Second job thoughts?

[sixkids]

Hi! I haven't been here in a couple of months since I recently had surgery and then just had to take care of life, etc.
anyway, cliffsnote version--  I'm paying off student loans and other bills while raising six kids with a stay at home wife.

I'm considering adding a second job to get this moving at a faster speed. My current job pays the bills, but doesn't leave a whole lot of extra money to put toward getting rid of the expenses. Im kit looking for something that I'll love, just something that will put an extra $1,000 a month or so in the bank. Nothing long term, either. Just til I can get out of debt for the most part. Pay off a car, credit cards and get a decent dent in the student loans. I'm thinking 2-3 years.   
Will I be better off just finding a crappy PT job working at mcdonalds or something, or are there other better options?  Delivering pizza isn't an option, and I don't really want to do uber or anything where I have people in my car and/or put a bunch of extra miles on it. I already have a long enough commute to my regular job.

[lbmustache]

I have been considering something similar but for a much shorter timeframe, i.e. over the holidays.

If you are thinking 2-3 years, I probably would skip the McDonald's and look for something a little higher-paying. Part-time at McDonald's will not get you $1k a month... full-time at $10.50 (CA min wage, not sure where you are) only gets you $1680 before taxes.

[Laura33]

IIRC correctly, you work a job that has a significant bonus component, based on the numbers you put up, right?  So what about devoting extra time to that job and upping the bonus figures? 

My concern with the side job option is that usually (a) there are start-up costs, and (b) the income-per-hour is fairly low, at least at first (e.g., driving for Uber = always low-income; Etsy store low-income at first with possibility of greater income later).  So it doesn't seem to be a great option to add a significant chunk to your monthly income right now, unless you devote a lot of time and effort to it.

I think a side job works great if (1) you have a side interest that you'd like to monetize, and you find the work interesting enough that you're willing to take the low pay now in the hope of building a longer-term business, or (2) you need extra income and are stuck in a job with flat pay and/or limited hours.  But where your primary job provides additional bonuses for higher productivity, that would usually be the lower-hanging fruit.

[sixkids]

Yes I work in car sales, so there's a great deal of bonus availability. The problem is that I hate the job, so the mere thought of spending my days off doing the same thing is nothing short of terrifying to me. On the one hand, it could motivate me to get myself to FIRE sooner, bit on the other, the job has already put me in the hospital twice and that's not good for anyone.

[Lepetitange3]

List your skills please.  Is wife willing to do any from-home work?  If so, list her skills too...

[Reynolds531]

I know this isn't helping but I think you're sitting on a gold mine....you need six part time jobs for the kids....start charging them rent!

[sixkids]

For now they can skate by with just smiles and hugs.   

[mrsnamemustache]

Seems like your wife should get the side job so you can keep some time to spend with the kids (and she can get a break from them).

[czr]

How many hours do you currently work with your current full-time job and how many hours can you spare? A job earning $10 an hour (before tax) is 100 hours a month or 25 hours a week. That is a lot of time in addition to a full-time job and you'll other job related costs.

I found the best way to get a 'raise' is to track EVERY single expense in the household and start keeping a budget and prioritize what are needs and cut non-necessary expenses and use that freed up cash flow to eliminate the debts. This is a long behavioral process. Your problem is not necessarily income related.

[Platypuses]

One of the better sites I've read about side hustle ideas: http://millennialmoney.com/best-side-hustles/

Also, if you have extensive car sales experience and knowledge there might be some money in going to auctions and flipping cars or finding deals on Craigslist.

[cats]

I found the best way to get a 'raise' is to track EVERY single expense in the household and start keeping a budget and prioritize what are needs and cut non-necessary expenses and use that freed up cash flow to eliminate the debts. This is a long behavioral process. Your problem is not necessarily income related.

I agree. From what I recall of your previous posts, you have a very incomplete picture of your household spending. E.g. You didn't know exactly what your wife was bringing in or spending. I would work on figuring out just what your current inflow/outflow situation is, and then start finding places to trim. My husband and I are fairly frugal, but last year we still managed to cut several thousand dollars from our spending, mostly through tracking and just being more aware of where the money was going.

ETA: Your previous case study. Not trying to be an ass here, but how many of the changes suggested in that thread have you implemented?  The budget you posted previously had many opportunities for trimming.  At that time you mentioned having spent $800/month on restaurants in a previous month--how is that trending? And have you done anything to lower the massive amount of money you had going out in car payments every month?  Unless you have already implemented all the suggestions in your case studies, your second job should be doing that.  You don't appear to have an income problem, just a lack of knowledge/spending problem.

[ender]

What part of car sales do you hate?

If it's not the sales part, perhaps finding a different sales job would be better.

[nexus]

Wait, hold on... you've spent $105,000+ on education... why the heck are you a car salesman? Put that education to work! Or did you drop out and have nothing to show for it? Spending that kind of dough on education leads me to believe you went to law school or ivy league. I feel like you're underutilizing your potential here...

1. Implement suggested changes from your previous case study. As MMM, Paula Pant, and many others remind us, you simply need to increase the gap between what you earn and what you spend. You can do this by earning more, spending less, or both. I suggest both. (btw, face punch for leasing a car & having another brand new one. With as much debt as you have, you should be riding a donkey to work).

2. Get your wife on board. Sounds like she's cool living the good life while you slave away and work until you die which is exactly what's going to happen if you don't change your car situation. Get mad about this. Do something. Would she be cool with it if it was the other way around? Or is she entitled to a life of luxury because she gave you six beautiful children? You must agree on every purchase/expense or it doesn't happen. It sounds like you're already not home much because of your current full time job & long commute. If you're the sole breadwinner, it isn't fair that you spend a huge part of every month/week/day/life energy earning money that doesn't buy you any freedom -- paying off debt or investing to create passive income. She could be sabotaging you if you're not on the same page about your finances and goals. Being a stay at home mom is a full-time gig, but if you die she's screwed...didn't you say you've already been hospitalized twice?

2a. Separate your finances. Take control. Here's $X for gas, groceries, utilities, etc. The rest is going towards our debt. You want/need more? Get creative. You can get a job in the evenings. I'll watch the kids, cook dinner, etc. and you can go to work. If all the kids are in school, she can get a job as a yard duty or work at their school for a few hours during the day too.

3. Relinquish control of all of it -- go ahead and earn more money before you're both on the same page. I suggest a cleaning company/janitorial service. You can work evenings and clean offices or be a PM janitor at a nursing home. All you'd be doing is cleaning up spills, taking out trash, and restocking bathrooms & common areas. If you're lucky you'll learn how to strip & wax floors or other carpet/floor care (in a nursing home). That stuff is actually fun IMO and you can later buy your own equipment and run a side hustle doing it yourself.

You also said 'house rent' in your case study. You can get a part-time gig at an apartment complex doing maintenance or being a porter. This might qualify you for a rent discount on a unit there & decrease your monthly expenses. Or she can be a leasing agent at a community. Part time work & eligible for commissions.