How to be Financially Stable Enough to Build a Dream Life?

You cannot move towards your dream as you are not financially stable. Your job is not secure as there is a continuous threat of losing a job. There is no cash left to save for any emergency or to pay for health insurance. People take extra roles for many reasons either they want to be improved financially, improve their lifestyle, wants to pursue higher education, or wants to work on a dream job.

It is becoming a need of time that a person plans about his future and plans to do something. You have started thinking about what you should do while doing your current job, whether you want to do a second job or you want to set up your own small business. Then this article is for you. This article will help you to make the right choice, whether you should do two jobs at a time or start a business while doing your current job.

Should you do two or multiple jobs?

Many people find themselves working multiple jobs remotely as more appealing and beneficial. If you have already decided to fill in your part-time schedule or take a second job while working on the first, you can earn some extra income with additional gained skills. It depends on your skills and interests. People often work two or more part-time jobs at separate times of the day or on weekends.

 

Doing two or more jobs is always challenging, but doing any work related to a second job within the working hours of the first job is highly unethical and unprofessional. It breaches the trust of the employer and ultimately leads to dismissal. Be honest and transparent in performing both jobs. According to many employees, doing two part-time jobs are much better than doing a single part-time job with full-time employment. Let’s discuss the advantages and disadvantages of doing two or more jobs:

 

Advantages of doing two or more jobs

1. Multiple jobs provide more financial security than doing a single job. If you lose one job, you still have another job to carry out your expenses. More jobs mean more money, so you become financially independent.
2. You can experience how to work under pressure and how to work with different workplace cultures. You should also develop some extra skills that provide an edge to your resume and increase your chances of getting hired at a higher salary.
3. Doing two or more part-time jobs simultaneously instead of one full-time job gives you more flexibility at your job. You may feel happier and not stressed out.
4. You can select multiple part-time jobs according to your choice and schedule. You neither get bored nor feel too exhausted.
5. Your first job might improve the other through new skills or networking. Your time-management efficiency will also improve.

Disadvantages of doing two or more jobs

1. Maybe you will have no more time to hang out with friends and have fun. You will have no time to spend with your family either. But I assume that all jobs are not that tough.
2. Doing two jobs at a time creates a work-life imbalance. You have to rush for another job once you complete your first. And there is always a ringing bell in your head that you are responsible for completing a task on time. It may decrease the quality of your work.
3. If your employer comes to know about your second job, it may cost you a fortune. Or it may irritate your employer and cause workplace issues.

 

 

Should you do a business with your job?

With small businesses accounting for 99.9% of all businesses in the United States, it’s no surprise that 59.9 million Americans work at small businesses across the nation. Today as of 2022, there are an estimated 33.2 million small businesses in the United States.

Sometimes people can not randomly quit their job to start any business because of the shortage of time.

Starting a new business or a Side Hustle might be risky while your current job is more secure.

 

It is indeed challenging to start a business with a full-time job. It can be exhausting and time-consuming. Your side hustle may swallow almost all your free time dedicated to fun. Your business requires passion, motivation, and initiative to push yourself for extra hard work after you have spent your day working. By focusing on a business concept that you love to do or have passion for it, you may feel more relaxed and work joyfully. You should figure out the perfect business plan by analyzing every inch of detail.   

 

And as an employee, you must be cautious and do nothing that harms your job. If you pay less attention to your work and show poor performance, you might lose your job. You should work evenly and satisfy your employer while working on your business. There are some benefits and drawbacks for a new business startup with your current job.

Drawbacks of doing business with your job

1. 1. Working on your startup impacts your performance in a job. You can’t work with concentration because you may be diverted by ideas useful for business.

1. 1. You won’t have much spare time left for friends and family. There are also household chores that you need to do.

1. 1. You have to spend long hours planning for a business and conduct meetings to analyze each aspect that makes you overwhelmed and stressed.

1. 1. If you have registered your new business, you will have to pay tax on both sets of income, even if you start earning profits.

 

Tips to remember for doing two jobs or job with business

Remember that when you decide to start two jobs, like working full-time with part-time or juggling between two or multiple part-time jobs, you have to pay tax for your earnings. You should list all your income sources on Form 1040 along with Form SE to report your self-employment taxes.

When you set up a business, you should inform HM Revenue & Customs (HMRC). And as a sole entrepreneur for Self-Assessment and filing a tax return every year, you must register. It is also mandatory to maintain accurate financial records.

Conclusion

 There are some advantages and disadvantages of doing two jobs or starting a new business with employment. Both options are challenging because you are already performing one job. It depends on your strength and your feasibility. If you can manage a second job (either full or part-time) with your first one, then it’s the best suitable option for you. If you have long-term plans and handle the pressure of work, then you can start a business of your choice while continuing your job. And above all, you should go according to your interest and passion.

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