How would you go about making 50k profit in one year?

You've got young kids. Don't give up everything, a year is a significant portion of their life so far.

Scrutinise all the hard bits about young kids. It only takes one idea to make parents lives easier and you'll make a motsa.

 

@D'Mo it was hard to see your intentions from your first post. 5 pages on and I'm getting the gist
If the $10k is available for high risk as it's separate from your deposit nest egg then I see that there are a few options.
My question would be...... if you combined this high risk $10k with your deposit savings could it make you more money in the longer term - let's say 2yrs than it could on it's own in 12mths.
Let's say you have $30k in your deposit savings, if you added the $10k to that it would make a significantly higher amount and reduce amounts needed to borrow or allow you to purchase a better property.
However if you truly want to 'go hard, or go home' with this $10k then:
- consider those small venue, music promo ideas
- put those entertainment organising skills to work - think where you could use them for - school discos, wedding events, 16th birthdays, 50th birthdays etc.
- find a niche product and sell sell sell. The parenting market is one huge one - just think how organic fitted nappies have taken off and amber teething necklaces
- become part owner of a food truck business and do that instead of restaurant work
- sell something you make at farmers markets
- invest in stock market
- go to bankruptcy/liquidation auctions and resell goods. You need to know what you are looking for and compete against professionals but there is money to be made.
- import items that are under $1000 and get them shipped direct to customers and bypass customs and GST. I used to do this - grey import expensive baby prams (Bugaboo, Stokke etc) and sell them for cheaper than Australian baby stores via Ebay. It worked on a good currency exchange (euro) + high value product + GST free + good relationship with Dutch suppliers. Made many enemies though with Australian providers of those brands.

As an aside
- think about what could earn you better than a restaurant in 'beastmode'. As a second job it's likely to be taxed at 50% and hospitality industry isn't known for being generous in it's wages. Is there something different as a second job that could make better money - uber, tutoring,

 

And my big tip - scour things like Pinterest to see what is big in the USA that you could do here.

For example - Ikea hacks are HUGE there. Making Ikea furniture look expensive and custom. Australia has a similar love affair with Ikea and there are some amazing ideas over there.

There is a company called My Overlays and they do ship to Australia but it's really expensive. You could see if you could open up an Australian distributorship or just be inspired by the idea and set something up here that is similar and doesn't break any copyrights.

They turn this
to this

 

Could do a reno. More likely to be worth it for buy and hold though so adding 50k to net worth instead of income.

 

There are ways to do this through derivatives such as options and CFDs by trading just abt anything from the price of coffee, coal, forex, Nasdaq shares, asx etc. this are not guaranteed and depends on the knowledge of industry or type of shares etc. u can easily make 20k from 3-4K if the markets turn or u able to read correctly for example the price of gold rises or the Medibank shares recent rise

 

If you've got young kids, I'd argue that your time is very very precious right now. Money doesn't come before family....

Having said that, I'd argue that now that you don't have extra time to devote, you're looking at opportunity costs. You've got a job where I'm guessing promotions and pay rises aren't that easy to come by; perhaps try to switch jobs? A friend recently got a job offer with a base salary 25k higher than his existing salary, and they'll probably negotiate up to 35k higher (per their indications).

And the restaurant gig: what side business can earn you more? A business is more risky than a job, but you could always do freelance stuff like helping business owners create websites, freelance writing, pet sitting, uber etc. Look at what will make more than the existing gig, and especially things that will let you work around your family time.

 

D'Mo, just as a suggestion, dip your foot in the water at

Upcoming Auctions - Bid Buy Sold Auctions

then set up at stall at Paddy's Markets.

Make sure you pick the right stock though....

 

Google the $50k challenge. Start with $50 and gamble until you reach your target.

 

I agree with Cliff +1

 

Some great ideas here, others..Lawn mowing, 1 guy and a ute style removalist (niche area - like moving goods for students etc from location a to b)