US resident Adam's annual income in January 2023 was approximately $85,000 (approximately. ₹70 lakh), and he owed roughly $118,000 ( ₹98 lakh) in student loans. But by year's end, he'd increased his yearly salary by double to more than $170,000 (around ₹1.4 crore). This allowed him to lower his loan burden by more than $50,000. And now, as of March, he had roughly $65,000 (approx. ₹54 lakh) remaining in student loans, reported Business Insider. But how did he do that? Well, Adam started double-dipping. For the unversed, double-dipping means obtaining an income from two different sources; generally, it is an illicit way to earn more.
In 2022, Adam started to deliver food with DoorDash. However, he soon realised that it was not a profitable profession. Later, he came upon a YouTube video that gave him the idea of juggling multiple jobs at once. “I immediately knew that I could do this,” Adam said to Business Insider. (Also Read: IIT-Madras alum, who got ₹92 lakh Google offer in college, joins OpenAI after 10 years)
When he started looking for a second remote job, he had two main goals: to double his income and pay off his college loans within two years. By February 2023, he had begun a second full-time remote job, where he received $55 per hour. Adam said he hopes to earn around $200,000 this year from his two jobs. In terms of school debt, he is on track to complete repayment.
Adam stated that approximately 70% of his student loan debt was due to his undergraduate schooling. The rest came from graduate school.
{{/usCountry}}Adam stated that approximately 70% of his student loan debt was due to his undergraduate schooling. The rest came from graduate school.
{{/usCountry}}He told Business Insider, "I don't necessarily regret taking out the debt because it did help open more opportunities. I do regret being reckless and having poor money management skills." (Also Read: Uber driver struggling to buy school bag for daughter gets a surprise from Delhi rider)
Adam also claims that overemployment has allowed him to max out his 401(k), raise his credit score to nearly 800, build a four-month emergency savings fund, and even support a few friends financially.
Adam told Business Insider that he normally works between 30 and 60 hours per week between the two jobs. He has various suggestions for over-employed workers, including aligning their work calendars, not taking on too much work, and not getting work done too quickly.