Friday, September 18, 2009

Part Time Job Progress

Earlier this year, I posted about reducing our savings withdrawal rate by generating income and lowering expenses. We were able to quickly reduce expenses by 17%, mainly by paying off our mortgage. Generating income equal to 20% of our expenses has been more challenging, mainly because my rejection rate for part time jobs has been very high. However recently, I've made some good progress for generating income for 2010.

This month I am starting a new part time job. I originally applied for this job in early 2009, but assumed I was rejected when I didn't hear back after the initial contact. This is a seasonal job with potential of about $100 per week. However, I get to choose my work schedule and the base pay is $25 per hour. A side bonus is the business is a franchise, which enables me to learn about the pros and cons of owning a franchise.

I did get an offer for a special event part time job during the summer. Unfortunately, the event dates overlapped with a family vacation and I was unable to accept this year. Since one of the perks is being able to attend a premier event for free, I plan to reapply in 2010.

Finally, I plan to continue with the seasonal part time job that I have done the past two winters. While the pay is only $8/hour, there is the potential to achieve $10 -$12/hour with bonuses. In addition, the schedule is very flexible and I find the work very interesting. This year I will try to work more during peak hours, to increase the number of customers served. A nice perk is that I can use the service and get expert training for free.

I expect these jobs have the potential generate about 10% of our annual expenses for 2010. I will continue to look for opportunities to earn 20% of our annual expenses during 2010.

For more on Reaping the Rewards, check back every Friday for a new segment.

This is not financial or retirement advice. Please consult a professional advisor.

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