Benefit to a bit on side
Moonlighting is not as rare as you might think, and it can provide some real benefits
MORE than 760,000 Australians work a second job. That’s roughly the same number as the total Australians unemployed.
And the number of people moonlighting in a second job has been growing at a faster rate than the growth in primary jobs.
This phenomenon is a function of many families needing to supplement their primary income because of low wage growth, the boom in flexible jobs as part of the “sharing” economy and the ease in starting your own part- time digital business.
Just think about the friends and family driving an Uber for extra cash, or delivering food or selling goods online. That Australian entrepreneurial spirit and passion for hard work is alive as well.
When we were raising four young kids, money was always tight. We decided from the start that Libby would be the homemaker dedicated to the kids and David the breadwinner. We soon realised it was tough to raise a family on one income and we had to find extra cash.
That was our decision and it’s not for everyone.
There is no right or wrong in the mixing of work and home duties in a relationship, it’s up to each couple.
While working for The Australian, David was also the Australian columnist for The Economist in London. He provided finance reports for radio breakfast shows and hosted a nightly radio investment program while working at other publications.
That extra income was not only invaluable to balancing the family budget but also provided a training ground to establish our future family businesses.
Starting a business part- time is the first and most secure route to turning that dream of becoming your own boss into a reality. It means entrepreneurs can get a taste without the sink or swim risks of diving in with big upfront costs to sustain.
The alternative is the riskier strategy of starting a business full- time and struggling to meet the overheads when income is still volatile. Mistakes are a lot more costly.
In effect, moonlighting in a part- time venture is providing the business with seed funding to get started. The bank manager will be comforted by the fact that all those early mistakes were made with your money rather than theirs.
While the extra cash from either a second job, or a business on the side, can be welcome, don’t underestimate the commitment and the discipline you need to make it work.
BE UPFRONT WITH YOUR EMPLOYER
Tell them you have another job and they may be more willing to work with your schedule. Remember, it is important you leave enough time for your family as well as for periods of rest. The worst feeling in the world is getting “burnt out.”
A SECOND JOB IS TEMPORARY FOR MOST PEOPLE
Generally speaking, the majority of people who take on a second position do so because they have financial goals they are trying to reach. Maybe you are saving for a home and know a second job can help you reach this goal sooner.
Or, an additional position may help you quickly pay off debt. Remembering your employment is only temporary will make the situation much more bearable.
CHASE JOBS THAT OFFER A UNIQUE EXPERIENCE
Rather than opt for a position similar to your primary job, look for something that will spice things up a bit. Even if the job does not appear exciting on the surface, a change in scenery can make things easier on you.
YOUR SECOND JOB MUST ALIGN WITH THE REST OF YOUR LIFE AND GOALS
If your primary job requires you to work 9- 5, you need to find a position that can be scheduled around this.
Maybe you could work 6- 10 in the evening? Or on the weekend? Be open to all possibilities, but again, don’t choose a set- up that will destroy your lifestyle.