Even before the pandemic, one of the great lamentations that you would hear about the economy was that people had to work two jobs. Well, as someone who does work two jobs, I have to say that it isn't without its perks. There are downsides, to be sure, but I thought that we could bring some perspective to the issue.
Pros
- More paychecks
One of the best ways to mitigate the struggle of living paycheck to paycheck is to increase the number of paychecks. Bi-weekly pay sucks. I've only had to put up with it briefly for certain stretches of time, but I never liked it when I did. Weekly pay is better, but with two jobs, you can find yourself getting money coming in much more frequently than even that.
It makes it easier to save and to budget. I'm not high income, but because of fairly frequent cash infusions, I was able to put myself in a position where I'm not living paycheck to paycheck. I budget paycheck to paycheck, but there is a difference there. Why, I can even pay an unexpected $400 bill (just did today, since we're on the topic.)
It also allows you to feel like you have more momentum, as you have more opportunities to make money moves; whether it be making a payment on debt, tucking money away in a savings account for an emergency fund, or even investing it.
- Fall back position
Let's say one of your jobs cuts your hours, or even worse, lays you off; having that second job gives you a safety net to help get you through the rough patch. Even if you can't pick up extra hours, it does give you something to work with to keep things going. It might just slow the bleed, but that can still be a difference maker in that situation.
- Escape hatch
On a similar note, let's say one of your jobs is really starting to get to you and you want out. That second employment can act as what both UBI advocates and dividend investors call "FU Money". You have a certain degree of leverage that you wouldn't have with one sole employer.
- Variety
The work week can feel like a slog, but having two jobs can (oddly enough) mitigate that. You're in different environments, doing different things. It actually helps quite a bit. Sure, it's largely psychological, but the difference is still palpable. One gives you something of a break from the other. Even if you're doing 6-7 day work weeks, it's still less exhausting than if you were to do it all at one place.
Cons
- No time
As noted above, with two jobs, you're likely going to be doing 6-7 day weeks. It doesn't really leave a lot of downtime. You'll definitely fall behind on shows and reading. Down time will be at a premium and you'll have to savor what you can get.
- Tug of War
If you're good at both jobs, you might find both jobs vying for your time. You could argue that this is a good thing, but the feeling of being pulled in two different directions is less than stellar, to be sure. It can also be exasperating, especially when it happens on those rare days you have off.
- Possible double booking
When working multiple jobs, you run the risk of being scheduled at both places at the same time. I generally try to maintain a "one job a day" stance, but it doesn't always hold up that way. Sometimes, employers forget about your availability, need help due to a last minute circumstance, or just ignore it in the hopes that you happen to be free at that specific time in this instance.
As I noted above, if one job cuts hours, the other can pick them up. This can be a good thing, but it can also potentially result in getting stuck in this situation.
Conclusion
Working multiple jobs isn't always the easiest thing in the world. However, it most certainly has perks that can't be ignored. It might not be for everyone, but I don't think that it should be painted with the negative connotation that it frequently does.
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