Anita Dufalla, Post-Gazette

DALLAS -- For many people, the solution to their financial troubles is to make more money.

Many see taking on a second job as the way to get them the extras cash they need. But experts say taking that second job deserves careful consideration.

"The question is, what kind of jobs can you get, and what is it going to take out of you in terms of the effort you have to put in for the earnings?" said Alan Goldfarb, a certified financial planner and director of financial strategies at Weaver and Tidwell Financial Advisors in Dallas.

Before looking for a second job, Mr. Goldfarb says check with your employer about its policy on its workers taking another job.

"Make sure it doesn't interfere with your [primary job]," Mr. Goldfarb said. "There are some employers that have restrictions."

Other experts say you shouldn't tell your employer about working a second job.

"It's something that needs to be kept confidential just to be safe," said John Challenger, chief executive of Challenger, Gray & Christmas, a Chicago outplacement firm. "It could interfere with your ability to get bonuses or in your stability in the first job if they find out. They might think of you differently in terms of promotion if you were just giving them nine to five if you had to go to a second job."

If you decide to seek a second job, try to stay in your field because you have a greater chance of being paid more.

"You have skills and experience in a particular field that make you valuable," Mr. Challenger said.

It also will make things easier because you won't have a steep learning curve as you would if you entered a whole different field.

That's the way Richard Byron figured it.

Mr. Byron, 61, owns Computer Reset in Dallas, which sells used computers.

About five years ago he decided to supplement his income by expanding his market to eBay, the online auctioneer.

"The primary local sales just wasn't doing it, so eBay, as a second source of income, has certainly helped out," said Mr. Byron, who has four employees. "I picked eBay because it would give us a worldwide market. There just wasn't enough economic reward just sticking to the Dallas market."

He isn't alone in using eBay as a source of secondary income.

According to ACNielsen International Research, more than 1.3 million people worldwide are making a primary or secondary income on eBay. In the Dallas area, more than 55,000 residents use eBay sales as a primary or second source of income, according to ACNielsen.

"The biggest advantage is there's an incredibly low cost of entry, so you don't have to make an enormous cost of investment in business in order to get up and running," said Jim Griffith, eBay's dean of education. "You can literally get up and running with one item."

His advice to potential eBay sellers also applies to nonsellers who are considering sales as a source of secondary income.

"You need to do a little bit of research beforehand," Mr. Griffith said. "You want to know the marketplace you're going to enter. You have to determine what it is you're going to sell and find out what the most successful sellers sell."

Consider your venture a business, not just a way to earn extra money.

"Whether you like it or not, if you're selling with some regularity, you are a business," Mr. Griffith said. "You have to admit to that and think, 'I'm going to run this as a part-time business in a very low volume.' You'll be more effective in planning how you will grow your business, how much you will raise as a supplemental income."

If you don't want to stay in your field to earn extra money, look to an outside interest.

"Where is your best utility?" said Mark McClanahan, a certified financial planner at Baker Financial Services in Arlington. "What other type of interest do you have that you can channel into making income?"

Beware of the tax implications of taking a second job.

Your combined income from two jobs may throw you into a higher tax bracket.

"You may need to reduce the number of exemptions you're claiming or take more money out for taxes in the second job or you may be underwithheld, and you'll wind up with a big tax bill," said James A. Smith, a certified public accountant at Smith, Jackson, Boyer & Bovard in Dallas.

What's more, if you and your spouse file a joint tax return, the income from your two jobs, plus your spouse's income, could throw you into an even higher tax bracket, he said.

"If the second job is contract labor, then you will have to make estimated tax payments on that income if it's not withheld, or you can increase your withholding from your primary job," Smith said.

There's another issue for joint filers.

If you or your spouse had more than one employer and total wages of more than $90,000, too much Social Security tax may have been withheld.

A higher income also can limit your tax breaks. Many tax breaks start to phase out as income rises.