What would your reasons be for getting a second or totally different income?

Question

What factors play the biggest role in choosing employment or a home business? What obstacles would cause you to avoid either one?

Answer 1

My reasong for getting a second income would be to improve my present situation. I would find it extremely difficult to survive if my present income is terminately without my knowledge.

The major obstacle for leaving employement mainly lies with the ungrateful employer where the working conditions and contract do not favour me at all. The reason I would close my business is if it was making losses. The world today is about survival and only the best choices make it easier to live in.

Answer 2

I've done it before (getting a second income) so I could have money in my pocket as my full-time pay went to bills and I never had any money for my pocket. The only problem I had with this particular situation is I was working 50-55 hours a week and after 6 mo. of this I couldn't take anymore, I was too tired. I now had the money to spend, but was to tired to spend it! Tried it three times and all three times it lasted 6 mos.

Factors that play the biggest role in choosing employment over a home business..

Home business: Pros you’re the boss making the rules and hours you work, with today’s gas prices you can save a ton if your business doesn’t require travel, if you’re knowledgeable on taxes and the loop holes you can get some great breaks on your earnings at the end of the year. Cons: When owning a home business you have to think will you have the time, desire, and energy to keep up with the responsibilities that will come along with it not to mention the many hassles. Owning a home business or being self employed details having a lot of knowledge about the business you want to do and what will make it successful. Your entire income will most likely depend on how your business does and if you don’t have money to fall back on you can find yourself in a bad situation possibly losing everything you have. You have to worry about how to set your business up in case of a law suits you wouldn’t want to lose everything you own due to one law suit. You also have to make sure the money is there at the end of the year to pay taxes social security is the nipper having the responsibility to pay the entire tax instead of splitting the bill with your employer can become quite costly depending on your gross income for that year. You need to make sure you have the money to buy the supplies to keep the business running.

Employee: Pros you’re guaranteed a pay check (hopefully), you have a good idea of what hours you’ll be working, you don’t have to worry about law suits the big tuna deals with those, You only have to pay your half of the social security tax splitting the bill with your employer, Your employer supplies you with everything necessary to do your job (hopefully),

Cons: You have someone to answer to, you have to deal with the hassle of travel, the expense of gas and car maintenance, Hostile work environments, the cost of work attire, not being able to make the money you should or need.

Okay I’m done racking my brain hope this answers your question.

Answer 3

Money is the prime motivation with a secondary motivation of exploring new opportunities. The second reason is important if I am bored or dissatisfied with my primary career. Keeping up my interest level is the biggest deciding factor for long-term employment. Home employment is problematic as it may require a lot of self marketing ans sales to generate business. Both of which I detest. Successful consultants I have known spent about 2/3 of their time generating business and only 1/3 actually doing anything. I would hate that life style.

Answer 4

The main reason for choosing a home based business should be creating leverage and building a residual income. If you are in the right business, one that has a product in demand and a very wide market, you will build your business quickly and surpass your income. I have found success in my life because I have always been open to multiple streams of income. I would never rely on a "job" because there is no security there. I would only work a conventional job to make assured income quickly but would always supplement it with a home business. I will never be a person forced into retirement because of my age and nothing to show for it....relying on the government to feed and house me. Not an option. Most people are broke in their senior years and frankly that scared me. So I took control of my life, did my homework on what is going on in the market place and started building my business with a product in demand.
I think that everyone should have some sort of home business if for no other reason than tax advantages!

Answer 5

Getting a second income , if after deciding that was the need. First check to see if maybe you might be able to cut some things ( spend less) Are they needs or wants?
Getting a totally different income , well, I would say if where you are , has you in an unhappy state.Then maybe its time for a change. Or maybe if the goals you had set for yourself , were not being reached, then maybe rethinking your current job.
Try to find a job you can enjoy(career) even if it might pay less at first. If you are unhappy , money isn't going to help. You will find if you enjoy it , it will much easier for you to work it, and the money part will come around.

Answer 6

I prefer home based businesses because many companies in my area are closing. I don't want to end up on the unemployment line. I prefer being at home and choosing my own hours.

Companies that allow home based workers are willing to pay more because they don't have to train them or worry about whether they're going to show up or not.

While there are many scams out there, I've found wonderful business opportunities too, thanks to people here.

http://easymoneymakingopportunities.blogspot.com

I also sell on Ebay and Half.com to make extra money. I need the space and know someone out there will want the items I'm selling. You can't beat the happiness factor.

Answer 7

The biggest reason I see for acquiring a new source of income or a second, supplemental source of income (soon!) is because of everything I've read regarding the state of the economy in the USA. In short, I feel that an economic depression is due to hit within the next 6 to 18 months. Do your own research, read up on varied authors / sources to confirm my thoughts.

LEAP/E2020 is a European think tank that costs to subscribe, but many of their articles are in English and are free. Find out about their "four stages" of economic trouble they forecast.

Yahoo! Finance has a stable of writers who periodically pen articles for their site. One of them is Robert Kiyosaki (Rich Dad books). Because he does infomercials, you might think he's automatically crap, but a lot of what he writes on the Yahoo! Finance page makes sense to me.

Google "Mogambo Guru" to find articles written by Richard Daughty. He's entertaining and sometimes over my head, but informative.

And there are plenty of articles collected, linked and updates given at lifeaftertheoilcrash.net News and Updates section. That's where I found articles by Dmitry Orlov and Dimitri Podborits, two men who lived through the crash of the USSR over a decade ago, who have valuable things to say about life before, during, and after an crash. Argentina suffered an economic crash in 2001... try to find first-hand accounts of that.

How long will our economy stand $75-barrel sweet crude oil, $3+ / gallon gas prices, increased scarcity of energy (look at California, St Louis, Queens, NY in the past week!), etc.?

All of these, combined with thoughts by J H Kunstler in his book "The Long Emergency" leads me to believe that some or many people in this economy will be out of luck, possibly soon. With dipping housing prices and the resulting economic woes of many, rates of joblessness will be high. But here's the key: not if your job is REALLY USEFUL in the coming years.

So, my reasons for changing sources of income hinge on the fact that I would choose to pursue economic gain by learning and then putting use to a new skill set. Think of "recession-proof" jobs. Think of things people need no matter their economic circumstances. I've seriously thought about learning to make soap and candles. Today it's a niche, craftsy job, and people at fairs and craft shows pay way too much for things they find folksy and handmade. In a year, people might have no other recourse to buy from you.

So by all means keep what income you have but put all spare time into researching and developing your skills -- at home is fine. Grow vegetables. Think about raising chickens or keeping bees. Whatever your living situation permits. You'll be better positioned to face the future. Those are my opinions. Good luck!

Answer 8

I actually did just start a second job, part time, running s home based business. Why did I do it? Right now to supplement my income, but eventually to be my income!

Answer 9

I'd want reassurance that it wasn't a scam (maybe being able to contact others who have done it and can verify it or maybe endorsement by a professional association).
Factors I'd consider: flexibility of schedule, training required, cost to get started.
Obstacles that would make me avoid it: inflated claims, high start up cost

Answer 10

lol, the only reason I got my second job is because they came to me. The job looks really good on my resume and since I'm moving to Portland in April, it's extra padding for the trip.