Do you currently have a full-time job? What is your current financial situation? Do you struggle to pay the bills or are you living comfortably from month to month? Either way, I think everyone could benefit from a part-time job (or at least another income source).
How Many Hours a Week Do You Watch TV?
The typical American watches 4 hours of television per day! That’s 28 hours of TV each week – it’s almost a full-time job! Sure, sometimes it’s nice to wind down and watch a show, but I’d say that 20+ hours a week is a bit excessive. What if, instead of watching that brain-drainer, you take on a part-time job. You could work a couple of evenings and a full day on the weekend to get an extra 15 hours a week. At an average of $10 (after tax) an hour, that would put an additional $600 in your pocket each month!
Sure, $600 might not sound like much, but this money could be for anything you choose! Let me show you how much of an impact this could have on your financial future.
Some of you might have some student loans, a car loan, or maybe even some credit card debt that’s still weighing you down. Let’s say that you owe $8,000 on one of these forms of debt and by paying the minimum payments, you won’t be getting rid of this debt for another 10 years.
If, instead of following the minimum payment plan, you decide to throw your 600 extra bucks at the debt, you could be free and clear of this debt within a year! Can you imagine? You could be debt-free in just one year, not ten!
Put The Money Toward Your Mortgage
The most popular mortgage term these days is the 30 year loan. Let’s assume that you just purchased a home and owe the bank $100,000 at 4% interest – this puts your average payment at about $478 per month. What do you think would happen if you paid an extra $600 toward the loan? Would you pay off the mortgage 5 years earlier than normal? Maybe even 10 years earlier?
If you were consistent and put $600 toward that mortgage each month, you would pay off the loan more than 20 years earlier than the terms! That’s right, after 9 years and 4 months, you would own your home free and clear! Not only that, but you would save $52,000 in interest payments! I’d say that a part-time job is looking pretty sweet right about now.
Invest For the Future
With just one job, money seems to get pretty tight when the month is through. Often times, we can’t even imagine investing for our future when the present seems to eat up all of our cash! But, with that extra $600 a month, I bet we could develop a pretty hefty nest-egg!
If you start investing $600 a month at the age of 30 (which is pretty late I might add) and have an average growth of 10% on your money, guess how much you’ll have when you’re 70 years old? Don’t fall off your chair…..$3,826,069! That’s right, almost 4 million dollars!!! Making an extra $600 could earn you a pretty impressive retirement!
What do you think about taking on a part-time job? Would it be worth it for you?
photo by Per Ola Wiberg ~ Powi