Author Topic: Is it worth keeping my part time job?  (Read 1509 times)

wellnessmobile

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Is it worth keeping my part time job?
« on: January 29, 2021, 03:30:19 PM »
Fellow 'Stachians,

I face punch myself frequently over my part time job. The more invested I am in the mustachian lifestyle and ERE principles the trickier the "social norm" becomes for me. I mean, why would any soul on this planet choose to sit in their clown car everyday?

By the numbers:

Part time gig = $50 an hour, 5 hours a week
Mileage = 82 miles round trip (disgusting)
I drive a Prius but still.
Mileage reimbursement = 40 cents per mile AFTER 50 miles
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Gross $1,000 Net ~$700
Mileage reimbursement = ~$50
Take home ~$750
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Side note: there always a little something it be done off site which cost more time and further reduces my hourly rate
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Time cost

~100 mins round trip in travel time
~400 mins per month
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IRS mileage tool is 57 cents per mile
82 miles (RT) x 4 =328 miles
328 x .57 = $186.96 car cost
$186.96 - $50 = $136.96 car cost

$750 - $136.96 = $613 actual value of part time
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I moved right beside my primary job so I either walk, run, or ride my bike there 5 days a week. The primary job covers all my monetary needs but can be variable some months. Is the part time gig worth the hassle? The part time gig is in a different career field so it does add some diversity but its hard warranting my drive for 5 hour of work. On the other side of the coin, I am investing all the extra money so $7,356 a year is a good chunk of change. Thoughts or errors in my logic?




Freedomin5

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Re: Is it worth keeping my part time job?
« Reply #1 on: January 30, 2021, 01:38:10 AM »
Is your stash so large that $7356 is just a drop in the bucket, or does it represent a significant increase in net worth? If youíre early in your FIRE journey, every little bit helps. If youíve already amassed millions, then maybe itís not worth it.

Beach_Stache

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Re: Is it worth keeping my part time job?
« Reply #2 on: January 30, 2021, 06:03:23 AM »
The drive is tough, but personally I love a side hustle and has helped us get far ahead.  Ever since I graduated college I've had a side job of coaching and all of that money has either gone straight to investing or saving for our condo and then house.  No way I would have been able to save that kind of money and invested that much if it weren't for my side job, as I never spent any of it.  Can you do this side job closer to your house or get the same side job somewhere else?  If you are basically wasting the day on a drive for 5 hours/week (I assume it's all in 1 straight shot) then can you make the most bang for your buck and work 8-12 hours in that shift?  Since the day is basically wasted you might as well get the max benefit.  I used to take private training sessions and stuff, 1 here and 1 there, and I finally standardized it and told people "this is the block I'm doing it in" knowing that those private sessions could go away, but they were on board, made my life easy in that regard, and I can knock out a bunch back to back, so that has helped me be more efficient and keep the easy customers.

I love the side job but not the driving, so maybe find a way to cut that down or get the max benefit from it, like maybe you can do half of it from home and you do admin work 1 week and then on-site work the next week?  Not sure what your side job is but maybe it sounds like something in the construction business?

wellnessmobile

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Re: Is it worth keeping my part time job?
« Reply #3 on: January 30, 2021, 07:44:06 AM »
Is your stash so large that $7356 is just a drop in the bucket, or does it represent a significant increase in net worth? If youíre early in your FIRE journey, every little bit helps. If youíve already amassed millions, then maybe itís not worth it.
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Good nuggets. I am still in the wealth accumulation stage so $7,000 is a great addition toward reaching my FI in 5 years. It is the time wasted in the car that causes me inner turmoil. haha
But based on your thoughts, I still see the value. Thanks!

wellnessmobile

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Re: Is it worth keeping my part time job?
« Reply #4 on: January 30, 2021, 07:52:49 AM »
The drive is tough, but personally I love a side hustle and has helped us get far ahead.  Ever since I graduated college I've had a side job of coaching and all of that money has either gone straight to investing or saving for our condo and then house.  No way I would have been able to save that kind of money and invested that much if it weren't for my side job, as I never spent any of it.  Can you do this side job closer to your house or get the same side job somewhere else?  If you are basically wasting the day on a drive for 5 hours/week (I assume it's all in 1 straight shot) then can you make the most bang for your buck and work 8-12 hours in that shift?  Since the day is basically wasted you might as well get the max benefit.  I used to take private training sessions and stuff, 1 here and 1 there, and I finally standardized it and told people "this is the block I'm doing it in" knowing that those private sessions could go away, but they were on board, made my life easy in that regard, and I can knock out a bunch back to back, so that has helped me be more efficient and keep the easy customers.

I love the side job but not the driving, so maybe find a way to cut that down or get the max benefit from it, like maybe you can do half of it from home and you do admin work 1 week and then on-site work the next week?  Not sure what your side job is but maybe it sounds like something in the construction business?

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Agreed! I love being able to diversify my funds and pull in extra money. I do it in a couple of other ways but they do not bring in as much. So addressing your questions: No, I cannot change the site as I am injury prevention specialist at a site. The allotted hours are in the contract and the approval process is higher level management. Not in my control. The contract does end in June so I may just speak my peace (because that's the beauty of not needing the job) and say that the contract should be 1-2 more hours per week to increase my value. I actually do not waste that day because my main job lets me come in afterwards. So I double dip that day! But I think overall, as long as I'm saving every penny then it is a good supplement to get me closer to FI. Also, that was a smart move to tell your clients a time window versus them disrupting your entire day.

cool7hand

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Re: Is it worth keeping my part time job?
« Reply #5 on: January 30, 2021, 08:47:05 AM »

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It is the time wasted in the car that causes me inner turmoil.
[/quote]

If the drive is bothering you, find recordings that either entertain you or add to your knowledge base?

TheFrenchCat

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Re: Is it worth keeping my part time job?
« Reply #6 on: January 31, 2021, 11:26:28 AM »
Since it's only one day a week, it'd be worth it to me, as I'm still pretty early in my journey.  But maybe in your spare time start looking for something else?  I work remotely part time and I love not having a commute.  I don't know if you could find something remote with that level of pay, but depending on your skills you might.  It might be worth checking out flexjobs.com, though to apply to jobs there's a fee, unfortunately.  But they have a great number of remote jobs in a ton of different fields.

Freedomin5

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Re: Is it worth keeping my part time job?
« Reply #7 on: January 31, 2021, 02:40:34 PM »

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It is the time wasted in the car that causes me inner turmoil.

If the drive is bothering you, find recordings that either entertain you or add to your knowledge base?
[/quote]

Agree. Find something to make your time in the car more productive. When first starting on our journey, I had a part time job that was two hours away by public transportation (no car). I still did it because it gave me additional experience and added a big chunk of change to our stash.

use2betrix

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Re: Is it worth keeping my part time job?
« Reply #8 on: January 31, 2021, 05:59:13 PM »
I just started a new job thatís 75 miles away. Takes me about 1:15 each way. Iíll be moving closer after I get some comfort level of the new position under my belt. In the meantime, Iím using the time to knock out audiobooks. Finished 5 this month. They are paying me $375/wk per diem until I move so that takes the sting off a tad. Still not worth the drive, but making the most of it.

Archipelago

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Re: Is it worth keeping my part time job?
« Reply #9 on: January 31, 2021, 09:52:48 PM »
Is there another side hustle you could take up which pays the same/more or has the potential for more autonomy?

BikeFanatic

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Re: Is it worth keeping my part time job?
« Reply #10 on: February 01, 2021, 03:44:45 AM »
I do agree that it is dificult to leave money on the table so to speak. But the drive times and wear and tear on your car do decrease your hourly pay, by my calculation to closer to around 25 $ per hour net including driving time.

But having a side gig feels really important when you are building your stash, could you try tradelines and or credit card hacking? Time suck but you get to do it from home.

Paper Chaser

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Re: Is it worth keeping my part time job?
« Reply #11 on: February 01, 2021, 05:44:20 AM »
With better than average fuel efficiency and lower than average maintenance costs, I'd wager that your Prius isn't costing you $0.57/mile. It's fine if you just want to use a generic number to get a rough estimate, but your side gig might not actually be costing you as much as you think.

better late

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Re: Is it worth keeping my part time job?
« Reply #12 on: February 01, 2021, 01:46:05 PM »
Since it's only one day a week, it'd be worth it to me, as I'm still pretty early in my journey.  But maybe in your spare time start looking for something else?  I work remotely part time and I love not having a commute.  I don't know if you could find something remote with that level of pay, but depending on your skills you might.  It might be worth checking out flexjobs.com, though to apply to jobs there's a fee, unfortunately.  But they have a great number of remote jobs in a ton of different fields.

Not the OP.... but I just went to flexjobs.com. There is a good fit position for a family member. I see there is a subscription cost to become a member. Are there other costs associated with the job hunt (e.g. submitting a resume?)

TheFrenchCat

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Re: Is it worth keeping my part time job?
« Reply #13 on: February 01, 2021, 06:04:58 PM »
Since it's only one day a week, it'd be worth it to me, as I'm still pretty early in my journey.  But maybe in your spare time start looking for something else?  I work remotely part time and I love not having a commute.  I don't know if you could find something remote with that level of pay, but depending on your skills you might.  It might be worth checking out flexjobs.com, though to apply to jobs there's a fee, unfortunately.  But they have a great number of remote jobs in a ton of different fields.

Not the OP.... but I just went to flexjobs.com. There is a good fit position for a family member. I see there is a subscription cost to become a member. Are there other costs associated with the job hunt (e.g. submitting a resume?)
It's just the membership subscription cost.  After you pay that you can apply to the jobs, there shouldn't be other fees, if they haven't changed things since my husband used it.

wellnessmobile

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Re: Is it worth keeping my part time job?
« Reply #14 on: February 12, 2021, 06:59:00 PM »
With better than average fuel efficiency and lower than average maintenance costs, I'd wager that your Prius isn't costing you $0.57/mile. It's fine if you just want to use a generic number to get a rough estimate, but your side gig might not actually be costing you as much as you think.

Very true, I am reaching a little bit with the generic cost. It probably effects me more because I can bike or run to my full time job.

wellnessmobile

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Re: Is it worth keeping my part time job?
« Reply #15 on: February 12, 2021, 07:00:29 PM »

----
It is the time wasted in the car that causes me inner turmoil.

If the drive is bothering you, find recordings that either entertain you or add to your knowledge base?
[/quote]

Haha I listen to Mad Fientist every morning on that drive! It definitely helps, but I also know that I could listen to a podcast sitting on my couch as well.

wellnessmobile

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Re: Is it worth keeping my part time job?
« Reply #16 on: February 12, 2021, 07:03:38 PM »
I just started a new job thatís 75 miles away. Takes me about 1:15 each way. Iíll be moving closer after I get some comfort level of the new position under my belt. In the meantime, Iím using the time to knock out audiobooks. Finished 5 this month. They are paying me $375/wk per diem until I move so that takes the sting off a tad. Still not worth the drive, but making the most of it.

The per diem helps but I can relate. I intentionally went car less for a year and lived in several different cities. My current situation doesn't allow for it but that was one of my favorite years. I did however, plan my living arrangements based on the job location plus the locations were friendly for "other" transportation.

wellnessmobile

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Re: Is it worth keeping my part time job?
« Reply #17 on: February 12, 2021, 07:06:16 PM »
Is there another side hustle you could take up which pays the same/more or has the potential for more autonomy?

I have another side hustle as well but with my current schedule it only brings in another 100-150 a month. It is fun though!
Although, I have another side hustle in the training wheels stage for health and wellness. If that takes off, it will be harder to do that drive.

wellnessmobile

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Re: Is it worth keeping my part time job?
« Reply #18 on: February 12, 2021, 07:07:40 PM »
I do agree that it is dificult to leave money on the table so to speak. But the drive times and wear and tear on your car do decrease your hourly pay, by my calculation to closer to around 25 $ per hour net including driving time.

But having a side gig feels really important when you are building your stash, could you try tradelines and or credit card hacking? Time suck but you get to do it from home.

This! Yes, I credit card hack and finally got a card for piggybacking so my rate will be low at first but I still like additional money pots.

reeshau

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Re: Is it worth keeping my part time job?
« Reply #19 on: February 13, 2021, 06:47:09 AM »
Is your stash so large that $7356 is just a drop in the bucket, or does it represent a significant increase in net worth? If youíre early in your FIRE journey, every little bit helps. If youíve already amassed millions, then maybe itís not worth it.
----
Good nuggets. I am still in the wealth accumulation stage so $7,000 is a great addition toward reaching my FI in 5 years. It is the time wasted in the car that causes me inner turmoil. haha
But based on your thoughts, I still see the value. Thanks!

Another thought on value...If you are just 5 years away from FIRE, have you thought about what you will do afterward?  It sounds like this part-time gig would fit a lot of people's need for some interaction / providing value / not mindless / SORR hedge.  Would you continue that?  Maybe move closer after FIRE, to knock out the commute?

If so, it might be just as important to think of this as nurturing your part-time life as building up your stache toward FIRE.

wellnessmobile

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Re: Is it worth keeping my part time job?
« Reply #20 on: February 13, 2021, 11:20:54 AM »
Is your stash so large that $7356 is just a drop in the bucket, or does it represent a significant increase in net worth? If youíre early in your FIRE journey, every little bit helps. If youíve already amassed millions, then maybe itís not worth it.
----
Good nuggets. I am still in the wealth accumulation stage so $7,000 is a great addition toward reaching my FI in 5 years. It is the time wasted in the car that causes me inner turmoil. haha
But based on your thoughts, I still see the value. Thanks!

Another thought on value...If you are just 5 years away from FIRE, have you thought about what you will do afterward?  It sounds like this part-time gig would fit a lot of people's need for some interaction / providing value / not mindless / SORR hedge.  Would you continue that?  Maybe move closer after FIRE, to knock out the commute?

If so, it might be just as important to think of this as nurturing your part-time life as building up your stache toward FIRE.

As of now, it would be a blend of teaching classes for health and wellness (Tai Chi), Air Force reserve, and possibly being a basketball ref. My current part time gig is somewhat fragile as I work for a third party company as an injury prevention specialist. This contract can easily go away. They do have sites across the US but typically in sub par locations (very small towns, limited resources) due to warehouses and manufacturing plants being partial to these areas. So I am still staying current with this company to keep my options open as I do like interacting with workers on site.