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MONEY

4 careers that can make you rich

by Penina January 9, 2020

written by Penina

There are several documented ways to get rich. One of them is to work hard at a well-paying occupation, live beneath your means, save your money and invest it well.

What career path is the best one to take if you want to get rich? As it turns out, you can do almost any lucrative job and get rich at it if you are careful to save and invest. But, having said that, some career paths do tend to produce more wealth than others. Here are 4 of the top choices:

1. Salesperson

As calculated using current currency conversion rates, American entrepreneur Mark Cuban has a net worth of well over 5 billion Australian dollars; his total wealth is estimated at about 4.1 billion US dollars altogether. An interviewer once asked him what he would do if he lost all his wealth. His response: He would work as a salesperson during the day and seek out a bartending job at night. His answer ought to give you an idea of how important it is to master the art of selling if you hope to become wealthy.

Sales are the key to business — and good salespeople are the key to making sales. Outstanding salespeople are indispensable, and they can accumulate significant wealth if they are careful to negotiate lucrative deals for themselves.

2. Entrepreneur

Many of the world’s wealthiest individuals grew their fortunes by starting successful businesses. This does not tend to be a quick or easy path to good fortune. Many entrepreneurs fail multiple times and endure considerable financial hardships before they finally find a truly lucrative business idea to pursue. Some entrepreneurs never become wealthy.

If you decide to start a business, it need not be a glamourous one. There are smart tradies who become rich through their business efforts.

3. Surgeon

If you have an aptitude for human biology and a desire to help others, becoming a surgeon might be a career worth your consideration. It also helps if you have a calm disposition and aren’t inclined to be squeamish.

Surgeons in Australia earn variable salaries depending on several factors including specialisation and level of experience. A surgeon with significant experience can earn as much as $393,467 annually in Australia.

Meanwhile, the median annual wage in Australia is only $65,577 a year, according to News.com.au. Imagine how much money you could save and invest if you were to earn as much as a surgeon but live on the amount that the average Australian earns. If you were to make sound and profitable investments with the difference, you’d be likely to become wealthy fairly quickly.

4. Anaesthetist

An anaesthetist is a healthcare professional whose primary specialty is administering anaesthesia to patients. This is one of the riskiest jobs in the entire medical profession, as even a tiny mistake with a patient’s anaesthesia is likely to result in tragedy. This is a job that’s only suited for individuals who can handle a high level of responsibility – but with that responsibility comes an attractive paycheck. Anaesthetists in Australia can earn salaries upwards of $300,000 per year.

No matter which career path you decide to pursue, the most typical path to wealth involves seeking out knowledge and training; building a professional network of successful contacts in your industry; becoming well-known for your expertise; maximising your earnings; and living below your means.

If any of these career paths appeal to you, one of the first steps to getting started is to pursue the training that will empower you to be successful. You can easily find a course that will get you started at Training.com.au, an academic portal specialising in connecting Australians with the training they need to thrive in their careers. Whichever path you decide to pursue, getting the right training will be a crucial factor for your success.

January 9, 2020 0 comment

The Season To Be Thrifty

by Penina November 28, 2018

written by Penina

Byline author: Bessie Hassan

Christmas is just around the corner and Aussies are tipped to spend $464 on presents alone, equivalent to $8.8 billion nationwide. Though it’s nice to spoil your loved ones, it can be deceptively easy to overspend during the festive season. Decorations, entertaining, gifts and food can all add up, and you don’t want to start the new year with a financial hangover.

Bessie Hassan, Money Expert at finder.com.au, shares tips to help you cut down the cost of Christmas.

Make a list (and check it twice)

Keep an organised list of everything you’ll need to buy in the lead up to Christmas. This will help you keep track of your spending and prevent unnecessary purchases. Apps such as ASIC’s TrackMySPEND can also be a useful way to monitor your finances. Just remember to cross items off as you go to prevent doubling up.

Compare the pair

If you like to shop online, make sure to price check against other sites before making a purchase. Smaller brands are often stocked by larger retailers who may offer a more competitive price for the same item – particularly during a sale. Bear in mind that postage and handling costs may differ across sites, so take this into consideration when deciding which is the more cost-efficient option.

Stick to your budget

The sentiment “go on, it’s Christmas!” certainly rings true, but just because it’s the silly season, it doesn’t mean you should lose all financial sense. The average Australian faces around $1,727 in holiday debt. To avoid being stung, assess your finances in the lead up to Christmas to create a realistic and workable budget. Set a gift limit

Though it may feel uncomfortable, try to speak with friends and family about setting a spending limit for gifts, or only buying for one person. This can significantly reduce your overall spend, and chances are that everyone else feels the same. Use those unclaimed vouchers

We all end up with a handful of unused vouchers or gift cards wedged in our wallets. Christmas is the perfect time to make the most if them before their expiration date. Every dollar of gift card credit spent is less money from your own pocket. Use them to stock up on food and supplies, or to purchase a gift for someone else. You’ll be amazed how much you can end up saving.

Open a Christmas cracker account

Few people are aware of the benefits of opening one of these hidden gems. Christmas cracker accounts allow you to make deposits throughout the year, but your funds won’t become available until November. By transferring just $20 per week into the account, you can easily have $1,000 saved by the time Santa comes to town. Though it may be a little late this Christmas, now is the perfect time to start saving for next year.

November 28, 2018 0 comment

Business Latest Save Money

Piggy Banks & Savings Accounts Aren't The Only Path To A Fatter Wallet

by Penina November 22, 2018

written by Penina

When people think of saving, their first thought is to pull out a piggy or deposit money into a savings account. Or they might ask a friend how to invest in stocks or bonds, or get into buying real estate. But this isn’t the only way people can put their savings on steroids. Think outside the square when it comes to saving.

Today we’ll take a look at some of the everyday items you can buy which will prove to be good investments in the long run.

An Expensive Watch

Blowing money on an overpriced watch to save money might seem crazy but hear me out. Buying an expensive watch is not a fashion statement – it’s an investment. Some watch brands such as Longine, Rolex and Pater Phillipe increase in value over time. This is true for certain discontinued models. That’s because they become more rare as time goes on. The best part about this strategy is that people have been doing this for years, if not centuries. This also means you don’t have to buy a new watch. There are many online marketplaces for luxury watches, like this one. You can secure yours for a fraction of its retail price, yet still accumulate value well into the future.

amh1988 / Pixabay

Custom Furniture

Custom furniture is another investment which will net you savings in the long run. Think beautiful idiosyncratic furnishings in the short term. If you’re in doubt, take a look at Marc Newson’s Lockheed Lounge. This is a 20th century statement piece with the staying power to last a lifetime. Ditch the IKEA-quality bookshelves which will no doubt fall apart in a couple of years. Instead, opt for robust, tasteful investment pieces that will look as good half a decade from now. At first, this might seem expensive, but again, this is a long-term investment. You’re paying for creativity, ingenuity, high quality materials and vision. In the future, someone will be happy to pay more for the same piece.

Pexels / Pixabay

Comic Books

This one is for the super nerds out there. You may still have a stack of comic books from when you were a kid. If you did, check through them to see if you have any super rare editions such as a Superman No. 1. If you find that you do, vacuum seal this relic and put it in a bank vault. It’s worth thousands! But if you don’t, it’s never too late to invest in comic books. This is great way to meet your inner geek. You’ll also invest money in a lucrative and worthwhile venture. You’ll need a critical eye to know what to look for. But if you’ve got the patience and money, you might be sitting on a goldmine.

jackmac34 / Pixabay

November 22, 2018 0 comment

Business MONEY

The Finance Industry's Incredible Ability to Keep the Money Rolling In

by Penina November 8, 2018

written by Penina

The finance industry – still bringing in the money

Since the global economy crashed in 2008, you would think that it has not been a happy time for the financial industry. Indeed, things have been difficult but this has not stopped the industry from getting large amounts of money from clients. It’s an industry that is still bringing in the cash, despite all the catastrophes that have occurred.
One of the biggest benefits that the financial industry has is the belief in its own survival. You only need to follow professionals like Glenda Wynyard on Linkedin , and across social media, to understand how positive this innate ability to self-preserve can be, for any organisation.

nattanan23 / Pixabay

The consistency of the financial industry

It’s true that finance professionals take risks. You only need to look at the last worldwide financial crisis to see that this is the case. However, the financial industry does do one thing consistently well; it retains its revenue levels. It has also kept the costs of turning savings into investments at a steady rate for more than a century. One of the biggest factors in helping the industry maintain its cashflow is the development of new, and more complex, products.

rawpixel / Pixabay

The increase in size of the financial industry

Over the years, the industry has grown significantly. This growth has been accompanied by the introduction of more complicated, less transparent, products. This has certainly had its benefits as more individuals and businesses gained access to finance that they were previously excluded from, helping economies to grow. However, this growth and the use of riskier practices, is also what contributed to economies crashing as the financial crisis took hold.
However, complex strategies still form an integral part of the financial industry. Today, high risk income boosting strategies such as private equity are being used to ensure that the money keeps coming in. These less well-regulated and less transparent practices can provide huge financial returns which makes them a popular investment option. Clients approach banking industry professionals to help them negotiate the complexities and make the most of the opportunity. However, as with previous income-gaining creations, there is a level of risk which can result in investors making large losses.
This is not a danger that threatens the survival of the financial industry. It’s ability to evolve, and create new products means that it can survive these types of losses and continue to attract investment from customers. It’s been following the same path for over a century and the journey has worked in its favour.
The fact is that the financial industry is difficult to understand. It’s products are often complex and not transparent. Keeping things this way means that finance professionals can persuade customers to acquire investment advice, even when they do not actually need it, and invest in products that attract high levels of risk. As long as the financial sector believes in itself, and maintains its level of authority, it seems certain to be able to keep the money flowing in.

Wokandapix / Pixabay

November 8, 2018 0 comment

Save Money Utilities

Avoid frozen pipes and save those dollars

by Penina March 22, 2017

written by Penina

If you live where winter temperatures drop below freezing for long periods of time, listen in. The risk of pipes freezing is a major concern. Professionals like the Plumbing Detectives, a busy plumber in Lane Cove, have seen this a thousand times. They’ve sent us a few suggestions to protect pipes from freezing up your money too.

More can happen than stopping water flow. Water expands when it freezes, meaning pipes and fixtures can burst and crack too. More damage, means more expensive repairs. There’s even the risk of serious damage with water flowing into plaster in the home. Now that’s a costly lesson.

Insulate

This is the most common way to deal with pipes that might freeze. Wrapping pipes in insulation will protect them from the cold.

Yo can use heavy-duty tape and flexible foam batts to wrap pipes. Otherwise, you can use pre-formed tubes. These are usually light-weight foam , which you can cut with scissors to fit along the length of the pipe. An added bonus is you will save money on hot water costs, as the pipes will hold the heat for longer..

Warm Them Up

If simple insulation isn’t enough to keep out the cold out, you can take this step to warm them up. Use a space heater for exposed basements or under cold kitchen cabinets. Do this if this is the best place to access your pipes. Applying specialised heating wires or wraps directly to plumbing will also work.

Tip: To use heaters or warming tape, you need to have easy access to electrical outlets. Pipes that are difficult to get to, will make this job too hard.

A Last Resort Fix

As a last resort you can leave water running – until you can get some professional help in. This is not ideal at all, but in an emergency you could consider this.

Moving water is less likely to freeze up. A slow trickle is enough to save the day.

Note: No – don’t do this for longer than a day or even a few hours or you’ll get an astronomical water bill. For that one night when temperatures to drop too low, this might save the day.

Move the Pipes

If you’ve been battling this issue for a while, consider getting this problem fixed – for good. If the insulation or heating wraps aren’t the answer, consider doing some work to move the pipes.

Does the plumbing in your home run through unheated crawl spaces? Or along the inside of an exterior wall? If so, you will fight to keep the water flowing well. Rather than struggle year after year, talk to a professional plumber. Consider re-routing the pipes to a better area. At least, move the pipes to a place with good access so you can use the cheaper ideas mentioned here.

terimakasih0 / Pixabay

March 22, 2017 0 comment

Car Tips Real Estate Save Money

How To Save Money On The Biggest Ticket Items

by Penina March 14, 2017

written by Penina

Over the course of a lifetime we make some big purchases. From cars to holidays, we spend too much. Here are some money saving tips you can use for saving on three of the biggest ticket items.
Car

Image Source
Buying a car is exciting but it can be expensive. The problem most of us face is that we want a car that will last, but for a good price. It can be hard to get the quality and price right when buying a car. Then there’s the upkeep. Car’s need MOT’s and fuel. Before you know it you’ve spent a huge amount of money. But there are ways to keep costs down.
The first thing to consider is what car you buy. The chances are you won’t need a brand new car. New cars will lose you money very quickly. It’s estimated that a new car loses roughly half its value in the first three years alone. This means you’re effectively pouring money down the drain. Make sure, new or old, you buy a model which hold its value. Small engines can be cheaper, as can cars which run on petrol rather than diesel. But diesel is more economical in the long run. Manual cars are also cheaper than automatics. Finally, smaller cars are cheaper to insure. So keep all of this in mind when you select a new car.
Holidays

Image Source
Holidays are another big expense that most of us will pay many times in a lifetime. Cutting the cost of holidays is doable, but this requires thought. Sit down and think about what you want out of the holiday. If it’s a relaxing break then spending more money on a quality hotel makes sense. If you want to explore the culture and cuisine of a country then opt for cheaper accommodation.
Booking holidays well in advance is another good idea. You’ll have time to compare the best rates with travel websites and choose what’s right for you. At the other end of the spectrum, and if you have the nerve, waiting for last minute deals works. While this is a risk, booking hotels and flights can really pay off. Airlines and hotels don’t want empty seats and beds. Similarly, try looking out of season.
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