Jason Leong

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499 appearances 2 recordings 1 series first heard Aug 2021 last heard 29 Jun

Jason Leong’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · How to juggle multiple jobs (and incomes) on a budget · 26 Aug 2021 podcast

We had to close it down.

So the baseline was that we would be able to finance the repayments on the mortgage.

And anything we earned from the Airbnb was cream that was on top of that baseline.

And whatever we earned, we would use to offset the mortgage or reinvest into the business.

And it turns out that this worked out really well for us when COVID happened.

In March of last year, we lost two months of bookings right off the bat.

So living here in New Zealand, about 60%, 70% of our guests

are from Australia.

It's when the borders shut, all the bookings just disappeared.

And we got a taste of what the hospitality sector in both Australia and New Zealand has encountered where, oh my gosh, all the revenues, the predicted revenues are gone.

So while you can make a plan, it's always great to have a baseline.

And we certainly would have been a lot more stressed throughout COVID had we not set that bar.

So yeah, make a plan.

And before you take the leap...

Yeah, if it's intensely pleasurable for you as a side hustle, then by all means.

But you're right.

If you're looking at it as a revenue stream, then it really needs to be making you money.

Yeah, it certainly opens up so many options for people, but then the risk is then you end up being one-off entrepreneurs

What I understand from accounts is a large proportion of people who don't declare their incomes and who are living in fear of the ATO or the IRD coming in to hunt down those back taxes.

I think we are not educating people quickly enough about how to navigate the world of managing multiple income streams, which is, I guess, exactly why you've put this topic together for the show.

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