How many jobs do people typically have at one time to become debt free ?

[Hudson]

First time poster, and definitely glad I found this forum.

I have read various posts and noted people talking money saving tactics and ways to reduce expenditure. Several also mention the large amounts of debt they had and the time-frame they conquered it in (e.g $80,000 of debt paid off in 12 months etc).

One thing I have found is many people don't mention how they got the money .

So my question would be how many people have more than one job during their journey to becoming debt free and how long did you need to hold down the additional job/s ?

Quick background, I currently work full-time, attend university part time and live in rental accommodation. Needless to say I am chasing the early retirement dream.

In all reality I don't see it happening by just reducing expenses, rather I imagine an extra job or two will need to be taken on ...I'm guessing this would result in a 60 hrs + work week.

is this typical and the path often followed ?

Would love to hear any tips or advice you folks have

thank you

[Goldielocks]

Hi, not quite the answer you are looking for, but I consider that I have three jobs right now..

1 40 to 60 hr per week with up to 50% travel and 2+ hr of commuting by transit each day when i don't travel.
2 house cleaner and grocery getter
3 gardener

I don't consider parenting, cooking or home maintenance as 'jobs' as they are what I like or shared with other family.

I can't imagine getting another job too,  it also hurts that any part time job would be taxed at 42%+..  Better to try to work on a bonus , advancement or even a cleaner house.

Previously, I always only had one at a time.. But school full time with 32+hr per week may qualify as two jobs to some?

There are some who take a single extra weekend shift while full time to get other company discounts.. Or start home sales or work from home to add income.. It is harder to sustain 2 jobs if they are not close to home or have highly flexible hours.

[Hudson]

But school full time with 32+hr per week may qualify as two jobs to some?

Oh yeah I imagine this pretty demanding in itself. I was tempted to try and work my full-time job (40-50 hrs per week) and also go full-time at university but too many people said while it can be done it doesn't take much for it to get out of balance . They gave examples of staying late at work for a week can harm assignments etc that may be due and vice versa your work can suffer while you focus on assignments and exams. ...but I'd love to hear more about how you pulled it off. sounds impressive :-)

[Goldielocks]

Maybe not too impressive, it was sr yr high school, I was a good student,  and the job was a cashier.  Worked 4 shifts per week with OT.  Close to home.  Homework on alternate evenings and after work on weekends.  Still made time for friends.

The MBA was harder..  I was able to cut back work to 40 hrs, (career type job) took a few vacation days around major asmts,  and nearly ruined my marriage while getting 7 hr sleep for three yrs..  Do not recommend that one!

[EarlyRetirementGuy]

Be careful with jumping straight into a 2nd job doing alot of additional hours. At some point the money/time balance will tip the wrong way. I used to have a 2nd job working evenings and weekends but it meant we had very little free time. This resulted in many more fast-food meals purchased and having to buy lunch during the day as we didnt have time to make a packed lunch the night before. Plus the taxes will take a higher % of your takehome pay from the 2nd job.

[sheepstache]

I think the second job advice is given when the primary job is maxed out.  However, when you're young, time spent mastering your subject, either at work or school, can lead to a bigger payoff down the road.  Depending on the circumstances, I would plan a path to the highest-paying primary job, although I know the hair-on-fire feeling can make the delay hard.

Alternately, make sure the second job has some purpose.  Don't just get a food service or retail job for the sake of money.  Maybe tutoring will help you as a student.  Maybe it's a lawn service so the physical activity is a great stress reliever.  Maybe it's in some totally different industry you have an interest in after FI or that you might combine with your main career (e.g., accounting but specializing in the music industry).  Same principle as above, though, that your focus is on maximizing yourself as a worker at this stage in the game rather than chasing merely short-term gains.

[MoneyCat]

I have three jobs, but two of them are part-time, so it's really like having two jobs.  The key for me has been making "work" seem less like "work" and more like something I would be doing anyway.  It makes a difference.

[rujancified]

IIRC, the 80k in 12 months was a married couple. So 2 jobs.

I could definitely be misremembering.

[skandrae]

YMMV, but I took a second job to bulk up my savings and wound up wearing myself out and falling further behind. 40hrs a week, plus the part-time job was too much for me, although I had done it when I was younger without the same burnout.

[KatieSSS]

I had two. My main job at 35-40 hours per week and then about 10-12 additional hours per week of waitressing. I also spent a lot of my free time selling stuff. I basically had no life for 18 months, but I paid off all of my debt! I got sick more, though, so I wouldn't recommend keeping up two jobs long-term. A short-term solution, yes.

[alwayslearning]

When I was working to pay off my student loan debt I was: (1) Full-time employee (salary job), (2) Full-Time student, (3) Contract worker - this varied from blog writer once a month, babysitting, volleyball coach for a season at a time and paid curriculum writer.

Needless to say, it was a busy time in my life. But, at the time I was in my early 20's, had no kids, and had a wonderful boyfriend. It IS possible, but it will be a lot of work.

2 years later, I have my degree, we are married, we both have great jobs, and we are free of $150k in student loans. Worth it!

[alwayslearning]

Also, online classes and mini-mesters (taking classes over the Christmas holidays/Summer/Spring Breaks) at your university are a HUGE help with working full-time and having a part-time job.

[gobius]

I paid off all my SL debt with one job.  Nothing like $80K in 1 year but it was $45K in 2 years.  I had an engineering job right out of college and lived in a small apartment.  I actually could have paid it off sooner but didn't think of some things as simple as carpooling to work.  I also was saving up for a house down payment.

The No More Harvard Debt guy paid something like $100K in 7 months or something even with an annual salary lower than that (his initial goal was 10 months).  You can check out his website.  I believe he started a landscaping business to help with it but I don't know all the details.

[RyanHesson]

This is a bit silly of a question, it all depends on how much you get paid. If you make a million a year with one job, do you think them getting a second job will be of any use?

[rmendpara]

First time poster, and definitely glad I found this forum.

I have read various posts and noted people talking money saving tactics and ways to reduce expenditure. Several also mention the large amounts of debt they had and the time-frame they conquered it in (e.g $80,000 of debt paid off in 12 months etc).

One thing I have found is many people don't mention how they got the money .

So my question would be how many people have more than one job during their journey to becoming debt free and how long did you need to hold down the additional job/s ?

Quick background, I currently work full-time, attend university part time and live in rental accommodation. Needless to say I am chasing the early retirement dream.

In all reality I don't see it happening by just reducing expenses, rather I imagine an extra job or two will need to be taken on ...I'm guessing this would result in a 60 hrs + work week.

is this typical and the path often followed ?

Would love to hear any tips or advice you folks have

thank you

I suppose the primary concern is what type of skills you have and what type of work you do.

You are correct, there are two options to accelerate financial goals (more income and less expenses). Cutting expenses is limited somewhat, but we can all make some changes to help there. Increasing income really depends on your situation and what types of jobs you have available to you (short term) and working toward advancing your career and earning potential (medium to long term).

I don't have the full picture, but if your work covers your living expenses plus a little bit toward tuition/fees, I'd say you are well on your way toward graduating with a very manageable amount of debt and being free in a short period of time.

Good luck

[eil]

In all reality I don't see it happening by just reducing expenses, rather I imagine an extra job or two will need to be taken on ...I'm guessing this would result in a 60 hrs + work week.

Well, consider this. It is easier to save for retirement by cutting expenses rather than just making more money. Sure, making more money is great and will hasten your arrival to early retirement, but cutting expenses through badassity is thrice as powerful because: 1) you have more money 2) you enjoy life more because you trade your car for a bicycle, your cable TV for books, and your Starbucks for beans you buy in bulk and grind/prepare yourself 3) frugality is a gift for life, something you'll use and cherish the other 2/3 of your life that don't spend working for the man.

By all means, if you can make some extra cash on the side doing something you enjoy, then do it. But I personally don't see much of a difference between two worker drones pulling 60+ hour weeks getting burned out on jobs they will eventually learn to hate, even if one of them is doing is simply to save up for an early retirement.

Mustachianism is about equal parts happiness and efficiency.