BiggerPockets Money Podcast: How to Make an Extra $100 a Day in 2025 (Working from Home!)

Hosts: Mindy Jensen & Scott Trench
Guest: Jackie Mitchell
Release Date: January 3, 2025

Introduction

In this engaging episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench welcome back Jackie Mitchell, a 26-year-old TikTok sensation from Columbus, Ohio. Jackie returns to share the inspiring story of how she successfully navigated a side hustle challenge, transforming her financial landscape and achieving significant milestones.

[00:00] Mindy Jensen: "What if you could make $10,000 in just 100 days? That is exactly what today's guest, Jackie Mitchell did."

Jackie’s Background

Jackie provides listeners with a glimpse into her professional and personal life. Currently employed in the nonprofit sector, she and her husband both work full-time jobs. Growing up, Jackie was instilled with a strong sense of financial responsibility by her parents, which fostered her entrepreneurial spirit from a young age.

[02:15] Jackie Mitchell: "I always came up with little business ideas. None of them ever stuck, but I always had that drive for earning a little bit of extra money."

The $100/day for 100 Days Challenge

The core of Jackie’s story revolves around her ambitious challenge to earn $100 a day for 100 days, aiming to accumulate $10,000. This initiative was motivated by her and her husband's goal of buying a house without depleting their financial reserves.

[02:23] Jackie Mitchell: "I thought, is it so crazy if I just try to challenge myself to make a hundred dollars a day for a hundred days?"

Jackie meticulously planned and executed various side hustles, leveraging her flexible work schedule and existing connections. Her commitment paid off as she not only met but exceeded her target, ultimately earning approximately $10,800 by the end of the challenge.

[03:32] Jackie Mitchell: "I ended up making close to $11,000. I hit my goal of $10,000 eight days early."

Diverse Side Hustles

Jackie discusses the variety of side hustles she engaged in during her challenge, highlighting her favorite, most profitable, and least profitable endeavors.

• Favorite Side Hustle: Prolific

  Jackie appreciated Prolific for its engaging and well-paying short studies, averaging $20-$25 per hour.

  [06:21] Jackie Mitchell: "Prolific pays by hour and averages around $20 to $25 an hour. The studies are fun and interesting."

• Most Profitable: Focus Groups

  Participating in focus groups offered the highest earnings, with some sessions paying up to $500 for three hours of work.

  [06:21] Jackie Mitchell: "The last one I did paid $500 for just three hours of work."

• Least Profitable: Amazon Tasking Site

  Jackie found certain platforms, like Amazon's task site, to be underwhelming in terms of compensation and did not recommend them.

  [08:22] Jackie Mitchell: "The pay rate was way too low. I tried it once and just wasn't for me."

Additionally, Jackie's unexpected earnings from TikTok's creator program became a significant income stream towards the end of her challenge.

[04:13] Jackie Mitchell: "About a third to a half of my daily income was generated through TikTok's ad program creator program."

Handling Taxes from Side Hustles

Addressing common concerns about taxation, Jackie explains her straightforward approach to managing taxes from her side hustles. She opted to set aside 30% of her earnings to cover taxes, which proved sufficient as she ended up saving more.

[05:00] Jackie Mitchell: "I set aside about 30% for taxes and actually overshot that."

She also made quarterly tax payments, ensuring compliance without the need for hiring a CPA, though she did consult a family friend for verification.

[05:48] Jackie Mitchell: "I didn't hire a CPA, but I had a family friend check it to ensure I was doing everything right."

Post-Challenge Achievements and Future Goals

With the success of her 100-day challenge, Jackie and her husband purchased their first home, a significant milestone achieved within a month of completing the challenge. She shares insights into their budgeting strategies, particularly their impressive $80 weekly grocery budget.

[21:43] Jackie Mitchell: "We spend $80 a week on our groceries, totaling about $240 a month."

Their transportation costs are minimized by maintaining two decades-old, paid-off cars, further strengthening their financial stability.

[22:46] Scott Trench: "We have two cars that we've both owned since we were teenagers. They're functional and get us to work."

Looking ahead, Jackie outlines several financial goals, including upgrading their old water heater without dipping into reserves, planning travel funded entirely by side hustles, and contributing to long-term savings and educational funds.

[10:24] Jackie Mitchell: "Our water heater is quite old, so replacing it will be a top priority in the new year."

Paying Off the Mortgage vs. Investing

A significant portion of the episode delves into Jackie's deliberate strategy to pay off their mortgage early instead of investing those funds. She emphasizes the non-monetary value her family places on being debt-free, drawing inspiration from her parents' experience.

[29:22] Jackie Mitchell: "The non-monetary value we place on not having any debt is huge."

Scott Trench supports her decision by providing a financial rationale, highlighting that paying off the mortgage offers a guaranteed return equivalent to her mortgage interest rate, which is comparable to potential after-tax investment returns.

[30:27] Scott Trench: "The peace of mind from having a paid-off mortgage is absolutely worth it for tens of millions of people compared to that 2% spread on investments."

Jackie acknowledges the pros and cons, reaffirming her commitment to a debt-free life while also maintaining retirement accounts and other savings.

[31:56] Mindy Jensen: "Jackie is doing it consciously, not just because she doesn’t have anything else to do with her money."

Budgeting Tips and Strategies

Jackie shares practical advice on managing and reducing grocery expenses, emphasizing meticulous planning and efficient meal preparation.

• Detailed Shopping Lists:
  She advocates for listing every item needed to avoid impulse purchases driven by store marketing.

  [17:21] Jackie Mitchell: "Name every single item that I'm going to buy and then go into the grocery store as if I'm a shopper for someone else."

• Variety in Meals:
  To prevent monotony that leads to eating out, Jackie ensures variety in her meal planning.

  [18:45] Jackie Mitchell: "Variety is huge. If things get monotonous at home and takeout looks enticing, it's a different flavor."

• Embracing Leftovers:
  Packing leftovers for lunch reduces costs and minimizes food waste.

  [19:14] Jackie Mitchell: "Leftovers for lunch are the way to go. We're very pro leftovers in this house."

• Essential Pantry Items:
  Investing in pantry staples like flour, sugar, and soy sauce is crucial for cost-effective cooking.

  [20:23] Jackie Mitchell: "Switch to pantry essentials makes the biggest difference."

Embracing Financial Intentionality

Jackie emphasizes the importance of intentional spending and financial planning, ensuring that every dollar is allocated purposefully towards their goals, such as paying off the mortgage, saving for travel, and supporting future educational expenses.

[33:24] Jackie Mitchell: "Some of it goes to grad school, some to long-term savings, and some to travel savings."

Advice for Listeners

For those seeking to enhance their financial standing through side hustles, Jackie recommends finding work that aligns with personal interests and leveraging online communities like Reddit for resources and support.

[36:50] Jackie Mitchell: "Find something that you at least somewhat enjoy... Reddit is a great resource for research."

Conclusion

Mindy and Scott commend Jackie for her disciplined approach and successful execution of her financial goals. They highlight her exemplary budgeting, strategic side hustles, and the harmonious balance she maintains between enjoying life and managing finances.

[40:10] Scott Trench: "It's a fantastic story... You're going to have every option in the world."

Mindy echoes this sentiment, reinforcing the value of intentional financial decisions and celebrating Jackie's achievements.

[43:06] Mindy Jensen: "Live like no one else now so you can live like no one else later."

Notable Quotes:

• Mindy Jensen [00:00]: "What if you could make $10,000 in just 100 days?"
• Jackie Mitchell [03:32]: "I ended up making close to $11,000."
• Scott Trench [30:27]: "The peace of mind from having a paid-off mortgage is absolutely worth it..."
• Jackie Mitchell [36:50]: "Find something that you at least somewhat enjoy."

Key Takeaways:

1. Strategic Side Hustles:
   Diversifying income streams through side hustles can significantly boost financial goals. Choose activities that are enjoyable and sustainable for long-term commitment.

2. Intentional Budgeting:
   Detailed planning and disciplined budgeting, especially in areas like groceries, can lead to substantial savings over time.

3. Debt-Free Living:
   Prioritizing debt elimination, such as paying off a mortgage early, can provide immense peace of mind and financial freedom.

4. Future Planning:
   Setting clear, purposeful financial goals ensures that savings and investments align with personal values and life aspirations.

5. Community and Resources:
   Leveraging online communities and resources can provide support, ideas, and motivation for financial endeavors.

Jackie's journey exemplifies how dedication, strategic planning, and intentional financial decisions can lead to remarkable achievements, inspiring listeners to evaluate and enhance their own financial strategies.