# more education vs. second job, mid-career



## 44545 (Feb 14, 2012)

I've been toying with either getting a second job or going back to school evenings and weekends.

I already make good money, in a stable job with benefits and a pension, and I live well below my means, saving a great deal of my net income. I have no intention of leaving my primary job.

Taking a second job, working a couple of 10 hour shifts each weekend at minimum wage, would gross $800/month, $9,600/year. Taking off 40% for tax leaves $5,760 extra a year. That could all go to savings and compound over 25 years. (I come up with about $360,000 compounded at 6.5%)

I don't have hard numbers to back this up but I'm getting the feeling the added schooling wouldn't net as much in the 20 years I have until retirement as the second job would; I wouldn't be getting a PhD or anything specialized enough to justify a massive salary bump.

Anyone here else go through this before or in the midst of it now?

What did you decide to do?


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## slacker (Mar 8, 2010)

Do the thing that will give you and your family maximum happiness.

If the part time job you're looking at is lots of fun and very interesting, then by all means go for it. Otherwise, find something else that is fun and interesting. Perhaps school.

You can't take it all to the grave.


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## donald (Apr 18, 2011)

Id think about taking something your interested in and see if you can spin it into a niche/side income(where you control your sechudule ect)You into cars/mechanics.......maybe do small maintance work,you into carpentry or home reno's,maybe offer up your skills that way,You could even do snow clearning w/snowblower for neighbors(added exercise/fresh air)maybe start a small blog,like the pf community(if you like writing,sharing)doesnt have to be in the niche of personalfinance---could be anything/topic(you know)

Id look @ my hard skills/natural skills and maybe come up with something.what do you do in your spare time to unwind?anything transferable/concrete/money making ways.I bet you could find a extra 10k on your own.

There is always overtime with your company(take up more responsibilty,if there is still places to go)


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## jamesbe (May 8, 2010)

Working all week then working 10 hours (every weekend) will make your life suck (unless you really enjoy never having free time).

I think free weekends are worth more than $800 a month.


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## MoneyGal (Apr 24, 2009)

The issue is not whether education would add as much as a part-time job at 80 hours per month (2 10-hour shifts per weekend * 4 weekends per month), the issue is whether education would add more *without requiring additional hours worked.* 

This is why you (or anyone) would pursue additional credentials. Most people would not be content to work an additional 80 hours per month at minimum wage.

Minimum-wage jobs by definition are easy to get and keep; additional credentials are more difficult to obtain and (all other factors held constant) are more highly desireable to an employer, hence boosting compensation. 

If you've decided that $800/month is the additional income you'd like to earn, I'd start looking at the fastest/most efficient/most fun ways to do that. Everyone's mileage will vary, but I wager working a minimum wage job for 80 hours won't be at the top of many lists.


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## YYC (Nov 12, 2012)

CJOttawa said:


> I already make good money, in a stable job with benefits and a pension, and I live well below my means, saving a great deal of my net income. I have no intention of leaving my primary job.


I guess my question would be, based on this, why do you feel you need a 2nd job or more income?


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## 44545 (Feb 14, 2012)

MoneyGal said:


> The issue is not whether education would add as much as a part-time job at 80 hours per month (2 10-hour shifts per weekend * 4 weekends per month), the issue is whether education would add more *without requiring additional hours worked.*
> 
> This is why you (or anyone) would pursue additional credentials. Most people would not be content to work an additional 80 hours per month at minimum wage.
> 
> ...


Good points MoneyGal.

I will add: my job pays well and is at a level that I'm comfortable with.

If I pursue higher education, I suspect the avenues that would open would lead to progressively more responsibility and more pay.

I am not sure I want the added responsibility. I had just such jobs before I took my current one and I didn't like be tethered to a BlackBerry all the time.

I suspect I'll be happier with the second job that has even less responsibility.

I'm happy with my job and any second job I took would have to contain at least some level of enjoyment beyond providing added income.



YYC said:


> I guess my question would be, based on this, why do you feel you need a 2nd job or more income?


Ah, I seem to have edited that out of my first post.

1) it's something to do to fill free time
2) the added savings would let me retire earlier


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## Sampson (Apr 3, 2009)

More responsibility doesn't necessarily mean that your are available (BB tether) all the time, it could simply mean the impact of your decisions and your job is more significant within the same time frame (40h /week).

I'm in my early thirties but no way I would want to work any more than I do, family, time-off for leisure, these things you will never get back, and delaying only means by the time you have the time, you will have changed and no longer want to experience your youth.


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## YYC (Nov 12, 2012)

I can see the appeal of earning some extra money, and I can see the appeal of turning my brain off for awhile at maybe a job that doesn't have as much pressure and/or responsibility. What I would struggle with is giving away my time for so much less (at least, I would assume you'd make less) than what I make in my "real" job. I'd rather spend that time with my family or on a hobby that I enjoy.


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## peterk (May 16, 2010)

CJOttawa said:


> If I pursue higher education, I suspect the avenues that would open would lead to progressively more responsibility and more pay.
> 
> I am not sure I want the added responsibility.


Why not work at turning a hobby into something profitable and low stress? I'm assuming by taking a second job you at least mean working in sales for a product you're interested in, or physical labour that helps keep your body in shape and your mind relaxed. I couldn't imagine ever working at McDonalds or a variety store on my weekend for 10 bucks an hour and wasting my life away...


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## Guigz (Oct 28, 2010)

Here is a 3rd option:

Use the 10 hours per week to find ways to cut expenses further. While you already have good savings % (how much of your net salary are you saving?), I am sure that with 40 hours per month, you can find ways of reducing your spending by at least as much as the net salary you would get from working (income-taxes-expenses related to work).

A few ideas: Do you do you own oil changes and tire changes on your car ( 1 hour = 50-100$ saved)? Do you pay for housecleaning, grass cutting, renos, plumbing, cooking? Is your attic properly insulated? Has your water heater been flushed this year? Did you check the anodes? Do you have LEDs everywhere in your home? Do you grow some of your own food? Did you shop around for insurance? Are you using a land line? What about cable? Did you research OTA TV? Learn to cook less expensively? Make your own wine and beer and booze? With 40 hours per month, you have time to do all this and more!

Instead of working, maybe you can use the additional 10 hours and spread them over your 5 working days. With 2 hours per day extra, you can likely walk or bike to work (saved = $$$), workout at home and get in tip top shape..etc


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## 44545 (Feb 14, 2012)

peterk said:


> Why not work at turning a hobby into something profitable and low stress? I'm assuming by taking a second job you at least mean working in sales for a product you're interested in, or physical labour that helps keep your body in shape and your mind relaxed. I couldn't imagine ever working at McDonalds or a variety store on my weekend for 10 bucks an hour and wasting my life away...


Actually, I was thinking of a bar-tending job, for what it's worth.



Guigz said:


> Here is a 3rd option:
> 
> Use the 10 hours per week to find ways to cut expenses further. While you already have good savings % (how much of your net salary are you saving?)...


I save > 40% of my net income. I am always on the look out for ways to cut expenses but I'm pretty lean already.

Really guys, we're strayed a lot from my original question, which was: have any of you made a choice between "second job/more training" and what did you decide on?

I wasn't looking for opinions on the stress of reduced free time or the satisfaction of a job with more responsibility. I'm interested in how the long-run numbers look comparing more education to more work.


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## Guigz (Oct 28, 2010)

CJOttawa said:


> Really guys, we're strayed a lot from my original question, which was: have any of you made a choice between "second job/more training" and what did you decide on?


In that case, on average, more education trumps second job unless the second job pays much more than what your first job can give you. The assumption here is that educating yourself will lead to a better paying job. 

Since you are comparing a "better" job to a minimum wage job, I think the answer is pretty obvious.

Can your job pay for your training? If so, the answer is even more obvious.


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## Guigz (Oct 28, 2010)

Did you think about having your cake and eating it too?

Get the education and the better paying job and then, once training is done, get the second job at minimum wage. Win-Win.


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## Four Pillars (Apr 5, 2009)

You sound like me 15-20 years ago. 

Rather than just get a min wage job and do 20 hours per weekend I would consider the following:

Get a min wage job that you like, but limit your hours - one 8 hour shift on the weekend max.
If you must "work", then take courses to further your career or increase your options. Certifications, MBA whatever.

What I would really recommend the most is to try to get into doing different things. Sports/activities/hobbies/social things. Even travel - you can do lots of day/weekend trips.

I'm going to take a wild guess that you are single? Maybe work on that?


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## Spudd (Oct 11, 2011)

It seems that you don't want more responsibility, though. So I'm not sure what more education could give you in your current job without adding more responsibility. 

If your goals are to fill free time and retire earlier, I think the second job is the clear winner. It will fill your free time and give you more money. As long as you take a second job that you enjoy and find fun, it seems like the best option. Education will cost you money, and if you don't want added responsibility, it may not end up paying off.


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## MoneyGal (Apr 24, 2009)

Or get a second job that pays more than minimum wage. 

Suggestion: do tax returns. Endlessly fascinating, a truly useful service to people, lots of opportunities for you to learn so you can answer questions, part-time and casual (but recurring), etc.


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## Sampson (Apr 3, 2009)

Depends on the career and the education.

There is no strict correlation. There was an example in a New Yorker post going a few years back comparing employment rates AND income of those earning Masters degrees vs. PhDs. It only covered one industry, but it was clear that time spent in education did not necessarily pay off, partly due to the the extra time and costs of education.

Without knowing the industry, I suppose people can't offer too much advice on whether a graduate degree, diploma, or designation would help your earnings power.


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## Guigz (Oct 28, 2010)

I was under the impression the OP was going for training that would converge with his current job since he states in the premise that he has no intention of leaving his main job.

Going for a completely different education would likely not pay off due to education costs. 

Maybe the OP can give a bit more details on what he is considering specifically? Right now, we are wildly speculating.


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## Barwelle (Feb 23, 2011)

He did say that he was considering bartending.

CJ I'm only a couple years into the working world so I can't answer your original question from my perspective. But if I may make a suggestion: Finding a driving job is an option too, if you like being on the road. 

http://ottawa.kijiji.ca/c-jobs-driv...usy-local-delivery-service-W0QQAdIdZ437035053

Or if you're willing to go for some training to upgrade your licence so that you're not going for a min-wage driving job....

http://ottawa.kijiji.ca/c-jobs-driver-security-Weekend-AZ-Drivers-Needed-W0QQAdIdZ433529886


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## 44545 (Feb 14, 2012)

Barwelle said:


> He did say that he was considering bartending.
> 
> CJ I'm only a couple years into the working world so I can't answer your original question from my perspective. But if I may make a suggestion: Finding a driving job is an option too, if you like being on the road.
> 
> ...


I know people who have done that. The wear and tear on their vehicles never came close to justifying the pay.

I'm more likely to apply for this: http://ottawa.kijiji.ca/c-jobs-bar-food-hospitality-LICENSED-DOORMEN-NEEDED-W0QQAdIdZ438920864


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## MoneyGal (Apr 24, 2009)

Tip to the wise: bartending or doorman (doorperson) positions are not compatible with a 9-5 job that runs from, well, 9-5. You don't actually get home from the bar until usually 3 at night: everyone has to cash out, clean, close the till, and split the receipts (along with anything else required to run closing procedures). And if you think, "that's OK, I'll just work Friday and Saturday nights" - no, that's when the people with a lot of seniority and experience work.


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## Rusty O'Toole (Feb 1, 2012)

The question is too vague. Will your employer pay the cost of your training? Will you get a raise or promotion when you finish? If there is no payoff then, from a strictly monetary standpoint it probably is not worth doing.

Unless you want to take a class because it interests you.

As for working part time, unless you are really hard up, it will probably pay better over the long run to spend the time studying investments and improving your investing results. As long as it does not result in you overtrading and losing your money.

If you find time heavy on your hands and are lonely and bored you could consider volunteer work.

Those are just a few ideas. As I said, your question is too vague for anyone but yourself to answer. Hope this gives you something to think about.


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