Publisher’s Page
You Hold the Keys to Your Economic Destiny
O
ur nation is struggling with creating enough jobs and restoring our economy to a healthy economic state. Our confidence was not boosted by Australian unemployment hitting 6 per cent in June, especially against a backdrop of rising housing, food, health care and transport prices.
Who can save us from this precarious situation? Not the government.
They are now facing record budget challenges at federal, state,
and council levels. Nor can we count on corporate Australia
to bring back jobs they’ve eliminated. We hear of layoffs every day by small, medium and large organisations.
While government and private corporations both have
roles to play, I think they do not hold the ultimate key
to our economic destiny- you and I hold the aces to
our success in this global economic financial crisis.
Instead of relying on a single job to provide financial security and a predictable career path, we need
to embrace the realities of our current economic climate. Unemployment and underemployment is the
new norm. The pursuit of multiple income streams is
an economic necessity for all, not a privilege for the
intrepid and entrepreneurial few.
Historically, migrant workers experience greater rates
of unemployment than the general population during
an economic downturn. This is the reason why each
migrant worker needs to supplement his/her compensation from a traditional job with entrepreneurial endeavours and freelance opportunity. This is one of the ways
to ride out of income disruptions and career changes such as
pay cuts, layoffs, and company merges and sales. We can no
longer afford to be totally dependent on a single job or income
source.
In this issue and subsequent issues of SMP magazine, we will
be offering our readers’ series of articles on career strategies, survival in corporate environment, job- hunting, and
a myriad of other articles related to entrepreneurship. It is
no secret, however, that our real mission is to encourage
as many migrants as possible to one day control their
own fates by owning their own successful businesses.
“SUCCESS IS NOT TO BE PURSUED; IT IS TO BE
ATTRACTED BY THE PERSON WE BECOME.”
JIM ROHN, business philosopher
Ownership is where that true power and wealth lie. As my mentor told
me “Never rent, always own”. Lack of ownership means lack of
control and power in the market. Those who own businesses
control jobs, and that is power. They contribute to the tax
base, and that is power. Those who work for others may
have income, but in reality they have very little power over
their own destinies. The season we are currently facing in
Australia is favourable for entrepreneurs and start-ups. In
the 2015-16 budget, small business individuals will get
a 5 per cent discount on income tax payable on
business income capped at $1,000 per individual
per income year, and a 1.5 per cent cut to the
corporate tax rate. They will also receive an instant
tax deduction for depreciating assets costing less
than $20,000.
I am a firm believer that the