Do you have a side job?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills

Do you have a side job?

Yes
53
36%
No
94
64%
 
Total votes: 147

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zaboomafoozarg
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Do you have a side job?

Post by zaboomafoozarg » Sat Mar 08, 2014 12:52 pm

I have been thinking about finding a way to earn some side income and wondered how common it is here. My job usually only requires 40 hours a week and I don't have much else going on in life besides work, so I often have several hours available on weekdays and full weekend days available. I just feel like I should be using that time to make some more income, but I haven't decided if I should or how I should.

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mhc
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Re: Do you have a side job?

Post by mhc » Sat Mar 08, 2014 1:15 pm

When I was early in my career, I put my extra time into my job. It worked out well. I got promoted faster than others. I got bigger raises. I also picked up a masters degree. I think this paid off much more than a side job ever could.

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pennstater2005
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Re: Do you have a side job?

Post by pennstater2005 » Sat Mar 08, 2014 1:25 pm

No side job. If I did it would have to be something I really enjoyed and was almost hobby-like. For myself photography could be a possibility.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

Nukeboilermaker
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Re: Do you have a side job?

Post by Nukeboilermaker » Sat Mar 08, 2014 3:40 pm

zaboomafoozarg wrote:I have been thinking about finding a way to earn some side income and wondered how common it is here. My job usually only requires 40 hours a week and I don't have much else going on in life besides work, so I often have several hours available on weekdays and full weekend days available. I just feel like I should be using that time to make some more income, but I haven't decided if I should or how I should.
I made extra income via overtime (I accepted about 98%) of what made it to me, so I selected "No" to your poll. It depends on what you do as a main career. Are you trying to get out of debt and want a part time side job to payoff loans? Are you wanting to start a side business? Do you simply want to increase your income for investing purposes? Build a nest egg for a home purchase? More details and what type of side jobs are important factors. But I'd say if you feel like you could have more earning potential without stressing or burning yourself out... Go with your gut, the more savings you have now the more freedom you may have later!

chaz
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Re: Do you have a side job?

Post by chaz » Sat Mar 08, 2014 3:59 pm

No, retired.
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Mike Scott
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Re: Do you have a side job?

Post by Mike Scott » Sat Mar 08, 2014 4:05 pm

It's faster and easier for me to make more $ by taking on special or extra projects related to work.

LuckBeALady
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Re: Do you have a side job?

Post by LuckBeALady » Sat Mar 08, 2014 4:16 pm

Yes, two. Love my work and have a kid in college as well as a semi-expensive hobby.

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cheese_breath
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Re: Do you have a side job?

Post by cheese_breath » Sat Mar 08, 2014 4:22 pm

Lots of them. My wife has a list. (And I'm supposed to be retired. :( )
The surest way to know the future is when it becomes the past.

Jack FFR1846
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Re: Do you have a side job?

Post by Jack FFR1846 » Sat Mar 08, 2014 5:23 pm

I make a small amount of money buying guitars, improving them and selling. I have fun doing it and know what is a good deal to buy and what they'll sell for when finished. I don't make much but I would do it anyways and end up with a room full of guitars if I didn't sell them off.
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travellight
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Re: Do you have a side job?

Post by travellight » Sat Mar 08, 2014 7:29 pm

Yes, real estate. I gross 142k per year (after taxes/insurance/repairs/vacancies) at it but net nothing since it is all going to pay down the mortgages. When they are paid off though, it will nicely supplement my retirement income.

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cowboyinasia
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Re: Do you have a side job?

Post by cowboyinasia » Sat Mar 08, 2014 7:36 pm

I too will list real estate. It takes a little time, requires some decisions, and doesn't always cooperate . . . more so than my mutual funds and retirement accounts. But the money is good and on the whole I enjoy it.

bayview
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Re: Do you have a side job?

Post by bayview » Sat Mar 08, 2014 7:39 pm

Yes. My primary job refuses to acknowledge my work off the clock, either via OT or comp time. I finally decided to stop being charitable and instead to get paid. :D
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island
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Re: Do you have a side job?

Post by island » Sat Mar 08, 2014 7:44 pm

No thank you! My full time "40 hour a week" job is always more than that and since I'm salaried it's uncompensated. More than enough time devoted to work including my commute. I'm pooped by Friday! :|

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zaboomafoozarg
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Re: Do you have a side job?

Post by zaboomafoozarg » Sat Mar 08, 2014 8:30 pm

island wrote:It depends on what you do as a main career. Are you trying to get out of debt and want a part time side job to payoff loans? Are you wanting to start a side business? Do you simply want to increase your income for investing purposes? Build a nest egg for a home purchase? More details and what type of side jobs are important factors.
I'm a software developer, web-related stuff. So I figure it should be easier with software than other skills to make some money on the side. I don't really need the money, so I'd probably just invest some of it and save some for a house down payment.
island wrote:I'm pooped by Friday! :|
Yeah, I am a lot of times as well. (1.5 hours of commute + 8-9 hours at work) * 5 days does wear me out. But I see many people earning extra money and it makes me feel like I'm wasting my time. Plus if I made enough to buy a house outright, or possibly speed up financial independence by a couple years, it'd probably be worth it.

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Kosmo
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Re: Do you have a side job?

Post by Kosmo » Sat Mar 08, 2014 8:33 pm

I hasn't considered real estate, so I feel obliged to change my vote to yes. However, I don't think of it as another job.

horste
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Re: Do you have a side job?

Post by horste » Sat Mar 08, 2014 8:55 pm

I have a salaried 40 hour job that typical is more like 45 and emotionally exhausting. However, I was feeling "unproductive" after my normal job and picked up a very lax second job serving legal papers two days a week. It feels more like getting paid to take a break. This has definitely helped me save aggressively (already paid off Student Loans; now just for the foolish car).

YttriumNitrate
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Re: Do you have a side job?

Post by YttriumNitrate » Sat Mar 08, 2014 8:59 pm

Does a hobby that I hope will be profitable one day fall under the category of "side job"?

Jtf6
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Re: Do you have a side job?

Post by Jtf6 » Sat Mar 08, 2014 9:09 pm

I've been thinking of a side job, but those are hard to find these days. Well, the ones that are worth my time. My plan is to work 10 hours of OT per month, which is $500 a month before taxes. I plan on dropping the net from my OT in to my Roth.

Still, I wish I could find a real money maker. You know, some way to generate an extra 1k per month.

I could actually work 20 hours of OT, since I'm the manager of my office, but it would not be ethical since there isn't enough work to justify me coming in that often.

akjob
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Re: Do you have a side job?

Post by akjob » Sat Mar 08, 2014 9:20 pm

I wouldn't recommend a 2nd job so much as a small business to supplement income. I have a demanding FT job, but couple it with a part time business running a fishing boat. It's fun, requires hard work but it can also be lucrative. Others in RE, etc. could say the same. Kind of a hybrid between an investment and a small business. Far more control over your time and you can build it into what you want it to be. For me, it's been the single best investment I've ever made, and I have fun doing it too. If the sky started to fall and I lost my job, I know the business could supplement nearly all of my income. Good luck

davidkw
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Re: Do you have a side job?

Post by davidkw » Sun Mar 09, 2014 6:27 pm

I referee high school and youth lacrosse. The sport is so popular, I ref it year round. I may take up volleyball or field hockey again at some point.

David
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likegarden
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Re: Do you have a side job?

Post by likegarden » Mon Mar 10, 2014 3:12 pm

I spent extra time on my job, sometimes worked 12 hrs eevery day for a while. I got raises with extra work. I also did never get laid off during bad times of the company. In the 1970s I spent my extra time obtaining an MBA and a PE, which was job security for the future. After I retired I was able to work as a consultant at my company.

fareastwarriors
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Re: Do you have a side job?

Post by fareastwarriors » Mon Mar 10, 2014 3:15 pm

I work probably ~50+ hrs at my office job and I self-manage a triplex. I also "manage" my brother's and gf's investments but I don't get pay for that. :oops:

harrychan
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Re: Do you have a side job?

Post by harrychan » Mon Mar 10, 2014 3:32 pm

I write blogs and monetize them by adding affiliate links. I also create youtube videos and put links there as well. It's not a lot but it is great passive income. Enough to pay for my car lease :)
This is not legal or certified financial advice but you know that already.

GeauxBR
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Re: Do you have a side job?

Post by GeauxBR » Mon Mar 10, 2014 5:21 pm

I cut grass on Fridays (get out of my real job at noon) and Saturdays. Started out a few years ago doing quite a bit (15k) of it on the side but when we had our baby I dropped some accounts and downsized it to just my area, should still be around 8-9K this year. At first it was to pay off medical debt and build up the E-fund. Now I'm saving up for the next car.

guitarguy
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Re: Do you have a side job?

Post by guitarguy » Mon Mar 10, 2014 5:32 pm

Yep. 40 hrs and a solid income to live off of during the day, guitarist on the weekends. Make around $7-10k a year which goes mostly towards paying off debt, vacations, and home improvements.

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Clearly_Irrational
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Re: Do you have a side job?

Post by Clearly_Irrational » Mon Mar 10, 2014 5:39 pm

If you're heavily in debt then a 2nd job my be the best way to get ahead if you don't get paid for overtime. Otherwise you're probably better off doing something that will grow your career, either putting in a bunch of extra time at work if that will help or going to night school to get an advanced degree. Real Estate or staring a business can also be good but have their own pitfalls and aren't for everyone.

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abuss368
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Re: Do you have a side job?

Post by abuss368 » Mon Mar 10, 2014 5:40 pm

When I was younger but not know. The side job was still in my chosen profession.
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zaboomafoozarg
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Re: Do you have a side job?

Post by zaboomafoozarg » Mon Mar 10, 2014 6:28 pm

harrychan wrote:I write blogs and monetize them by adding affiliate links. I also create youtube videos and put links there as well. It's not a lot but it is great passive income. Enough to pay for my car lease :)
Very nice. Mind if I ask what type of Youtube videos you post? I've uploaded some before which get limited views (~10k to ~20k views per year), but have never set up my account to monetize them.

pointyhead
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Re: Do you have a side job?

Post by pointyhead » Mon Mar 10, 2014 7:13 pm

I've been working a part time job doing the same thing that I do at my full time job. Partly for experience, partly for the money, partly to get me out of the house. Considering an hourly wage it pays about double what I earn at my full time gig so its pretty good but I don't like paying the extra taxes that it seems to generate.

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avenger
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Re: Do you have a side job?

Post by avenger » Tue Mar 11, 2014 5:45 am

No side job. Happy working my ~40/wk job with a healthy amount of PTO.

Edit to add: Oh, I guess I am an unintentional landlord. Spend $60/mo for someone else to manage that though.
Last edited by avenger on Tue Mar 11, 2014 1:54 pm, edited 1 time in total.
cheers ... -Mark | "Our life is frittered away with detail. Simplify. Simplify." -Henry David Thoreau | [3 fund portfolio: VTI, VXUS, SV fund (yield 3.01%)]

kaudrey
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Re: Do you have a side job?

Post by kaudrey » Tue Mar 11, 2014 9:10 am

It's really a hobby but because I handle money coming in to pay expenses going out, I said yes (I organize amateur sporting events). Unfortunately, since most payments go through a website, I get a 1099-misc for the "income", so for IRS purposes, I now have a business.

I also volunteer my time once a week, so if you are looking for something more to do with your life besides work, how about considering that? I only mention this since you say you don't really need the money...

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papito23
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Re: Do you have a side job?

Post by papito23 » Tue Mar 11, 2014 9:33 am

My wife had a fun little idea that got some very fortunate mentions on trendy blogs and blew up. We ended up making enough with that small business to cover all our expenses last year. A huge blessing, considering I'm a grad school T.A. :D We have a little one at home, so the flexibility and home-office component is priceless. What we actually do isn't fun per se (selling t-shirts), but since it is very profitable, it is downright enjoyable.

Variety is the spice of life. Some people say their time is "worth" whatever their employer pays them for their 9-5. "Why should I mow my own yard? My time is worth $40/hr!" (FTR Nothing wrong with that if you hate mowing). I think that's a horribly reductionist way of looking at things. You have to tune out the economists now and then.
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Clark & Addison
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Re: Do you have a side job?

Post by Clark & Addison » Tue Mar 11, 2014 9:43 am

On top of my teaching, I also coach, am athletic director, and officiate track and field. While I don't do any of them for the pay, there is a little extra money that comes along with the extra jobs.

Shredder
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Re: Do you have a side job?

Post by Shredder » Tue Mar 11, 2014 1:09 pm

Has anyone with an advanced degree considered being an adjunct educator? I'd considered doing it as I have a math ed undergrad and an MBA but with my long commute I can't make it back into town in time to do it. I' ve been looking for some online math work at some point. I at one point considered getting my doctorate in business admin (DBA) online since my work would pay for it to teach for some of the for-profit school online schools but i'm not sure I want to dedicate 5-7 more years to schooling at this point. I got my MBA online since it was paid for one year out of college so this is my first time not going to school really since I was 5. I guess I could always get certs to bolster my resume :)

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JupiterJones
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Re: Do you have a side job?

Post by JupiterJones » Tue Mar 11, 2014 1:47 pm

My wife and I both teach and perform music on the side.

Music doesn't always make the best "primary" job, but as a side job it's tough to beat!
Stay on target...

General Disarray
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Re: Do you have a side job?

Post by General Disarray » Tue Mar 11, 2014 1:56 pm

Shredder wrote:Has anyone with an advanced degree considered being an adjunct educator? I'd considered doing it as I have a math ed undergrad and an MBA but with my long commute I can't make it back into town in time to do it. I' ve been looking for some online math work at some point. I at one point considered getting my doctorate in business admin (DBA) online since my work would pay for it to teach for some of the for-profit school online schools but i'm not sure I want to dedicate 5-7 more years to schooling at this point. I got my MBA online since it was paid for one year out of college so this is my first time not going to school really since I was 5. I guess I could always get certs to bolster my resume :)
At a lot of colleges and universities, you do not need a doctorate (typically a Ph.D.) to be an adjunct. In fact, lots of current graduate students and people with terminal master's degrees (M.A./M.S. as their final degree or they just never finished or have no intention of finishing their doctorate) adjunct at local colleges. People with Ph.D.s who might not have obtained a tenure-track position also adjunct.

Research universities and some selective liberal arts colleges, however, do require that all instructors--tenured, tenure track, and adjuncts--to have a Ph.D.

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ClevrChico
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Re: Do you have a side job?

Post by ClevrChico » Tue Mar 11, 2014 7:09 pm

Now, that I'm in a high tax bracket, no.

Putting in mega hours at work typically gets one a higher merit increase and bonus. I calculated that it works out to about minimum wage, then taxed at the highest marginal rate.

It's best to use the weekends to relax as much as possible.

wonderhow
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Re: Do you have a side job?

Post by wonderhow » Tue Mar 11, 2014 8:20 pm

I had a "side job" which started out as a volunteer work for local church. Then a few years ago, a consultant came in and recommend a compensation structure for some core duties. My volunteer work turned out to be one of them. The pay goes directly into a 403b account as employer contribution, and varies between $3-5k each year. I ended up giving more in tithes, so it doesn't give me more money in the pocket per se. But it is a nice way to have extra tax advantage space though that 403b and deductible charitable giving. I already max out my 401k and roth.

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avenger
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Re: Do you have a side job?

Post by avenger » Tue Mar 11, 2014 8:25 pm

ClevrChico wrote:Now, that I'm in a high tax bracket, no.

Putting in mega hours at work typically gets one a higher merit increase and bonus. I calculated that it works out to about minimum wage, then taxed at the highest marginal rate.

It's best to use the weekends to relax as much as possible.
Exactly. If Uncle Sam is getting 50%, it's not worth it.
cheers ... -Mark | "Our life is frittered away with detail. Simplify. Simplify." -Henry David Thoreau | [3 fund portfolio: VTI, VXUS, SV fund (yield 3.01%)]

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cfs
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Re: Do you have a side job?

Post by cfs » Tue Mar 11, 2014 8:53 pm

Good conversation.

I find myself expending a lot of money in gas to and from my side job.

Thanks for reading.
~ Member of the Active Retired Force since 2014 ~

enderland
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Re: Do you have a side job?

Post by enderland » Tue Mar 11, 2014 8:56 pm

Every once in a while I'm eligible for paid OT at my work (at 1.5x my hourly rate).

Considering I generally enjoy my work, this is pretty easy for me to get some additional money.

thousandaire
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Re: Do you have a side job?

Post by thousandaire » Tue Mar 11, 2014 9:57 pm

For the past two years, I've taught test prep classes three times a week. Roughly an extra $25K/year.

The money is nice, but the hours can be tough (drive straight from work to class, often stay til 11). I stuck with it because I love teaching.

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zaboomafoozarg
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Re: Do you have a side job?

Post by zaboomafoozarg » Tue Mar 11, 2014 10:11 pm

enderland wrote:Every once in a while I'm eligible for paid OT at my work (at 1.5x my hourly rate).

Considering I generally enjoy my work, this is pretty easy for me to get some additional money.
I would love to be eligible for OT - I worked all afternoon Sunday for free :(

Though I guess (hope?) that such work factors into bonuses/raises... though that's probably just wishful thinking :)

placeholder
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Re: Do you have a side job?

Post by placeholder » Tue Mar 11, 2014 11:58 pm

Definitely not now in fact I'm figuring out when to get rid of the current job.

Slowmaha
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Re: Do you have a side job?

Post by Slowmaha » Wed Mar 12, 2014 4:36 pm

Military reservist.. Great 2nd job, easy money, pension at 59, and health insurance if I get canned from my regular job.

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Zabar
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Re: Do you have a side job?

Post by Zabar » Wed Mar 12, 2014 7:59 pm

I write nonfiction books. Six so far, and am working on another proposal.

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jskorup
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Re: Do you have a side job?

Post by jskorup » Thu Mar 13, 2014 12:32 pm

If you like sports, look into officiating. I am a wrestling official and love it - and it pays pretty well.
"There are no solutions; only trade-offs." - Thomas Sowell

BW1985
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Re: Do you have a side job?

Post by BW1985 » Thu Mar 13, 2014 12:58 pm

Slowmaha wrote:Military reservist.. Great 2nd job, easy money, pension at 59, and health insurance if I get canned from my regular job.
I was considering this. Are there restrictions about moving and where you can live?
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

surfstar
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Re: Do you have a side job?

Post by surfstar » Thu Mar 13, 2014 1:16 pm

Time is money, right? I pay myself by not working whenever possible. The time you loose today, you never get back.

:D

artiephysed
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Re: Do you have a side job?

Post by artiephysed » Fri Mar 14, 2014 4:27 pm

After 4 years of teaching physical education, I created a side job that consisted of designing a small "PE Newsletter" that school districts could print (using their in-house print shop) and distribute to their PE staff. This provided me with a small monthly income ($100-150 or so); but more importantly, it gave me a creative outlet and another way to add meaning to my life. 30+ years later - I retired from my education job to work full-time at our publishing company (Great Activities Publishing - https://greatactivitiesonline.com). For me, having a side job(s) has been a good strategy to expand my skill set, make extra money, and add value back to society.

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