After evaluating our net income versus expenses, my wife (28) and I (28) need to generate an additional $4k per month to pay off her $233k in student loans within 5-6 years. Our top priority is to become completely debt-free by 35, freeing us to focus on starting a family and building wealth (maxing out Roth IRAs, 401(k)s, and high-yield savings accounts). Right now, this debt feels like a significant barrier to achieving those goals. We both work full-time—I’m a Senior Accountant, and she works in healthcare—but we’re looking to leverage our existing skills and assets to increase our income.
One of our biggest assets is our home, purchased last year. With the renovations I’ve completed, homes in our area are selling at prices that could net us around $100k in tax-free profit, thanks to the time-and-use test. Selling the home and using the profit to pay down a significant portion of her loans is an option I’ve seriously considered. We could then buy and renovate another property, repeating the process every 2-3 years to take advantage of the capital gains exclusion and further reduce the loans. While it would mean giving up a long-term asset, being debt-free is more important to us right now, and I’m confident we could rebuild through future flipping opportunities, especially with better cash flow.
I also own high-quality DJ equipment from my time doing weddings. Weddings paid well, but the time commitment and stress made it unsustainable long-term. Renting out the equipment or offering occasional DJ services could generate extra income without requiring a heavy time investment. Additionally, I’m a music producer with seven years of experience. I could create jingles for local businesses or commercials, or focus on building a presence on TikTok/Instagram Reels by remixing pop songs or making original tracks. While the market is oversaturated, growing a following could open doors to monetization through sponsored content or production services.
Another idea is to capitalize on my handyman skills. I’ve completed extensive renovations on our home and, while I’m not licensed, I’m very confident in my abilities. I could specialize in niche handyman tasks like troubleshooting electronics, organizing passwords, assembling furniture, framing, or window cleaning. Focusing on smaller, specialized services could allow me to stand out and generate steady income without overcommitting to any one trade.
So far, my options include specialized handyman work, providing DJ services or renting out my equipment, producing music for TikTok/IG Reels, or selling our home and reinvesting in another property. Do any of these sound like realistic side hustles that could generate reasonable profits to help pay off this debt? I’m also open to other ideas, no matter how unconventional.
We’re aware of programs like SAVE or PAYE for student loans and NFP work she could pursue, but we want this debt gone in a few years. Banking on forgiveness 10-20 years from now feels too uncertain, and want to take control of our financial future as soon as possible.
Thank you!