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Go Back   E46Fanatics > Everything Else > The Off-Topic > Money Matters

Money Matters
Financial, Stock, Investment etc. posts here.

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Old 08-22-2011, 02:32 PM   #1
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Join Date: Aug 2011
Location: Dayton,OH
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My Ride: 2001 330xi
Should I get a second job?

I was giving this some thought today and I wanted to see what you guys think and would do when you were my age.

I'll start off by giving my current situation...

I have my own business selling decals and it's growing quickly. I also work as a Support Analyst (full time) at about $40k a year. That business is growing quickly as well so it seems to be a pretty secure job.

I bought my own house at 21 (I'm now 22) and I have no credit cards. The only loans I have are for the house and car which leaves me a decent amount of money to live off of and save.

So now here's the reasons I want to do it...

I like to make as much money as I can because financial security is more important to me than most things in life.
My gf of 5 years and I recently broke up so there is nobody to go home to now or someone else to worry about.
It would be an hourly job so I could request days off to hang out with my friends and family.
If I hate it I can leave whenever because I don't really need the money.
More money to save for financial security later in life.
Could pay off my loans faster or build equity in my house.
Could have more money to mod my car.

The reasons I don't want to do it...

I could possibly use that time to expand my current business or start a new one.
A lot less time to myself
Will probably get tired of working so much.

Well let me know what you guys think or if you need more info I'm leaving out.

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Old 08-22-2011, 03:16 PM   #2
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Location: oregon
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Live under your means, but not without your needs.

Some people worry about where they are going to get their next meal, the least we can do, is appreciate the fact all we have to worry about is what we wanna buy at the grocerie store.

Money and success doesnt mean happiness at all, I honestly wouldnt worry about finances if you already own your home and a car.

Last edited by Loaded325i; 08-22-2011 at 03:28 PM.
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Old 08-22-2011, 05:40 PM   #3
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I would focus on your own business more with the extra time. Sounds like you have a good head on your shoulders at your age.
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Old 08-22-2011, 06:09 PM   #4
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First off I would ask the following:
Does your current business/job afford you enough income to pay your bills, live a reasonable lifestyle, and save money for retirement, emergencies, etc? (consider 6 months worth of living expenses in savings as a bare minimum emergency savings on hand and 5% gross pay as a minimum retirement savings) and are you doing it??
Are you planning on having kids in the future and if the answer is yes, does your current income afford you a minimum of 3% worth of money you can put away per child you wish to have and an additional 3-5% retirement savings if you expect or anticipate a future wife to stay home and not work?

If the answer to either question (or follow on questions) is no, then it may be advisable to increase your income in some manner. Whether a second job, expanded side business, or another solution.
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Old 08-22-2011, 07:35 PM   #5
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Wraisil you bring up some good points. It does afford me enough to pay bills and a reasonable lifestyle. I can definitely put away 5% into retirement and 5% per child I want to have. As far as 5% retirement savings for a future wife to stay home it's a no.

And as far as AM I doing it? I am not. To be honest, I don't know where to begin with starting a retirement account. I definitely know that I should start one though.

On a side note. I spoke with my mom who also has a decal business. She has decided today to pass it to me. So I will be picking up her work and customers and also hiring a close friend of mine as an employee starting early next month. I'm going to pay him in cash though to avoid him being a legal employee. (so much cheaper that way ) There will be enough work to keep him busy 40 hours a week though and I'll be at my job while he does that. In the evening I will be responding to customers and updating the website.

So a few hours after my first post it looks like the decision was made for me and I will be working on growing my own business. So I guess my next question is... how and where do I start a retirement account? (Through work?) And... how do I know when it's safe to leave my job and concentrate on my own business full time... if it comes to that.
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Old 08-22-2011, 07:48 PM   #6
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I should also explain the two different types of decal businesses we were in. She made decals for local schools and sports teams. Also custom banners and magnets (local teams) She also has three primary customers that own local sports stores where they stocked her decals. She also went to high school football games in the area and would sell decals in person. I was completely opposite with the business I started. All of my sales are online. I make decals for automotive, boats, and anything else but I did NOT do local items or have decals in a brick and mortar store. So that will be a challenge for me as well with picking up her business. I can make everything she made but it's going to be a completely different customer service experience.

Luckily for me though my friend is much more personable and outgoing than I am so I am going to send him to the games to sell decals and I will be behind the scenes sorting orders and money.
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