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Tired of travel buzzwords? Here's one you might like the sound of: paycation. This year, instead of spending on a trip or sticking close to home some people will use their vacation time from their main job to earn some extra cash at a second one.

Others will keep right on working and give up their holiday time altogether -- if their company will pay out for those unused vacation days.

So what's the scoop? You won't find a lot of information or statistics about paycations -- they're essentially grouped in with "second jobs". In the U.S., the number of people who picked up second jobs rose to 5.5 per cent of the population in 2008, according to a post on Consumer Reports. More than one quarter of people working a second job are doing so to pay off debts, while more than a third are doing it for the extra money.

And where are the opportunities? Don't get your hopes up too high -- According to Consumer Reports, most of the secondary jobs are in health and education services, leisure and hospitality and retail. Many paycation opportunities are likely to be summer camps, working at a local restaurant or hotel or selling goods in a local shop.

However, with a week or two off work there's an opportunity for professionals to make use of their skills in other arenas, such as:

- Teaching a class or course (whether it's just a day or a week-long course)

- Picking up some freelance or consulting work in their field.

- Launching a home business, website or blog.

- Working on money-earning hobbies.

But is it worth your time? Here are some things to consider:

Pros

- Build your network. Networking is one of the "must do" activities for professional development, especially in a time when many people find themselves in a precarious job situation. A new position means you'll come into contact with new people and form new connections that will be mutually beneficial later on.

- Focus on professional development. Develop new skills, learn about another business or industry and beef up your resume. There's something to learn from any new job or experience you take, and you can apply job-specific skills and transferable skills to your current job.

- Build your portfolio. Skills are nice, but so is proof of what you can accomplish. Our regular jobs can box us into certain responsibilities and target audiences. In order to have a balanced portfolio of work, you may need to get beyond your regular job to show off other assets.

- Start something big. Picking up some consulting or freelance work can turn into a long-term money-maker as a home business or "on the side" work.

- And perhaps the most obvious benefit: Extra cash. For many people, it means a boost to their savings or an investment in home renovations. It might pay for a vacation later on, and help pay down some debt.

Cons Continued...