Dave Ramsey says: Repair old logging equipment to save money
I have a full-time job, but I also have a side job providing firewood to help pay off debt.
I make $600 to $1,000 a month with this project. My log splitter went down recently when a hydraulic line burst, and the machine caught on fire.
I’m not sure how much it will cost to get it going again. Should I invest in a new one that will increase my productivity and help me pay off debt faster?
If I’m in your shoes, I’m going to fix the old one.
Even it means duct tape and glue, I’m going to try to find a way to repair it instead of spending a bunch of money or going deeper into debt.
If you can’t do that at a reasonable price out of pocket, I’d be in the market for a decent, used log splitter.
And pay cash!
I get your line of thinking when it comes to increasing productivity. Splitting wood is real work.
But don’t try to justify buying an expensive, new piece of equipment when it’s just not necessary.
If you’re making that much with a side hustle, you can make your money back on a used splitter in a month or two, three at the most.
Be smart about it, Chris!
- Dave Ramsey says: Boyfriend’s spending habits have partner worried
- Struggling to save for retirement? Focus on what you can control
- Dave Ramsey says: Set aside cash for used car in a savings account
- 3 ways to make more money in your business without going into debt
- Dave Ramsey says: This is the way to handle debt collectors