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Discussion Starter #1
There's two basic parts to reaching financial goals right? Earn more, save more.

I got the save part figured out, that's pretty easy. Just save, spend judiciously.

But how do I increase my revenue? Unfortunately I made the mistake of picking a career (engineering) that ordinarily does not lead to a high income, relatively speaking.

So what are my legal options to increasing my revenue?

  1. 1. Invest in an education and get into a different career field? (i'm nearly six years out of uni, so this might be difficult)
  2. 2. Gambling, either on the stock market or in a casino? (risky as hell)
  3. 3. Start a business? (but most of those fail, and without a killer idea or business exp. that's extremely likely, right?)
  4. 4. Find a part-time job to do on the side?
How do I go about figuring this out? Any advice? Any experiences?

Thanks.
 

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A lot of engineers I know ended up doing an MBA in order to try to make more money. Not 100% sure how successful they were but they are doing ok.

Going back to school to make more money is a big gamble...

Part-time job - Can you find a part-time job that pays well? Just working at the local grocery store might help your basic finances but it's not going to "make you rich".

Business - If you have a business idea that doesn't require a lot of start up capital then why not take a chance? So what if it fails?
 

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I thought about before working at a gas pump in some evenings. Parents friend owns a full service gas bar, not that hard of work and definitely a change from my day job as a software developer. However when I figured out that my like $10 per hour would be taxed at like 45%, so I'd be like I'm working for $5.5 an hour take home. Just remember any extra income will be taxed at your highest rate. However $5 in the bank is still $5 more in the bank.
 

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You may want to work part time at your own business.

At least initially the costs of starting and the equipment needed will offset the income tax you pay.

As a small home based business, you get to claim your housing expenses against your income. A certain percentage of your car, any office supplies, etc.

The first several years once you claim these expenses which you are currently not allowed to claim`against your purely employment income you will probably declare a fairly substantial business loss.

The tax savings alone are substantial.

I'm not sure what kind of engineer you are but small businesses and many other people may need your services. This way you get the advantages of self employment and the security of a job.
 

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The key is social networking. If you are someone who knows everyone and everyone knows you, then you get a lot of business from them. Learn things that most people can't do themselves, like plumbing, and you'll get a lot of calls. If you don't know nobody, then go where people meet, and make friends. Sign up to various activities, either sports, language learning, etc.
 

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Unfortunately I made the mistake of picking a career (engineering) that ordinarily does not lead to a high income, relatively speaking.
What sort of 'high' income are you looking to attain. :confused:

I know a tonne of 21 year-old engineers in Calgary starting above $70k, and easily $150k by their mid-thirties.
 

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If you read up on the markets and increase your knowledge in that respect, you wouldn't necessarily be gambling. I mean...unless your intention was to buy a stock and wake up the next morning and be rich...b/c if thats the case buy a lotto max ticket.

I would consider higher education, assuming you like your field...and/or a part time job that doesn't feel like one...like starting a business on the side...or a friend of mine likes hockey...so he referees...or essentially gets paid to skate and exercise.
 

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It's Calgary, there's only one industry in this town. What these people actually do? I'm not an engineer, :( couldn't tell you.
 

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I can't believe 'taxsaver' didn't recommend that you get rid of your T4 income. the taxes are killing you. gross income means little. net income is where it is at...
 

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Discussion Starter #12
Thank you everyone for your responses.

What sort of 'high' income are you looking to attain. :confused:

I know a tonne of 21 year-old engineers in Calgary starting above $70k, and easily $150k by their mid-thirties.
My base is 80k and I am 30 now, living in the GTA. I grossed about ~150k last year (+ off the books per diems) but that was with a crazy amount of OT, site work (time away from home). I can't count that as projects come and go, and especially after I got this dumb idea of transferring to a desk job(!_!_! - but that's another story) that I just started. I was a control systems engineer for automated tooling but now I'm in risk assessment for nuclear safety engineering, where I am just getting my feet wet. It's with a crown corp but may not be for long, lol.

I'd like to be in the consistent 150k range (net) at least by my mid to late thirties but I can't see that happening if I stick to my current path.

The key is social networking. If you are someone who knows everyone and everyone knows you, then you get a lot of business from them. Learn things that most people can't do themselves, like plumbing, and you'll get a lot of calls. If you don't know nobody, then go where people meet, and make friends. Sign up to various activities, either sports, language learning, etc.
I like this idea, although I'm a terrible social networker but I'm sure I could do it if I put my mind to it. Up until now, I did not have the time nor stability to pursue work like plumbing, garage repair, etc. on the side.....

If you read up on the markets and increase your knowledge in that respect, you wouldn't necessarily be gambling. I mean...unless your intention was to buy a stock and wake up the next morning and be rich...b/c if thats the case buy a lotto max ticket.

I would consider higher education, assuming you like your field...and/or a part time job that doesn't feel like one...like starting a business on the side...or a friend of mine likes hockey...so he referees...or essentially gets paid to skate and exercise.
I don't see more education in engineering paying off but I have thought about patent law - but it's such a roll of the dice to quit my job, go back to school, as others have mentioned especially at my age. An MBA doesn't make sense to me because my career has been highly technical up until this point with limited exposure to business areas.

You may want to work part time at your own business.

At least initially the costs of starting and the equipment needed will offset the income tax you pay.

As a small home based business, you get to claim your housing expenses against your income. A certain percentage of your car, any office supplies, etc.

The first several years once you claim these expenses which you are currently not allowed to claim`against your purely employment income you will probably declare a fairly substantial business loss.

The tax savings alone are substantial.

I'm not sure what kind of engineer you are but small businesses and many other people may need your services. This way you get the advantages of self employment and the security of a job.
That's an interesting idea that I have thought about. The thing I don't like about providing engineering services relating to my primary area of experience (industrial automation) is that there's so much liability involved and it often requires physically being somewhere. Also, I have enough of engineering with my day job that I don't think I could handle even more w/o going crazy. It's also very time consuming.
 

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I suspect your *best* shot at attaining that kind of renumeration is to move higher in your field. In your shoes, I personally would not spend a lot of time opening up a side business. I'd invest in my human capital as much as I could.

(The reason I am saying this is that the amount of money you say you want to bring in doesn't lend itself well to any kind of self-employment venture given the time you'd have available to do it.)

You could become a patent agent, not a patent lawyer (although you are not going to necessarily earn any more as a patent agent than you are already earning).

Also, I suspect that an MBA may be of value to you precisely because you have had only limited experience with business issues up until now. It will diversify your skill-set. There are lots of part-time ("executive") MBAs available.
 

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Any one ever gave up the 'rat-race' and took the Canadian Securities Course went to full time trader? Interested to know who has done it and the experience...
 

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If you mean someone who did the CSC and became an investment advisor, me. If you mean someone who did the CSC and became a day-trader, NOT me, and I do not recommend the CSC if you want to pursue this path.
 

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If you mean someone who did the CSC and became an investment advisor, me. If you mean someone who did the CSC and became a day-trader, NOT me, and I do not recommend the CSC if you want to pursue this path.
+1 CSC will not teach you to become a trader. However, doing the CFA course may be in more alignment with what you're looking for.
 

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...doing the CFA course may be in more alignment with what you're looking for.
Either that, it will break your brain. Have you ever looked at the pass rates? (Unfortunately, I can't find info that separates out the survivorship. But you can approximate it: using the pass rates for 2008, looks like that for every 100 people that attempt exam 1, a total of 9 people come out the other end having passed all three exams.)
 
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