Armchair Millionaire Community Bulletin: Moonlighting Is a Popular Activity in Todays Workforce

Many people can greatly benefit from the extra infusion of cash that a second job brings in. But to make the job really work with the rest of your life, you need to find the right situation.

(PRWEB) March 28, 2004 --According to the Bureau of Labor Statistics, more than 7.2 million Americans held more than one job in February of 2004--that's more than 5 percent of the workforce. When we asked members of the Armchair Millionaire community about their moonlighting, we heard an amazing array of responses. Here are just a few:

"Since I'm a fanatical skier, I got a job at a local ski shop two days a week. Not only am I making extra cash to help pay the bills, but I am able to purchase equipment and lift tickets at huge discounts." --Jay

"I work for an accounting firm every tax season. I work 6-12 hours a week and have a great time. It's perfect because during the winter months all I would do otherwise would be to watch TV. This way I'm social, active and earning extra money. And I've picked up a few tax saving ideas at the same time." --Heather

"I'm a physical therapist at a nursing home during the week and work at a hospital at least one weekend a month, which allows me to put away an extra $500 a month." --Dorian

For meshing a second job work with the rest of your life, finding the right situation is more than half the battle. As you consider every different job possibility, use my checklist to make sure it's right for you.

The Armchair Millionaire's Checklist for Evaluating Second Jobs

Does it sound too good to be true? Don't be fooled by ads promising work at high pay for little effort. If such a thing really existed, everyone would be doing it.

Will you really like it? It's sometimes going to be tough getting motivated to go to that second job, so it might as well be in an area that you really enjoy. Turn a hobby into a job. Love sports? Get a job refereeing games for your local recreation department. Love to shop? Get a sales job at your favorite retail establishment. If in doubt, follow your passion.

Is it really worth it? It's one thing if you're taking a second job to earn a little extra for a big ticket item, like a new car or a vacation. It's another if you have to do it just to make ends meet. If you find yourself in that situation, a second job might not be enough. Youll also want to take an honest look at your spending (maybe you need to cut back) or your first job (maybe you need to seek a higher-paying job, or get more training to enable you to move up).

Does it lead to a greater goal? Will it give you experience that will help you advance in your regular job? Or, if you're in a rut with your regular job, will the second job help you break into a new field?

Is it really the solution? It's one thing if you're taking a second job to earn a little extra for a big ticket item, like a new car or a vacation. It's another if you have to do it just to make ends meet. If you find yourself in that situation, a second job might not be the answer. Instead, take an honest look at your spending (maybe you need to cut back) or your first job (maybe you need to seek a higher-paying job, or get more training to enable you to move up).

THE BOTTOM LINE: A side job can provide social and skill-building benefits and offer up some extra cash. As my grandmother used to say, Whats so wrong with that?"

This column appears each week on CNNMoney.com, the Web sites for CNN and Money Magazine.
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