Is A Second Job Worth It? Pros & Cons Of Working Two Jobs At Once
According to a survey from Bankrate, 39% of people have a side hustle. Furthermore, 44% think that they're always going to need one.
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.
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.
Benefits Of Working Two Jobs At Once
Reasons for starting a second job can vary, but they all seem to circle back to one main factor… money.
So, if you're thinking of starting a new side hustle or picking up a part-time job somewhere, here are some of the main benefits worth factoring in.
1. Pay Off Debt Faster
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.
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.
Plus, if you use the money you make from your job to pay off debt faster, you're actually saving money in the long run. This is because you end up paying less in interest the faster you pay off your debt.
And even if the extra money doesn’t directly affect your debt, you can at least have some extra room to spend on things that you normally couldn’t because of those debt payments.
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.
Pro Tip: Get a free debt payoff consultation and make a game plan with professionals from Turbo Debt!
2. Start Investing More
Another benefit of working a second job is to help you begin investing for income.
Investing is one of the best ways to build wealth and earn passive income. 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.
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:
This is insane, but it shows the power of compound interest. And no matter how much of your extra earnings you can invest, you’ll still end up with plenty more than you would’ve if you never took on the extra work.
Pro Tip: If you're ready to begin investing, you can also check out Stash. 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 to take advantage of.
3. Build Up An Emergency Fund
Did you know that 60% of Americans would struggle to pay off a sudden expense of at least $1,000?
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.
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.
If you're looking for somewhere to park this cash and want to earn money on autopilot, I suggest checking out Current.
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 for new members if you sign up with the code ‘WELCOME50' and set up a qualifying direct deposit.
You don't pay account fees either. And Current also helps you build your credit as you build your savings.
4. Fulfillment
While money is usually the main reason for starting a second job, you might simply want to do something you love.
If you love sports, try becoming a coach. If you love writing and are passionate about something, maybe starting a blog is the way to go. You know what you love to do and what jobs would be truly fun for you.
Both Tom and I make money blogging since we enjoy content creation and running online businesses. And you never know how far an online side hustle or side job can take you if you put in some effort.
5. Learn New Skills
Another pro of starting a second job is to learn new skills. And this is also a bit of a win-win situation.
Not only are you making extra cash, but you’re also advancing your career by adding more qualifications and skills to your resume.
Just make sure you look for a job that you would actually see yourself doing again. In other words, don’t learn a new skill if you’re never going to use that new skill again.
Starting out with freelance writing is one example, but really, any second job is useful if it teaches you something that makes you more employable.
Pro Tip: Advance your career and find high-paying, flexible remote positions with FlexJobs!
6. Decrease Stress
Did you know that 72% of Americans experience financial stress at some point?
The fact is that struggling with money 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.
Drawbacks Of Starting A Second Job
Of course, everything has an opportunity cost, and the same is true for working for extra money. Whether it’s physically or mentally demanding, here are a few drawbacks to look out for when finding a second job.
1. Conflicting Interests With Work
When finding a second job, keep in mind that conflict of interest can go against your employer’s code of conduct.
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.
If your second job is a side hustle with little to no correlation with your first job, then this step isn’t necessary. However, working a second job isn't worth it if it risks getting you fired from your main job.
2. Less Free Time
It should be a given that working two jobs at once means you have less discretionary time.
Write down how much time you usually have in a day after work and think about how much of that time you’re 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.
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.
Extra Reading – The 20 Best Jobs For Introverts.
3. Burnout & Relationship Problems
As mentioned, working too many hours in a day can take a heavy toll on your brain and mentally exhaust you.
Additionally, if you’re 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.
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.
What Are Some Good Second Jobs?
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.
Some of the best second jobs that you can use to boost your income include:
- Driving for gig apps like DoorDash or Uber Eats
- Finding a part-time job in retail
- Making money with odd job apps
- Starting a blog
- Finding a part-time online job
- Delivering groceries with Instacart
- Making money with cash survey sites
As long as you create a game plan to make extra money each month without exhausting yourself or hurting your current job, there's no reason a second job won't work out. And you can always stack a few of these side hustles to find the ones that work best for you.
Start making money with Uber Eats!
Extra Reading – 27 Apps That Pay You For Driving.
Tips For Finding A Second Job
If you’re convinced by now that a second job is worth it, here are a few useful tips to help you before getting started.
Discuss Plans With Your Employer
As discussed earlier, failure to let your employer know that you’re looking for (or working at) a second job can go against your contract.
Make sure you clear things up with your employer to avoid any sort of penalties… including getting laid off and sued. You should also double check your employment contract to see if having a second job goes against any of the disclosed agreements.
Finally, if you can get a gauge of your workloads over the next few months, you'll have a better understanding if you can handle the extra workload from another job.
Set A Realistic Income Goal
Be specific about what you want to achieve by working a second job. After all, there's a difference between making $3,000 a month and making $10,000 a month or more.
Is there a certain number you want to meet to help pay off debt? Or are you saving up for a major purchase or downpayment for a house?
Whatever the case, pick a number and decide why you're even working two jobs simultaneously in the first place. If you have that number, you need to evaluate if you can actually reach it with the amount of free time you have and the value of your skills.
Be realistic, and don't be afraid to start with a smaller income goal in mind and then reevaluate once you reach it.
Find Something Flexible
Working two jobs at once is nearly impossible if you constantly run into scheduling conflicts. Ideally, find a job where you set your own hours or one that has set hours that are separate from your main job.
Gig economy jobs, blogging, or freelance work are all excellent options to go with for your second stream of income. Alternatively, you can find a part-time job that pays well as long as it has set hours.
They require a decent amount of work, but the flexibility of choosing your own hours is an instant payoff.
Final Thoughts
At the end of the day, you don't always have a choice if you work more hours or not. If you have to make ends meet, working multiple jobs might be a sacrifice you have to make.
However, if you have a bit of wiggle room, you can approach this decision with more control. If you think you’ll have a hard time dealing with the extra hours of work or fear running into relationship problems, maybe a second job isn’t worth it for you.
If you want to start investing more, learn new skills, and can afford to spend more time at work, then getting a second job is definitely worth it.
Again, evaluate your situation honestly and make your decision from there.
Want even more ideas to make money? Checkout:
