Need advice on side hustles and PT gigs. I work FT, my wife runs her own business PT while caring for our kids, and we are STILL living paycheck to paycheck. Combined we make over $80k/yr, but it's still tight. My wife is saying she can go back to work FT and shut down her biz, but a) I know this would make her unhappy, b) we want to prioritize our time with our kids before they start going to school, and c) we already pay for PT daycare and it's EXPENSIVE. FT is outrageous. Thoughts?

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This is what my family has done with your question with our two kids and while it’s my opinion it is also real. Sacrifice is as the heart of having a family, kids, and all the stuff that makes us happy. As it would be hard for your wife to give up the job that makes her happy she can always go back to it later. Now, she may need to make more to support what the family needs. Over the past 17 years we have changed jobs, sold our favorite rides for rides we could afford easier, and stopped working gigs we loved because it made more financial sense to do what the family needed. Now, I will say that if $80k works where you reside great, but it takes literally twice that where we live. So, balancing expectations of where we live and what we earn has to play a part. If we had to we would absolutely make that change as well.

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INRY1, appreciate your thoughts, support, and experience sharing. I'm going to brainstorm some side-hustle ideas with my wife this next week and see what we come up with. We're definitely needing to take a hard look at our budget.

Joins company that allows you to sell life insurance compound interest accounts part time. You get friends and family to sign up - they pay $20-$250/month - their money grows in time and you make a commission every month from their deposits

Someone mentioned Primerica. Is that a good life insurance company?

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Not sure side hustle and PT gig is the answer here. Start looking for a higher paying job

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That's a good way to think about it. Any use negotiating in your opinion?

80k really isn’t that much money. To support full time daycare, you’ll need double that.

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I live in West London. In the UK you have ‘public schools’ which are the pretty elite private schools like Eton college which cost $40,000 - $60,000 annually. There are also independent schools which are technically ‘state’ schools but there are still fees for pastoral care and sometimes boarding. These cost $10,000 - $20,000 annually. It’s more expensive than free, sure, but it’s probably a worthwhile investment. I’m not sure sending your kid to a private school should be compared to your adult child getting an MBA from Stanford - if someone is intelligent and driven enough to be capable of earning an MBA from Stanford they will probably be successful without it.

Well, you're heard it here first, OP. Double your salary, but don't be a chump that allows your wife to work. Take your kids out of private school. Join an mlm for an extra $20/month. Or don't get a side gig because that's unrealistic. Or do. Also, cut out every and all luxuries including but not limited to name brand mac and cheese, a car that runs, and coal for the winter.

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You have chaotic energy.

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Sounds like you need to get your income up…. Respectfully

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My company is like a second family, you know? I know I don't get paid top-of-the-market, but if I go work somewhere bigger with a higher salary, won't that usually come with a major hit to wlb?

I’d agree with some of this by starting to search for a FT that is higher paying and with better benefits that can offset some expenses possibly. Simultaneously I’d be starting 1 side hustle that requires minimum attention and another that you both do together that is fully automated so you both can monitor as time allows. Waiting on the side hustle makes no sense to me as it/they could potentially turn into doing FT and not having to be an indentured servant for a company any longer. (Rat race exited!)

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Thanks. Will do once I unlock DMs. If you didn't already, could you give me a like?

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Any chance you could get rid of the part time school costs. That should save some money and then take a long hard look at your spending. Are there things you could cut out or find cheaper alternatives! For example we used to pay $60 a month for ADT. We asked my parents for a ring alarm system for Christmas and now pay $120 a year for alarm service. Cut cable tv and got a digital antenna for $30 on Amazon and Hulu Saving $80 a month. Shopped our home and car insurance around and saved $2k a year. If time with your kids is the goal maybe there are several small things that would add up and not make you have to get another job which would take time away from your kids. Good luck!

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We're also going to go through our budget and see if we can cut anything. May be time to shop insurance through my alumni group too.

I don’t think anyone has suggested this yet but it works for my household - have you considered hospitality work? Two nights a week in the right establishment as a bartender or server and you could be pocketing another 25k plus every year. Possible for you or might be better for your wife than giving up what she’s passionate about. I made six figures serving 30-40 hours a week.

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Hey, I know most if not all restaurants require your weekends to be open but maybe they’re flexible on the rest. Ask around.

Hi! Depending on where you live (we’re in Boston… send help lol), I would get a higher paying job and a side hustle. I make well over 6 figures most years with commission, husband does as well, but I still sell $1+k worth of items on poshmark a year and my husband and I both do Rover. If you like animals, people pay good money for you to care for their pets (and tip on top of that!) Wishing you the best of luck!

I say keep doing what you can with what is working now. Since your wife is working on a business let her pour her time into that if you want any chance at the freedom that can and will open up for you both. Or give yourselves a timeframe of how the business should be doing by a certain time in order to keep at it or if it is doing less a certain amount by this time next year lets say, then it's time to get back to work. but the goal I'd be looking at is growth. The business should be growing and making progress towards freedom! Your wife's business will continue to grow and soon even you won't need a job or you'll see yourself wanting to put your time in to help her in the business !

Take a look at fully remote roles (there are even PT ones out there). That'll help remove the daycare expense (potentially). If you're not already purchasing a house, look at buying a duplex/triplex to rent out full time or Airbnb it. Just some thoughts!

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