Doing the math on part time work

[Moxie]

Just thinking out loud.

 

I’ve said for years that I need a part time job. This week, I found one that will sort of work for my schedule (but not without moving stuff around and missing some school stuff and quitting some volunteer stuff). So, I did the math. BEFORE taxes, I’d bring in $10k/year. Yes, it is a foot in the door. But there is no way that small amount of money is worth the disruption to the family. But then, what is my life? Driving kids, cleaning house, jumping in when they ask me (again!) to volunteer?? And then, in 15 years, what?? I’ll be the 55 year old who used to volunteer a lot??

[regentrude]

I think you are wise to look past the immediate pay and towards the long term effect the job could have: a foot in the door, something for your resume, possibly a step towards employment with benefits years down the road. At 40, you have many decades of productive life ahead.

Only you can decide whether it is worth it, but there are many more factors to consider than the pay - and 10k is nothing to sneeze at either. 

Good luck in deciding what works for you.

[Carrie12345]

With my kids getting older (meaning old enough for me to ditch a few hours a week, lol) I’ve been doing similar math, and it’s frustrating.

 

I tend to be an all or nothing kind of person, so I’m throwing myself into volunteer stuff, revolving around my kids, but in interest areas I anticipate hanging onto once they’re through with me. I’d like to eventually transition that into a small income.

 

I’m starting to convince myself to take comfort in the fact that I don’t NEED to have a very lucrative second act. Extra income, sure. But I’m no longer okay with putting pressure on myself that isn’t needed. It’s stressful enough worrying about all the self-fulfillment crap I’m supposed to attain, lol.

[Hilltopmom]

I went back to teaching this fall. Was originally going to be only very part time. Just accepted a full 4 day a week schedule starting after the holidays.

We could really use the money but also I’m really enjoying being back after a decade off. Much more than I expected to.

We aren’t homeschooling much anymore though and I have my mom here to watch my little ones.

Part time teaching pays way better than working retail or something like that though which would not be worth it to me. Not sure what you’ve found.

Good luck!

[wintermom]

The taxes don't make it worth it financially for us, neither would the the time and energy drain. I'm 50 and still have 10 more years of homeschooling, so my situation is different than yours as far as "work" goes. I already volunteer with music ministry at my church, which I love, is challenging, and is appreciated by others. My dc and dh join me with the music, so it's a positive family experience as well.

 

I have had a small contract for a few years, and that money goes straight into the registered retirement savings. 

 

Hope you find some answers that work for you. I don't think it's easy for anyone to juggle family life and career. There are sacrifices for everyone. We just have to look at what is the most meaningful to us individually.

 

 

Edited December 28, 2017 by wintermom

[Seasider]

Keep in mind the intrinsic value of having something to put on a job application when you are 55 and the kids are on their own and you want to get back to work for the social aspect and/or college costs/fun money.

 

I have a minimum dollar amount that I must work for to make it worth my time. It would have been harder with several kids at home, so that compensation would have to have been higher. Now I just have one at home, I've switched to a different PT job that has a more flexible schedule, and still will have a good reference and current experience should I choose to return to work FT once youngest graduates.

 

Guess what I'm saying is that the straight math might not cover the full value of how you spend your time, either in the home or out of it.

[DawnM]

Just thinking out loud.

 

I’ve said for years that I need a part time job. This week, I found one that will sort of work for my schedule (but not without moving stuff around and missing some school stuff and quitting some volunteer stuff). So, I did the math. BEFORE taxes, I’d bring in $10k/year. Yes, it is a foot in the door. But there is no way that small amount of money is worth the disruption to the family. But then, what is my life? Driving kids, cleaning house, jumping in when they ask me (again!) to volunteer?? And then, in 15 years, what?? I’ll be the 55 year old who used to volunteer a lot??

 

$10K per year for 15 years equals $150,000.  Would that be helpful?  For college?  For your household?  For your sanity?

 

Might that $10K turn into $20K or more down the line?

[lynn]

I understand this all to well. Let me give a different prospective, don't look at the money but at your resume you want to present when you are ready to get back in the workforce at 50+. I tried for months to get a job. It was discouraging in that choosing to be a sahm for 25 years and now 50 I had no value. And to add insult to injury the job I had before children I loved and was good at. I had people call and offer me jobs after ds was born. Now that same job I can't apply for because now it requires a Bachelors degree. So finding a job that you can work with might be a good thing in the long run. I took a job that is okay for now, pays good for part-time and flexible schedule just to put something on my resume.

[Lang Syne Boardie]

I'm working - officially part time, but if I dared to calculate my hourly rate, I'd probably find that

 

A. I'm totally working 40 hours per week, and

B. for way less than minimum wage!

 

But I'm keeping at it for three reasons:

 

1. I absolutely LOVE what I do. (I teach music lessons - unique instrument, esoteric but ancient/authentic method. It's a niche market with plenty of room for me.)

2. I can work from home, while still homeschooling a seventh grader and an eleventh grader. Setting my own hours is important.

3. I am building a business that realistically might survive for the next quarter century, bringing in enough income (overall) that I won't have to go back to work outside the home.

 

Definitely, what DawnM is saying about $10k times fifteen years, is in line with my way of thinking. For me, it is very worth it, because of the $150k but also because the startup investment of time is extremely temporary, and the benefits of working for myself are too good to miss.

 

That said, I could not have done it until this year. My students weren't independent enough yet, and I had too many of them...half of my homeschool has now graduated, and the younger two are doing very well with the new schedule. NEVER could I have even attempted this until now. I wouldn't ruin homeschooling for a part-time job.

Edited December 29, 2017 by Tibbie Dunbar

[4kidlets4me]

I think a lot depends on what your long-term goals are. 3 years ago I took a part-time job making .10 over minimum wage that has turned into a full-time management position making more than twice what I started with. I also carry my family's insurance because mine is much, much cheaper than my husband's. All that to say that what seems like it might not be worth the time could turn into something much more lucrative. 

[Daria]

Just thinking out loud.

 

I’ve said for years that I need a part time job. This week, I found one that will sort of work for my schedule (but not without moving stuff around and missing some school stuff and quitting some volunteer stuff). So, I did the math. BEFORE taxes, I’d bring in $10k/year. Yes, it is a foot in the door. But there is no way that small amount of money is worth the disruption to the family. But then, what is my life? Driving kids, cleaning house, jumping in when they ask me (again!) to volunteer?? And then, in 15 years, what?? I’ll be the 55 year old who used to volunteer a lot??

 

Is this something that you'd enjoy as much as the volunteer work it's replacing?  

 

How many hours would it be?

[luuknam]

$10K per year for 15 years equals $150,000.  

 

 

$10k before taxes is not $10k after taxes. Especially after you add in additional transportation costs etc, if you have those. 

[Frances]

Just thinking out loud.

 

I’ve said for years that I need a part time job. This week, I found one that will sort of work for my schedule (but not without moving stuff around and missing some school stuff and quitting some volunteer stuff). So, I did the math. BEFORE taxes, I’d bring in $10k/year. Yes, it is a foot in the door. But there is no way that small amount of money is worth the disruption to the family. But then, what is my life? Driving kids, cleaning house, jumping in when they ask me (again!) to volunteer?? And then, in 15 years, what?? I’ll be the 55 year old who used to volunteer a lot??

You never know when you might suddenly need a full-time job, and it's almost always easier to get a job when you already have one. I got my first part-time job related to my education and career goals when my son was five. I was very lucky because I had never really used my graduate degree up to that point, and got the job through connections. Fast forward five years, and suddenly I really needed a full-time job because my husband was making a career change. No way would I have gotten my current job without the previous part-time one. And a big bonus has been that my family health benefits are much cheaper than his, even though he now works at a hospital.

 

I would add though that I could walk to both jobs and neither required any special clothes and no daycare was involved, so there weren't really any added expenses. Both jobs were also fairly flexible with some ability to work from home.

Edited December 29, 2017 by Frances

[EmilyGF]

The "pay" of part-time work goes beyond the money. (So does the stress.)

 

For me, I could work from home. It pays enough that I can get a sitter. It is hard enough that I have to work at it with a part of my brain that feels neglected. If I keep doing it, it can pay quite well. I could see doing it full-time someday, or at least using it to pivot to other work. 

 

What I loved best was the deadlines (and even staying up late to meet them). I really missed that.

 

My hubby had been clear that he didn't want me doing a low-wage job with no prospects of it amounting to anything in the future. I think if you look for the right type of employment situation, or get the training needed to look for the right type of employment situation, the 10K per year wouldn't be 10K per year for the rest of your life. As a former homeschooler, you know how to do the research, etc.

 

Emily

[BooksandBoys]

If you don’t need the extra money, you can put more than half of that away into an IRA (before taxes). But, if that’s not the direction you want to go, I would, personally, strongly consider the value of the foot in the door.

 

I decided a year ago that when I go back to work, the focus is on developing the skills and career for my future/post-kids work-life. I’ll work for zero take-home if I must, just to be able to have a career already moving forward when my kids are grown. YMMV, of course, but there is a lot to be said for having a solid resume when you need it.

[DawnM]

$10k before taxes is not $10k after taxes. Especially after you add in additional transportation costs etc, if you have those. 

 

$10K before taxes equals $150K before taxes.  I am not sure why you chose to call me out.  Do you really think when I get my paycheck I don't think taxes are taken out?  She said $10K, I don't know what she brings home out of that amount.

 

And additional transportation is not taxes, those are expenses, just like any added wardrobe needs, food habit changes, etc.... would be.

[DawnM]

True. And while it is not the only termini game factor, it counts.

 

Years ago, we did the math in my staying home with the kid. Between daycare, the extra expenses of both of us working, and so on, it turned out that I’d be working my butt off for less money than we would spend on a single vacation.

 

Then we thought about what we really wanted and I stayed home.

 

And now I wish I had found a way to keep my hand in. My field changes rapidly and I’m too out of date now to re-enter. Had I stayed currrnt because working for basically nothing for about 10 hours a week, I could now be making much more than minimum wage in that field.

 

I’m not sitting here wallowing in regret. I don’t know that I could have worked 10 hours a week. I had a health crisis. All I am intending to say is that it is complicated.

 

It is complicated.  I wish that I had found a way to stay part time as well.  But I didn't, and now I am missing those years for retirement purposes and earned income.

 

Truth be told, DH really pushed me to stay home.  He had a SAHM when he was a kid and he wanted that for our kids.  I didn't actually come home until they were 9 and 7 years old, but I eventually did come home.  He also begged me to HS the kids.  I kept thinking I would get used to it and like it, but I never really did.  I was ok, and made it work, but I missed working.

 

I will admit that the field has changed, and not all for the good, and it is far more stressful than it used to be, but I do like brining home a paycheck.

[angelica]

Take the job, you can always quit if it doesn't end up working. Have you thought of selling on ebay? You'd be shocked how much you can make off stuff laying around the house. I grossed a little over 14k from selling nothing but clothing on ebay. It's pretty basic and fun in a way. I'm happier knowing I am making some money now even if it's not much. 

[kitten18]

$10K before taxes equals $150K before taxes. I am not sure why you chose to call me out. Do you really think when I get my paycheck I don't think taxes are taken out? She said $10K, I don't know what she brings home out of that amount.

 

And additional transportation is not taxes, those are expenses, just like any added wardrobe needs, food habit changes, etc.... would be.

I'm guessing she quoted you because your post made it seem like Moxie would have an extra $150,000 in fiftenn years to put toward college or whatever.

I would need a long, hard look with an accountant to see if that $10,000/year would be worth it since I would bring home less than $6,000 of that. I would also need to see how it was going to affect college funding.

[Wheres Toto]

I continued doing part-time contract work for my old company mainly to keep something for my resume.  They pay really well but it's very sporadic and limited.  I might do 5 hours one month, none the next month, 12 the next.  Right now I'm doing a project that will probably get me 20 hours over a few weeks.  It was easy to make the decision to do it because I do all the work from home when I have the time.  

 

Having kids that need someone home with them makes the whole part-time work deal harder to make worth it.

 

I also teach homeschool science classes (pay), teach Sunday School (volunteer), run a 4-H STEM club (volunteer), and I'm going to interview next week for a possible STEM coordinator position.    We actually don't NEED the money from any of these but I like keeping busy and it definitely doesn't hurt.

 

I'm 48 and dh is 61 so odds are good that at some point he will stop working and my income will be our primary.  I am doing a lot of things with that in mind.

[mommyoffive]

Take the job, you can always quit if it doesn't end up working. Have you thought of selling on ebay? You'd be shocked how much you can make off stuff laying around the house. I grossed a little over 14k from selling nothing but clothing on ebay. It's pretty basic and fun in a way. I'm happier knowing I am making some money now even if it's not much. 

 

That is great

 

Do you sell new or used?   What was your profit on that? 

[Scarlett]

Moxie, my answer depends on the ages of your children.

 

I went back to a very part time work when ds was 14. I was able to have him with me. It was only about 12-15 hours a week. It was ok. I was still able to do everything I wanted and I had a little bit of extra money.

 

Then in January when ds was almost 17 I began working about 25 or more hours a week. I do not like it. I mean the job is great and I am happy to have the money but the disruption is pretty big even though the kids are both almost grown. I much prefer a smooth running home. I am glad I didn't have to work when ds was young.

[angelica]

That is great

 

Do you sell new or used?   What was your profit on that? 

95% used. I don't have an exact break down of profit but since it's all paid for it's all money in my eyes. I could have donated like Marie Kondo preaches but I was not after instant gratification and have some space to store things. After fees and shipping as of now I' have a little over $8800 in my own account.I did buy a few things here and there at gw to resell that were too great to pass up as well. Last 2 months I picked up a few things like uggs, boxers and jackets and they all sold. It's more of a hobby so I don't really keep up on book keeping like I should. I did this sort of thing back in hs and college but never at this level. My kids are in elementary full time now :/ and I did NOT want to go look for work! I am truly so thankful for the money I am able to make while still being available to my family. 

Edited December 29, 2017 by angelica

[mommyoffive]

95% used. I don't have an exact break down of profit but since it's all paid for it's all money in my eyes. I could have donated like Marie Kondo preaches but I was not after instant gratification and have some space to store things. After fees and shipping as of now I' have a little over $8800 in my own account.I did buy a few things here and there at gw to resell that were too great to pass up as well. Last 2 months I picked up a few things like uggs, boxers and jackets and they all sold. It's more of a hobby so I don't really keep up on book keeping like I should. I did this sort of thing back in hs and college but never at this level. My kids are in elementary full time now :/ and I did NOT want to go look for work! I am truly so thankful for the money I am able to make while still being available to my family. 

 

So you are just selling mostly the stuff you have used for your family?  You don't have to pay taxes on that then do you? 

 

Do you have to pay taxes on any of it? 

 

I sold a pair of my UGGs on Ebay that were never worn and ended up losing money on it after paying shipping.   BOO.   Even though I got them crazy cheap. 

 

What brands do you sell? 

 

I tried selling my kiddo's Gymboree and it wasn't really worth it. 

[regentrude]

Have you thought of selling on ebay? You'd be shocked how much you can make off stuff laying around the house. I grossed a little over 14k from selling nothing but clothing on ebay. 

 

 

You had 14k worth of extra clothing in your house??? Wow.