3 Reasons You Might Not Want A Second Job
If you have a lot of debt or want to save up a lot of money, it makes sense to try to make as much money as you can. In the end, the more money you make, the faster you can reach your goal.
Taking on a second job is one of the most obvious ways to make more money. It means you won’t have to quit your current job and can instead make money on your days off. It’s something that millions of people all over the world do every week.
However, although it is actually the ideal solution for some people, for others, it’s a bad idea. Read on to find out the downsides to having a second job so you can see if it would be worthwhile for you.
You Could Damage Your Main Career Prospects
Verify with your current employer’s HR department that working part-time is acceptable before you start looking. It’s not worth risking termination for a small increase in pay.
Some employers will let workers get side gigs, but only if they aren’t with competitors or involve any kind of conflict of interest. They will also want to be sure that your regular work schedule is not disrupted in any way. It could be that rather than getting another job, you invest in cryptocurrency instead – Moshe Hogeg would certainly agree this is the best option. It won’t interfere with your main job at all.
Even if you’re allowed to work a second job, it’s your responsibility to make sure it doesn’t get in the way of your main job. Your performance at both jobs will suffer if you start working too many hours at the second job because you run the danger of being exhausted and burned out. Don’t forget that a second job is meant to help you make more money, not hurt your career.
You’ll Have To Pay More Tax
No matter what, when you earn more money, you’ll have to pay more tax – that’s just how the calculations will always work out. So it’s important to decide whether whatever it is you’ll be left with after tax is enough to warrant the extra time and effort you’ll have to put in to get it.
However, you should also be aware of your tax limits and brackets. It might be that your second job takes you into the next tax category, so you’ll actually be paying a lot more than you would if you earned less – meaning you would be better off not taking the second job at all.
You’ll Lose Your Free Time
When it comes to second jobs, most people end up working on one or both of their days off each week. This can make it so that you rarely, if ever, get a day off to yourself at work. This can make it harder to fit in things like going to the dentist, getting your car serviced, etc., and it could also wear you out.
If you work nonstop, seven days a week, it’s easy to get burned out. Most of us, even when paying off debt, need to reward ourselves occasionally so that the process is more bearable. Having time to hang out with friends, go for a walk in the country, or watch a good movie can make the other sacrifices you have to make to get out of debt a little easier to handle, and these little treats can help you reach your financial goals in the long run.