Why not work more to pay off debts?

[Gruntina]

Re: Why not work more to pay off debts?

Ever notice that if you work longer and harder you tend to spend less? Maybe it's because you're too busy earning and don't have time to spend.

You also sacrafice quality personal life!!!!! It's not fun I tell ya!

[greedy4chips]

Re: Why not work more to pay off debts?

... I worked hard to get myself out of debt and I did it. Just this past year my dad apologized for not having discussed finances more with us kids. He also apologized for pushing me out of the house so soon (esp. when other kids got to stick around for YEARS after finishing college), and he told me how proud he was that I took responsibility for all my debts....

Congrats on your efforts!!!! Could you have learned the same lesson any other way? Or feel more proud of yourself?!?!!!

You also sacrafice quality personal life!!!!! It's not fun I tell ya!

But you are only back to even for living beyond your means...unless your debt was related to medical bills or job loss.

[TBH]

Re: Why not work more to pay off debts?

I wasn't running to daddy for money (who always loaned it to whatever kid asked, but then would have trouble making his own payments -- I don't run to daddy for that kind of thing). I worked hard to get myself out of debt and I did it. Just this past year my dad apologized for not having discussed finances more with us kids. He also apologized for pushing me out of the house so soon (esp. when other kids got to stick around for YEARS after finishing college), and he told me how proud he was that I took responsibility for all my debts. I think he still bails out my big brother! What a headache!

I have some family members like your dad. Too generous for their own good.

How gratifying that your father recognized what you'd achieved, and that it was no thanks to him. I am still waiting for my father to say "hey, good job supporting yourself in spite of the bad money habits I exhibited." That'll be the day, when he says that!

[geojen]

Re: Why not work more to pay off debts?

My DH and I are working at paying off debt as fast as possible, and will eliminate about 5,000 bucks worth of debt by April. That being said, neither he nor I will take another job to make it happen faster. We prefer to enjoy life rather than work like dogs to make sure that we don't have debt. We don't have a ton of debt and so maybe this is why don't feel it necessary to add to our work burden. Anywho, I am a grad student, and my department forbids working outside the department on pain of funding being pulled. A free master's degree is worth far more than paying down a car loan!!

[Great to be Debt Free]

Re: Why not work more to pay off debts?

Congrats on working on your Masters -- and getting it for free! That's a huge accomplishment!

Yeah, I'm glad I had the experiences I did, but I still don't think I'd recommend it unless someone was like me -- REALLY in debt big time, NOT dating (oh, the frogs I kissed... Blek!), no kids, decent health. AND it was short term. Less than 6 months before I switched to a job I could excel in and make good commissions.

But as for you, Claire, I hope you hear those words from your dad, but if you don't, don't worry. Lots of us here are proud of you, and excited for you -- as we are proud and excited for everyone who takes strides to be financially fit and aware. And to be honest, it may be a big burden on your dad that he doesn't say those words. My dad has been dealing with a great deal of depression, and I think that's what prompted him to say the words. I wouldn't wish his pain on anyone.

[poundwise]

One more point on the 'family first' perspective: It seems this get pulled out as the rationale for not working extra to pay debt but somehow it is absent as a deterrent for people not to overextend themselves in debt in the first place. If family comes first then maybe the new car, flat panel TV, or vacation has be scaled back or put off so that you don't put the family in a less than favorable situation.

'Family first' is great, but only if it is a real way of life, not just an excuse.

[QueenOphelia]

20 years ago, my husband thought nothing of working 18 hours or longer a day. He is getting older now, and i can tell how tired he is when he gets home at night. He does hard physical labor all day long. The past two weeks, he has been laying rock, standing on a scaffolding, all day long.

Wow...that's a tough gig.

What are your plans if he becomes injured and can't work anymore? He seems to be your sole source of income (not counting investments). I'm sure you have very good disability insurance considering his physical job.

[BCHGRL]

I've considered working another job but most part-time jobs in the area pay no where near what I earn on an hourly basis. Most are less than 1/3 my regular hourly rate and those jobs would just make me exhausted in my real career.

I did work some overtime but it is rarely offered (the 2nd time in 8 years). The extra $$ did come in handy but I was exhausted!

My husband has always worked two jobs. He is a firefighter so most people in his career field normally have more than one job. At one point he had 3 jobs. However, he is going to paramedic school this year which is extremely time consuming. He gets the Montgomery GI bill which pays about 2-3x what he got paid at his former part-time job. The GI bill just went up (WUHU!) so he will just continue to go to school as his part-time job. The extra tax free $1300/mo is worth it!

It would be nice to pay down debt even more, but some rest and relaxation time is necessary (esp since I just spent the past two years slaving over my masters AND working full-time). We still do okay. A mortgage and one car payment that we hope to pay off next month. Otherwise, we have no cc debt.

[mom-from-missouri]

Lots of issues to look at. When I was a single mom, I couldn't work much of the offered overtime because my ex would not watch them, and the daycare centers were closed as of 6pm. To find someone to watch my kids in their or my home of an evening often left me only making min wage after I paid the sitter.

Where I live now, there are no part time jobs, and I am hearing no full time ones either. Several businesses have gone out of business here locally. Even the stores the next town over who in the past hired seasonal help for Christmas are not doing so this year.

DH works for a large corp (60 min one way commute each day) and is lucky to have survived layoffs, and they have cut way down on their OT.

I have a friend who can't work more than 40 hours a week or she looses her state benefits. The state pays her childcare, medicade, and then she has her WIC and foodstamps. Before you slam her, she was recently widowed and had been a SAHM to 4 little ones. She also takes on-line college classes and next year hopes to go to campus to complete her degree -she has 1 year left (she has a scholarship from funds donated at her husbands funeral for school expenses). His death left a lot of bills that the insurance didn't stretch enough to cover.
So, I sub teach. Never knowing from day to day if I will be called or not. Often I go months without a call until cold/flu season hits.

Some people don't work more because of medical issues. Not all ailments are ones that can be seen with the naked eye, they could have issues with heart, BP, stress....

Then there are those who are just plain lazy. But, usually it is reflected in other aspects of their life as well.

[jIM_Ohio]

If i could find a moonlighting job that pays are well as my primary job I might take it. With the income from my primary job I'm just at the edge of the 34.3%, add in FICA and ~40% of the money from my second job would go to Arnold and George.

Bad logic- you could keep the FICA once you hit the max paid per year. FICA is paid per person, not per job. Once you hit the max, you can recover the rest on your tax return as overpaid tax.

[jIM_Ohio]

I am asking because I have not read one post yet where anyone is working extra jobs to pay off their debt faster after stabilizing your budget.

We choose to spend fast and furious, but work slow and hard at paying it off. It we only put as much vigor into paying off our debts as we do spending we would all be debt free!

Most people do not have an income problem, they have a spending problem. More income does not really address the root cause- because using the logic that a second job is needed then means when a new want is in the cards, a new job or second job must follow it.

NUTS!

Cut back expenses and learn to live on less than you earn. Might take longer to pay off the debt, but the lessons learned will keep you out of debt.

IMO staying out of debt and controlling spending are more important than increasing income.

[My English Castle]

I pick up part time and free lance work all the time to supplement my full-time teaching. Most of that money goes to fund our retirement accounts, but we're considering switching some of it to pay off the mortgage. I will admit, I don't like the time it all takes, but if people can manage extra work, especially without kids, I think it's a good idea--at least in the short term.

[maat55]

Before I got serious about my finances, I was working about 35 to 40 hours a week. I would take off on some Wednesdays and half days on Thursdays to play golf.

After leaving the golf club, I now work at least 45 hours per week. If business picks up, I will work more hours.

[Exile]

If your employer has a 401(k) plan in which you participate and one that is based on your hourly wages, there is an extra advantage to working overtime : The more hours you put in, the faster you build your 401(1k) balance. In addition, you also shield some of your paycheck--including overtime hours-- from taxes. If your employer matches your total contribution, that's gravy on your mashed potatos.

Based on the foregoing, I sought out overtime when I was working. As a result, DW and I were able to pay off our bills and retire sooner than would have otherwise been possible.

[LivingAlmostLarge]

My DH and I have only been salaried workers. I had no idea people made so much overtime. But we're both of the idea that we should work harder at our first/primary jobs and get bigger raises/bonuses/promotions than waste time working 2 jobs. The first job pays well and the faster you climb the ladder it's way more than a second job.