Oatmeal Is Better Than "No"-Meal

This is one of my favorite sayings that I have picked up from my wife. There have been times in our lives together that the money has been flowing not at freely as others and times that I have taken some menial job despite the fact that I have an MBA or working at minimum wage. Some might not even take the job, but I have always appreciated having the ability to work. When you are on a quest to eliminate your credit card debt you might have to take on a second job. Right now, my second job is as a cashier at a home improvement warehouse where I make as much as the high school graduate doing the same job.

Why?

Something is better than nothing. If I waited until I got a second job that paid what I was worth, I would still be waiting after five years (which is how long I have been working there). It isn't much, but it adds up. I have earned about $32,000 in five years (before taxes and all), and there are some important things to remember when you take on a part-time job, the most important has to do with many people's favorite subject:

Taxes.

If you aren't careful and have enough tax taken out on the front end, you will be in for a big surprise on the 15th of April the following year. You see, your second job doesn't figure taxes as if you were making any other money except for the job that they are paying you for. That means if you are making $8,000 in a year for your second job, they will only tax you as if you only made $8,000, and that is little if no tax, particularly if you have any dependents that you claim when it is time to fill out your taxes. Personally, I have them withhold at the higher single rate (since I am happily married) plus an extra $25 for federal and $20 for state tax. That may be a bit excessive, but I would much rather get a refund at tax time than owe anybody one stinkin' cent! You may not care and would rather have the money now than later. It is all a personal choice, but I figured that you would e best off knowing ahead of time.

Whatever you do, keep the faith and keep working off your credit card debt, it will be worth it!

Have a GREAT day!