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@@harsingh6451 Dom's probably a better person to discuss this with as he has significant experience as a contractor. Reach out to him on Instagram if you can
Been telling people in the UK about the education system in Jamaica and to this day they don’t believe me. It’s TOP NOTCH. Even the University of the West Indies is top notch. Shame only thing people see on social media about our Island are the negatives.
@@londonwildflowerbae yes for the Islands too but subject matter In video is JAMAICA 🙄 First Campus 1948…Where?…Thank you. Support the statement, it never needed correcting, so don’t compete. It was just up the road at Mona from my Education institution of Jamaica College so I gotta pay homage. Big Up to you also and wherever you’re from But The guy was bigging-up Cornwall College (Jamaica) so I had to represent what he was saying about where?….. YARD. We set many trends within the West Indies so pls respect that Thanks cos Jamaica education system was the subject matter here. WHEN ITS NEGATIVITY? THATS GOTTA BE DEM JAMAICANS, but when its POSITIVITY? OH…WELL… WE HAVE THAT TOO ITS NOT JUST JAMAICA U KNO. 😂😆 I kno this isn’t the place so i apologise but it’s some local truths I had to put out there. Blessings.
This is one of the best podcasts I’ve ever heard. This guest gave so many gems. I loved your questions to him also - you asked all the right ones - thank you!
Worked 15 hours so far today ,not finished yet and listened to 7 savvy wallets vids. Clued up more than ever haha some serious financial education in 1 day. Cheers guys 👍
It's what you do with that income as well. I'm an IFA who primarily speaks with clients who are contracting and fall under IR35. I find that they're all earning great incomes but there's a huge gap in their net worth. A lot increase their lifestyles or don't manage their finances, so they live in debt or paycheck to paycheck. Most stay in auto enrolment pensions as well, they don't take on advice and learn about Salary Sacrifice or Company Contributions.
This was a great discussion; thanks once again for inviting me to share information on Careers and how powerful contracting & investing can be for the financial empowerment of Millenials and GenZs.
Been contracting since 2008 always outside ir35 in healthcare informatics, implementation of large computer systems and it’s real out here! When I was a band 2 clinic clerk I didn’t even know you can comfortably make this kind of money but it’s a reality for a lot of people
I am currently working a band 2 job, I would like to know your career trajectory. How did you learn informatics. I would really appreciate if you can guide me to follow your career footprints.
The depth of financial, career and wealth knowledge I've gained from just this podcast. I cannot thank you both enough. Keep up the great work. Priceless!!!
This is very true, and noone told me about it, it was a random call from a recruiting agent who introduced me to contracting which I've been doing now for 1.5 years outside ir35 in construction.
Great podcast. Lot of good advice. I have experience in both perm and contracting in IT. Contracting can be lucrative but does not come without risk. If your skills become no longer in demand or there is a general market downturn you can suffer and be out of work for many months. I know people who have been unable to secure a new contract for up to a year with no other income. This can really hit you hard so it’s important to try and have other income streams if you’re contracting. Also, in recent times IR35 changes have meant there are less outside IR35 contracts and more inside contracts which often can prohibit doing contracts further afield as you can’t claim accommodation/travel costs like you would under an outside IR35/LTD company contract.
Thanks for sharing your experience it's so valuable for other people to get an understanding of what contracting is like! Completely agree you can be out of work for a while which is why it's important to keep a pulse on the market and ensure your skills are still in demand! Thanks for tuning in
For real! It's slept on because it's not as straightforward as a permanent role and it's competitive but contractors will always be needed tbh. Thanks for tuning in!
When talking about contracting - I've worked as a mixture of Perm & IT contrator in Desktop, then Infrastructure and now a Solutions Architect. In IT engineering - I've you are not super lucky and your learning and skills ability is average, i'd say it takes around 5-10 years of experience, learning moving around to make your self a valuable contractor. Where you are looking at day rates of £350+ pd (depending on location etc). Also the firms and companies that you have worked for and exposure you get plays a massive role on your value to the market.
For those that are not willing to go full time contracting, also consider permanent job hopping every 18-24 months. You can double or triple your income that way as well.
great interview i like the fact you broke down you can earn money as a contractor and employer. One question not clear you been contracting for 5 years but you spoke about finding new roles, would love to hear how long you were exactly between roles especially in tough contracting climate as although contracting is lucrative some people get a contract for years some people when lose contract takes one year to get another one
Interesting perspective, but these troupes on Magic Circle/City firms are a bit out of date. Flexible working does exist and it depends what department you are in. Also, you don’t have to stay in private practice, there are in-house and other roles. I do agree with the guest that research and experience is important and being flexible as things can and do change!
This is facts i am on a contract at the moment and my income has picked up dramatically. It’s ending in September. I do want to stay within the company to grow and develop my recruiting skills for maybe 2 years then I’ll potentially go back into finding another contract.
To get project management experience you have various options: 1. Find a project management graduate scheme or graduate role (areas that are common for project management are Tech, Construction, Healthcare and Consulting) 2. Find a entry level/graduate project management office role also known as PMO 3. If you're working for a company with project management, seek out people doing project management and see if there is a way to shadow that person or to support them on a project. You may have to do this on top of your day job depending on the circumstances
Yep. The IR35 change humbled many of us😅. There are some non-IT related roles that are thriving outside IR35. The major challenge is that most of the opportunities available now are only offered to close networks. The current market/economy is not particularly encouraging/realistic for most of the points he shared. Imagine a single parent household.
@@Armour201 the interview is invalid for the current times. Like I said 4 years ago yes not now. Contracting now don’t make sense, unless you get contracts outside the UK. . Job market is also attrocioussss at moment 🫣🫣
I hear what you're saying but I think it depends on your skills and experience....you're right that IR35 closed the loophole on roles that should never have been contract type roles, however there are many roles out there that are still good for contracting...nevertheless it's not as easy as it was before!
Yes you're right it does take time to build up the right skills and experience but you can seek these things out nowadays by getting an entry level role or doing a course on the area you're interested in
I know a friend who makes over £grand per day during the a few weekends doing private work within hygiene/environmental work as well as his 9 - 5 ‼Health and Safety / CSCS and other certs are required but one mans dirt is another mans treasure for sure.
IR35 is for off payroll employment. People who work for bizs and are not on their payroll. Outside IR35 is when people work through a limited companies. You get to deduct more biz expenses, and typically, most people withdraw their earnings as dividends after paying corporation tax. You are usually advised to withdraw your personal allowance as salary and the rest as dividends. You can also pay into your pension and deduct it as a biz expense. Inside IR35 you are taxed like the typical employee via PAYE more than likely through an umbrella company which also charges you an administrative fee. Unfortunately you also have to pay both Employer's and employee national insurance. Ever since 2020 when the new rules for IR35 became effective for the private sector most companies want you to be inside IR35 rather than outside IR35 unless they are small companies in which case the burden to prove that you are not an employee lies with the contractor. Most companies also prefer to put contractors on their payroll as fixed term contract. Hope this helps.
As contractor, tehre some holes in this guys theory. Contracting isn't the same: 1. You need to be outside IR35 to really mazimise on yout earning.. 2. Inside IR35 wipes out half of your earnings. 3. You can be a millionaire, but its important that you keep upskilling, as your rates a depedent on niche market. 4. You will reastically need to juggle 2 to 3 contracts to be come a millionaire 5. Contracting > Working Perm
Don't even need to watch the podcast and it bet it's just some guy talking wet on telling people how to get rich. I mean there everywhere on youtube " the secret to getting rich" "don't do this do that " . Heard it all before. boring boring boring.
Hello and thank you for the video. Have you got an email I contact you on regards to this ? I would really like to give it a go as I am really struggling with living costs in England UK. I would be super grateful for some genuine help. Even just earning £100 would be help me like you would not believe. Thank You
Hey there, Dom’s Instagram is in the description. So any questions you have he can help. Also he’s running a webinar tomorrow if you’re interested in it. Drop me an email and I’ll send it to you to register. Email is savvywallet27@gmail.com
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Thank you for watching this week’s episode! If you enjoyed it TAP the LIKE button and SUBSCRIBE to the channel!
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Hi, just had a question. If you're a contractor inside IR35 how can you get outside IR35? Thanks, appreciate all their information.
@@harsingh6451 Dom's probably a better person to discuss this with as he has significant experience as a contractor. Reach out to him on Instagram if you can
@@savvywallet Thanks man, appreciate that. I'll contact him. Interesting videos, keep up the great interviews.
100% true. If you know you know. Go to a top 4, put in 4-5 years of good work and build a strong network. Get to manager and go contracting.
Love this advice! Appreciate you tuning in
Been telling people in the UK about the education system in Jamaica and to this day they don’t believe me. It’s TOP NOTCH. Even the University of the West Indies is top notch. Shame only thing people see on social media about our Island are the negatives.
I’m glad that Dominic shared his experience of this! Need to be sharing this more widely! Appreciate you tuning in
@@savvywallet keep up the amazing work - we need this 🙏🏾
Spot on! Top notch big up Wolmers :)
Our Islands, University of West Indies isn't only in JA. UWI rated above and at Ivy League and Oxbridge.
@@londonwildflowerbae yes for the Islands too but subject matter In video is JAMAICA 🙄 First Campus 1948…Where?…Thank you. Support the statement, it never needed correcting, so don’t compete. It was just up the road at Mona from my Education institution of Jamaica College so I gotta pay homage. Big Up to you also and wherever you’re from But The guy was bigging-up Cornwall College (Jamaica) so I had to represent what he was saying about where?….. YARD. We set many trends within the West Indies so pls respect that Thanks cos Jamaica education system was the subject matter here. WHEN ITS NEGATIVITY? THATS GOTTA BE DEM JAMAICANS, but when its POSITIVITY? OH…WELL… WE HAVE THAT TOO ITS NOT JUST JAMAICA U KNO. 😂😆 I kno this isn’t the place so i apologise but it’s some local truths I had to put out there.
Blessings.
This is one of the best podcasts I’ve ever heard. This guest gave so many gems. I loved your questions to him also - you asked all the right ones - thank you!
aww thank you the very kind words! it's really appreciated! Trying my best to make the podcast as valuable as possible. Thanks for tuning in
Worked 15 hours so far today ,not finished yet and listened to 7 savvy wallets vids. Clued up more than ever haha some serious financial education in 1 day. Cheers guys 👍
It's what you do with that income as well.
I'm an IFA who primarily speaks with clients who are contracting and fall under IR35.
I find that they're all earning great incomes but there's a huge gap in their net worth.
A lot increase their lifestyles or don't manage their finances, so they live in debt or paycheck to paycheck.
Most stay in auto enrolment pensions as well, they don't take on advice and learn about Salary Sacrifice or Company Contributions.
This was a great discussion; thanks once again for inviting me to share information on Careers and how powerful contracting & investing can be for the financial empowerment of Millenials and GenZs.
My pleasure my bro! Thanks so much for sharing your journey, insights and tips in the world of contracting!
Been contracting since 2008 always outside ir35 in healthcare informatics, implementation of large computer systems and it’s real out here! When I was a band 2 clinic clerk I didn’t even know you can comfortably make this kind of money but it’s a reality for a lot of people
Thats amazing! What you do is soo unique! Thanks for sharing your story
I am currently working a band 2 job, I would like to know your career trajectory. How did you learn informatics. I would really appreciate if you can guide me to follow your career footprints.
The depth of financial, career and wealth knowledge I've gained from just this podcast. I cannot thank you both enough. Keep up the great work. Priceless!!!
I'm glad you took a lot of value from this episode! Thanks for tuning in I appreciate it!
He's right. It's easier to work on charging more for your day rate, as opposed to starting multiple businesses!
This is very true, and noone told me about it, it was a random call from a recruiting agent who introduced me to contracting which I've been doing now for 1.5 years outside ir35 in construction.
That's amazing! and I can see contracting working well in the construction industry! Thanks for tuning into this episode I appreciate it!
Your channel is the most inspiring of all the channels I listen to, especially in the UK. This needs more views.
Thanks so much for the kind comments! I'm glad that you're getting value from the channel! Appreciate you
Great podcast. Lot of good advice. I have experience in both perm and contracting in IT. Contracting can be lucrative but does not come without risk. If your skills become no longer in demand or there is a general market downturn you can suffer and be out of work for many months. I know people who have been unable to secure a new contract for up to a year with no other income. This can really hit you hard so it’s important to try and have other income streams if you’re contracting.
Also, in recent times IR35 changes have meant there are less outside IR35 contracts and more inside contracts which often can prohibit doing contracts further afield as you can’t claim accommodation/travel costs like you would under an outside IR35/LTD company contract.
Thanks for sharing your experience it's so valuable for other people to get an understanding of what contracting is like! Completely agree you can be out of work for a while which is why it's important to keep a pulse on the market and ensure your skills are still in demand! Thanks for tuning in
Very true, new changes with IR35 have changed the contracting game
Wow, I too am Jamaican studied Law at the university of Greenwich and achieved a 2.1. This episode really spoke to me.
Thanks for tuning into this episode I appreciate it! Glad you enjoyed it
This is great career elevation conversation. Thank you to both of these gents!!!
Thanks for tuning into this episode I appreciate it! Glad you enjoyed it
Really great podcast, so inspiring whenever I come across Dom. Well done to him on all his successes.
Glad you enjoyed it! Thanks for tuning into this episode I appreciate it!
Honestly, contracting is the way forward.
For real! It's slept on because it's not as straightforward as a permanent role and it's competitive but contractors will always be needed tbh. Thanks for tuning in!
When talking about contracting - I've worked as a mixture of Perm & IT contrator in Desktop, then Infrastructure and now a Solutions Architect. In IT engineering - I've you are not super lucky and your learning and skills ability is average, i'd say it takes around 5-10 years of experience, learning moving around to make your self a valuable contractor. Where you are looking at day rates of £350+ pd (depending on location etc). Also the firms and companies that you have worked for and exposure you get plays a massive role on your value to the market.
These young black men are absolutely brilliant. I'm really proud of them 👍🏽
Aww thanks for the kind feedback and supporting the channel, I appreciate it!
So proud of them... 🙏
Really loved this interview. Very inspiring 👏
For those that are not willing to go full time contracting, also consider permanent job hopping every 18-24 months. You can double or triple your income that way as well.
THIS! So many ways you can increase your income with your existing skills. You just got to be strategic! Appreciate you tuning in
great interview i like the fact you broke down you can earn money as a contractor and employer. One question not clear you been contracting for 5 years but you spoke about finding new roles, would love to hear how long you were exactly between roles especially in tough contracting climate as although contracting is lucrative some people get a contract for years some people when lose contract takes one year to get another one
Thanks for tuning into the episode, glad you got some value from it. I would reach out to Dom on Instagram, his details are in the description
Interesting perspective, but these troupes on Magic Circle/City firms are a bit out of date. Flexible working does exist and it depends what department you are in. Also, you don’t have to stay in private practice, there are in-house and other roles.
I do agree with the guest that research and experience is important and being flexible as things can and do change!
How can I like this video countless times...................some much value in this content. I am a new subscriber 😘
This was so good so much gems. Especially when he said to extend your skillset instead of trying to find a new hustle. So true.
For real! I completely agree with utilising your own skillset! Thanks for tuning into this episode I appreciate it!
This is facts i am on a contract at the moment and my income has picked up dramatically. It’s ending in September. I do want to stay within the company to grow and develop my recruiting skills for maybe 2 years then I’ll potentially go back into finding another contract.
That's amazing! Thanks for sharing your story! Hopefully you can get extended
This is going to blow up
haha thanks for the kind wishes! Appreciate you tuning in
Excellent Episode
Thanks for tuning into this episode I appreciate it! Glad you enjoyed it
5:33 you get finessed here and you get scared to go back when it's better all round... in most cases
Really enjoyed this episode. Thank you for the valuable information shared Dominic. Great questions and presenting by the host too.
Thanks for tuning into this episode I appreciate it! Glad you enjoyed it
I was looking forward to this and it is briliant! So valuable. Thanks so much both!!
Glad that you enjoyed and took value from it! Appreciate you tuning in!
Excellent information. Thnx 🙏🏽
Thanks for tuning into this episode I appreciate it! Glad you enjoyed it
Very insightful!
Thanks for tuning into this episode I appreciate it! Glad you enjoyed it
All sounds good but how do you get the skills to actually do the work to do project management
To get project management experience you have various options:
1. Find a project management graduate scheme or graduate role (areas that are common for project management are Tech, Construction, Healthcare and Consulting)
2. Find a entry level/graduate project management office role also known as PMO
3. If you're working for a company with project management, seek out people doing project management and see if there is a way to shadow that person or to support them on a project. You may have to do this on top of your day job depending on the circumstances
Inspired ✊🏾✊🏾✊🏾✊🏾✊🏾✊🏾✊🏾
10/10 interview 🔥 Dude out here giving free gems on the road to a mill.
Thanks for tuning into this episode I appreciate it! Glad you enjoyed it...Dom dropped soooo many gems!
lol this advice was great 3 to 4 years ago.. the market has completely changed now with IR35 making this avenue not possible!
Yep. The IR35 change humbled many of us😅.
There are some non-IT related roles that are thriving outside IR35. The major challenge is that most of the opportunities available now are only offered to close networks.
The current market/economy is not particularly encouraging/realistic for most of the points he shared. Imagine a single parent household.
@@Armour201 the interview is invalid for the current times. Like I said 4 years ago yes not now. Contracting now don’t make sense, unless you get contracts outside the UK. . Job market is also attrocioussss at moment 🫣🫣
I hear what you're saying but I think it depends on your skills and experience....you're right that IR35 closed the loophole on roles that should never have been contract type roles, however there are many roles out there that are still good for contracting...nevertheless it's not as easy as it was before!
Yes you're right it does take time to build up the right skills and experience but you can seek these things out nowadays by getting an entry level role or doing a course on the area you're interested in
If I dear say, education in the Caribbean is top notch😊😊😮
Excellent interview, very informative.
Thanks for tuning into this episode Manestreambeauty I appreciate it! Glad you took something from it!
Please reduce your introductory music to a few seconds only
I know a friend who makes over £grand per day during the a few weekends doing private work within hygiene/environmental work as well as his 9 - 5 ‼Health and Safety / CSCS and other certs are required but one mans dirt is another mans treasure for sure.
Wow that's amazing! Love when people do things that are so unique!
this was good
Thanks for tuning into this episode I appreciate it! Glad you enjoyed it
Any advice for someone who is a sales engineer?
I would either reach out to Dom (his instagram is in the description) or sign up to his newsletter to see if there are any insights there
This is about to be real exciting… but I think we all want the “passive income” usually through an online business 😅
Hope you enjoy the episode! Yes exactly you can obtain “passive income” but it takes a lot of hard work, time and a lot of money!
go into tax accounting and CPA,then after a few years experience freelance it and get your own clients to do their taxes on
Really interesting convo and eye opening
Thank you 🙏🏾
Thanks for tuning into this episode I appreciate it! Glad you enjoyed it
IR35 is a real issue for contractors
I don't get why it exists if the salary is similar to the full-time permanent roles
Yeah it is a proper issue for contractors and I definitely do want to touch on navigating that in future episodes
When speaking about terms in the industry ie IR35 can someone explain them pls.
@@savvywalletyes please we would need a follow up episode on that. Thanks
IR35? Didn’t quite understand that can someone explain please?
IR35 is for off payroll employment. People who work for bizs and are not on their payroll. Outside IR35 is when people work through a limited companies. You get to deduct more biz expenses, and typically, most people withdraw their earnings as dividends after paying corporation tax. You are usually advised to withdraw your personal allowance as salary and the rest as dividends. You can also pay into your pension and deduct it as a biz expense.
Inside IR35 you are taxed like the typical employee via PAYE more than likely through an umbrella company which also charges you an administrative fee. Unfortunately you also have to pay both Employer's and employee national insurance.
Ever since 2020 when the new rules for IR35 became effective for the private sector most companies want you to be inside IR35 rather than outside IR35 unless they are small companies in which case the burden to prove that you are not an employee lies with the contractor.
Most companies also prefer to put contractors on their payroll as fixed term contract.
Hope this helps.
Is the ir35 course pricey?
Are these numbers pre tax not post
This is around 10 years too late. IR35 has changed things and not worth doing now as you get taxed as a normal employee due to government changes...
Lol figured out the secret of many healthcare professionals
What do you mean?
100% I know a few health professionals that are contracting! It's more flexible than the corporate world
subbed 1 min in ngl
aww that's nice of you! Welcome to the channel, hope you enjoy it!
Making a lot all sounds good but what about the tax man????
Wow, that’s what you take from all of this 🤦♂️
With contracting you are not taxed at source. I suggest you watch some accounting conversations on here aswell to answer your questions about tax
As contractor, tehre some holes in this guys theory.
Contracting isn't the same:
1. You need to be outside IR35 to really mazimise on yout earning..
2. Inside IR35 wipes out half of your earnings.
3. You can be a millionaire, but its important that you keep upskilling, as your rates a depedent on niche market.
4. You will reastically need to juggle 2 to 3 contracts to be come a millionaire
5. Contracting > Working Perm
Don't even need to watch the podcast and it bet it's just some guy talking wet on telling people how to get rich. I mean there everywhere on youtube " the secret to getting rich" "don't do this do that " . Heard it all before.
boring boring boring.
100k nowadays is nothing
Hello and thank you for the video. Have you got an email I contact you on regards to this ? I would really like to give it a go as I am really struggling with living costs in England UK. I would be super grateful for some genuine help. Even just earning £100 would be help me like you would not believe. Thank You
Hey there, Dom’s Instagram is in the description. So any questions you have he can help. Also he’s running a webinar tomorrow if you’re interested in it. Drop me an email and I’ll send it to you to register. Email is savvywallet27@gmail.com
A whole bunch of new words... my brain hurts. 😵💫
It can feel like that sometimes but no pressure, learn at your own pace
Great podcast, really good insight into contracting.
Thanks for tuning into this episode I appreciate it! Glad you enjoyed it