Today, I want to talk about the difference between having a 2nd income and a 2nd job.
Let me start by telling you that LOTS of people in Nigeria have AT LEAST two jobs. Not only do both spouses in most families work, but in many cases, both have more than one job.
Isn’t that freaking crazy?
Good paying jobs are hard to find and even harder to keep. Most people who work are underemployed.
Even with a good education and good experience it can be difficult to get paid what you are worth!
It’s sad, but it’s become a reality in our over consumption society.
Most people live above their means and few families can get by on just one paycheck.
Most families NEED that second paycheck to help cover the bills.
As a result, many people work a 40 hour per week job, and then have another part-time or full-time job on top of that!
Unfortunately, most of these folks have never been taught the advantages of having a home based business.
Personally, I think having a 2nd income is much smarter than having a 2nd job.
The major problem with having a 2nd job is that you have no tax advantages. The more you earn the higher percentage the government takes from you in taxes.
In addition, you have to keep trading hours for Naira. You have no leverage.
You have to work, work, work and keep working if you expect to make money.
The problem is there is only so much time in a day (and a week) to work. You are limited to 24 hours in a day and 168 hours in a week.
And if you want to take a day off the money stops!
Even worse, the more you work outside the home, the less you see your family.
As I see it, making a 2nd income is much better than having a 2nd job.
By starting your own part-time home based business, you can make an extra income and save thousands of Naira each year in taxes.
The tax savings alone is a MAJOR reason that a lot of people decide to start a home based business.
As a quick disclaimer, make sure your home based business is really a business and not a hobby. You have to treat it like a real business to be eligible for the tax deductions. You should also consult for tax advice.
What’s great about starting a home based business is that you can work from home, have no employees, set your own hours, save money on taxes, and make extra money.
You can work in your pajamas, have your kids sitting by your side, and do something you enjoy.
To me, that’s much better than having a second job.
The purpose of this article is not to tell you WHAT home business to start.
That’s up to you to decide.
Although I am personally a big fan of network marketing, I also know it’s not the right fit for everyone.
If I was going to recommend a few home businesses, I would suggest any of the following:
- Selling on eBay
- Virtual Assistant
- Network Marketing
- Project Manager
- Website Design
- Coaching or Consulting
These are just a few home businesses that I have done myself.
All can work and could provide a nice 2nd income once you learn the ropes and know what you are doing.
At the end of the day, only you can decide what is best for you.
Only you can decide if having a 2nd job is better than having your own home based business. If nothing else, you should at least look into it before you write off the idea.
The bottom line is that a 2nd income via a home based business is much more beneficial than having a 2nd job (as I see it).
Building a business that has equity, good tax deductions and cash flow is the only way to go.
And who knows? Maybe your little home based business can eventually replace your full-time income in a few short years!
Wouldn’t that be nice?
I hope you will at least consider your options and think about starting your own part-time home based business!
I know that you will be happy that you did. After all, it’s much better to work for yourself than to work for someone else.
What are your thoughts? Do you think having a 2nd income is better than having a 2nd job? Leave a comment below to let me know what you think. I look forward to hearing from you.