u/DaSkyMan

Additional streams of income question

I think that I'm in a somewhat unique situation in that I love my current job and company and it pays fairly well ($87k/yr), however I most likely won't be able to advance further without an additional 6-7 years of experience in my current role. I can expect regular COLA and potentially some merit increases to my salary, but they will likely only marginally benefit effective spending power when considering taxes and inflation.

My financial situation is acceptable, but I also worry that I'm not in a position to handle any unexpected emergency expenses: 27m, single, no pets/children. My debt is a car loan ($360/m) and mortgage ($2100+$200 additional principal/m). I'm struggling to increase my savings outside of my 401k (10% contribution) and Roth (ETF spread, add $100 during downturns, never sell). I haven't been able to increase my emergency fund past $11k, largely due to the mortgage. I'm aware that I'm paying a higher % of my AGI on housing than is usually recommended, but I think it was the correct decision given the circumstances I was in (I was just under the threshold to qualify for down payment assistance and knew I would get a raise that would put me over that threshold 1 month later. I also enjoy being a homeowner and do repairs myself).

When it comes to expenses, there is essentially nothing I can do to reduce them further. I pretty much don't spend money on anything except food - the total value of everything I own aside from my car is probably around $3k excluding appliances which came with the condo, I have zero decorative items, I don't take vacation or travel, no expensive hobbies except for my PC where I upgrade some parts every few years, most of my clothes were presents at some point, no subscription services except prime and spotify.

Given these circumstances, I feel like I need to add additional streams of income to supplement my salary if I at some point want to live like a normal human (for example, owning furniture). I often see the recommendation to get a second job in this kind of situation, but I'm unable to see what kind of job it could actually be given that the hours would have to be incredibly flexible. I don't think any of my hobbies could be monetized.

I will most likely need to start financially supporting my parents in the near future which makes increasing my income more urgent. In summary, my questions are: what options do I have to increase my income without affecting my current job? What kind of side jobs would be able to accommodate working a full time salary position? Are there options aside from an additional job?

Any advice is much appreciated - thank you in advance for any replies.

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u/DaSkyMan — 1 day ago