'Enjoy your success, but don't let every increase turn into a bigger mortgage or a luxury purchase,' he said. 'Families who stay ahead know when to call.' Most advice recommends putting away three to six months of expenses, but for middle-class families with mortgages and higher education, Francis recommended aiming for 12 months of high-yield savings. 'A larger cash cushion means you can weather layoffs, medical issues or market downturns without dipping into investments,' he noted. 'Health care isn't getting any cheaper, and employer coverage won't last forever,' Francis observed. In other words, if you are eligible for a health savings account (HSA), use it: It offers a triple tax advantage. 'And don't overlook long-term care insurance,' Francis warned. 'Many families drain their savings for unanticipated assisted living costs.' 'Your home is perhaps your greatest asset, but it is also a major expense,' said Francis. Instead of constantly improving your home, he said to consider the following: Paying off your mortgage early (if it makes financial sense). Investing in rental properties that generate income. Moving to a less expensive area when the time is right. A bigger house is not always the smartest decision — be intentional. 'One of the best financial decisions you can make? Teach your children how money works. Schools don't do it, so it's up to you,' Francis emphasized. 'Open them a deposit brokerage account. Tell them the power of compound interest. Let them make small financial mistakes now, so they don't make big ones later.' Making a lot of money is great, said Francis, but long-term success is based on smart money management. 'Strategic investing, tax planning, spending control, and financial literacy all play a role,' he noted. 'You don't need to improve your finances overnight; you just need to start somewhere. Small, regular changes today can make all the difference in the long run.' More From GOBankingRates3 Things You Must Do When Your Savings Reach $50,000 Find Your State: The Best Banks of 2025 For Each State 9 Things You Must Do To Grow Your Wealth in 2025 This article originally appeared on 7 Money Moves Upper-Middle-Class Families Should Make To Stay Ahead Sign in to access your portfolio
