Your income doesn’t have to determine your outcome.

Should I get a Second Job

Should I get a Second Job?

In many cases, a second job can be a good solution to your debt problem. The best thing to do is try and find a job that matches who you are and what you are interested in. If you are an accountant and look at numbers all day, but in fact love music and playing your drum set, perhaps working a couple hours a day at a local music shop would be a good fit. If you like talking with people, and work alone during the day then maybe a wait-staff job at your favorite restaurant would be relatively painless work to help supplement your income. Whatever your choice, remember that you don't want to wind up hating either of your jobs or working altogether. So try and find a job that fits your interests and personality so the time you spend at your second job goes by quickly and easily.

One important aspect of working a second job is the effect it will have on your taxes. As discussed in the expense section, it's important to remember that each $1 you can cut from your current expenses is equal to $.80 of additional income you add from a second job. That is, if you have $1 of debt to pay off, you can easily pay it off if you cut $1 from you current expenses. However, if you work a second job in order to pay off that $1, you will have to earn from $1.20 to $1.25 in order to pay income tax and then the debt. What's even worse is that your second job could potentially push you into a higher tax bracket meaning you would lose even more income per dollar than before. Look closely at what affect your extra income will have on your overall net income. Visit a site such as www.freedom.gov in order to calculate the taxes you will owe on your extra income. Use the Extra Taxes worksheet to figure out the best amount of additional income.


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