Thursday, April 1, 2010

Finding that second job

I've also been evaluating my cash flow/work habits recently. Many sites also have been talking about it or have talked about it.

earning more niche skills @ Iwillteachyoutoberich

Is it time to get a second job? @ bible money matters

You're self employed even if you work for somebody else @ fiscalgeek

I work a typical 40 hour work week. I also work from home at least once a week, but usually there are a lot of distractions at home, so I prefer to be in the office. The office however is a good 30-60 minutes commute depending on traffic or 90 minutes if I take the metro. And that's only going one way. I am currently getting paid around $77k/year. My next promotion is coming up pushing that up to $83k/year (a 7.8% increase or about $160/bi-week).

But all those people talking about getting second jobs got me thinking. What if I worked an extra 10 hours/week, that would be an extra $370 a week or $19k/year pushing my income to $96k (pre-tax).

What if I continued doing that after my promotion?

Working an extra 10 hours/week would mean an extra $400/week or $21k/year, pushing my income to $104k/year.

That's a commitment of 20 hours a bi-week. Instead of getting a side job, I could just work harder at my current job and get the promotions and work 10 hour overtime each week (like working another work day or 2 hours extra a day).

A co-worker friend encouraged me to push harder and get those promotions. I agreed with him. There was no point to waste my time here and thinking about some dream second/side job. I actually enjoy working at my company and enjoy the work I'm doing. So here's to my goal of getting the promotion and pushing towards increasing my productivity.

No Overtime - Current (77k) Promotion (83k)
10 hr/bi-wk - Current (86.5k) Promotion (93k)
20 hr/bi-wk - Current (96k) Promotion (103.5k)

So what can you do by working an extra hour a day? Extra 2 hours a day?

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