The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: sizzlinkola on February 24, 2018, 11:17:37 PM
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One of my main reasons for pursuing FI is to have the financial freedom to start a company in the medical device industry.
I’m having a dilemma whether I should have a part-time job (ex. waiter, barista, Lyft driver, etc.) to get to FI faster or start a company now while I keep my day job.
I'd want the part-time job to still leave time and energy for my other hobbies (hiking, rock climbing, lifting and other fitness pursuits). My worry is that it will give up time that I could have used to start and develop a company, unless I sacrifice some or all my hobbies. I could juggle all the above but that will be exhausting. I work to live, not live to work.
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Caveat: I'm only a few months in to MMM, but I saw you had zero replies and wanted to toss in my response.
I've always looked at this as a "what phase are you in" question. For paying off debt, absolutely, I would take on the extra job. Once debt-free, I would take the spare time to work that side hustle. Like MM says, debt is an emergency.
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Have you filled out a case study? There may be easier ways to cut time to FIRE than a side job, either by getting a raise in your day job, jumping companies, or cutting expenses. Lyft driver is probably not going to help that much, either. Pete tested out driving for Uber (https://www.mrmoneymustache.com/2017/11/22/mr-money-mustache-uber-driver/) and found the hourly rate to be below min wage.
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you probably want a side hustle business type thing. If you can't write off business expenses against it, the marginal tax rate might be... un-motivating.