Is it time to get a 2nd job?
Here are my thoughts on this potential tactic.
Photo: Fidelity
Hello Financial Healers,
I recently stumbled upon a survey from Fidelity, which covered some trends for saving and retirement in America. They found that in Q3 of 2023 (July - September) there was “a gradual increase in the percentage of workers withdrawing from their retirement savings.” These transactions, called hardship withdrawals, were limited to “workers experiencing an ‘immediate and heavy’ financial need as defined by the IRS.”
This signals what most of us already know—that Americans are running out of cash.
When you consider how high American credit card debt has risen in recent months, this information isn’t a surprise. My wife and I found ourselves in a similar situation during 2022. A mix of medical bills and inefficient insurance caused us to add heavy burdens to our credit cards… and it wasn’t pretty.
Thankfully, God came through and eliminated most of our bills. But for many Americans, credit card debt is still a reality.
Should you take on a 2nd job?
One tactic Fidelity recommends for strengthening your finances is to onboard a 2nd job. While this feels logical, it makes my stomach turn. I can only imagine some stressed out parents (like my wife and myself) being told, “Just get another job, man!” It feels so discouraging.
Photo: Fidelity P.S: This is not investment advice from myself or Stephen K. De Silva. Please consult a professional before making any important financial decisions.
The reason I feel so hesitant to this advice is because time is your greatest asset. You only have so much to give to your spouse, your children, and your life-fulfilling hobbies. Does sacrificing your greatest asset make sense? Or does it feel like you’re surrendering too much?
Consider what you’ll lose and gain with a 2nd job before making such a commitment. And, as always, ask God what He thinks is best for your situation.
Becoming a righteous steward,
Cory De Silva
About: Cory De Silva is an American poet, singer/songwriter, screenwriter, actor, and filmmaker. He has released two studio albums, acted in three feature-length films, and published a small book of poetry. He is a graduate of CSU Long Beach, and lives in Northern California with his wife, Colleen, and their son, Bryght.