Is a second job really worth it?
submitted by Sharon Brewer
Maybe you’re wanting to turn free time into a paycheck. Maybe you’re hoping to achieve your financial goals sooner. Maybe you’re facing some unexpected expenses. Whatever the reason, a second job is often the most sensible solution for solving a serious financial problem. However, before you take on another role, consider whether it’s going to be the difference maker that you need it to be.
Does It Threaten Your Day Job?
Here’s the headline – you need your day job. That means that, when choosing a second job, you need to find one that doesn’t interfere with or infringe on your full-time profession. If you’re currently working a 9 to 5, you probably shouldn’t be working another shift that starts at 10 and ends at 3 in the morning. You also should be aware of your current employer’s policy on second jobs, particularly if the side hustle is in the same industry. When in doubt, speak to someone in HR.
How Flexible Is It?
Depending on the circumstances in your life, kid’s sports practices, religious services and volunteering may be a part of your weekly routine. When considering a second job, make sure the hours are flexible enough to work around your other activities, especially if you’re only motivation is having a little extra cash. While working hard and reaching for financial stretch goals is important, so is living a life of balance.
How Valuable Is My Time?
If you’re already meeting your financial goals and feel confident that you’re on your way to your bigger, better future, a second job may not be the choice for you. Even if you do need more income, the better choice might be looking for a better paying full-time profession. However, if you have a skillset that you can leverage to supplement your income that doesn’t add unnecessary stress to your life, pursue it. You might even discover that you’re more passionate about the part-time role.
As with most things in life, there’s no one-size-fits-all answer. However, if you’ve considered these questions and are still wondering if a second job will help you reach your bigger, better future, schedule a call with one of our financial planners today.