What are you doing with your “other eight hours”?
Starting a part-time business or simply taking on a part-time job certainly have a few drawbacks (time away from family, more work and stress, etc.).
But I think they have more benefits than drawbacks. And they have huge potential to create a better life as well.
Let’s look at some reasons to love the part-time job or business:
You Create Income Security
On the surface level, when you pick up a part-time job or start a business, you are going to bring in some extra money, and more importantly, have another “source” of income.
If you were to lose your primary job, then you’d have the new part-time thing to prop you up for a bit. Simple diversification.
You Create Extra Money for Faster Financial Freedom
If your spending stays the same after you take on the new part-time opportunity, then you’ll obviously have more money to throw at debt and savings.
We’re a perfect example of this. From 2007 to 2010, Mrs. PT and I successfully paid off our student loans from college, our car loans, and we’ve saved up a solid amount in our retirement accounts.
We did this all while Mrs PT went back to school and made the transition to being a stay-at-home Mom.
Had I not started my part-time business, I’m confident we would still be in debt, and our savings wouldn’t be on track.
You Become a Producer vs a Consumer
This is probably my favorite thing about a part-time gig. Your focus shifts from consuming to producing. With an idle eight hours of time in our day it’s easy focus on consuming. Even if you’re not out consuming financially, you’re consuming too much entertainment, too much food, etc.
A part-time gig (especially a part-time business) really creates a mindset shift that I think ultimately leads you to be in a better financial position.
So even if your part-time gig isn’t producing real money (e.g. a purely creative pursuit), it’s keeping you from living a life where you’re a slave to things and stuff.
You Build Skills for Tomorrow
Lastly, a part-time job or business is going to help you develop the skills you’ll need for tomorrow. You’ve heard the saying, “always be learning”. Having something part-time is a learning experience that will benefit you down the road.
Even a simple part-time retail job can be a stepping stone to something greater. Take the example of Cheri Bourdo, a long-time employee of Cousins Subs. She recently opened a store of her own.
“Bourdo, a Wisconsin native, has worked with Cousins Subs for nearly 26 years: she started out as a member of the Cousins Subs work crew and worked her way up to supervisor, where she oversaw operations for several different Cousins Subs locations. As a working single mother, Cousins Subs put Bourdo through college and when the time was right, she decided to purchase her own franchise. Bourdo plans to keep the Cousins Subs tradition within the family with her son managing the new store.”
What a great example of someone making the most of a part-time, seemingly “throw-away” retail job.
Think about your free time and what you could be doing on a part-time basis to help improve your financial situation.
If you have a part-time job or business, what do you love about it?