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Year off school

  • Thread starter Thread starter The Rooch
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The Rooch

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Coming out of school, what do you think are the best ways for a kid to take a year off in terms of making money.

I am a person who will be an investor as I develop as a person, but I obviously have to have money to start with. I know that laying railway tracks and working in a mine (dirty jobs, but awesome pay for a young kid) are offering up to $80k.

Any suggestions?
 
Get a job that suits you. Dont look for the money tree if you cant swing an axe.

There are 2 ways to approach this

1. Get a job completely unrelated to your career path and get ''life experience''

2. Get a job that strengthens a weakness you perceive( or others see ) you have which will compliment your career eg if you intend , as you say, to become an investor, then maybe dealing with the public on a daily basis may help you learn how to deal with people from all walks of life.This can be seen in young footballers becoming garbo runners... it maintains a base level of fitness while instilling discipline.

Good Luck
 
Theres no right or wrong way to go about, its where you finish that matters, and an investor is a great goal.

There’s nothing wrong with earning 80k pa for say 5-7 years while you build up knowledge and cash. They may well be the only ‘working for someone else’ years you need.

You may make more after a uni degree in a less physical job but will have 4 years without pay. Crunch some numbers and see how you go. With 80k pa you might be able to save half and buy and investment property for say 400k that grows on average at 5%. Theres and extra 20k + future compounding. Now do it again for another 5-6 years and see we you’d be.

After 5-6 properties you should have quite a bit of equity built up in those properties. You could possibly draw down on that and get a tax deductible investment loan and drop it into shares.

If you go this way, look into trust structures to help with tax and asset protection before buying anything. The idea is to start where you intend to finish.

On the other hand, a uni degree might compliment your future investing. Gain you some contacts and as PertCrow says strengthen some weak areas. Both very valid ways to reach your end goal imo.
 
The Rooch said:
Coming out of school, what do you think are the best ways for a kid to take a year off in terms of making money.

I am a person who will be an investor as I develop as a person, but I obviously have to have money to start with. I know that laying railway tracks and working in a mine (dirty jobs, but awesome pay for a young kid) are offering up to $80k.

Any suggestions?
Click to expand...

rooch you wont be able to reply cause you're no longer with us, but you should get a job make sure you get its either $16 or $18 k that yr and then go to uni or tafe (not sure about that one) and the government will give you $100 a week for doing nothing. If your parents are poor then you can get it regardless.
 

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outback jack said:
rooch you wont be able to reply cause you're no longer with us, but you should get a job make sure you get its either $16 or $18 k that yr and then go to uni or tafe (not sure about that one) and the government will give you $100 a week for doing nothing. If your parents are poor then you can get it regardless.
Click to expand...


I just finished school and do you want to repeat that last bit bout the $100...

I have a friend who gets $100 a week from the govt. becuase his parents (who are split) earn under a certain amount each year. I know my parents are above that limit but yeah from what your saying is there could be another way for me to get that money from the govt.

I will be going to Uni next year and working Part Time, probably earn $8-$10k next year....
 
Mattlowry said:
I just finished school and do you want to repeat that last bit bout the $100...

I have a friend who gets $100 a week from the govt. becuase his parents (who are split) earn under a certain amount each year. I know my parents are above that limit but yeah from what your saying is there could be another way for me to get that money from the govt.

I will be going to Uni next year and working Part Time, probably earn $8-$10k next year....
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i dont do it so i cant tell you the details, but its something like $16K you need to make within a 18 months period (maximum, so you can only count money in that time period) and then do uni (not sure about tafe) full time, then regardless of what your parents earn you get $100 a week each week from centerlink. What happens from my experience is ppl take a yr off, get this money $16k and then go to uni the next yr and get the allowance. As i said i dont know about the details you'll have to ring and ask yourself. I'm sure ppl here would know about its just not many would visit the money board.
 
outback jack said:
i dont do it so i cant tell you the details, but its something like $16K you need to make within a 18 months period (maximum, so you can only count money in that time period) and then do uni (not sure about tafe) full time, then regardless of what your parents earn you get $100 a week each week from centerlink. What happens from my experience is ppl take a yr off, get this money $16k and then go to uni the next yr and get the allowance. As i said i dont know about the details you'll have to ring and ask yourself. I'm sure ppl here would know about its just not many would visit the money board.
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Hmm it sounds good tho...
 
A word of warning not that it is a bad thing but you might have the ppl from centrelink asking you to do work for the dole. Not bad when you just come out of studying.
 
Go to the centrelink site, what you need to do to claim Youth Allowance if your parents are over the income threshold is to prove independence, and theres three or four ways you can do that. The easiest is take the year off and work, but its still possible to get it whilst studying.
 

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croation-sensation said:
Can anyone ust work in the mines ?
where about are the mines ?
How old do you have to be to go on the dole ?
Click to expand...
I'm not even going to bother answering you due to your last question.
 

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