Evaluation of Income Opportunities

[raemaeg]

Okay, so I have a really great job-I'm an SLP (speech-language pathologist). I have only been a Mustachian a few months, but I have been working very hard at it and I have an opportunity to accelerate my early retirement date. My profession is always in demand, so much so that it affords me additional opportunities on top of my full-time employment. Many facilities can't find SLPs and they hire part-time (called PRN with flexible scheduling) to fill the need.
Previously, I have had a PRN position and I was able to commute via my electric car a few days a week. These positions are usually offered at a very high pay rate as well-hence my interest. Recently, I have moved to rural WY (sold the electric car) and the situation is even more pronounced. I am currently evaluating two more opportunities.
Position #1 is located in a town 55 miles away (my company has a pretty suffocating non-compete). Remember, it is rural WY and our speed limits are 70 mph most of the way, so it would be an hour commute. I would be there at least two hours and probably go 2-3 days a week. I would try to load most of my time on weekends, so I could do a larger chunk of time.
Position #2 is a teletherapy position (I know, right?!), so I would work from my home. I would provide services using my PA license (which I would have to upkeep-$). I would be able to do this in the morning before I left for my normal job. So clearly, this would be the preferred option from the Mustachian viewpoint. However, I expect that I would be paid much less.
My question is how to evaluate these two positions financially. How much in relation to my current wage/the other position would I need to make for each one to make sense?
Of course, I realize that this is not the only factor to evaluate when choosing a position. So, I will give you some more information. My full-time wage is more than a carpenter wage and I expect both the positions to be above a carpenter wage as well. We are currently trying to go down to one car. This would not be a problem for position #1 as long as I wasn't doing more than 2-3 weekdays (husband carpools). I am married with no kids. There are personal factors which I will have to evaluate for myself. The scope of my question is just limited to the financial question. I would appreciate any help in evaluating these options.
Thank you!
~Raegan

[Bicycle_B]

There are so many factors it's hard to separate the financial from the non-financial.  But here are a couple ideas on how to compare the financial aspects:

Calculate hours per month you expect to spend on each option.
Add up the costs you expect to incur (eg, car ownership, gas) for each option.
Calculate the tax on the earnings from each option, so that each option produces a post-tax income amount.
Subtract the costs from the post-tax income to determine expected net income.
Use the net income and the hours to calculate net income per hour for each option.

[frugaliknowit]

Position #1:  110 miles * 50 cents per mile (or whatever you consider your true cost) = $55 to break even.  If you can, stipulate to your employer a minimum number of hours you can work per day (like say, 6).  Otherwise, forget about this gig.