Hello, everyone. As the title suggests, I believe it is time to earn some money. I am hoping with some advice and discussion from others, my path from rags to riches can commence.
Just some background on myself.
I am 25yo engineer and I have next to no savings, however I am earning 125k this year and will be earning 145k at the start of next year.
Through hard work (FIFO site job) I am in a position with a moderately good income for my age. However I spend long hours at work 3 weeks on site (constant work) and 1 week off (rest).
I have no earnings because I was just being young and enjoying life - spending big on food (yes I got really fat ><) and going out - don't even have a good car to show for it
I've always been rather ambitious, and wanted to become a CEO and of course rake in some cash. I was brought up with the idea that hardwork and persistance will pay off. So I have been slaving away working with that idea in my head.
Of course I have realised its not always working hard, its working smarter. I have also come to realise the world likes to stereotype and always will choose a dumber person who has more experience (**** at job) versus a smart person with less experience (but good at job). Hence it is hard to break through that ceiling and accelerate at a faster pace cause its always the HR (people who have no clue about anything) that hire/promote you. The managers (who know wtf is going on) really just come and have a chat with you to see if you are "normal" before giving you a nod of approval (well at least at my low level position it is).
I definitely want to start doing something on the side this year to earn passive income. It doesn't have to be in place and working this year (due to my capital), I just need the structure and plans set out.
I believe with some diligence and good saving, I can have 50k savings this year, and an addition 70k savings next year.
So now to my questions and Options
Option 1.
Slave guts off, and stick to initial goal of working towards a CEO. Rest on week off.
Option 2.
Slave guts off, work on setting up my side job on my week off, no rest.
Investment 1
Shares and what not - high volatility but good returns if done right (I have a commercial background but I am in no way an investment banker)
Investment 2
Start buying property - I have been researching and I believe later this year/next year would be best times to buy. Due to my low capital, I would be looking mainly in Western Suburbs such as Footscray/Sunshine. (Suggestions would be much appreciated)
Investment 3
Trip to china and jump on the band wagon of finding something to import over and sell. High risk, high returns.
If you are still with me - thanks. In conclusion, this is all very basic and not fully fleshed out, but I am trying to figure out what I should do.
To me money does buy happiness - it buys everything - you just need to earn enough and earn it at the right time. (An 18 yr old will be laughing off his head with a BMW, whereas a 60 year old will be like zzzzzzzzzz).
Just some background on myself.
I am 25yo engineer and I have next to no savings, however I am earning 125k this year and will be earning 145k at the start of next year.
Through hard work (FIFO site job) I am in a position with a moderately good income for my age. However I spend long hours at work 3 weeks on site (constant work) and 1 week off (rest).
I have no earnings because I was just being young and enjoying life - spending big on food (yes I got really fat ><) and going out - don't even have a good car to show for it
I've always been rather ambitious, and wanted to become a CEO and of course rake in some cash. I was brought up with the idea that hardwork and persistance will pay off. So I have been slaving away working with that idea in my head.
Of course I have realised its not always working hard, its working smarter. I have also come to realise the world likes to stereotype and always will choose a dumber person who has more experience (**** at job) versus a smart person with less experience (but good at job). Hence it is hard to break through that ceiling and accelerate at a faster pace cause its always the HR (people who have no clue about anything) that hire/promote you. The managers (who know wtf is going on) really just come and have a chat with you to see if you are "normal" before giving you a nod of approval (well at least at my low level position it is).
I definitely want to start doing something on the side this year to earn passive income. It doesn't have to be in place and working this year (due to my capital), I just need the structure and plans set out.
I believe with some diligence and good saving, I can have 50k savings this year, and an addition 70k savings next year.
So now to my questions and Options
Option 1.
Slave guts off, and stick to initial goal of working towards a CEO. Rest on week off.
Option 2.
Slave guts off, work on setting up my side job on my week off, no rest.
Investment 1
Shares and what not - high volatility but good returns if done right (I have a commercial background but I am in no way an investment banker)
Investment 2
Start buying property - I have been researching and I believe later this year/next year would be best times to buy. Due to my low capital, I would be looking mainly in Western Suburbs such as Footscray/Sunshine. (Suggestions would be much appreciated)
Investment 3
Trip to china and jump on the band wagon of finding something to import over and sell. High risk, high returns.
If you are still with me - thanks. In conclusion, this is all very basic and not fully fleshed out, but I am trying to figure out what I should do.
To me money does buy happiness - it buys everything - you just need to earn enough and earn it at the right time. (An 18 yr old will be laughing off his head with a BMW, whereas a 60 year old will be like zzzzzzzzzz).