Author Topic: Which part time job?  (Read 3328 times)

Pianoforte

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Which part time job?
« on: December 16, 2014, 01:42:53 PM »
New to this forum! :). Need some advice about jobs.  I have an additional job (self employment) in addition to this part time one. 

Which part time job would you choose to supplement income?  (I cannot do both).  Pay is equal, (taxes are not), job #1 is 4 weeks shorter per year.  Both jobs are $13k over 9 months (school year calendar).

1. 10 hours a week, 2 days per week, 22 mile commute (45 minutes-1 hour) each way, working hours while my kids are in school (9:00-2:00). W2.  Hours (9-2) includes my commute time, actual working time is 6 hours. 

2.  6 hours a week, 2 days per week.  1 mile bike commute.  Hours after school, 4:00-7:00.  Self employment pay so extra 13% out in taxes. 

My issue is the 'after school hours'. I already work 2 days until 8:00 pm and I feel like I would be short changing my kids by adding on 2 more days of after school hours.  But the commute and gas and time spent in traffic!

Thoughts?
« Last Edit: December 16, 2014, 01:48:34 PM by Pianoforte »

Future Lazy

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Re: Which part time job?
« Reply #1 on: December 16, 2014, 02:05:11 PM »
IRS puts it at $0.51/mi, making that 22mi 44mi commute cost about $22.44 per commute day. Assuming the school year is about 36 weeks, that's $1615.68 in commuting for the entire season.  MMM's Ultimate Cheap Driving Estimate of $0.17/mi makes it $7.48 per commute day, or $538.56 for the entire season...

Our average 150k miles older car costs about $0.42/mi to drive, so if I were making that commute, it would be on the higher end.

So, that's the monetary side of it spelled out a bit more clearly. Of course, how you weigh that against the experience of driving and time spent with family in the afternoons depends on you. I'm less of a family (wo)man, so I would probably go with the cheaper option. 

ps. Welcome aboard! :)
« Last Edit: December 16, 2014, 02:09:42 PM by KaylaEM »

TheMoneyBadger

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Re: Which part time job?
« Reply #2 on: December 16, 2014, 02:31:50 PM »
Assuming that your only two choices are these jobs and assuming that you're committed to going for one of them, I'd probably go for the first one.  Financially the commute sucks and will reduce the benefit of having the job.  That said, to me a big part of getting to financial independence is living a life that I want to live while getting there.  If time with your family is important to you, and it sounds like it is, then I wouldn't make a decision that took me away from them even more than I already had to be.  Put another way, I'd be careful to balance the desire to get to FI independence as quickly as possible with the desire to live filled with the things that are important to you while getting there. 

If I was in your shoes I might be asking whether there's a third option.  That commute is well beyond what I'd consider for $13K a year - though your mileage may vary.  That amount of money means very different things to different people.  If it means the difference between working 7 years or 25 years I'd consider doing it.  If it's the difference between 7 and 8, not so much.


Pianoforte

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Re: Which part time job?
« Reply #3 on: December 16, 2014, 08:37:47 PM »
Thanks for the replies!  Job #1 is not a ton of money, but adds up to about $70-$80 and hour which is good (although a slap in the face on what I am paid vs. full time employees with benefits).

Both of your thoughts gave me a lot to think about in finalizing this decision, so thank you!

Ricky

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Re: Which part time job?
« Reply #4 on: December 16, 2014, 08:59:39 PM »
If $70-80/hr is a slap in the face then I am walking around headless apparently.

I calculated $33/hr. $13k/390 hours (10 hours per week for 39 weeks). Where are you getting $70?

Pianoforte

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Re: Which part time job?
« Reply #5 on: December 16, 2014, 09:38:52 PM »
It's an adjunct job, so I have 29 classes I teach per semester @ $2200 per semester.  Ends up being $75 per class taught.  I teach 3 separate classes.  Of course the $75 per hour doesn't account for my commute, or class prep, or emails, or office hours, or the fact that of my class enrollment is below a certain number, my pay is docked.  No benefits = I have to buy health insurance for my family.  What I teach is a 1/2 time load, and a full time professor with a full load makes 4-5x this amount plus benefits.  It is a big of a slap in the face.  Again, it's a second job for me, but my main job is also self employment, so no benefits. 

Ricky

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Re: Which part time job?
« Reply #6 on: December 17, 2014, 05:29:34 AM »
In that case, I fully agree with you - that is a slap in the face. I wouldn't personally consider that $75/hr since prep and office work is necessary.

I think you'll get burnt out doing the first job. The second job sounds infinitely more appealingly even with paying self employment taxes. You'll still make more hourly than you would with job A. It's nearly half the work load for only a 15% (taxes) reduction in pay. Plus, you'll save on the commute, so it's not even 15%.

thd7t

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Re: Which part time job?
« Reply #7 on: December 17, 2014, 08:20:59 AM »
New to this forum! :). Need some advice about jobs.  I have an additional job (self employment) in addition to this part time one. 

Which part time job would you choose to supplement income?  (I cannot do both).  Pay is equal, (taxes are not), job #1 is 4 weeks shorter per year.  Both jobs are $13k over 9 months (school year calendar).

1. 10 hours a week, 2 days per week, 22 mile commute (45 minutes-1 hour) each way, working hours while my kids are in school (9:00-2:00). W2.  Hours (9-2) includes my commute time, actual working time is 6 hours. 

2.  6 hours a week, 2 days per week.  1 mile bike commute.  Hours after school, 4:00-7:00.  Self employment pay so extra 13% out in taxes. 

My issue is the 'after school hours'. I already work 2 days until 8:00 pm and I feel like I would be short changing my kids by adding on 2 more days of after school hours.  But the commute and gas and time spent in traffic!

Thoughts?
Does your 10 hours per week include the 4 hours commuting per week?  You should look at this more like the calculations in Your Money or Your Life.
« Last Edit: December 17, 2014, 08:22:46 AM by thd7t »