Introduction

Every January, countless school leavers across Australia embark on their job-hunting journey.

A NSW Government survey conducted in 2021 found that of 42,388 secondary school leavers, approximately 50% continued to higher education, while the remaining 50% chose to seek employment (14% apprenticeship; 13% part-time work; 8% full-time work; 7% looking for work; 5% traineeship; 3% other).

That’s roughly 21,000 job-seekers – in NSW alone – hitting the employment market all at once! Extrapolate that across all of Australia, and you see where this is going.

Introduction

In today's fast-paced world, it's becoming increasingly common for people to take a break from their careers to focus on other areas of their lives such as spending time with family, pursuing further education, or simply taking a break to rest and recharge.

But, before waving goodbye to your job, it's important to consider how this decision will impact your finances.

Introduction

If you’re a freelancer or contractor or maybe even a consultant then you’re part of the “gig economy”. Gone is the job for life, or even a job in the normal, employed meaning of the word. For you, work consists of short-term contracts or a series of one-off jobs. “Gigs” as the band down at the pub might put it.

For some, gig work is a liberating choice that allows them to work their own hours, holiday when they like and work wherever they wish. For others it’s a necessity in a weak job market where under-employment and age discrimination is rife, and more companies choose to outsource specific tasks. Key to the gig economy is technology, be it an Uber app, Skype, crowdsourcing sites or just email and the Web.

A study found that 4.1 million Australians had freelanced in 2014/15, and it’s a trend more likely to grow than diminish.

So if you’re a “gig worker” what can you do to make the most of your situation?

Introduction

When most people think of salary sacrifice they think of superannuation. It’s pretty easy to see why. If someone earning $100,000 a year takes the last $10,000 of that amount as cash salary, they will pay $3,900 in tax and the Medicare levy. Salary sacrifice that same amount as a concessional contribution to super and only $1,500 will be lost to tax.

The annual concessional contribution cap of $27,500 limits the amount that can be salary sacrificed to super, so it’s worth remembering that there are other expenses that can be paid with pre-tax income under a salary packaging arrangement. This is subject to your employer’s agreement, of course.

Introduction

Ever wanted to be a writer? Retired and thinking of new ways to earn money? Published author, Karen Turner, shares her experiences, navigating the unpredictable but satisfying world of professional writing.

They say everyone has a story to tell – but can you make a living from writing? Truth is, it’s very difficult to live solely on royalties from book sales. Some people do, but for mere mortals whose names are not J.K. Rowling, let's start with some real figures:

Introduction

Being retrenched from your job can be hard to accept. It is the sudden shock that catches most people, but try not to take it personally. Redundancy is usually not about your personal performance; it’s the performance of your employer’s business, the industry sector in which you work, or even the global economy. Dealing with the key considerations below can help you take back control of your life and career.

Introduction

It’s an old saying but it will be forever true – “the only constant in life is change”. Whether it’s due to economic downturns or extreme weather disasters; no business, job or career will ever stay the same.

And it’s impossible to know what might happen in the coming months or years in your career or industry.

Here are some points to consider that will put you in a better position - just in case.