Time for a Second Job?

If you are currently strapped for cash or foreseeing financial difficulties in the future due to the economic downturn,  this could be the optimal time to take a second job. The holidays are around the corner and many businesses would be likely to hire extra help, even temporarily.

Your basic position could be that you need more money and soon, however, keep the following in mind:

* Make sure you are permitted a second job – Many employers’ policies will not allow you to work a second job that is even remotely similar to your first job, therefore check with them first.

* Work in Moderation – You may get tired once in a while but do avoid working yourself to the point of exhaustion. Keep being healthy and make sure your primary job isn’t affected. Also, you will clearly have to re-balance your amount of work and non-work activities. So skipping the occasional party is reasonable, skipping all parties isn’t.

* Make sure the second job is worthy of your time-  If you are missing significant time away from your family, then the second job is not worth it. The revenue you get should offset the costs. The costs being both monetary(for example, hiring a dog walker) to emotional(being away from your family). You may also consider having both jobs in close proximity to each other to save commuting time.

* Will your taxes be affected – It’s easy to forget but earning an extra income could push you over to the next tax bracket, which would mean that you would owe more in taxes.

* Perseverance is important – Although the second job might not be ideal, it’s better to stick with it instead of constantly changing jobs with the hope of finding a perfect one. You might even gain by networking¬† with people at the second job and mutually benefit in the future. Seek a job that requires a somewhat different skill or a different physical activity than the first job. The change of environment will benefit you and make you last longer in it.

* Set Earning Goals – Prior to taking a second job, calculate how much extra money you want to make. Designate the extra income for something that is a goal, such as topping up your savings account. This will make the work easier.