Self-Employment Second Jobs Are Becoming More and More Mainstream for Many Americans

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Just a few days ago when President Obama addressed Congress with his aggressive $450 billion plan to improve the jobs outlook in America the feeling was upbeat despite bipartisan push and pull that typically occurs on such occasions. Surprisingly, the general consensus is a positive one and that is a good thing for most Americans who are struggling to get by in this economy.

But like so many other proposed bills coming from the White House, no one knows the extent of which the plan, if approved, will be implemented – and how soon. So in the meantime, we will just have to keep on keeping on and get by in any way we can. And one of the age-old traditions of dealing with it when the day job just isn’t cutting it is moonlighting.

Overcoming Financial Hurdles By Moonlighting

There is a new breed of moonlighting these days, though, that looks further into the future for those embarking on new endeavors to stay financially afloat throughout this challenging time. Now more than ever, people are starting up their own businesses, independent consultant work and other entrepreneurial enterprises. In fact, only two days ago if you were to search the word “moonpreneurs” on Google, you would have found nothing – but after this article appeared on DailyFinance.com, there seems to be a lot of buzz about it. Moonlighting entrepreneurs -- or aptly coined “moonpreneurs” are people interesting in pursuing their own long-term interest to pump up the cash flow as a means to supplement their existing jobs.

Freelancing Picks Up Speed

Just ten years ago, though it was very much there, the company Elance was a barely-known enterprise. Now there are over a half-million contractors registered on the site, working for companies and individuals also registered on the site. In the past decade, people looking for avenues of extra income, globally, have found innumerable success through this online project and jobs portal.

Independent consultancy is also picking up in industries ranging from finance to fitness, organizational planning to catering – you name it – cater to a carefully built clientele; one that works well with smaller businesses or individuals.

How Does One Go About Becoming a “Moonpreneur”?

Depending on your talents, there are myriad ways to approach your part-time self-employment. There is a plethora of areas that many people are tapping into ranging from freelance writing, editing and translation to web development and graphic design. Legal consultancy and financial planning are also areas that work well under the freelance model. The benefit of pursuing a business in these disciplines is that they have the potential to grow independent of your day job and they can ultimately provide a fair amount of stand-alone income. Second jobs are not entirely taken on by a lot of people for the sake of financial peace of mind – they are also sometimes a way to practice a hobby or do something that they love. Excellent examples are comedians like Dan Nainan, artists, musicians – and the possibilities are limitless.

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The concept that touches people from all backgrounds is highlighted in the DailyFinance.com article that mentions engineer-turned-comedian Daniel Nainan who moonlights as a comedian to supplement the income from his day job. Nainan says, "The average American who works full-time watches something like 30 hours of television per week. Cut back on television and partying and you'll find the time to spend on a second job."

With some careful planning, diligence and dedication – and of course a skills set that is marketable, you can succeed at building your own secondary stream of income to help get you through these strained financial times. Who knows where things will lead in the future?

If You Want a Piece of Cake, Go to a Bakery – NOT a Mortgage Lender

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Let’s face it folks, buying a home (however perfect a time it is to be doing that nowadays) is NOT a simple process.  In fact, unless you’re completely straight as an arrow and have absolutely nothing spectacular or noteworthy about your life and financial existence, maybe – just maybe – you may be able to get off easily.  But for the rest of us, we usually have a fair amount of explaining to do.

Mortgage Consultants Are Paid Well

Well, that’s just a guess really but here’s how I see it: they get paid 10% to do paperwork and 90% to ask questions.  Seriously.  Maybe the job title ought to have the word “detective” in there somewhere.  They will ask you if you were the one who got that teaching degree that you “say” will be your source of income in the coming years.  They will want to know why there was a sudden surge of cash deposits in your account (I guess saying you got a cash bonus from the boss lady may not sit too well with them).  Your motivation to buy a new home will be questioned.  I had one client living in a cold area and wanting to move to a warmer climate who was asked by the mortgage people what his motivation was for moving.  He took a picture of his car’s thermometer showing sub-zero temperatures – and they accepted it! You might even be asked for DNA samples.

Ok, so I’m exaggerating a bit here, but you get the idea.  The point is that mortgage consultants will review and comb through every little detail that they feel pertains to your ability (or inability) to pay off their loan.  And they should!  We don’t need more foreclosures bogging down our economy.  Let them do all the detective work they need.

Lining Up Your Ducks In a Row Will Ensure You Win the Game

What can you do to head off some of the questions you may get asked?  Easy – be prepared for anything and everything and have ample supporting documentation to corroborate what you are stating.  Make sure you have all your paperwork ready, down payment funds secured and in one place, where they can easily be traced back to their original (and legitimate) source.  Try to anticipate any idiosyncratic questions you may get from the lender, based on your application and/or circumstances.  One particular area that causes a lot of grief for applicants of a mortgage is the unexpected outcome of an appraisal that yields a home value far less than the sellers or buyers anticipated.  This is especially difficult during refinance application processes.  By having a Comparative Market Analysis done in advance, for instance, you can remain on top of the game by knowing what to expect before it occurs.

A Few Important Things to Keep in Mind:

DON’T TAKE IT PERSONALLY – STAY REALISTIC

If you are asked for clarification on something that may seem obvious to you, relax and comply.  The lender is looking to loan a huge sum of money and needs to be sure you are credit-worthy in every sense of the word.  Be realistic of your expectations of the process.

BE READY TO SHOW STEADY EMPLOYMENT

Nowadays it is imperative to have at least two years of gainful employment demonstrating your ability to pay the mortgage on time and regularly but also the sustainability of your profession and job in particular.  Huge variances in income over the course the past two years does not demonstrate the ability to consistently pay on a mortgage.

HAVE TWO YEARS OF TAX RETURNS ON HAND (W2s TOO)

You will need to show that Uncle Sam gets his cut each year – for at least two years.  Tax returns are just another way to strengthen your case and support your income as reported on the mortgage application.

ESTABLISH A SOLID TRACK RECORD SHOWING PAST RESIDENCE

Lenders are increasingly finding it important to show a proven residence history where the buyer either rented for at least two years or lived in one location for that long.  Someone in the military, for instance, may not be treated the same way as a regular citizen looking to establish long-term residence in a locale.

REMAIN TRANSPARENT AND TRUTHFUL

If you have large deposits that are unaccounted for – you will obviously raise flags.  To keep things simple, be prepared to answer questions about your finances.  Large balances on revolving credit should be explained if they occurred due to a particularly difficult financial time.
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Does the thought of all this make you nervous?  Are you one of those potential homeowners ready for a mortgage but are scared of the fire you might have to walk on to get to the other side?  If you feel you might be a complex case, or even if you just want the good doctor on your side of the table, contact the Mortgage Doctor for some insight on your financial and mortgage health.

Remember, there is nothing more solid and more empowering than buying and owning your own home and nothing more freeing than to be able to refinance and reduce your payments.  I’m having fun by exaggerating the process but the point is that as long as you are prepared for whatever comes your way and you realize that it’s all just a process, most of you WILL come out on top and succeed.

How to Cook Grilled Tuna

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The best way to serve Fresh Tuna is as rare as you can stand it! Ever wonder why there are so many sushi bars across America now?

Being Mid-westerners, we are more comfortable with seared tuna. So sear it in a pan, or on a grill – just don’t cook fresh tuna past the ‘medium’ mark – just like Nebraska ribeye steak.

The method is simple: Season, Lubricate, and then Sear.

Seasoning: simply use salt & pepper, or go where you heart takes you. Got a favorite seasoning salt? It will do just fine. Kick it up with some red pepper, and add some garlic and onion – chopped, powdered – whatever. Just be reasonable.

Marinades are excellent, too; think Teriyaki, or with chopped onion and garlic (and herbs, if you like) in olive oil.

Just remember, that using seasonings or marinades that you already have in the kitchen simply makes life easier.

Lubricate: the easiest way is to spray with Pam, or similar. It’s great to brush with olive oil, but do that before seasoning – that way the spices will stay on the fish.

Sear: Pre-heat your grill or sauté pan. You want it HOT – but only cook for 1-2 minutes per side.

Always an option: a Teriyaki marinade, with a side of soy sauce and Wasabi (Japanese horseradish) is a great way to eat fresh grilled tuna – sliced is nice.
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Stop in at either fish market: 18th & Leavenworth, plus 119th & Pacific.

Also, we’d love to see you at both of our restaurants: Shucks (inside the west Omaha fish market)

NEW additional SHUCKS Fish House location: 168th & Center (Shops of Legacy)

Plus try Bailey’s Breakfast & Lunch; next to Bronco’s, 120th & Pacific.