Income - the other side of debt
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| Fri, 01-01-2010 - 11:42am |
We are all making resolutions and goals regarding debt, but the other side of debt is increasing income. Does anyone have goals regarding increasing their income this year?
I have to say that the one thing that really accelerated our debt paydown last year was my second job teaching in the evenings as an adjunct professor (got a Masters or higher, this is a possibility for you.) I am starting with more classes already in 2010 and hope to bring home an additional $1,000 a month or more through this effort.
DH is creating a business on the side and is learning new IT skills in doing so. This has been a bit of a drain so far, but we should see the rewards of this effort in Q2 2010.
SO what are your income producing goals? Are you pursuing a better job? Second Job? Getting off Unemployment? Adding more customers?
-Marie
Edited 1/1/2010 8:13 pm ET by skibunyns



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I think I posted this in another thread, but I am definitely working on the income side this year.
I am ready to kick my current underpaying, late paying, dead-end job to the curb and land something more satisfying, better paying and with potential for growth and advancement. I'm in healthcare public relations, and am working with a recruiter to find the perfect career-forwarding job for me. There is one opportunity we're already looking at that looks very promising, is exactly the right level for my experience, pays a good $20K more than what I'm making now, and is looking for someone to groom into a VP in the shorter term. It's an exciting prospect, and the kind of job that will keep me challenged and motivated, with room to grow and learn. The rewards will be far more than income alone!
Marie is 100% correct in saying that higher/secondary income helps reduce debt so much faster. I took a second job a year and a half ago and it helped build our efund and allowed us to pay off debt a lot faster.
Unfortunately, I did get laid off from my main job but I am able to work my 2nd job certain days while still on unemployment.
I am also lucky because my DH is able to get overtime and good holiday pay with his job.
As for this upcoming year we don't have major plans for more income. We talked about me staying home and just working the 2nd job once my unemployment runs out and we are debt free (which will hopefully be in March once we get our tax return and pay off my car.)
I'll keep you posted on this one.
Thinking about changing my W-4, right now I claim zero, and always get a massive return, so I think I am going to claim 1 and see what that does. As far as an additional job though, nope. Jobs are scarce and I am lucky to have the one I have.
Dana
"Normal" is getting dressed in clothes that you buy for work, driving through traffic in a car that you are still paying for, in order to get to the job that you need so you can pay for the clothes, car and the house that you leave empty all day in order to afford to live in it.
This is a favorite quote of mine.
That is really great that you can live with one car and without a clothes dryer to live more simply.
tina_rebeccabecca, I am so impressed with all you deal with.
mckeekitty, I'm impressed with how frugally you've managed to live, though I could never manage it myself.
Kate
I think Marie makes a great point--it really depends on individual circumstances. You really need to look at how much you make and how much it affects you and your family. It's a great situation for her, but others may not find it as such. It's very similar to the argument some make against working a 1st job. If you only make $8, but childcare runs $10, the answer is obvious.
Clearly, advanced degrees really help out with that. I also have a similar situation (teaching at a college for a 2nd job). I applied for several university positions when I thought I was being laid off (I'm a high school teacher). When I wasn't laid off, but the university called, it was basically an offer I couldn't refuse. The pay was excellent, it is two minutes from my mom's house, who will provide free childcare. Actually, she insists they come over one night a week anyway! It is also a great resume-builder, as it is something I want to pursue later. I will making something like $75/hr, so even if I had to pay for childcare, it would probably still be worth it.
However, the university also offered me other classes at a further location, but that wasn't worth it to me. The drive, which has terrible traffic, and the addition 1.5 hours of commute time away from my children didn't make sense. It doesn't help that I have road rage, but at least I recognize my weaknesses, right?
Obviously, if the option to spend less, rather than earn less, works for you, that's great too!
This is definitely a case-by-case issue.
Always, always keeping our eyes open around here! I actively chase down new clients when work gets slow, and I don't turn down cakes (not even when I really, really don't want to do them, LOL).
DH pulls in a ton of money every month doing side work, so you know he's out there looking!
FLINGING DEBT:
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