"Quick" ways to earn/save a lot of money

C

Calico

Registered User
Messages
404
This is a bit random, but I was wondering - what are the "quick" ways to earn and save a lot of money and reach your financial goals faster.

I am thinking along the lines of emigrating for a couple of years and earning a tax-free salary.

Has anyone ever worked in Dubai, Switzerland or the Cayman Islands?

What did you do, how long did you stay for and how much money did you save?

Were there any particular downsides? Would you do it again? Did you save as much as you expected?
 
Living overseas in a low tax/ no tax territory is a great way to build up wealth fast assuming you have a skill that is in demand.

Immediate financial aspects aside you can expect to grow personally, professionally and have some more prestigous/ differentiating lines on your resume.

Emigration is often painted as a choice of last resort and of drudgery. Not the case in my experience.
 
Horatio said:
Living overseas in a low tax/ no tax territory is a great way to build up wealth fast assuming you have a skill that is in demand.

Immediate financial aspects aside you can expect to grow personally, professionally and have some more prestigous/ differentiating lines on your resume.

Emigration is often painted as a choice of last resort and of drudgery. Not the case in my experience.
Click to expand...
I agree 100%. Especially with the second sentence. [Just don't expect that the experience you have obtained abroad will be appreciated when / if you return to IE.]
 
I also agree - worked in China when I was in my twenties for 4 years. Was on an expat package with a per diem allowancw and appartment and local taxes paid by my employer so I was banking my full tax free salary. Saved enough money to pay 80% of the price of a 4 bed semi in a leafy south Dublin suburb. The cultural experience though was my highlight and when you are based in a different part of the world the ability to explore other countries near by on short trips.
 
If you have children, it can be quite disruptive moving them around to different schools, having to make new friends etc, but some kids do benefit from this type of upbringing. That was a con for me when mine were young and was a factor that brought me back.

If you are single and/or childless, go for it as when you do return to Ireland, international experience will benefit you back here multiple fold when you seek employment when you return.

Just get up to speed with your intended destination. Some parts of the world can be very tough to adapt to.
 
I have no personal experience of this, but I'm handier than I look and a female relation of mine did it and it worked with her reward being equivalent of a good lotto win (non jackpot).
1. Buy a house in need of repair and upgrading.
2. Do most of the upgrade work where you can; employ tradesmen to do the rest.
3. Paint the property externally and internally yourself. Make the garden(s) presentable.
4. Ensure you know the minimum profit you want from the deal before you put it up for resale. Any gain ahead of this amount is in bonus territory.
5. The whole process isn't easy, but it can work.
 
Leper said:
a female relation of mine did it and it worked with her reward being equivalent of a good lotto win (non jackpot).
Click to expand...

So one person did this and made a profit, so someone else can do as well?


Not many builders do this and they have all the skills to do it.

What happens is that, in general, house prices rise. So most people who own a building and hold onto it for a year before selling it, will make a profit. In general, the money spent on refurbishment makes no difference.

This is a very risky project and if house prices fall during your ownership, you will lose money.

Brendan
 
Does working abroad in a low/zero tax territory not negate itself when you repatriate the money earned back to Ireland?

Or is this a case of 'in practice' and 'in reality' being two very different things from a Revenue standpoint?
 
FCBC12 said:
Does working abroad in a low/zero tax territory not negate itself when you repatriate the money earned back to Ireland?

Or is this a case of 'in practice' and 'in reality' being two very different things from a Revenue standpoint?
Click to expand...
You didn't earn the money in Ireland so you don't pay Irish income tax.
 
FCBC12 said:
But surely you pay the tax when the money earned abroad is repatriated to Ireland, for example to put a deposit on a house?
Click to expand...
No, you pay tax on income in the country you earn it in, as long as you are living there for that tax year. If you live and work and pay your taxes in the UK for 20 years and then move to Ireland you aren't retrospectively liable for the taxes you would have paid if you'd been living in Ireland.
If you go to a low/no income tax country for a few months but continue to reside in Ireland for tax purposes (spend more than 165 nights a year here or something like that) then you'd be liable for Irish income tax.
 
Leper said:
I have no personal experience of this, but I'm handier than I look and a female relation of mine did it and it worked with her reward being equivalent of a good lotto win (non jackpot).
1. Buy a house in need of repair and upgrading.
2. Do most of the upgrade work where you can; employ tradesmen to do the rest.
3. Paint the property externally and internally yourself. Make the garden(s) presentable.
4. Ensure you know the minimum profit you want from the deal before you put it up for resale. Any gain ahead of this amount is in bonus territory.
5. The whole process isn't easy, but it can work.
Click to expand...
OP, whatever you do, do not do this. This is the opposite of a quick way to earn/save money!
 
Brendan Burgess said:
So one person did this and made a profit, so someone else can do as well?


Not many builders do this and they have all the skills to do it.

What happens is that, in general, house prices rise. So most people who own a building and hold onto it for a year before selling it, will make a profit. In general, the money spent on refurbishment makes no difference.

This is a very risky project and if house prices fall during your ownership, you will lose money.

Brendan
Click to expand...

anyone who's ever watched "Location, Location, Location" will be familiar with this concept - they invariably get bogged down in the renovations and spend way more than their budget but rising prices dig them out of the hole. In nearly every episode I've seen they would have been better off just repainting the house and selling it on a year later.
 
Calico said:
This is a bit random, but I was wondering - what are the "quick" ways to earn and save a lot of money and reach your financial goals faster.

I am thinking along the lines of emigrating for a couple of years and earning a tax-free salary.

Has anyone ever worked in Dubai, Switzerland or the Cayman Islands?

What did you do, how long did you stay for and how much money did you save?

Were there any particular downsides? Would you do it again? Did you save as much as you expected?
Click to expand...
Is this still possible. 25 years ago salaries in London/The US were much higher than in Ireland. Working abroad for a few years and coming home with some capital was possible. I'm not sure it is realistic these days. Of course I am not as well informed on these things as I was.
 
Without doing anything radical, the obvious ways are to either get a higher paying job or a 2nd job, either part time or freelancing in the gig economy (and I don't necessarily mean riding a bike for Deliveroo but there are options out there for remote free lancing part time jobs in, for example, the tech industry).

I worked in the UK for a number of years and did bring home some capital but you have to be very disciplined (more then I was) as London in particular can eat money.

When I watch those house doer upper programmes, I'm sometimes reminded of the guy down the pub boasting about his big win at the bookies but never mentioning the previous 10 bets which all lost
 
You must log in or register to reply here.
Back
Top