priority. “Do not miss deadlines at work and definitely do not conduct tasks associated with your second job on your day job,” warns Davis-DeFoe.
Figure out what will your tax liability will become. Having a second job that pushes you into a higher tax bracket may not be worth your time. Make sure too that your second employer is withholding enough in federal taxes each week.
Consider holding your part-time gig for a limited period. “Moonlighting is an excellent way to learn new skills, obtain experience in a new industry, or achieve a financial goal and the second job is worked for a short time,” says Davis. Set earnings goal to use your extra cash for something such as paying off a credit card debt or establishing a savings. Extended moonlighting tends to cause personal, physical and career stress as managing these multiple demands is challenging,” says Davis-DeFoe says. Know when it’s time to cash that last second paycheck and quit.