Is taking on a second job worth it? Find out the pros and cons
Find out if diversifying your sources of income is worth it!
Find out if diversifying your sources of income is worth it!
Have you ever considered having a second job? Diversifying our sources of income is important, however, we need to know the pros and cons.
In the past years, more and more Americans have taken on a second job as a way to make ends meet.
The reason for the extra money is to solve immediate problems, such as an accident or purchasing an urgent item, and also to increase the family revenue and the quality of life of people depending on said revenue.
However, there is some relevant information you should know so you are certain that a second job can help you achieve your goals and objectives.
If you want to take on a second job but are unaware of its pros and cons, we are here to guide you in this endeavor.
As the name says, a second job is when you have an official steady job and, after your work hours or during your spare time (such as weekends) you take on other activities that generate income.
These activities might take place at another traditional job, for example:
You can have two part-time jobs. Or you can also use your free time to conciliate freelance jobs thus ensuring some extra income at the end of the month.
If photography is your hobby, you can keep your day job from Monday to Friday and, on the weekends you can freelance as a wedding photographer.
If you work at an office but you enjoy writing, you can turn this hobby into a profitable activity by writing for others and writing sponsored posts to companies and brands and also featuring ads through Google AdSense.
Not to mention professions such as digital influencer and Affiliate, which are examples of activities you can perform from anywhere you are and don’t require it to be exclusive (even though you get better results if you put all your efforts doing just that.)
These are only some options that you may fit in your work schedule.
To understand this phenomenon, we need to understand the concept of collaborative economy. It is conceived as a perception that we should consume less and prefer products and services centralized in human relations.
Something that features collaborative economy as the new trend nowadays is the increase in the number of platforms that make it easier to share services and products. Such is the case of Uber and Airbnb, apps for rides and sharing houses.
These businesses connect consumers who want to have cheaper transportation and accommodation to common people who are offering these services.
In face of this new picture, there are new business opportunities and new relationship models between clients and professionals who want to share their knowledge and their experiences through rendering their services.
As we said before, the work possibilities to generating extra income can arise from some knowledge or hobby you already have but also from identifying opportunities on your routine to meet demands that were neglected before.
Here are some examples:
If you have a spare room, you can rent it to people who are visiting the city you live in, offering a more personal accommodation experience. You can do this through platforms such as Airbnb or by promoting on travel groups on Facebook.
Just be careful when renting the room on your own, because you won’t have a service to intermediate your relationship with the consumer. So, you need to be cautious to look for references about the interested party, Skype with them, request a copy of their documents or an advance of 50% of the payment due.
If you already have vast knowledge on a subject, you get to help other people by creating a digital product such as an online course or an ebook and sell it online. This is a good alternative to generate recurring revenue, since you make money while the product is available and attracting buyers.
Another advantage of this service is that, to make it available, you don’t need to have taken a course or graduated from college. You can explore multiple niche markets and you get to produce quality material spending little money if you’re knowledgeable.
(Take this opportunity to read our complete guide that teaches you to create online courses.)
If you’re interested in and knowledgeable about a subject, you can start your own blog to share your expertise.
Besides monetizing it with ads, you can also partner up with a company that sells products related to your niche and advertise these products charging a percentage per sale you make, for example.
Another important tip if you wish to work with a blog is to invest in content marketing and SEO techniques, because this will increase the traffic to your page thus increasing your new business opportunities.
As we showed before, if you already have a hobby, whether it’s photography, music or handcraft work such as carpentry and sewing, you can market your services to others. The first step is to spread the word to family and friends so they can recommend you to potential buyers.
If you want to have a more professional marketing campaign, you can invest in social media such as Facebook and Instagram to advertise your services. Just remember to choose the promotion media according to the audience you intend to reach.
Marketing services is a great opportunity for enterprising mothers because they can use the Internet to connect with their clients and meet their demands according to their schedule.
Now that you already have an idea of which services you can render for extra income, here are the advantages and disadvantages of having a second job.
You can use the income you’ve earned with the second job for leisure, leaving your main revenue for your fixed expenses, due bills or potential emergencies.
With the extra income coming in to complement your fixed one, you can finally save up some money or look for other investments.
Most people dream to travel the world and, with a second job, this might be possible.
Would you like to go backpacking in Latin America, taking a Eurotrip or is your dream to climb the seven highest mountains in the world?
The income from a second job makes these personal accomplishments possible, even those you never dared to accomplish with only your steady job.
You can even travel for a living in some cases.
Imagine getting to know historic sights and having delightful gastronomic experiences and, at the same time, securing an extra income?
If you have a blog or produce content for social media, for example, this is more than possible.
Another advantage of having a second job is that you get to invest the money you earn taking a specialization course so you can secure a promotion at your steady job, for example, or increase your client’s portfolio or even strengthen your authority in a subject you’re interested in.
With a second job, you can wear yourself down physically and mentally much faster than normal.
Of course, this can happen only at first and, in time, your body can get used to the new rhythm and you won’t feel this tiredness so hard.
It’s important to weigh what’s more important to you.
With a second job, you’ll have less time to go out with people you like.
However, you’ll have more quality-time available, once you’ll have extra income to enjoy these moments.
Another advantage is that, depending on the second job you decide to take on, you can perform it from home, which can increase the time you spend with your family.
One of the main problems a second job might cause is the lack of focus. As you normally have a different activity, you need to develop different abilities to excel in both jobs.
A good tip is to create a daily routine aiming to be productive. Therefore, you’ll become a more objective and disciplined person, thus achieving better results.
There are seven basic tips for you to improve your routine and increase your focus:
(Check other tips to better manage your time here.)
If you choose to take on a second job, you’ll definitely understand what is not having time to study, even thought you’ll have more money to take courses, go to lectures and workshops, which is important for your professional development.
So, the best possible option is to look for online solutions, such as distance learning courses, where you can take the courses according to your time availability.
Many times it can be frustrating trying to save up the money you make at your second job. This happens because this income ends up being used to make ends meet.
However, if this is happening, you need to keep on going, because, with proper planning, you can get a healthy financial balance.
To many people, having another source of income is essential, especially when their bills are higher than their fixed salary. However, this is not the ideal picture because you can run out of time to accomplish your personal projects.
If you take on a second job, whether temporary or permanent, you need to plan not only for a healthy financial life but also for that new activity not to harm your main source of income.
How about you? Are you thinking about getting a second job but you’re lost on how you can get started? Read more about how to make extra money.