Hi Ozbargain,
Thank you to those that actually gave genuine advice - appreciate it.
I don't have the time to manage this thread anymore so I won't be reading/responding.
P.s Forgot to mention the 12% interest car loan on the lamborghini, will be able to save in no time once I sell it.
Problem solved.
Maybe I could get a job working for the 15 year old.
I'll offer u $41.
You can lance boils/zits all day and I will put it on youtube.
Don't steal my idea either.
Welp $40 is definitely more than I make as a resident. And cash in hand? No unpaid overtime? What a dream.
Something I normally sort for Qld Health employed friends - Helping them catch missed deductions. Top ones being (and these have got missed by 'doctor'specialist accountants but can be worth thousands to your savings line):
- overtime meals
- over time allowances
- public transport and parking
Also going through your work there are normally 1 or 2 easy catch scholarships/training scheme fee supports that are provided per your contract but often overlooked as you need to actually apply for them.
I don't have time to eat when I'm working.
At best I smash the uncle toby's bar in my back pocket when running to the bathroom.
We claim meal deduction (up to $2,500 pa) I'm constantly told to "salary package"
It's the favourite words from any consultant I've met.
package your rent. credit card bills. literally anything, it's money on the table and yours to lose.
Do you mind share how you do salary packaging everything? The most I can get is laptop, mobile, maybe car.
@Smaland: What industry do you work in? I know the salary packing works differently for NSW health employees. Thus to ability to package rent where others wouldn't.
@Smaland: Public hospitals have a tax free package of 15k (or 7.5k grossed up) meaning thats free money.
Public Benevolent institutions / non-profits (including charities and private hospitals) get to package 30k (15k grossed up)
This is also per job. SO as a doctor you can have 4-5 casual positions + public very common to only work 0.2 FTE x5 as you may notice. And that means you get 60-75k tax free!!! Best legal tax-dodge going….
@meowsers: In NSW all public hospitals are run by the same corporation NSW Health , so even if you're picking up shifts at other hospitals you only can package the one amount. Unless you go private.
In Vic it's different and I do have colleagues packaging 10k per hospital
What type of work are you willing to do?
His username suggests he may qualify for the "world's oldest profession".
If you haven't already, get a serious budgeting program (I use You Need A Budget) and track every dollar that comes in and out. It can be tedious, but it will help you identify where your money is really going as well as help you plan forward for what you can really afford when you are starting to think about buying a house.
Youtube, baby!! get paid in usd kaching $$
Is it that lucrative? You need to put min 4 hours for a video. If it doesn’t get 160k views, you are on the loss and 160k views very hard to get.
Move in with your friends or family for that next 2 years to save the deposit sure there's no privacy and not easy to fully ever relax in someone else's house but it will let you buy your house so much faster. Also like already said do not over seas holiday. Go domestic instead. And if you both like driving buy 1 hour or so away from work and save some money. There are numerous things you could do. Don't think to much about it just do!
Yeah for sure whichever the doctor side of you is should either find a job at a private hospital for casual work (I'm talking like 2 shifts a month) (for example you could work casual at 3 different places until you hit the 30k non-profit sal pack limit for each job). Thats basically 45k tax free (grossed up a year)
I'm surprised you're only pulling 220 between the 2 of you. I'm able to swing 300+ as a doctor with just a few more shifts a month. Can easily pull down 1-1.5k a day, even very junior. 2-3k a day for consultant level locum
Edit:
Sorry just read you're starting BPT. Good luck with it, it passes quickly. Then locum locum locum. If you get annoyed with BPT and take a year off, with some focus and dedication you can clear 250k assuming you work around 20 shifts a month at about 1k a shift for a year.
Yes, split 160k/80k. I'm only very junior, PGY3.
locum seems to be the way to go. So many friends travel and locum as SRMO's. I'm not really in it for the money, wanted to be a Rural GP but for some reason ended up in BPT. Always time to have a mental breakdown and change my path.
Goal would be to work as an Oncology Staff Specialist - once I have had my time doing "locum locum locum"
Yeah, I'm saving and travelling as much as I can. Money isn't such a big issue but it helps get you and your family the lifestyle you want (and deserve).
See if there are any private hospitals you can work in, most are eager for someone to fill casual shifts. Ask around to some consultants who you know also work private. Basically the advantage with private hospitals that are non-profit (most of them except Ramsey), you qualify for 30k salary packaging (so 15k tax free)… Even as a casual doing one or two shifts a month.
I admire your ambition.
Have you consider helping people get sickies ie : https://www.qoctor.com.au/for-doctors/
You can then claim part of rent/power/internet/mobile as deductions as an added bonus.
Thank you for the help everyone. I'm heading back to work and won't be responding anymore. Appreciate it.
Night med reg? My hero
Man just give it time, keep saving and try not to 'waste' money on useless crap. Sydney house prices are going to keep on dropping.
If you're 27 and you and your partner are pulling in $220k then you are waaaaaaay ahead of the curve.
Ya.. way ahead.. I think that's really all OP wanted to hear by posting this 'problem'..
The long and short from this thread, if there is any real problem.. the solution is to manage lifestyle inflation..
Become a Daigou!!!
Home cooked meals. Lunch and dinner for weekdays. Breakfast is bread and cereals. Need alcohol,drink at home with friends. Take advance of some corporate perks like 5% off woolies n Coles. Sometimes we get those woolies Vouchers which really stacks up. If you like movies, ret them from Google videos or iTunes,cheaper than going for movies.
Sicne you're a doc, there's no point to suggest you to uber, uber eats or airtask. It's not worth your time and safety. If you have a small balcony with sun, buy some soil and grow your herbs,small plants like peppers don't need much space.
Drive a Japanese car.
Not sure if you're married already, sorry I can't remember as I type this from the phone, consider moving in together.
I arrived from overseas less than 10 years ago. I arrived with $6k in cash as a skilled immigrant. Not much savings as once converted to Aussie dollars it wasn't much. So even though I didn't have education funding we are pretty much the same start base.
Not to brag, but to show it is possible. I have a $1.3m home, and top of the line SUVs(used). I have an investment property as well but not making much as it's negative geared which helps my tax.
And I did it all by managing your expense, lifestyle while still feeding your body with sufficient nutrients and the occasional beer in my case.
Entertain friends at home.
Stay away from casinos. Don't have pets.
Heres a tough one, I am 28 older than OP, have a $100 home gym recently just stopped playing sports. Eat an amazing variety of whole foods and occasional processed from shops. No franchise takeaway, buy my lunch constantly, make dinners with leftovers, buy lunch anyway and eat leftovers when i get home and then dinner and maybe another meal too. so 4-5 largish meals a day, can't gain weight that is literally to maintain. Can't break 81kg at 6" with low fat%. I think I have worms. Its a blessing and a curse, my body is aging in other normal ways but my metabolism is nuts. Mind you I do work a manual labour job but its not hard work perse.
barely eat out anymore, have never gambled, have two dogs and a cat, dont drink, dont party, dont do drugs, never see movies, barely spend on entertainment. travel expense are not cheap but only every couple years. Really we both need to earn more to move up.
Anyone got tips?
Sorry to hear that. But it is different when you are born (or got here to young you forgot you're an immigrant). It is an entitlement to get everything you expect NOT having these immigrants bust in and get ahead.
That is why Australian citizens in the dumps tell other Australian citizens of any shade to go home because obviously you're making them look bad by doing work.
220k split between two people (meaning average tax 30% or less) and still can't figure it out. Serious help required!
I needed to push my borrowing to about $2m recently with a full time medical professional wage like your household income. It was a nightmare.
To increase my serviceability I:
1) took a second job as a favour to a past boss earning 1 day pay a week but mostly working from home a few hours a week as required.
2) took a third job as a consultant at high rates and to be "oncall" - but quite manageable.
3) took a forth consulting gig for an online virtual consultant group - only got a few hours work a year but at very high rates.
This is easier to do if you can present yourself as an "expert" in a niche field - people will seek you out and you can set your price.
Ultimately 2. and 3. didn't help my serviceability much as this wasn't salaried income the bank wouldn't consider it - but it did assist with some extra cash.
Was sustainable for long enough to get the loan but very tiring.
As you are in healthcare you can also consider another strategy I've seen and tried - multiple sets of salary packaging with multiple part time employers - it will increase your post tax income and banks increase your serviceability.
Mod: Removed solicitation for business
Save for the house wait for the market to come back it might year or two.
i own house i made 36,000 last year new home 4 bedroom and theater room 12km for CBD in regional city
and den?
220k income and you want to take on extra job for house deposit? (Yes I’ve read you’re in Sydney and may be 33-35% tax I suppose?)
I’d start with getting the expenses in order, do whats necessary to live and stop wasting. Don’t rush into buying a house. Get enough deposit for a land and find one that settles about year or two ahead so you have ample time to build up deposit for the construction or get a personal loan.
If you’re a doctor or accountant or work at a bank you can get a no lmi home loan for 90% lvr which is a huge plus. Instead of finding more try to fit things to what you have.
as a first time buyer you also get 10k from govt as well as less stamp fee.
good luck.
Doctor by day, Uber by night.
Pointless, just do as much extra at work as you can….IMO
At the rate house prices are dropping you will probably save more money by not working and buying later, as oppose to earning an extra 20k/year and buying sooner.
You already save 10k by not buying in the last month
I'd suggest against uber or other low skill work. Once you pay your tax, uber take their cut, etc, you go home with $10 an hour. Not worth being tired in you main job for.
Use your skills that you practice every day. For example, I'm in IT, so did some IT consulting on the side and tried to pick and choose the more lucrative jobs and cash when possible. (I generally pay my fair share of tax, so don't judge)
Find something related to your day jobs that you are skilled at.
Regarding the house, don't be afraid to settle for something that's not your dream house. You can always move in 5 years when you have a family. On older semi detached unit for example might be an option that would get you through the next few years. Then upgrade.
Out of interest, what sort of IT consultancy work did you do? Did you just pick up odd jobs through your network or did you advertise somewhere?
I set up a small business to get the work. Most of the work came from business directories and my website. It wasn't easy taking calls during work and trying to pretend to be a proper business, but it was worth it.
I sold off that business but I still continue to do odd jobs for friends, friends of friends and a few small business clients.
I make around an extra $5k per year, but I knock back a lot of work now that I don't really need the extra money.
I would just save as much as you can - let's not bother with the second job. It's all in the budget at the end of the day. No fancy cars and fancy dinners on a nightly basis here. We're talking about saving as much as you can and leaving little to the imagination. It's quite interesting when you you start seeing the fruits of you labour.
Your 2nd job will need to be a passive income.
Also have you thought that during your training you will be moving everywhere and maybe hard to stay in one place? (Think rural rotation + fellowship). Until you become the private consultant, it might be better to rentvest than buy PPOR.
Don't look at ways to increase your revenue - look at ways to reduce your costs. Skimming on a few things here and there will be much easier than trying to run yourself into the ground looking for extra revenue.
Be realistic about your savings plan and map out your timeline and expectations.
My wife and I bought our first house in 2016. We had a 200K deposit after 4 years of tight savings with a gross household income of 180K. So we were saving about 35% of our income.
When calculating how much you are going to spend on your first property - do a 10 year plan and anticipate what your salary growth will be, when you plan on having kids, how long your wife will be on maternity leave etc - work out your debt to income ratio and aim for it to be around 25-35%.
Also consider what you want to do with your property - is it something your going to buy then live in for 20 years? are you going to sell it and upgrade in 5 years time? are you going to live in it for 5 years then keep it as an investment property and go rent in your ideal suburb?
There is a lot to factor in if you want to be smart and careful with your money.
Best of luck.
Have you thought about getting on the property ladder at a lower rung?
You could buy a 2-3 bedroom unit (avoid anything built in the last 4 years) and rent out the spare bedroom for some passive income. In 5 years (or when you look at having a family), sell and upgrade. I think this was the standard path to property ownership in inner city areas.
Sydney unit market has gone cold (great if you're buying) and may drop further but this will not be an issue if you look at it as a 5 year (or so) plan.
hi guys, im looking to buy an expensive property in a booming city asap, the wifes really bugging me every day about this. got any tips? i am on the ozbargain average income of $300k. i currently save around 3% of my income. the other 97% i spend on holidays. please dont tell me to adjust my spending habits, just how i can earn more.
Where did you find a booming city?
ozbargain
Relocate
sell baby powder to china
works for me as a tax free side income
I think you've come to the wrong place.
You mentioned the barefoot investor, I'd suggest joining a readers Facebook group and asking there (my missus is on one and there's always someone asking the same thing)
Ask on OzBargain and we'll tell you how to spend less and save more.
barefoot investor summary: pay off your credit card. cut it up. save your money. go on dinner dates and call the bank.
I don't have time to read the entire thread but I do want to share my two cents.
A happy life doesn't have to be expensive - the sooner we learn this and can find joys in the simplest of things, the sooner you will save an exorbitant amount of money and not even crave luxurious overseas holidays. Often this is linked with fulfillment - spend your time on things that fulfill you and you'll find you watch less tv, spend less, want less. For me it's helping community, for you it could be something else.
It's all part of our journey called life :)
Hope this helps!
Good advice but the OP just wants more money. Like $200k is difficult to live on hahahahaha
It's not difficult. I only wanted to save even more than what I currently do to take advantage of the softening realestate market.
You still have no idea after all this advice do you? That is why I don't give free advice. Good advice is expensive.
You can run an after house surgical clinic. Some private clients will pay you a ton of $$$$$$
Hey OP, Reading through, you are a medical doctor. Best advice I can give you is decide on your speciality and complete that as a priority. Your income and options change once you are done. Talk to a few consultants and see what they are doing. Get the exams/training time done. This is hands down the best investment of your time.
Also, you mentioned you're planning on having a family. Just stating the obvious, you or your partner would have to go part time/stay home. Which medical speciality allows you to pick drop kids to from schools( once your kid is of school age) ? (none that I am aware of).
Have you decided which speciality or have you been accepted into a college?
You may need to complete training in major refferal or smaller hospitals.
As a doctor you have the option of 10% deposit without LMI. A few banks give this option- as it is a low risk loan for them.
Do you best to save, but perhaps look to buy once you know where your career is headed.
Hooe this helps
I’ve noticed your a doctor. And this is just an idea. But something I struggle with if I’m sick and need a sick certificate for work ( so I’m still able to be paid ) I either can’t get into see the doctor as it’s last minute or I’m feeling so crap I don’t want to sit in a doctors surgery for ages waiting to be seen. I alway wish there was a way I could ring a doctor tell him my symptoms and then the doctor email the sick certificate to my work or myself. I think this is the way of the future. I understand that it’s important for people who are sick to see a doctor and get checked. But if it’s just a common cold or headache. Sometimes you just need bed rest and not having to spend ages at the doctors would be awesome. I’m sure if you offered this service for $20 people would be happy to pay . I know if I’m unable to produce a sick certificate I won’t get paid for the day I’ve had off.
I'm guessing you haven't been to Chemist Warehouse lately?
seems to be a lot of work for bikies in this website maybe you should join them?
Sorry, you are savvy enough to earn $220k,but you can't work out between you and your partner how to save? Gotta be a troll post again surely.
We are saving $60,000 per year. My question was how do I save more through additional income.
Pick up after hours med reg shifts, although if you're already doing 6 days a week it won't leave much time for study/life
Yes, the additional work will come from my partner, who is only working 4 days per week. This thread got a bit obsessed with the "Doctor who needs more income? Must be terrible at managing money" side of things.
@Save Medicare: Operations Manager for an investment group. Was also involved in Marketing at an FMCG before that.
Are you serious saving $60k only with a combine income of $220k a year.
What do you spend the money on?
maybe wrongly posted on Ozbargain instead of OzBrag?
I spent:
My youth studying to get into medical school.
7 Years in Medical School earning nothing whilst my friends were already buying housing.
2 years after that earning below average wage as a junior doctor.
I currently earn 160k pa and I work 84 hours per week. That's $31 an hour.
Please continue to tell me that I'm bragging about my high salary and extravagant lifestyle.
My days are spent with people fighting cancer facing the hardest times of their lives. There's nothing to brag about.
Negative gearing is what you need.
Get something around 650k for first home and lease it out as investment property and get tax write off.
Ideally return rate of 4.5%+
If you’re looking to earn additional income try locum work! As a Med Reg you can be paid from $100-150 per hour. I work with doctor and I know as a trainee you aren’t rolling in it! Would love to help you out so DM if you wish to find out more!
What about online telehealth doctor?
Ie instantconsult.com.au
Buy Loki - Run a ServiceNode.
Thank me later.
$6k worth of shitcoins to allegedly make $2k a year. Sound investment advice.
Make sure you set a reminder to come and reflect on your commentary in the next couple of years.
Haha that's what everyone dealing in shitcoins has said. I actually made a little bit of money from eth and xrp, because I knew when to get out.
Scammer (profanity) off
Just buy something an hour away from work and consider your commute a 2 hour a day side job.
Lol I figured that this is OZBARGAIN forum so most of the advice here would be to save you money or stop you spending money rather than a forum for how to make more money
EDIT: oh someone already mentioned that previously too
As a doctor too, the best thing you can do is save and invest in your education and training because once you become consultant, you will make the money back (or more like catch up from the lost opportunity costs that your non-medical colleagues would have had an advantage over you by working sooner while you were off studying).
I think your bigger problem is that you are having trouble saving on a household income of 220k…
That's not true.
We're saving $60,000 a year. Certainly not a struggle.
My question was how do I save even more.
Have you considered moving to Wollongong? With income like that you can easily buy a 3 bedroom house/townhouse in Wollongong and live comfortably. The only compromise is you will have to travel to Sydney for work which I do everday. But the benefit is cheaper house and one of the best lifestyle all around in Australia (relaxed living, close to the beach etc)
Would rather move to Newcastle than Wollongong. I have many friends up that way. Never really spent my time in the Gong.
Do as much overtime as you can at your current work. Keep asking your boss.
Thats where you're going to be earning the most hourly rate from. Alternatively, look for a different employer that'll pay more. It'll be easier to do overtime though.
220,000 per year (minus whatever loans etc) and looking to do Uber as a side business? Looks like you need to budget better than work more.
Not 220k per person, it is split between two therefore even lower tax rates!
220k between two people say on 30% tax rate will leave you with 140k. Could save at least 60k per year. What we don't know is the price of the property the OP wants to buy. That is the bigger problem not income. I find it hilarious expensive people (high income) coming to a bargain website for cheap advice. Good advice is expensive.
1-1.2 mil
Yes, I do not understand people earning $220k a year uses ozbargain to save few $.
Noteven worth spending all the time in ozbargain to save couple $ only if i have that amount of income.
I have mentioned that we do already save $60,000 per year. I'm not struggling to save for a house. We will have 180,000 in savings in 2 years. Most people on here don't need to save money to live, they are on OzBargain because they get a kick out of finding bargains. Same with me.
Not struggle just wasting everyone's time here. I knew you were taking us on a trip, a comical journey around Sydney. We're the country tour coming to the show.
@netjock: Do I have a gun pointed at your head forcing you to respond? It's their time to waste if they so wish.
wow!! what do you and mrs. do for work for $220k income p.a.
n i dont understand you still want to do uber eats or some extra work for extra money. hats off.
I am pretty sure you can afford a house very easy. I purchased mine couple of years ago with combine income of $120k which has dropped down to 60k now as Mrs. stopped working :(
Go get a house. No need to work extra. Enjoy life
He / she sees all their mates driving Porsche, goes home and can't sleep because they are not driving a Porsche just a really expensive Merc. OP just having a kick out of this at all our expenses.
I don't have a Porsche, I have a Lambo, wouldn't be seen dead driving such a low life car.
Explains why you can't pull a deposit together and asking people to not look at your expenses but how to increase your gross
Stop taking yearly overseas trips?
/end thread
Very true, the holidays are excessive, already discussed we would drastically reduce these.
Just falls out the other end with expensive stuff like a house they can't afford without 180k deposit saved up. We're talking about $1m+ (more likely $2m) which 80% of Australia can't afford from a standing start (having to save for it on their median salaries).
Being a doctor OP can get 90% without LMI. Therefore we're talking about $2m property and a side job which is paying more than $68 [er hour (120k / 220 working days / 8hr days).
heres 5 bucks
dance for me! clap clap
Stop this thread. Useless
How much are you willing to accept per hour?
Friends of ours are offering their 15 year old son to help with our gardening needs - a general clean up initially … at $40/hour. I don't think he'll bring any tools and probably doesn't know what insurance is. He's had to door knock to find work, but hey, it ain't going to come to you on a platter.