Ever wondered if it’s better to have one full-time job or a few side gigs?

It’s a good thing to analyze. With the cost of living going up and up, you need to make sure you’re maximizing your earnings. 

At first, it might seem like a full-time job is the way to go. I mean, you get steady hours, benefits, vacation time, and retirement perks, right?

But I think we can all agree that the 40-hour a week slog is often dull and exhausting mentally. It can be a real challenge to find a full-time job that’s actually enjoyable. 

So, if you’re considering going the freelancer route and working for yourself, here’s something to noodle over.

The Money Factor. You might assume the full-time job will pay more, but some math will tell the real tale. If you’re working 40 hours a week for $40,000 a year – that’s $20 per hour. 

If you are making $40 an hour with a writing gig on the side, and $35 an hour for a few restaurant shifts (after factoring in tips), it might make sense to drop the full-time job and ramp up your efforts with writing!

Consider the cost of losing your insurance and benefits when you do your calculations – and consider that freelancing can mean irregular income. 

Meaning: projects end, or your clients may drop you like a hot rock – sometimes at the same time. You might not be able to bring a new one on board to replace them right away.

Can you handle that uncertainty, and will a hit to your freelancing income mean you can’t pay your bills?

A regular job may seem awful, but it’s at least a familiar kind of hell that pays you on the regular.

No matter what you choose – do it with both eyes open and a lot of thought before you jump in. I’m all for taking healthy risks, but you should tighten your seatbelt first before you start revving your engine. 

If you’d like to go over all your options with a professional financial advisor, all you have to do to get 15 minutes of my time is call 513-563-PLAN (7526) or click here to book online.