Should you get an additional job or start a business to get out of debt?

I have recently been asked by a number of people, whether they should find a second job or start a part-time business, to help them get out of debt.

My immediate answer to this question is always “yes,” as I believe that you should do whatever you can to get out of debt as soon as possible.  This answer, however, raises two additional questions that should be carefully thought out before jumping headlong into this potential morass.

Firstly, you will need to consider the time, physical and emotional costs associated with a second job or a part-time business.  You will also need to consider the knock-on effect on your family, friends and on your social life.

You will need to decide whether you are willing to pay the price required for financial freedom.  I believe that the short-term price is worth paying for long-term freedom, but many people that I have counseled feel that it is far too heavy a weight in the short term.  The vast majority are therefore content to live with the struggles of being in debt.

The second question is which route should you follow? An additional job or a part-time business and this question can only be answered after you have made a decision on the first question.

When making this decision, you will need to consider some additional facts.  For example, a part-time business will generally take longer to generate sufficient income then a second job, but will over time, generally produce better results.  You will also need to consider that a part-time business may have start-up costs and while there are many options available where this cost is minimal, it is a factor to remember.

It is my philosophy that the best way to generate additional income to get out of debt, is to start a part-time business that has the potential of providing future income for your investment plan.

additional job, business, debt