Want to Change Job since I Just Got Lucky with My Last Year Investment !!!

Hi all ozbargainers,

I am currently making 50k+/y in hospitality industry. I work part-time, and mostly night-time and weekend which I am getting wore off and hate it every day I turn up there. Up side for this job is I have all the day time to do whatever I want, where people with normal 9 to 5 job couldn't do it e.g house scouting. Last year I got lucky when I jump into the real estate market and bought a cheap house, now it earns me about 150k if I cash it out now.

Sooo … what should I do now in my situation guys, I need advices from all your expert ozbargainers.

P/s: I am in my early 30s and thinking about changing job. I got my engineering degree but have no use of it since day one as I tried everything to get into the job market but no luck.

All advices and comments are appreciated :D

Thanks all.

Comments

  • Where will you live if you sell it?

    • +6

      I bought my first one years ago, also cheap :D. I'm living in one room and renting out the other 2 now

  • +23

    It is unclear what you are considering. But yes, based on your situation consider a high return BMW.

  • +3

    Up side for this job is I have all the day time to do whatever I want, where people with normal 9 to 5 job couldn't do it

    Keep working, and use this time to find a new job…
    Seems pretty simple.

  • -1

    insert Doge much wow

    • -1

      Shib

      • Sold my Shib months ago :(

      • yes, pure pump & dump with a few people holding billions $. Recently read an atricle about someone asked his relative to buy SHIB and who lost almost 200K.

  • +4

    now it earns me about 150k if I cash it out now.

    Well done.

  • +4

    Hope you factored capital gains tax into your $150k windfall.

    • OP is saying that they started to rent the rooms like 5 min ago.

      • I think he is renting out the rooms at his primary place of residence.

        • yes you are right, i got 2 :D

          • +1

            @Kakimoon: Then I'm pretty sure you will pay the full whack of capital gains, unless you've owned it for more than a year, even then you still pay capital gains on 50% of the gain.

            • @brendanm: yep …HODL for more than a year now and thinking to sell for next move. But gotta plan carefully :) hence the topic for opinions

              • @Kakimoon: Rent out each room in the new place, like you do in the other. Weekly passive income, long term capital gain? Unless it's an apartment.

                • @brendanm: yeah… been doing that for a year and getting tired about being call up every now and then to fix thing up for minor problems like change light bulb and stuffs. Totally not a fan of self managing, hence I let agent to take care of it now.

          • @Kakimoon:

            yes you are right, i got 2 :D

            Are you declaring this income to the Tax Office?

          • +2

            @Kakimoon: I take it back.

            "No comment" should have been your comment.

  • +5

    In the corporate world, people with engineering backgrounds have many transferrable skills. A senior manager in my area has an engineering background and is pretty sharp with numbers, moreso than many of the commerce guys.
    Full-time in a call centre for a large corporate would get you around 50-60k, although I noticed you wrote you are on 50k and only part-time. If you're really after a change of scenery, you could give white-collar work a crack while you keep your property and earn rent from it.

    If you were to sell your property you'd need to consider taxes, but it doesn't really sound as though you are desperate for cash.

    None of this is advice, just points to consider.

    • Yeah you are right, i'm not desperate for cash as I have the investment and my own house paying out for me. I'm kind of in a position that ready to retire but not really there yet.

      Big corp … hmmm … i think it's not a bad idea, I will look into that sector :D

      Been thinking about banking and especially leading would be my next move.

      • +7

        Good luck retiring on a $75k'ish windfall

        • -1

          Using $75,000 as seed money to retire is possible.

          I know people that have turned a $60,000 portfolio into +$3M in 1Y and someone else turned $30,000 to +$35M in 5Y.

          • +1

            @rektrading: Everyone knows "someone". What are the details? I've got $200k sitting in the bank doing nothing, I want =$3M in 1Y too! lol

          • @rektrading: hmmm …I am all ear

            More story detail pleaseee

          • +2

            @rektrading: idk why people are downvoting you.. salty nocoiners probably.
            Entirely possible. I know a guy who turned 20k into a mil in less than a year from last year to this year.

            • +2

              @LordSydney: It's understandable that they're salty when they read articles like this and then 👀 at their 7% 1Y return.

              Number of Cardano millionaires rises by 173% after ADA price hits new highs
              The total number of Cardano wallets with a balance of at least $1 million has surged, from 3,625 on July 20 to 9,830 on Aug. 24.
              https://cointelegraph.com/news/number-of-cardano-millionaire...

              • @rektrading: oh yeah… Cardano… I have seen rise and fall of people who hodling ADA as well.

      • Ahahahahaha

  • +2

    I don't think this is a bad idea. @bredanm is right that you'd want to triple-check you're not going to have to pay capital gains on your flip. But a lot of people are sitting on paper gains, not real gains. I'd definitely look into getting a better job. $50k in hospitality with an engineering degree - I think if you put your head to it you'll find something better. It may mean moving on from Launceston too - speaking as someone who left, got trapped in a pandemic and will probably move back home - moving can be a mixed bag but you may want to try it.

    • yeap, already factoring the capital gains and stuffs

      I can feel you man :(

      I have been thinking about moving but … yeah… the pandemic and all and all keep me here for a bit longer. Now I want to move but don't know where to move, and I want to work somewhere else but don't know where to start.

      • +2

        Start with Melbourne. Just a short flight home when you need, plus 2 of the big 4 banks are based there (NAB and ANZ), so there are plenty of entry-level roles available and scope to climb the ladder. Rent also won't be as expensive as Sydney (assuming the 2 majors of Melb/Syd are your considerations).

      • +2

        If the lockdowns are truly over sassy's advice is alright. I'm too shell-shocked to recommend Melbourne to anyone atm.

  • +2

    I’m guessing you’re single

    • -1

      hahah sort of

  • +5

    Keep working, start a business. You have many hours during the day to focus on starting up a business.

    $150k in this day and age won’t take you very far.

    It’s a shame you hate what you do, there is good money to be made in hospitality when you get to senior positions.

  • +2

    Yeah you are right, i'm not desperate for cash as I have the investment and my own house paying out for me. I'm kind of in a position that ready to retire but not really there yet.

    Congrats on your investment doing well, but questionable mindset. Nothing here indicates you are anywhere near close to being able to retire, unless you have a sizeable inheritance, or plan to leave Australia.

    Realising those 150k gains may sustain you for a few years if you remain at your current standard of living, and expenses don't increase. Are you factoring in changes to lifestyle? Having tenants living in your house may not always be desirable (building a family etc). Given this is your PPOR, if you sold, would you have to buy somewhere else to live in? Are you planning to downsize and have tenants pay off your next PPOR entirely?

    I may be reading too much into it, but I would be wary of letting the success of your investment carry you away, and get proper financial advice catered to your life priorities and financial situation.

    • Thanks @Chewiebacca, I understand I am a bit young, greedy and I have doubt about my mindset as well, hence the topic. At some point, I have thought about moving to Bali to start a new life there with cheaper and easier lifestyle.

  • +1

    Just curious - why do you pluralize words like 'advises', 'capital gains and stuffs'. Contrary to what you may think, communication skills are paramount in engineering. I certainly wouldn't hire you - I'd distrust your level of education. What basket weaving college did you go to?

    • Just as well a job from you asking he’s not

      • -1

        oh no, a guy called “Wiz Muncher” on a retail bargains forum isn’t prepared to give me a job! Oh what am I to do!
        lol.

    • +3

      Their grammar has little to do with their education level. From what I'm reading it sounds like a Chinese person who does not have English as their first language.

      Without being snarky I'd suggest that when you learn a new language your grammar is going to be imperfect as well. Likewise it won't be a reflection of your smarts.

      • +2

        hahah thanks @bystander you are right, and yes English is not my native language. I speak 4 languages and couple of computer languages as well.

        I know my English is not perfect but I try my best everyday to improve myself. Please enlighten me if there is any mistake. Much appreciate :-)

  • mate thats 150k before tax and CGT lols

    • yeah mate already factored all the taxes :D

  • bro which area did you purchase the property?

    • Well …simply next to Uni, close to supermarket, shopping centre and schools regardless of the reputation of the area itself. The rest you can figure it out by looking into google map

      • is this in Melbourne?

        • nah mate, in Tasmania

  • You can get a job today with that qualification…. today…. now…. in 1h

  • You don't have to "get lucky" with an investment to change jobs. If you're unhappy with your current job, find another one and then quit.

  • +1

    A lot of us older than 40, whom rental properties, PPOR , stocks and shares, super nesteggs ( as well as the average ozbargain salary of $350k/year) that have really done well this year at least on paper. Those with estabilished landed property in Sydney/Melbourne may have seen $1M+ paper gains. So $150K honestly looks like a really great start, but its not enough.
    This issue is that whilst we work hard, invest , take the risks, the government has its hand in your pocket for a significant portion the gains if you crystalize the paper gains to real gains by selling. Borrowing against a significant pool of assets and spending "drawing down" those borrowings seems to be the best approach to kick the taxation bill down the road until after you are dead. My 2022 goal is working out how to put that into practice given a spread of investments, traditional bank lending practices make this near impossible.

    White collar jobs tend to consume your waking hours, not just butt on seat hours, but your psychology as well, dont underestimate a job that you can just clock on and off both physically and mentally.

    • understood, thanks for your wise advice and i will take it into consideration

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