Hi all,
Don’t know if it’s appropriate for this board, but I wondered what you all thought about getting a 2nd job. I work full-time in an office and the pay is very basic. The pay for alot of jobs in and around where I live is quite ridiculous really (compared to cities anyway) but that’s another story.
I want to pull in some extra cash each week to put towards either our mortgage or renovations in our PPOR or IPs. There are very little jobs around here but I know I could prob get a job as a Pizza Deliverer (yuck, but hey) but I wondered whether the profits would get eaten away by tax or not (I have heard this can happen with a 2nd job).
Thoughts anyone?
pasandbec
It could happen I guess, but it would depend on how much your combined (total) annual income would be, which would depend on what tax bracket you find yourself in.
One thing to note is that there is no allowance for your tax free threshold on any second (or more) job as this is taken up by your first and primary job.
So you may find the income from the second job gets taxed at a higher rate than your primary job, but it could even itself out at the end of the financial year.
It really depends on your individual circumstances.
Learn, Love, Strive. Make a difference!
Hi,
Interesting post – thanks for making it.
It raises the issue about what is the best way to create money, through a job or other means.
Personally, I see taking a job as the easy way out as it trades time for money. Yes, the reality is that we all need money to live and have to trade some time for money, but the key is to try and think to create wealth rather than working to create wealth.
For example, time is an investors most precious asset, and if you want to be a property investor but are too tired after working two jobs then you may have more money but not have the time or energy to achieve your goals.
Also, the pizza delivery job – that’s great for Uni goers, but if you work out the true cost of driving around (wear and tear on your car) and then calculate how much per hour your time is worth… there has to be a better way.
Still, it’s a personal decision and as such there is no right or wrong answer.
Nevertheless, success comes from doing things differently so I’d be encouraging you to look for other investing ways to create wealth rather than trading time for money.
Good luck with your decision.
Regards,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Instead of working a 2nd job to pay for renovating your IP or PPOR, why not do them yourself? That’s if you’re handy enough.
Personally, I’m not creative or imaginative enough to invest to create wealth. I need to trade time for money. So I do longer hours/overtime to try to get ahead as opposed to a 2nd job. I feel that you need a certain amount of equity to start with – especially with property investing.
Regards
Originally posted by munjy:Instead of working a 2nd job to pay for renovating your IP or PPOR, why not do them yourself? That’s if you’re handy enough.
Personally, I’m not creative or imaginative enough to invest to create wealth. I need to trade time for money. So I do longer hours/overtime to try to get ahead as opposed to a 2nd job. I feel that you need a certain amount of equity to start with – especially with property investing.
Regards
Hi,
We are doing the renovations ourselves. But it still costs money (lots of it!)
I am trying to think of other ways to make money besides getting a 2nd job. Hmmmmmmmmm, well if egg donations were paid for in Australia I might consider doing something like that.
Will have to put my Thinking Cap on and think of some creative ways to make some extra cash….
cheers,
pasandbecI think anything you think up will require some form of personal exertion on your part requiring more of your time. It is a hard question to answer and one I would love to hear the answer to if found.
TMA
http://www.email4money.info
Investor Links
First Home Buyer WebsiteHmmm.. Well, if you’re in a relationship, the answer is “check with your partner”. If not, and your only concern is whether the extra cash will be eaten up by tax or not, just do the math. Remember to take into account the other costs as Steve mentioned.
How are you situated in terms of equity? If the money is to renovate an IP, perhaps an equity loan could be an option. But then, perhaps not, if current repayments are stretching the budget. But again, if you’re thinking to sell after renovating, then maybe so.
Perhaps you could clarify your long and short term goals so you can make a decision that takes you towards those goals. How long would you need the 2nd job for and how does that fit in with your current lifestyle goals? If you have a family, then you have a lot more to consider.
Good luck.
I like the idea of doing extra work for $, and it keeps you away from shops etc so you spend less, hopefully.
Do some reno work eh, then why not do some reno stuff or handyperson jobs for cash in hand!
I remember my first PPOR, I worked full time, had a part time job three nights a week plus was going to night school 2 nights, plus doing some small house repairs. Time appeared to go so quickly and after a year and a half we had gained sufficient savings for a deposit on our first IP.
You can do it !!!!!!!!
hrm
hmackay,
what an encouraging post! thanks for your support. still not sure about the 2nd job/tax issue. am trying to think of other possible sources of income but it is difficult.
congrats on your success, i wish you all the best.
pasandbec
Pasandbec
Over the last couple of days I was in the same boat as you – considering extra job. I was looking into doing additional qualifications to enable me to teach in my field (not property inv).
I found out it would cost me $900 and six months of one night a week schooling plus extra study hours to get the ‘qualification’ to teach and then next year or the one after I’d have to upskill myself further with additional cost to me.Basically I thought to myself, I will spend those hours upskilling myself in property investing instead! From now on, if I’m going to acquire money earning related skills they will be in property.
I decided that I would have a structured approach to the business of property investing.
No more working for hours. Just the bare minimum to survive and the rest of the time on investing.
Good luck with your choice.
If you have rental income as well as your first job then income from a second job added to these may put in a higher tax bracket. I have found that when I have earned extra money my expenses tended to go up – a bit more take away – more petrol etc etc.
Good luck with finding a creative way to make more money
Lee
Hi Pasandbec,
Just read your other post on your work mate.
I think you should do the written complaint to the Big Boss. Nobody should have to put up such an aaaaaaaaaa.
You could nominate for Union Rep to get some extra income too!!!
Don’t let this bully get you down just borrow his tools (without asking) next time!![biggrin]. Good luck.
hrm
Thanks for starting this topic. I have two jobs for couple of years now, and i was never so concerned about taxes and stuff, (maybe i should), reason is that every $ earned i put back into renovations and adding value to my home.Yes i had very little or not free time at all but i was able to do things that i wanted to do. Having second job would prevent you from borowing from bank to do your renovations, really depends what your goals are and how desperate you are to achieve them. After all you dont have to keep second job forever. Good luck.
pasandbec,
A second job will not be taxed at a higher level if your first job is poorly paid. All work is taxed at income levels- not on how many jobs you have. Add the incomes of both jobs together and then go to the ato.gov.au website to see what is the appropriate amount for you to be taxed at.
Yasmina, having a second job would NOT impact upon your ability to get a loan for renos- on the contrary, increased income makes one a better bet for bank loans.
kay henry
well im trying to get my first job….damn employers.
let alone my second.
1 job will do.[baaa]
the surfing cat!
furrymoggy if you like surfing so much, why not work in a surf shop?
I think furrymoggy is new to this site and possibly wants to increase the number of posts entered on this site…
None the less, welcome to PI.COM!!
Learn, Love, Strive. Make a difference!
who cares what this site is its full of hypocrits![evil4]
the surfing cat!
btw: i dont surf ….i used that comment which was used when these people where skipping job hunting to do other things on today tonight on 7 many moons ago.
it just goes to show you workers are a bunch of nobs!
the poor hate you just as much.
at least im trying to get past your bull<edited> hurdles!
dont <edited> with this cat! or he or she will eat ya alive!
the surfing cat!
A second job could be in the form of housecleaning or even ironing in your own home for cash in hand. If you have a family ironing at night when they are in bed means you won’t have to sacrifice time with them. Housecleaning pays good money. I pay my housecleaner $15/hr for 3 hours. She does 2 a day for 5 days per week therefore her pocket money is $450 per week. Not bad hey? Gardening, lawn mowing, babysitting, petsitting are all others to think about.
Good luck with it all.
Shelley
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