When shouldn’t you get a second job?

In our quest to make more money or start a part time business after work, it’s easy to get all gung-ho on the idea of picking up that second job or start advertising our new business without factoring in issues realizing they could make the second job not such a bright idea.  The extra money is nice to have, but in the long-run, how “worth it” will it be?  It all depends on why you’re looking – trying to get out of debt is definitely a good reason and know you won’t have to work extra hours forever.

I worked a job in the medical industry putting in about 60-70 hours a week a lot of times, got paid some good overtime and enjoyed seeing some big checks every two weeks, but after a year I was mentally done.  The position was resigned after another year and although I’d miss the money, long-term sanity was more important and had to move on.

One man who works as a consultant and as a professor offers this advice:

“Don’t work simply for the extra paycheck. Money as a motivator is ultimately a self-defeating concept. Money is great, but if you don’t get up in the morning motivated for the work you will be doing, then you are doing the work for the wrong reason. To keep you going, there must be a reason and that reason must have significance to you or the paycheck is worthless.”

Same with a side job, what are you looking to accomplish and do you think the long term costs are worth paying the price?

Consider these points that might eat into your extra earnings:

1. Will it increase cost of childcare?  Will I need a babysitter?
2. How much extra gas, vehicle wear& tear will this cost?  Extra bus fees?
3. Opportunity costs – will I have to start the second job right after work and have to shell out more money for eating out?
4. Will the extra money put you into a higher tax bracket?
5. Will it put your main job at risk?  Does your employer have policies against moonlighting? Usually if it’s a non-compete side job you’re all good.
6. Is your spouse on board? (this probably should be number 1! )

Read more >>When You Shouldn’t Get A Second Job