I am about to take the leap from working for a mining company, to working for our own little company. Its scary, but its what I have always wanted to do, and I am looking forward to having more flexibility and consistency in my life. Anyone need some data science?I do.
What is data science?
you sound like someone who needs some in your life!!
Is it also called Data Analytics?
I had to budget when young, starting with pocket money week by week and prioritise, like cherry ripes over lifesavers. Even when working, for a long time I had zero access to credit or loans, had to have enough for the train fare to work.
I am about to take the leap from working for a mining company, to working for our own little company. Its scary, but its what I have always wanted to do, and I am looking forward to having more flexibility and consistency in my life. Anyone need some data science?I do.
What is data science?
you sound like someone who needs some in your life!!
Is it also called Data Analytics?
Every conversation about what I do:
What do you do?
Epidemiology
What’s that?
Using data from experiments to make public health decisions, analysing outbreaks and associated things.
Data, so your like a data scientist?
Not really, no.
Or people think Epidemiology is something to do with skin. That one always gives me a chuckle.
Schools should go back to teaching Greek and Latin word roots. Faster than a dictionary
Schools should go back to teaching Greek and Latin word roots. Faster than a dictionary
I had a Latin root once in Havana, never found a Greek one.
For those working for themselves what are you operating as? Was going to work from home/for myself while I'm studying the next couple of years and trying to work out the best way to (officially) do itFamily Trust.
Cost about a grand to set up
I read an interesting article on why most wealth only lasts 3 generations (not sure if that is entirely true but I am going to share): The first generations starts off struggling, they work hard, figure things out later in life and get to a place where they are comfortable and maybe wealthy. The second generation often witnesses at least part of this struggle and learn the value of money. Even later when they inherit or replicate the wealth they are aware of what got them this far. The third generation has none of the above. They don't appreciate the struggle and hence more often than not lose the wealth. [snip]...
This was first described by Ibn Khaldun over 600 years ago. He flourished in northern Africa and is recognised as the founder of what we now call sociology.
/BB little known fact of the day.
I read an interesting article on why most wealth only lasts 3 generations (not sure if that is entirely true but I am going to share): The first generations starts off struggling, they work hard, figure things out later in life and get to a place where they are comfortable and maybe wealthy. The second generation often witnesses at least part of this struggle and learn the value of money. Even later when they inherit or replicate the wealth they are aware of what got them this far. The third generation has none of the above. They don't appreciate the struggle and hence more often than not lose the wealth. [snip]...This was first described by Ibn Khaldun over 600 years ago. He flourished in northern Africa and is recognised as the founder of what we now call sociology.
/BB little known fact of the day.
Was he a terrorist?
No, though he did meet and negotiate with Timurlane. (You can look him up for yourself).
For those working for themselves what are you operating as? Was going to work from home/for myself while I'm studying the next couple of years and trying to work out the best way to (officially) do itFamily Trust.Cost about a grand to set up
The ASIC website actually has good information on this.
http://asic.gov.au/for-business/your-business/your-business-structure/
I am a PE teacher here in Tennessee and I love that aspect of the job, but trying to fit everything into ‘standards’ and having to incorporate all things including English, maths, Science etc. leaves very little time for actually teaching the skills I want to.
Thankfully I am also a soccer coach which is my real passion. I look at it as teaching is the necessary evil required to pay the bills, coaching I can actually go out and enjoy and earn a bit on the side.
I am a PE teacher here in Tennessee and I love that aspect of the job, but trying to fit everything into 'standards' and having to incorporate all things including English, maths, Science etc. leaves very little time for actually teaching the skills I want to.Thankfully I am also a soccer coach which is my real passion. I look at it as teaching is the necessary evil required to pay the bills, coaching I can actually go out and enjoy and earn a bit on the side.
So basically, your passion is stalking soccer mums?
I am a PE teacher here in Tennessee and I love that aspect of the job, but trying to fit everything into 'standards' and having to incorporate all things including English, maths, Science etc. leaves very little time for actually teaching the skills I want to.Thankfully I am also a soccer coach which is my real passion. I look at it as teaching is the necessary evil required to pay the bills, coaching I can actually go out and enjoy and earn a bit on the side.
So basically, your passion is stalking soccer mums?
Guilty!!
For those working for themselves what are you operating as? Was going to work from home/for myself while I'm studying the next couple of years and trying to work out the best way to (officially) do itFamily Trust.Cost about a grand to set up
- Company is ideal. Company as it means your personal belongings are liable if you ever went broke / got sued. The trust is there to distribute the income to whomever you please.
The ASIC website actually has good information on this.
http://asic.gov.au/for-business/your-business/your-business-structure/
As it turned out, business is thriving, so no real need for the above set up, just my accountant’s way of being prudent in the early days - he would see a lot of new businesses come & go by the wayside.
For those working for themselves what are you operating as? Was going to work from home/for myself while I'm studying the next couple of years and trying to work out the best way to (officially) do itFamily Trust.Cost about a grand to set up
- Company is ideal. Company as it means your personal belongings are liable if you ever went broke / got sued. The trust is there to distribute the income to whomever you please.
The ASIC website actually has good information on this.
http://asic.gov.au/for-business/your-business/your-business-structure/
Yep company is in my name, house is in my wife’s name, just in case for worst case scenario.As it turned out, business is thriving, so no real need for the above set up, just my accountant’s way of being prudent in the early days - he would see a lot of new businesses come & go by the wayside.
Company is in companies name. You’re a director / shareholder. That’s why companies are important as they are legally an entity. Thus if something happens you the companies assets are vulnerable, not the director / shareholder. House in your wifes name doesn’t mean much.
is your wife a director/shareholder?
For those working for themselves what are you operating as? Was going to work from home/for myself while I'm studying the next couple of years and trying to work out the best way to (officially) do itFamily Trust.Cost about a grand to set up
- Company is ideal. Company as it means your personal belongings are liable if you ever went broke / got sued. The trust is there to distribute the income to whomever you please.
The ASIC website actually has good information on this.
http://asic.gov.au/for-business/your-business/your-business-structure/
Yep company is in my name, house is in my wife’s name, just in case for worst case scenario.As it turned out, business is thriving, so no real need for the above set up, just my accountant’s way of being prudent in the early days - he would see a lot of new businesses come & go by the wayside.
Worst case scenario - business goes bad? or you get divorced?
For those working for themselves what are you operating as? Was going to work from home/for myself while I'm studying the next couple of years and trying to work out the best way to (officially) do itFamily Trust.Cost about a grand to set up
- Company is ideal. Company as it means your personal belongings are liable if you ever went broke / got sued. The trust is there to distribute the income to whomever you please.
The ASIC website actually has good information on this.
http://asic.gov.au/for-business/your-business/your-business-structure/
Yep company is in my name, house is in my wife’s name, just in case for worst case scenario.As it turned out, business is thriving, so no real need for the above set up, just my accountant’s way of being prudent in the early days - he would see a lot of new businesses come & go by the wayside.
Better scenario is Family Trust Company in your and wife’s name that owns all your assets, and you rent your family home from the trust, so it can be negatively geared. The only Trust income is rent and you do no other trading.
You have a separate Pty Ltd for your business that is owned again by you and the wife, but it has no assets. You actually work for the Family Trust who contracts you to manage the other Company. So all income can be split amongst family to minimize tax.
There are still rules and liability around being a Director but find relatives you don’t like and make them Directors with one share.
My Accountant also manages footballers.
For those working for themselves what are you operating as? Was going to work from home/for myself while I'm studying the next couple of years and trying to work out the best way to (officially) do itFamily Trust.Cost about a grand to set up
- Company is ideal. Company as it means your personal belongings are liable if you ever went broke / got sued. The trust is there to distribute the income to whomever you please.
The ASIC website actually has good information on this.
http://asic.gov.au/for-business/your-business/your-business-structure/
Yep company is in my name, house is in my wife’s name, just in case for worst case scenario.As it turned out, business is thriving, so no real need for the above set up, just my accountant’s way of being prudent in the early days - he would see a lot of new businesses come & go by the wayside.
If you are a director of a company, your personal assets are accessible through litigation, including ‘a house you have in your wife’s name’. This is something that changed a while ago.
For those working for themselves what are you operating as? Was going to work from home/for myself while I'm studying the next couple of years and trying to work out the best way to (officially) do itFamily Trust.Cost about a grand to set up
- Company is ideal. Company as it means your personal belongings are liable if you ever went broke / got sued. The trust is there to distribute the income to whomever you please.
The ASIC website actually has good information on this.
http://asic.gov.au/for-business/your-business/your-business-structure/
Yep company is in my name, house is in my wife’s name, just in case for worst case scenario.As it turned out, business is thriving, so no real need for the above set up, just my accountant’s way of being prudent in the early days - he would see a lot of new businesses come & go by the wayside.
Better scenario is Family Trust Company in your and wife’s name that owns all your assets, and you rent your family home from the trust, so it can be negatively geared. The only Trust income is rent and you do no other trading.
You have a separate Pty Ltd for your business that is owned again by you and the wife, but it has no assets. You actually work for the Family Trust who contracts you to manage the other Company. So all income can be split amongst family to minimize tax.
There are still rules and liability around being a Director but find relatives you don’t like and make them Directors with one share.
My Accountant also manages footballers.
You would need to have enough ‘participants’ that are not earning money. And then pay them <19k tax-free threshold.
Personally, I don’t have anyone that fits this description.