Part-Time Job Versus A Part-Time Business!

Sadly, most people who wind up financially strapped try to find a second job of some kind. Is this the best option? Realistically, to get ahead financially these days what would be the best solution: to get another job, or start your own business? This is a great question anyone interested in financial stability and success should consider. This week, we will look at both of these alternatives.

With a job there exists a linear income arrangement of exchanging time for dollars. Thus, if you get paid $10 an hour and work a 40-hour week, you will earn $400 per week. A part-time job to raise additional income if overtime isn't available at your primary job would work exactly the same. Let's say you work an extra 10 hours per week on a part-time job at the same rate as your full-time job. This would only contribute $100 per week to your total income-right? Let's see. Did you know that when you earn extra income it could possibly put you into a higher tax bracket, which may actually reduce your take home pay? So, what you thought was an extra $100 a week may only turn out to be $70 a week in your pocket, which is only a 17.5% total increase in your income. Keep in mind that most likely you will also be limited in how high that extra income will go for those jobs in the future, because employers will only pay so much for each job.

The other alternative is starting your own part-time business. A big plus here is that from day one you will be entitled to a multitude of 'business' related tax deductions that are not available to employees. Essentially, the government will subsidize your part-time business by a certain amount. For many people, this could result in anywhere from $200 to $400 per month in additional money that they can put into their pockets. Break that down and it is similar to having $50 to $100 extra per week. Next, add to that the additional income amount your part-time business will generate for you. For example, let's say you reach the $500 a month level within a year. The result would be adding $700 to $900 per month in cash flow. At this income level, that would be almost a 50% increase in what you were making originally. AND, there is no 'employer' imposed limit on how much you can earn. It's all up to you.

Is starting a part-time job or a part-time business the best when you need extra income? You do the math.

We specialize in showing people how they can start a part-time business that works for them to generate the income they are interested in. If you are looking for ways to earn extra money, choose the way that will give you the best opportunity for success. Send us your name, phone number and the best time to call. We will be glad to show you how you can get started TODAY!

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To Your Success,

Stephan Bourget
Success Team Builders

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