New Yorkers depend on second jobs to help them pay the bills, according to research from Siena College. About 34% of NYC residents rely on second jobs and overtime.

New Yorkers aren't alone. Here in Vancouver -- one of the most expensive cities in the world -- most of the people I know have held second jobs at some time or another. Most of my friends with regular day jobs also do consulting on the side.

What's it like where you live?

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Want to get ahead? Consider taking on a side job. Working at a second job is often a great way to:

1. Pay down credit card debt
2. Save for a downpayment
3. Build up an emergency fund
4. Top up your retirement fund
5. Get your consulting business or other small business off the ground
6. Eliminate your student loans
7. Save up for a car
8. Get money together for a dream trip
9. Have a dream wedding
10. Have cash on hand for the next year of car insurance, home insurance or anything else you've been planning to finance.

I started consulting on a part-time basis, back when I still had a day job. As a result, I was able to achieve many dreams. Now I run my own business on a full-time basis. What could a side job do for you?

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Second jobs can lead to tax deductions. Actually, in some cases, you can claim expenses on your US income tax for first or second jobs. Via TaxMama, here's a great post about tax deductions for second jobs.

In Canada, some people are entitled to deduct employment expenses, too. This is possibly the case in other countries. Regardless of whether you have just one job or a second job, you should look into whether or not you can claim employment expenses you incur through your work. If your employer doesn't reimburse all your expenses (such as when you drive on errands or buy supplies), you might be allowed a tax deduction.

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Second job on your mind? Consider these five reasons to pick up a second job.

Top 5 reasons to get a second job

1. Turn your money-making hobby into a second career – try setting yourself up as an expert in social media, cosmetics, fitness, online research, weddings or anything else that intrigues you.
2. Diversify your income stream with complementary roles, such as blogging, consulting, freelancing, public speaking, teaching or tutoring.
3. Get out of debt and build up an emergency fund by expanding your regular earnings.
4. Build up skills, experience and satisfaction that you can’t get in your current job.
5. Become a consultant and earn high consulting fees -- make $40, $50, $100 or even $500 an hour.

Looking for more top 5 lists? See Probloggers top 5 list group writing project.

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Second job ideas, like those mentioned in my post on second jobs, can be a great source of comfort to new consultants. Having regular contact with other people, earning a regular income and simply having a bit of structure in your life can really help if you're the sort of consultant who sometimes feels isolated, depressed or lacking in motivation. If you're someone who struggles with these sorts of issues, having a second job may allow you to hang on to your consulting business and ramp up to success. And, if you're someone who's really thriving as a consultant, having a second job can simply be a great way to keep in touch with the rest of the world. Sometimes, our greatest inspiration comes from the connections we make with other people.

So, if you feel a bit frustrated with your work, recognize that it takes time to build up a great work from home business like consulting. But once you establish yourself, you'll have many rewards, like flexibility and autonomy. It's worth the work to become a consultant. Picking up a second job may be the best answer if you need a little help in getting there.

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