Interview on Femail
Do you need to change your job to increase your income?
Many people working in salaried employment every day feel dissatisfied with their rate of pay; but as we get older and our lives get busier, the prospect of changing jobs or retraining seems less and less appealing. Margie Hulse, a Right Riches for You facilitator for Access Consciousness says many people don't look at all the options that are right in front of them - options which could increase their income without requiring them to quit their current position.
Margie first developed an interest in money at the tender age of 20 when she started working for an accounting practice, and this only grew in her next role at the Department of Superannuation at Australian National University (ANU)."'I was in a secretarial role but sat in on hundreds of meetings about investing people's money and making it grow for them. It was fascinating and sparked a lifelong interest in how people become wealthy." Margie went on to invest in property herself, and own several successful businesses and teaches others to generate income, like she has.
"One thing I do notice a lot, is people having tunnel vision about how they can increase what they earn. They think they need to quit their job and find a higher paying one, or retrain to work in a better remunerated industry - and that all seems enormous to them. There are plenty of ways to earn supplementary income without massive upheaval in your life."
Interview with Margie Hulse
Question: Why do you believe one of the most common New Year's resolutions amongst Australians is finding a new job?
Margie Hulse: The majority of people are working in a job they are not happy with – whether it be because of the remuneration they receive or what they actually do. This is why at the beginning of a New Year a large number of people are looking for a change. Great questions to ask are "What do I really enjoy doing?" and "how can I make money from it?"
Question: How can we make more money, without trying to find a new job?
Margie Hulse: There are two ways to make more money – work more hours or get your money to work for you.
If you have a talent or interest in a particular area you can create a part-time business around it and create more money that way. It is easy to set up a home-based business around what you enjoy doing, whether it is working online, making cakes or organising things. There are people out there looking for whatever you are great at. It may mean you stay in your current job until you have created a financially viable alternative. Do one thing each day to move yourself closer to your target.
The other option is to invest your money and get it working for you. The simplest way is to find a fixed interest investment which pays compounding interest. This means you get paid interest and then get interest on that interest. Your money is working extra hard for you without you having to put in more hours.
Question: Can you share your saving advice?
Margie Hulse: We all have bills and expenses which need paying regularly, however do you pay yourself? I have created a savings account where I deposit 10% of every dollar that I earn. I do this first before I pay the rest of my bills. I make it an automatic payment so that it is out of my regular bank account before I look at my expenses. This money is then invested into assets which will increase in value while not requiring additional funds for maintenance such as jewellery, gold, silver or antiques. Since I have done this, I have always had money for the other bills. If 10% is too much for you, start with 5%. Aim to never spend it. If you think you might spend it, buy silver or gold – then it will require some effort to sell them if you really need access to the funds.
Question: Can you tell us where you invested your money?
Margie Hulse: I have invested my money into fixed interest, shares and real estate. I keep a rough third: third: third split between them. This varies, however the idea is to have assets in each category so that the effects of the markets will have minimal impact on the income. My favourite is real estate, in particular residential property. I have purchased several houses in different areas which families like to live and have property managers looking after them. The key is to look for areas where people are more likely to rent and provide good quality accommodation for a fair price. This ensures long term tenants who will look after your assets for you. I use property managers as many of my rental properties are not in the city where I live.
Question: Is it possible to make money through property?
Margie Hulse: I believe it is very easy to make money through property. The key to remember when purchasing a property for rental is that you will not be living there. There are always cheaper suburbs and properties in every city. You can quickly make money by purchasing a slightly run down property, renovating and then getting a revaluation. You will immediately have increased the value of the property and have more equity, which you can build to go towards your next rental property. In the mean time you will be getting a higher rent and be paying off your mortgage too.
Question: Is starting a business as scary as we think it is?
Margie Hulse: There are several ways of starting a business, the key to success is to choose something that is enjoyable for you, whether it be online creations or creating a catering business. If you enjoy what you do, starting a new venture will be fun and exciting.
If you have never run a business before, consider joining a network marketing company. They have all the systems you need to run a successful business in place and good support networks to help you every step of the way. There are numerous companies which offer products in almost category you can think of.
If you know about business, put your own systems in place and create a strong support network for yourself.
You need to keep a close eye on your financials – you are in business to make money. It is more useful to know how you are tracking on a monthly basis rather than find out 6 months down the track that you weren't making a profit.
If you are having fun creating extra money for yourself, it is not scary, rather an exciting adventure.
Question: What are your four simple ways to earn extra cash?
Margie Hulse: Find a way to do something you love and earn money from it. Do you make amazing birthday cakes? There's bound to be people who will pay you to do that. Are you a neat freak? There's plenty of people who would pay to have you come in and organise their spaces. Or if you're a homeowner with a bit of supplementary cash and a love for DIY, you could even use the equity in your current property to buy a house, fix it up and sell it or rent it out for a tidy profit. There's always something you can do, from ironing or babysitting to bookkeeping for small companies, that will fit in with your lifestyle.
Do you have an eye for something? The internet has made buying and selling for a profit easier than ever before. Can you spot great art, antiques or vintage fashion? Are you a mechanic who knows what car parts people are always looking for? Can you spot pre-loved furniture that someone would love once it's been given a coat of paint? There are so many great stories about people finding bargains in op shops and selling them for ten times what they spent - or much more.
Don't discount network marketing, if you already love or use the product. There's no need for a hard sell - if you're taking supplements that give you more energy or using skincare you just love, it's just a matter of talking about it in conversation to your friends.
Do you have knowledge to share from what you do for work or as a hobby? Could you write an e-book or teach classes - in guitar, another language or even social media? People always want to learn from others with expertise, and modern technology means you can even do this via Skype or short online courses.
There's always a way to get a little, or a lot, more cashflow in your life if you think hard enough. Don't be limited by the confines of your 9-5 when thinking of a more financially productive life.
Interview by Brooke Hunter