{"id":19229,"date":"2024-02-09T16:25:53","date_gmt":"2024-02-09T16:25:53","guid":{"rendered":"https:\/\/www.webmonkey.com\/is-a-second-job-worth-it-pros-cons-of-working-two-jobs-at-once\/"},"modified":"2024-08-29T18:59:41","modified_gmt":"2024-08-29T18:59:41","slug":"is-a-second-job-worth-it","status":"publish","type":"post","link":"https:\/\/www.webmonkey.com\/is-a-second-job-worth-it\/","title":{"rendered":"Is A Second Job Worth It? Pros & Cons Of Working Two Jobs At Once"},"content":{"rendered":"

According to a survey from Bankrate<\/a>, 39% of people have a side hustle. Furthermore, 44% think that they're always going to need one.<\/p>\n

The reality is that many people have a side hustle or even two jobs these days. This helps households make ends meet amidst rising prices and inflations.<\/p>\n

But is a second job worth it? And if you decide to take one on, what are some good second jobs to consider? Here are some of the main factors you should consider if you're thinking about working two jobs.<\/p>\n

Benefits Of Working Two Jobs At Once<\/strong><\/h2>\n

Reasons for starting a second job can vary, but they all seem to circle back to one main factor\u2026 money.<\/p>\n

So, if you're thinking of starting a new side hustle<\/a> or picking up a part-time job somewhere, here are some of the main benefits worth factoring in.<\/p>\n

1. Pay Off Debt Faster<\/strong><\/h3>\n

Mortgage, credit card bills, overspending, medical issues, student loans, and other personal loans are all examples of ways you can get into debt. And one of the main advantages of getting a second job is that you can become debt-free faster.<\/p>\n

Now, it doesn't matter if you use the debt avalanche method, snowball method, or some other form of debt payoff strategy; all of them could benefit from some extra monthly cash<\/a>.<\/p>\n

\"Debt-payoff-method\"
Image courtesy of Next Level Life YouTube..<\/span><\/figcaption><\/figure>\n

Plus, if you use the money you make from your job to pay off debt faster, you're actually saving money<\/a> in the long run. This is because you end up paying less in interest the faster you pay off your debt.<\/p>\n

And even if the extra money doesn\u2019t directly affect your debt, you can at least have some extra room to spend on things that you normally couldn\u2019t because of those debt payments.<\/p>\n

So, is getting a second job worth it? Well, if you're struggling with debt, the sacrifice might be worth it for at least a few months.<\/p>\n

Pro Tip<\/strong>: Get a free debt payoff consultation and make a game plan with professionals from Turbo Debt<\/strong><\/a>!<\/p>\n

2. Start Investing More<\/strong><\/h3>\n

Another benefit of working a second job is to help you begin investing for income<\/a>.<\/p>\n

Investing is one of the best ways to build wealth and earn passive income<\/a>. But if your full-time income doesn't leave much discretionary spending, it can be tough to get ahead. Therefore, investing more money is a common reason to want to start a second job.<\/p>\n

Even an extra $500 a month can help completely max out a Roth IRA or begin investing regularly. That could amount to nearly $600,000 after 30 years of investing assuming a 7% annual rate of return<\/strong>:<\/p>\n

\"Compound-interest-investing\"<\/strong><\/p>\n

This is\u00a0insane<\/em>, but it shows the power of compound interest. And no matter how much of your extra earnings you can invest, you\u2019ll still end up with plenty more than you would\u2019ve if you never took on the extra work.<\/p>\n

Pro Tip<\/strong>: If you're ready to begin investing, you can also check out Stash<\/a><\/strong>. This U.S. investing app lets you invest in thousands of stocks and crypto without paying commissions. And it also has a nice $5 sign up bonus<\/a> to take advantage of.<\/p>\n

3. Build Up An Emergency Fund<\/strong><\/h3>\n

Did you know that 60% of Americans<\/a> would struggle to pay off a sudden expense of at least $1,000?<\/p>\n

A lack of an emergency fund is an unfortunate reality for many people. But having an emergency fund is important to help you cover sudden expenses without relying on debt.<\/p>\n

Working a second job is one of the fastest ways you can build up your emergency fund. Experts generally suggest saving up at least three to six month's worth of expenses in this fund to have for a rainy day.<\/p>\n

If you're looking for somewhere to park this cash and want to earn money on autopilot<\/a>, I suggest checking out Current<\/a><\/strong>.<\/p>\n

\"Current<\/p>\n

Current pays 4% APY right now on up to $6,000, so it's an excellent place to park your emergency fund. And it even has a $50 bonus<\/a> for new members if you sign up with the code ‘WELCOME50' and set up a qualifying direct deposit.<\/p>\n

You don't pay account fees either. And Current<\/a><\/strong> also helps you build your credit as you build your savings.<\/p>\n

4. Fulfillment<\/strong><\/h3>\n

While money is usually the main reason for starting a second job, you might simply want to do something you love.<\/p>\n

If you love sports, try becoming a coach. If you love writing and are passionate about something, maybe starting a blog<\/a> is the way to go. You know what you love to do and what jobs would be truly fun for you.<\/p>\n

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Blogging is one of the most fun side jobs if you ask me, but you know yourself best!<\/figcaption><\/figure>\n

Both Tom and I make money blogging<\/a> since we enjoy content creation and running online businesses. And you never know how far an online side hustle<\/a> or side job can take you if you put in some effort.<\/p>\n

5. Learn New Skills<\/strong><\/h3>\n

Another pro of starting a second job is to learn new skills<\/a>. And this is also a bit of a win-win situation.<\/p>\n

Not only are you making extra cash, but you\u2019re also advancing your career by adding more qualifications and skills to your resume.<\/p>\n

Just make sure you look for a job that you would actually see yourself doing again. In other words, don\u2019t learn a new skill if you\u2019re never going to use that new skill again.<\/p>\n

Starting out with freelance writing<\/a> is one example, but really, any second job is useful if it teaches you something that makes you more employable.<\/p>\n

Pro Tip<\/strong>: Advance your career and find high-paying, flexible remote positions with FlexJobs<\/a><\/strong>!<\/p>\n

6. Decrease Stress<\/strong><\/h3>\n

Did you know that 72% of Americans experience financial stress<\/a> at some point?<\/p>\n

The fact is that struggling with money<\/a> is one of the worst feelings in the world. Financial stress can eat away at you, so picking up a second job to alleviate the stress is definitely a major plus.<\/p>\n

Drawbacks Of Starting A Second Job<\/strong><\/h2>\n

Of course, everything has an opportunity cost, and the same is true for working for extra money. Whether it\u2019s physically or mentally demanding, here are a few drawbacks to look out for when finding a second job.<\/p>\n

1. Conflicting Interests With Work<\/strong><\/h3>\n

When finding a second job, keep in mind that conflict of interest can go against your employer\u2019s code of conduct.<\/p>\n

Working for a second company that is in the same field (or is a direct competitor of your first company) is extremely dangerous and can be illegal depending on the situation. Make sure you discuss this with your original employer to avoid getting fired, or check your employment contract at the very least to see what you signed.<\/p>\n

If your second job is a side hustle with little to no correlation with your first job, then this step isn\u2019t necessary. However, working a second job isn't worth it if it risks getting you fired from your main job.<\/p>\n

2. Less Free Time<\/strong><\/h3>\n

It should be a given that working two jobs at once means you have less discretionary time.<\/p>\n

Write down how much time you usually have in a day after work and think about how much of that time you\u2019re willing to give up for a second job. If you have a family to take care of or a significant other to spend quality time with, you might be limited to less hours of work.<\/p>\n

Plus, even if you're single or an introvert, it's important to leave enough time in your day for self-care and relaxation. Burnout is a real thing, and you shouldn't start another job if you're already stressed out by your main one.<\/p>\n

Extra Reading – The 20 Best Jobs For Introverts<\/a><\/strong>.<\/p>\n

3. Burnout & Relationship Problems<\/strong><\/h3>\n

As mentioned, working too many hours in a day can take a heavy toll on your brain and mentally exhaust you.<\/p>\n

Additionally, if you\u2019re becoming exhausted from working so much, you might find that you start taking out work frustrations on the people around you. This can lead to relationship problems, family conflicts, and lost friends.<\/p>\n

If you want to start another job, it's probably a good idea to talk it over with your partner to make sure you're on the same page.<\/p>\n

What Are Some Good Second Jobs?<\/strong><\/h2>\n

If you're going to take on two jobs, it's important to pick one that's worth your time and pays well. You also want this gig to be flexible so it doesn't interfere with your main job.<\/p>\n

Some of the best second jobs that you can use to boost your income include<\/strong>:<\/p>\n