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Old 05-06-2018, 03:34 PM
 
Location: Shreveport, LA
1,430 posts, read 1,124,329 times
Reputation: 770

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I’m starting a career as a public high school special education teacher making 47000 before taxes and retirement are taken out, giving me 33000 in discretionary income. I actually like this work a little, but I would really like to do something on the side to make as much additional money as possible so I can start investing for retirement. I have a pension, but I want to really live opulently when I retire and enjoy my last years, and my pension as it stands will only allow me a modest retirement. I’m 22, so I have time to invest. I’m looking more for just anything I can do to rake in extra money for investments without making me sacrifice my current full-time job.

I have a pharmacy tech certification, but that was only bringing in 13/hour and I quit that to pursue teaching. Going back into pharmacy as an extra source is on the table, but if I can do something on the side that makes more money where I am preferably working for myself would be ideal.
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Old 05-06-2018, 08:23 PM
 
Location: IL/IN/FL/CA/KY/FL/KY/WA
1,212 posts, read 1,035,524 times
Reputation: 1459
Quote:
Originally Posted by Magic Qwan View Post
I’m starting a career as a public high school special education teacher making 47000 before taxes and retirement are taken out, giving me 33000 in discretionary income. I actually like this work a little, but I would really like to do something on the side to make as much additional money as possible so I can start investing for retirement. I have a pension, but I want to really live opulently when I retire and enjoy my last years, and my pension as it stands will only allow me a modest retirement. I’m 22, so I have time to invest. I’m looking more for just anything I can do to rake in extra money for investments without making me sacrifice my current full-time job.

I have a pharmacy tech certification, but that was only bringing in 13/hour and I quit that to pursue teaching. Going back into pharmacy as an extra source is on the table, but if I can do something on the side that makes more money where I am preferably working for myself would be ideal.
Ah, the ol, "tell me how to make a lot of money part time" post.

Everything I can advise as someone who is 20 years older than you is to start investing now, even if it's small amounts.

As for part time jobs, only you can decide what your tolerance is from an effort perspective to determine what you might do.

If you have a newer car, driving for Uber or Lyft seem to be popular opportunities for part-time money, because you can pick and choose your hours. As for additional income that won't harm your full-time job, you have to look at summer work.

There aren't going to be too many part time jobs that pay better than your 13/hr job that won't wear you out or require additional certification/skills.

When I had a part-time job, it was $20/hr back in the mid 2000's grading standardized tests for grade school kids, but it was 6-10pm every weeknight and wore me the heck out from my 8-5 job.

You're not going to get many recommendations outside of the standard issue stuff for part-time jobs. It's up to you to get creative knowing what things interest you to see if there's a way to monetize your interests/skills either online or in person.
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Old 05-06-2018, 08:43 PM
 
Location: SW Missouri
15,849 posts, read 31,527,202 times
Reputation: 22458
Quote:
Originally Posted by Magic Qwan View Post
I’m starting a career as a public high school special education teacher making 47000 before taxes and retirement are taken out, giving me 33000 in discretionary income. I actually like this work a little, but I would really like to do something on the side to make as much additional money as possible so I can start investing for retirement. I have a pension, but I want to really live opulently when I retire and enjoy my last years, and my pension as it stands will only allow me a modest retirement. I’m 22, so I have time to invest. I’m looking more for just anything I can do to rake in extra money for investments without making me sacrifice my current full-time job.

I have a pharmacy tech certification, but that was only bringing in 13/hour and I quit that to pursue teaching. Going back into pharmacy as an extra source is on the table, but if I can do something on the side that makes more money where I am preferably working for myself would be ideal.
Look around your community and find out what it needs. Going into business for yourself is the only way.

I always thought it would be cool to have a cleaning business called "just bathrooms" where you would go to local area restaurants and other businesses and provide this service. Public bathrooms sre always revolting because employees don't want.to clean them.

Delivering alcohol would be s great business also.
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Old 05-06-2018, 09:08 PM
 
Location: Shreveport, LA
1,430 posts, read 1,124,329 times
Reputation: 770
Quote:
Originally Posted by 20yrsinBranson View Post
Look around your community and find out what it needs. Going into business for yourself is the only way.

I always thought it would be cool to have a cleaning business called "just bathrooms" where you would go to local area restaurants and other businesses and provide this service. Public bathrooms sre always revolting because employees don't want.to clean them.

Delivering alcohol would be s great business also.
Wow. I would have never thought of that idea. How much would I charge per job, I wonder?

I'd be going for between 15-20 bucks an hour, but would rather go for an estimate first and foremost so I'm not tracking time.
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Old 05-06-2018, 09:19 PM
 
Location: SW Missouri
15,849 posts, read 31,527,202 times
Reputation: 22458
Quote:
Originally Posted by Magic Qwan View Post
Wow. I would have never thought of that idea. How much would I charge per job, I wonder?

I'd be going for between 15-20 bucks an hour, but would rather go for an estimate first and foremost so I'm not tracking time.
$10 a stall, $10 a sink. Of course, you would be cleaning everything else (mirrors, floor), but a bathroom with one toilet and 1 sink would be $20 and it would take about an hour to clean.
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Old 05-06-2018, 09:55 PM
 
Location: Connecticut
4,368 posts, read 3,428,396 times
Reputation: 2983
Quote:
Originally Posted by Magic Qwan View Post
I’m starting a career as a public high school special education teacher making 47000 before taxes and retirement are taken out, giving me 33000 in discretionary income. I actually like this work a little, but I would really like to do something on the side to make as much additional money as possible so I can start investing for retirement. I have a pension, but I want to really live opulently when I retire and enjoy my last years, and my pension as it stands will only allow me a modest retirement. I’m 22, so I have time to invest. I’m looking more for just anything I can do to rake in extra money for investments without making me sacrifice my current full-time job.

I have a pharmacy tech certification, but that was only bringing in 13/hour and I quit that to pursue teaching. Going back into pharmacy as an extra source is on the table, but if I can do something on the side that makes more money where I am preferably working for myself would be ideal.
The best side money you can earn now is via investing in your 401k/403b retirement account. Almost nothing will beat the potential returns of investing when you have about 40 years until retirement.

Always put in the max that your employer will match. If its 5% do 5% if its 10% do 10%. You can also have a separate IRA account and input money there too along with your spouse. I think the yearly max is about 18k. That would include any money you and your employer put into a 401k/403b.

For example, if your employer plan with match is 10k per year, you can input another 8k into an IRA, so can your spouse. You will want to double check the limits on the IRS website and/or ask a CPA. I'm just trying to point you in the right direction.
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Old 05-07-2018, 09:49 AM
 
Location: Shreveport, LA
1,430 posts, read 1,124,329 times
Reputation: 770
Quote:
Originally Posted by MrGompers View Post
The best side money you can earn now is via investing in your 401k/403b retirement account. Almost nothing will beat the potential returns of investing when you have about 40 years until retirement.

Always put in the max that your employer will match. If its 5% do 5% if its 10% do 10%. You can also have a separate IRA account and input money there too along with your spouse. I think the yearly max is about 18k. That would include any money you and your employer put into a 401k/403b.

For example, if your employer plan with match is 10k per year, you can input another 8k into an IRA, so can your spouse. You will want to double check the limits on the IRS website and/or ask a CPA. I'm just trying to point you in the right direction.
Thank you. Back when I was a Certified Pharmacy Tech, both companies I worked for had 401ks with unlikited 5% match. This new job has a defined benefit pension, but I honestly want more in retirement, plus, I don’t want that pension to be all I have to rely on. I take nothing for granted.

My best bet seems to be trying to get back on with one of those retail pharmacies as a secondary part time or 3/4 time job.
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Old 05-07-2018, 10:18 AM
 
Location: North Idaho
24,731 posts, read 32,400,817 times
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If you like teaching, my mother was charging $50 /hour for tutoring children with reading disabilities. Of course she had 2 masters degrees, including reading specialties and could turn a non-reader into a reader in just a few lessons. But parents will pay for regular reading and math help. That is always outside school hours.

It wouldn't take you long to learn how to spot a learning disability. The math thing, though, you can't really tutor math if you don't understand it yourself and most teachers don't.

I don't know real estate costs in your area, but look around and see if you can buy a little duplex, live in one side, rent out the other side, and that will cover some of your living costs to free up funds for investing.
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Old 05-07-2018, 08:31 PM
 
Location: Shreveport, LA
1,430 posts, read 1,124,329 times
Reputation: 770
Quote:
Originally Posted by oregonwoodsmoke View Post
If you like teaching, my mother was charging $50 /hour for tutoring children with reading disabilities. Of course she had 2 masters degrees, including reading specialties and could turn a non-reader into a reader in just a few lessons. But parents will pay for regular reading and math help. That is always outside school hours.

It wouldn't take you long to learn how to spot a learning disability. The math thing, though, you can't really tutor math if you don't understand it yourself and most teachers don't.

I don't know real estate costs in your area, but look around and see if you can buy a little duplex, live in one side, rent out the other side, and that will cover some of your living costs to free up funds for investing.
This is Shreveport. Most people who can move out do, because unlike me, they weren’t given a good job to keep them here. Its a dying town with rock bottom real estate prices.
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Old 05-08-2018, 09:49 AM
 
Location: All Over
4,004 posts, read 4,944,471 times
Reputation: 3104
I definitely think it's smart to have a side hustle and multiple streams of income. That said your young and already starting your career. If you live within your means, are smart with your money and invest, that's a long time for that money to work for you and compound.

Not sure what tech work you were doing for $13 per hour, but you weren't maximizing your earning potential. Most english speaking, USA based programmers, coders, web developers are earning 3x to 6x that amount, so maybe something you should consider going back into. Again with some tech knowledge rather than freelancing you could potentially be creating your own business, blog, website whatever that bringsin passive income rather than working for someone else for peanuts.

Honestly with a teaching background and assuming your not very entrepreneurial minded, tutoring will probably pay way better than pharmacy tech.
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