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Boosting income

Discussion in 'Property Finance' started by Noobert, 8th Feb, 2016.

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  1. Noobert

    Noobert Active Member

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    I read Leo T's interview on somersoft and he mentioned there are qualifications you can get in a few months that will allow you to work 24 hrs if you wanted to!

    Does anyone know what qualifications he may have been referring to?

    Thanks.
    (Not sure if this is the correct thread to post this on..)
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    He posts on here as a new name, @Leo2413

    Perhaps he can fill us in?
     
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  3. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Hi @Noobert,

    I have had a few students who were completely committed to building wealth at all costs and asap. It was their primary and only goal. An obsession. They were willing to do whatever it took. So if you want to take it to the extreme. Utilizing 8 hours a day isn't enough (at least it wasn't for them). Cutting a long story short they both had normal 9-5 jobs and then they went to study in tafe assistant in nursing certificate as well as pathology cert 3 and also blood taking course.

    So what it allowed them to do was work their regular 9-5 plus work at hospitals, disability community homes and nursing homes for night shifts (including penalty rates on sat, sun and public holidays) and also work in pathology clinics and house to house blood taking.

    They were both able to build and grow big portfolios very, vert fast. One of them is my best friend. It's definitely not for everyone. Most folk's level of commitment is balanced.
     
    Last edited: 8th Feb, 2016
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  4. bob shovel

    bob shovel Well-Known Member

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    Are there EN courses still available? My understanding is that the gov/hospitals want RNs now, so the "stepping stone" option isn't available any more

    Knowing what I know now I would have become a nurse a long time ago!
     
  5. D.T.

    D.T. Adelaide Property Manager Business Member

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    With a white skirt? :p
     
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  6. bob shovel

    bob shovel Well-Known Member

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    :) haha I think it's blue. Drs are white!.... They're the enemy I believe! I think they teach that on the job
     
  7. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Mate I havent looked in a long time so I am not sure but last I heard you can't do EN courses at tafe anymore, only AIN and courses in pathology, which are good too. There is huge demand for AINs, pathology clinicians and disability support workers. Huge demand. I know people today doing their normal 9-5 profession, then 4 night shifts a week at hospital, saturday doing disability support work and some blood taking on sundays.

    Of course, if you go the RN route, little more study but you can make the same money (and more) for less effort imo. Especially if you know what areas to go into.
     
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  8. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Boosting income is a great idea: I have to agree with Leo2413, that 8 hours is not enough time to really build some serious wealth. 9 to 5 jobs are just to pay the bills!!
     
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  9. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Especially if your 9-5 is just average income and you really want to build it asap( not everony does). Like if someone is on 200k plus a year then its sweet.
     
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  10. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Now you have the likes of Uber, Airtasker, and other new means of making extra income. Although these don't generally help you borrow more from a servicing perspective, as I don't think you can declare as a formal income, but you can save a lot faster.
     
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  11. albanga

    albanga Well-Known Member

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    That is an interesting point.
    How would lenders assess income through things like Uber and AirBnb?
    For self employed the best I know of is ANZ with 2 years ABN but only 1 years financials.
    Not sure how being an uber driver is technically structured though? Are you a contractor and if so do you require an active ABN?
     
  12. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    For Uber, I believe It's self-employed and you're required to have your own ABN and collect GST.
    You would need at least 2 yrs of financials to be able to assess the income.
     
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  13. tobe

    tobe Well-Known Member

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    yep, contractor/self employed. Most lenders would need 2 years tax returns to consider such income.
     
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  14. bob shovel

    bob shovel Well-Known Member

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    What about the old "the tax man gets most of your second jobs pay"
    Obviously the tax man doesn't take the lot but you will be ahead rather than NOT working.

    Is there a "sweet spot " for the second job income? Assuming a job like night filling at woolies or pizza delivery (fun job!) at 20-25/hr

    Also fork lift ticket can be very valuable to get filling jobs at woolies factories etc
     
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  15. Scott No Mates

    Scott No Mates Well-Known Member

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    Absolute BS!!!!

    With the maximum tax rate being 47% ish including mediscare levy (2% more if you're paying the budget repair levy on over $180k), that's still not half. You're only paying 37%+ on income over $80k.

    What you don't get is the second crack at the tax free threshold of $18k, it just makes your pay packet look like a tip.
     
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  16. Redom

    Redom Mortgage Broker Business Member

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    Boosting income is a great way to extend the portfolio out - its the one way that virtually increases your borrowing power with every lender (so long as that income can be used).

    Often there are restrictions on using the 2nd income and the contractual nature of that job will determine how quickly it can be used.

    In terms of paying the tax person - you're always going to see a benefit in earning more. I wouldn't classify there 'being a sweet spot' - the sweetest spot can be defined as 'more is better', at least from a serviceability perspective. Of course you'll need to factor in the opportunity cost of your time, etc.
     
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  17. Noobert

    Noobert Active Member

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    Thanks @Leo2413 for the info. I had a feeling you might be Leo T :)
    Getting a second income source is something to look into even if not to that extent. It would be good to have a night/wknd job that uses the right side of the brain as my left side is drained by the day job..
     
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  18. Leo2413

    Leo2413 Well-Known Member Premium Member

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    haha yes Leo2413 and LeoT not far apart. I added some lucky numbers at the end,,which is kind ironic because my most loved pet Leo my dog died from an unlucky car accident awhile ago...

    Anyway you've found a goldmine of info and contacts here mate. Really hit the jackpot.
     
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  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    at 80 % lvr, one year ABN and one year tax rtns will be ok with some lenders

    ta
    rolf
     
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  20. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Purely for contemplation.

    Is a qualification necessary to create another income source?