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Saturday, April 29, 2017

Would it be Worth My Time?

Posted by Dave on November 2, 2010

This is a guest post by Dave, is also looking to retire no later than 45, but unlike Tim has no kids and doesn’t want any.  Dave is from Ontario and is working towards his CGA certification.

I was pondering what to do with my extra time when I finish my last few accounting courses.  Right now, the vast majority of my free time is spent doing assignments or studying for exams (I am taking an advanced auditing course).  I am looking forward to the free time I will gain but I am wondering what I should do with all those extra hours.  I have been toying with the idea of getting a second job.

If I were to get a second job, I would try to find something completely different than I do all day, something involving manual labour and where I could learn something that would be applicable to my everyday life, for example working at a garage on cars.  This kind of job would allow me do a couple of things such as:

  1. Work with My Hands – Rather than my “normal” job sitting at a desk all day looking at numbers I could learn how to do something with my hands, which I could use outside of work, fixing my own vehicles which could save a significant amount of money over time by even doing minor repairs.
  2. More Money – I could earn some extra money.  This isn’t necessarily needed at this point, but my simple math works out like this:  15 hours per week x $10 per hour x 50 weeks = $7,500 per year.  This $7,500 could go a long way to reaching my financial goals, as it would basically pay for all my fixed expenses, which would mean that my “normal” job could all go towards paying down my mortgage or making significant investments, putting me that much closer to financial freedom.

The downside of picking up a second job is, of course, the loss of time.  By working an extra 15  hours per week, I would be trading my time to work more, something which eventually I would like to not do.  Given that some of the skills I would be getting paid to do are areas that I would think about taking classes on to learn how to do anyways, I would say that the tradeoff could be fair.

I won’t finish my accounting courses for another year or so, giving me time to ponder this decision.  The good thing about this type of thing is that if I’m not happy doing it or not learning something I could always quit and be back to where I am right now.  I am interested in learning new, hopefully useful skills, and I think this is one way, outside of going to a trade school and taking more courses.

Would you get a second job to learn something?  Would you contemplate doing it to decrease the total years you need to work until retirement?

Comments

4 Responses to “Would it be Worth My Time?”
  1. JMK says:

    My criteria for a second job is that it works with my current schedule and doesn’t negatively impact my kids or my sleep.

    I’m planning on taking on a second job with all the money going directly to retirement savings and extra mortgage payments. The only debt we have is our mortgage and we’ve saved enough to fund our retirement from 65 onward when a small pension and governement benefits kick in. Now we’re focussed on saving the funds needed to cover us for the years before 65. If I assume we’ll need 3k/mth ($36k/yr) in retirement, then every $3k I can earn means retiring a month earlier.

    Before taking on an extra job, be sure to check what impact it will have on your taxes. If the additional income pushes you into a higher tax bracket you may not come our as far ahead as you anticipated.

  2. Jon_Snow says:

    If I had a desk job, I could see myself getting another gig… as it is, my job is physically taxing and mentally stressful, so another job right now would do me in…. some extra income would be welcome though.

  3. Dave says:

    @ JMK – I like your plan, and yes tax implications on the extra income could have an impact on the type of job I would take. Moreso however is what I can learn in my “free” time. I would pay more taxes to learn a useful skill.

    @ Jon Snow – I can see how that would limit your opportunity for extra work, I wouldn’t want to do anything if I was exhausted at the end of the day either. As it is right now for me though, I move from sitting all day at a desk to sitting all night (currently).

  4. Thank you, OP, for giving me an idea for what I hope will be a helpful blog post… now to just get it written within the next 24 hours

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