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Guest MrInsaneBuff

Second streams of income.

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Guest MrInsaneBuff

Recently I have been thinking about money. Specifically money to pay off my car loan more quickly, but that then opened up my thoughts to situations where I didn't have a source of income at all. Where after four years of hard toil all my efforts to become shot of all my debts comes to naught due to a ill timed pink slip. Which I have to remind myself isn't as unlikely as it was this time last year. Working in IT, in the Finance Industry isn't the most secure place of employment at the moment. In fact its two loaded barrels of a shotgun aimed squarely at my employment status. However I know compared to quite a few of my IT brethren, I am very lucky and am better off than most. Having just signed a renewal of my 12 month contract agreement with my employer a few weeks ago, I can breath a little bit easier. But not alot.

 

One of the projects I have been involved with at work has required me to update technical manuals which are distributed to developers throughout the world. I have found that I really don't mind doing this type of work, as long as i can dedicate myself solely to it. Which is a bit hard working on a Support Desk, which has in turn made me realise i need to work on my time management skills along with my spelling and grammar. The up shot of all this is that i am seriously contemplating becoming a Technical Writer. As i stand right now I know I don't have all of the skills required for the job. With a bit of hard work though I think I can make a go of it. It is something that I am fairly confident could become a handy source of supplementary income.

 

I have been speaking about it to a few people I know from my time back at UBS, who also work in IT to get their opinions. What really amazed me was the number of them who were already working second jobs. But not the ones you would think. One of them has started teaching guitar at his local musical instrument store, another has started his own plushie business (I have on order a very fine Companion Cube) that seems to be doing rather well, and one of the younger guys has just started tending bar at the local pickup joint. Doing rather well in tips apparently.

 

On the weekend as I was driving around I noticed someone was selling Pot plants out of their front yard. My co-worker is running a designer shoe business with her boyfriend where they have their designs made in China and they sell them online. Another guy at work imports all different sorts of domestic items from China and sells them online as well. He had a cracker of an eBay account until it got banned at work. It seems that there are quite a few people out there who are being a bit imaginative when it comes to making some extra cash on the side.

 

So what about Atomicans? A fairly industrious and ingenious bunch of people going from my observations over the years. What sorts of things are you engaged in to make some extra dosh? How different is it from your main source of income?

 

Oh and if you have any knowledge about being a technical writer and would like to give me any pointers i would really appreciate it. But yes I already know my first items to work on are my spelling and grammar.

Edited by MrInsaneBuff

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Considering right now my main income is from Centrelink, I have a lot of time to work on a "second" income stream.

Or more to the point, a replacement income stream for my mooching off the government.

 

So to that effect I'm making a game in my spare time.

I'm about to release my first game, so I'll see how that goes.

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I have often toyed with involving myself in extra monetary gaining occupations and they all end up being related to education - educational writing/ writing kid's or teacher's books/ making educational resources. I just never really have the time to get stuck into it and it all becomes a little overwhelming and I'm not sure how successful it would be. Most teachers will happily take anything they can get - so long as it's free. And it's an awful big effort to go to if there's no money to be made.

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I'm just about to start doing some pizza delivery driving on top of my other casual job, like you - to pay of my car loan.

Also eat.. i guess..

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I very RECENTLY worked 2 jobs..

 

Was the extra money nice? Hell yeah.. But at what cost? Homelife was decidedly average. I was never there for Fenn (Especially when you consider what has been happening and how much she really did need me)..

 

I suppose it comes down to what the 2nd job is..

 

Is it a temporary thing which will be quit when the 'goal' is achieved? Go for it..

 

No personal life to speak of but want the cash? Have fun, go for it.

 

Have a partner, life that you want to maintain? Think twice.

 

AD

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Money is always about how much you are prepared to sacrifice in time and opportunity.

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For alot of people i think its come down to their current jobs not providing enough hours these days..

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student + software developer ( 2 days a week)

gets me enough to be comfortable (ie, not likely to be in debt)

 

i know thats not really a "on the side" sort of occupation, but it isnt really my full time consumer

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I packed supermarket shelves for 6 months...but shelved it when we got over our hump.

 

It's not forever dude. Your life will suck.

 

Get something that you can ditch easily, and not care too much about.

 

:)~

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Get something that you can ditch easily, and not care too much about.

Indeed, fuck buddies are much cheaper than hookers.

 

Rob.

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Get something that you can ditch easily, and not care too much about.

 

:)~

like a puppy!

 

... no, the opposite of that...

 

I dunno how ugly you are, but a mate of mine does modelling work, poses for kmart ads and the like, background extra for tv and ad's etc.

gets lots of money for half a day work, no effort required.

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To get ahead, a little hard work is worth it.

 

If you've got a second job you'll pay a lot more tax (half the second income). But tax time will be rewarding once it's balanced.

 

Friends of mine have worked two or three jobs at a time to save for travel etc. If you've got the energy and it won't encroach on your main source of income, do it.

 

If you can exploit your skills to make extra money, even better.

Edited by spaced

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I'm looking at teaching piano part time with a view to moving to it full time. I can't see myself in an IT career indefinitely. Ok whilst I'm young but the out of hours study and effort to maintain knowledgeable and accredited - it is in effect a 2nd job with no income!

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You really shouldn't feel guilty about charging a token fee for giving blowjobs in a public toilet.

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Guest MrInsaneBuff

You really shouldn't feel guilty about charging a token fee for giving blowjobs in a public toilet.

But how am i to compete when you are just the next stall over and give them out for free?

 

Back to the documenting though. I see this as something I can do at home after work. At the moment i dont have any social commitments which take up every evening of the week. So why not spend some time word processing, when otherwise i would just be sat on the couch watching TV or sat infront of the computer surfing teh internets.

 

Aside from the money bit, this will give me a bit of a challenge which currently I am lacking. I dont feel driven, or find myself fully engaged. I think this might give me a chance of that again.

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In-between working my 8-5 job, I blow guys for $10 during my lunch break and while riding the bus home from work.

 

I’m not proud of it, but it's a good source of protein and helps pay the rent.

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I wouldn't consider getting a second job as it would take an opportunity away from someone else who may need it more.

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If you've got a second job you'll pay a lot more tax (half the second income).

That's no longer true.

 

Are you sure about that?

 

I was speaking to an accountant the other day and was told that was the case, got a link otherwise?

 

Rob.

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If you've got a second job you'll pay a lot more tax (half the second income).

That's no longer true.

 

Are you sure about that?

 

I was speaking to an accountant the other day and was told that was the case, got a link otherwise?

 

Rob.

 

Isn't it that you pay tax based on how much you ear/ tax bracket you fall into? I was always told never to work two or more jobs because of the same thing, which always confused me, “Of course I’d pay more tax if I was earning more”. My accountant couldn’t shed any new light on the matter, “you just add up your total earnings etc”.

 

The one thing I know you have to watch out for is, job A will only pay tax for how much you earn at job A, while job B will only pay tax for what you earn at job B. So, you could end up owing tax if your combined income from both job A and B is in the next tax bracket. I always asked job B to take out more tax to cover me from this.

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I've been working to jobs for a few years. I am the sole owner of a software company (which I work from home, after "normal" work hours) and I'm a part-owner (minority) of my nine to fiver.

 

Originally I was going to go 100% my own way and building up until I was making enough money to leave my employer. Then I got made partner/co-owner and now I'm looking to wind down my sole-proprietor gig. I could keep it going, as it brings it decent money, but at this stage in my life I want to be around my kids and wife more.

 

 

If you've got a second job you'll pay a lot more tax (half the second income).

That's no longer true.

 

Are you sure about that?

 

I was speaking to an accountant the other day and was told that was the case, got a link otherwise?

 

Rob.

 

Isn't it that you pay tax based on how much you ear/ tax bracket you fall into? I was always told never to work two or more jobs because of the same thing, which always confused me, “Of course I’d pay more tax if I was earning more”. My accountant couldn’t shed any new light on the matter, “you just add up your total earnings etc”.

 

The one thing I know you have to watch out for is, job A will only pay tax for how much you earn at job A, while job B will only pay tax for what you earn at job B. So, you could end up owing tax if your combined income from both job A and B is in the next tax bracket. I always asked job B to take out more tax to cover me from this.

 

If you work two PAYG jobs your second job is calculated at the highest rate. Come tax time, all your gross incomes are added together, into one, on which your final tax is calculated. What it means is you'll usually get a decent tax return. I know guys that love this because it gives em 5K-10K bonuses every tax time.

 

If your second job is as a contractor with ABN, you just include the income generated from that on you personal income tax stuff and your tax is calculated on the combined figure. Means you need to put away a certain amount for tax time. I go with 50%.

Edited by kikz

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