How a Millennial Earns $200K Working 2 Remote Jobs at the Same Time
- A full-time account supervisor at a software program firm began a second job as a gross sales consultant.
- He nonetheless works 40 hours per week however expects to make about $40,000 in further earnings this yr.
- The cash goes towards his credit-card debt, his spouse’s school tuition, and his retirement financial savings.
Fayette Woods, 26, says he wants two jobs to satisfy his monetary objectives, which embody paying his spouse’s school tuition, saving to retire at age 60, and maintaining along with his payments throughout a time of four-decade-high inflation.
However Woods works each of his jobs throughout the identical hours, and neither employer is aware of concerning the different.
“On this financial system, you can’t get by with one earnings,” Woods mentioned. He requested that his actual title and employers be saved nameless for privateness causes, however his id is thought to Insider.
Woods, who’s a full-time account supervisor at a software program firm, additionally sells furnishings for a retailer. He mentioned that working remotely for each jobs permits him to keep away from getting caught — and that solely grew to become attainable through the pandemic.
By working about 40 hours per week — whereas getting paid for 60 — Woods expects to see a wage bounce of $40,000 this yr. He’s on observe to make greater than $160,000 on the software program firm this yr, together with fee, pay stubs seen by Insider confirmed.
That is opened new prospects for Woods, who has paid off all his credit-card debt since he began working two jobs final November and plans to begin his personal enterprise with the extra money.
Extra People are discovering it essential to observe a path like Woods’ as the price of residing creeps increased and better. Along with the previous yr of record-high inflation, prices for housing, training, and healthcare have been on the rise for many years. And whereas the Nice Resignation has compelled corporations to increase wages, it is a drop within the bucket after many years of stagnant pay. To manage, some white-collar staff are secretly holding two distant jobs, with many incomes between $200,000 and $600,000 a yr, as initially reported by The Wall Avenue Journal.
“It sounds prefer it’s plenty of work, doing two jobs, and the primary month is tough as a result of it’s a must to determine the stability,” he mentioned. “However when you get via that part, it simply turns into part of your day-to-day life.”
The science of selecting a second job
Woods mentioned he realized his work on the software program firm did not fill a 40-hour week, and that he might spend time making a living elsewhere.
“I haven’t got a school diploma, and I am solely 26, so for me to get in two positions the place I am making $150,000-plus a yr, it is inconceivable,” Woods mentioned. “I wished to earn more money so I might do extra issues, so I might make investments. I wished to construct my nest egg.”
Woods mentioned there are two elements to contemplate when selecting a second job. First, ensure the timing of required duties for every job does not overlap. It is also essential that your second job is not a lot further work that you just burn out.
He mentioned he realized these classes the arduous approach along with his first try at a second job. Final November, he began working half time at an analytics agency along with the software program job, however the analytics agency wished him to make chilly calls throughout instances that interfered along with his different job.
“I noticed I should not simply go after positions for cash,” he mentioned. “I wanted to pursue my happiness as properly.” He mentioned he prefers the work-life stability at his present mixture of jobs, the place he does not must take after-hours work calls.
He additionally mentioned his system appeared like the easiest way to cope with rising prices throughout him — particularly record-high hire within the US.
The extra money from his job on the analytics firm meant Woods might clear the stability of his credit-card debt — greater than $7,000, Insider verified. Earlier than he bought his second job, he mentioned, he’d solely been in a position to pay the curiosity each month. With the extra earnings, he was lastly in a position to deal with the principal debt.
A second job additionally means he and his spouse can afford $2,000 in hire on a four-bedroom house. And having youngsters is one thing they’re extra snug with now that they’ve extra financial savings.
Getting away with overemployment
Woods mentioned working two jobs got here with an adjustment interval, however now he is discovered a groove.
From 7 a.m. to 10 a.m., he works for the software program firm. From 10 a.m. to 2 p.m. he balances his software program work along with his requires the furnishings retailer. Then from 2 p.m. to 4 p.m., he once more works completely for the software program firm.
Woods mentioned it is manageable as a result of the duties for his job on the retailer match between the duties for his full-time place. He makes 5 telephone calls an hour promoting furnishings, and he controls his hours on the software program firm. It additionally helps that he does not have each day conferences.
But it surely does not imply he hasn’t had shut calls.
When Woods juggled the earlier part-time job on the analytics agency, he mentioned, he would generally must be at two conferences on the identical time, along with his digicam and microphone off and utilizing two units of headphones.
One time, one in all his bosses tried to name whereas he was speaking to his supervisor on the different firm.
“I used to be in a position to say I used to be having technical issues on Zoom,” he mentioned. “If I used to be working within the workplace, I would not be capable to do that in any respect.”
‘Swallow your delight’
Woods mentioned it is essential to not be explicit about status at a second job. What’s extra essential is a work-life stability and a work-work stability, he added.
“My recommendation is to only be sure you construct up a schedule and follow it, and swallow your delight and take that additional $15 an hour,” he mentioned.
Woods mentioned his one “Nice Resignation remorse” whereas job-hopping was “simply going after the next paycheck” when he briefly stop his job on the software program firm in 2020 to work at JPMorgan. He was laid off after six months and returned to the software program firm, which he mentioned was “a blessing in disguise.”
“Sure corporations count on so much out of you and look good on paper,” he mentioned. “As a substitute of leaving a job you want, add a second job,” he suggested. His emotions echo these of many staff who’ve stop their jobs over the previous yr for higher pay, solely to ultimately go away their new positions, too.
Woods mentioned being overqualified for his retail job makes it simple.
“I’ve 10 years of gross sales expertise, so I might go search for one other high-caliber job,” he mentioned. “However much more stress comes with one.”
However moonlighting as a furnishings vendor does not encourage these emotions in him.
“It is the equal of LeBron James choosing up a sport of 21 at a group school — slightly work right here, however not that a lot,” he mentioned. “And I am actually profitable at it.”