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Thinking about taking on a second job.

expos

Master Don Juan
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Work and money isn't everything...but...

Current situation/financials:
  • Wife and I make a combined $230K per year (not including bonuses). I currently work 40 hrs a week from home due to Covid.
  • We have about $40K in savings and put a $1000 into savings each month.
  • We live in a home that we bought 2 years ago for $335K (now valued at $410K according to our agent) and we've had renovations to it which has cost us a bit but also upped the value
Still, I want more. More in the checking account, more in savings, more for emergencies. Promotions are not happening at work and I failed to get another job within the company that I applied for, but I'm still getting great performance reviews in my current department.

I had a few side hustles that didn't work out (ebay store, side gig doing web design that took up way too much time and I didn't make enough from it).

My friend owns a few movie theaters. I'm considering working there serving popcorn, sweeping floors, etc., possibly 3 nights to 4 nights per week. Wife seemed cool with the idea and I like this idea because it is guaranteed income with zero investment except time. Possibly another $900 per month if I do it.

Anyone else here take on a second night job? Give me the pros and cons.
 

2Rocky

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“The love of money is the root of all evil."

The lack of money is the root of all evil.”
― Robert Kiyosaki, Rich Dad, Poor Dad: What the Rich Teach Their Children About Money That the Poor and Middle Class Don't

“I am concerned that too many people are focused too much on money and not on their greatest wealth, which is their education. If people are prepared to be flexible, keep an open mind and learn, they will grow richer and richer through the changes. If they think money will solve the problems, I am afraid those people will have a rough ride. Intelligence solves problems and produces money. Money without financial intelligence is money soon gone.”
― Robert T. Kiyosaki, Rich Dad, Poor Dad

“Just know that it’s fear that keeps most people working at a job. The fear of not paying their bills. The fear of being fired. The fear of not having enough money. the fear of starting over.
That’s the price of studying to learn a profession or trade, and then working for money. Most people become a slave to money… and then get angry at their boss.”
― Robert T. Kiyosaki, Rich Dad, Poor Dad
If a menial job in addition to your regular job sounds more attractive than time doing things you love with people you love then I would reevaluate your status quo in terms of relationships and hobbies.

if the 1000 per month is going into Retirement rather than in addition to it, yeah you are just scraping by. I calculate you two should be putting away 2900 per month for retirement

If you don't have any debt other than your home, congratulations. I figure 109,000 is your 6 month reserve fund at what you are spending. After all debt is paid off, get to 6 months worth of reserve. That's the Dave Ramsey approach.

Read the Kiyosaki Books starting with Rich Dad Poor Dad. It's an easy read. then look at a second job from THAT perspective.
 

expos

Master Don Juan
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If a menial job in addition to your regular job sounds more attractive than time doing things you love with people you love then I would reevaluate your status quo in terms of relationships and hobbies.

if the 1000 per month is going into Retirement rather than in addition to it, yeah you are just scraping by. I calculate you two should be putting away 2900 per month for retirement

If you don't have any debt other than your home, congratulations. I figure 109,000 is your 6 month reserve fund at what you are spending. After all debt is paid off, get to 6 months worth of reserve. That's the Dave Ramsey approach.

Read the Kiyosaki Books starting with Rich Dad Poor Dad. It's an easy read. then look at a second job from THAT perspective.
Good points...and a few things to think about.

We have 600K in retirement combined. The extra $1K goes into savings. No debt other than the house that we currently have $305K left to pay on.
 

2Rocky

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Good points...and a few things to think about.

We have 600K in retirement combined. The extra $1K goes into savings. No debt other than the house that we currently have $305K left to pay on.
Are you saving up for the next round of vehicles so you could pay cash? I'm trying to imagine how a lifestyle can cost $18,000 per month when houses are 400,000. What major expenses are you paying? Debt service on a 30 yr mortgage should be under 2000 per month, (maybe 3K on 15 yr) groceries 250-500 per month. Insurance 1000 per month, fuel $500, utilities (water electric Gas, TV) $350.
Car Leases? 500 /month x2

I'm assuming you are worth $50 per hour on your regular job and you would gross $25 per hour on a side job that has no future in a business that is shut down in most of the United States....
 

expos

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Are you saving up for the next round of vehicles so you could pay cash? I'm trying to imagine how a lifestyle can cost $18,000 per month when houses are 400,000. What major expenses are you paying? Debt service on a 30 yr mortgage should be under 2000 per month, (maybe 3K on 15 yr) groceries 250-500 per month. Insurance 1000 per month, fuel $500, utilities (water electric Gas, TV) $350.
Car Leases? 500 /month x2

I'm assuming you are worth $50 per hour on your regular job and you would gross $25 per hour on a side job that has no future in a business that is shut down in most of the United States....
We have no car payments. I bought my last car in cash. We did have some home renovations totaling at least $30K (fence, drainage, bathroom, basement waterproofing, landscaping that I did myself).

Biggest expenses are groceries, vacations and daycare. We also live in a high-tax area.
 

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Lookatu

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Biggest expenses are groceries, vacations and daycare. We also live in a high-tax area.
Ok this makes more sense to me now because from your initial post, I thought you might've been DINKs living in a low tax area but just spending above your means or living a lavish lifestyle.

I just don't see how making six figures and then sweeping floors can coexist with each other but if you can do it and are happy with it, more power to you. My friend who is a financial advisor full time, has two part time jobs. One as a stock boy at Banana Republic and another as a maintenance tech at Pep Boys.

Just remember if you aren't struggling, that extra time might be better spent with your kid(s) as money can't buy time and something you'll never get back. Some mothers/fathers have to work two or more jobs out of necessity and miss the time in raising their kids.

It sounds like though you are fortunate though not to be in that position.
 

expos

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Ok this makes more sense to me now because from your initial post, I thought you might've been DINKs living in a low tax area but just spending above your means or living a lavish lifestyle.
Kids are EXPENSIVE. Clothing, meals, activities (sports and fun stuff), daycare, medical expenses, toys. Some of it is luxury, other times a necessity. Also, with high taxes come (usually) good schools so we are getting what we pay for.
 

Lookatu

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Kids are EXPENSIVE. Clothing, meals, activities (sports and fun stuff), daycare, medical expenses, toys. Some of it is luxury, other times a necessity. Also, with high taxes come (usually) good schools so we are getting what we pay for.
I hear you brother. I'm in the same boat supporting 3, paying high taxes, luckily no more daycare which drained me $2k/mo. And I tend to spoil my kids(sub conciously) with stuff like Xbox and Playstation and other expensive toys I never had growing up. Then taking vacations for all of us have been averaging $8-10k per trip.
 

CAPSLOCK BANDIT

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Your appetite is growing beyond your means, probably from pressure from women or a woman... You need to be reasonable, but most men in this situation cannot be, because they cannot set limits and say no!

If your appetite is growing, it is in response to her making the decision she should have more, then once she makes that decision, she starts trying to influence you.

Do not spread yourself thin, it is a blessing to have a job right now... You can probably budget better.
 

CAPSLOCK BANDIT

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Or don't touch the budget and get the job, but through a change in budget or lifestyle because of the second job, the dynamics of your family will change and respond to finance changes.

Budgeting like a tyrant is a bad idea, you need to fully explain to your family why you are making the changes you are, your reasoning, every thing so they can rationalize
 

CAPSLOCK BANDIT

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Sorry if it seems like I'm giving you the third degree, I'm sure you will make the right choice either way, but our appetite for luxury grows quickly and rather than recognize, we often try to justify or create conditions for the larger appetite to exist through.
 
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