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18 minutes ago
- Yahoo
Apprentice tradie forced to work 85 hours a week as dire pay issue exposed: 'Draining'
Thousands of apprentice tradespeople are being forced to take on second jobs or side hustles just to get by, and it's taking a huge toll on their mental health. It's no secret that tradies in training don't earn much money. However, with the rising cost of living, some are struggling to make ends meet. Aidan Garcia has been loving his mechanic apprenticeship, but the 18-year-old said it's impossible to live off his roughly $600 per week salary. "It's draining having barely any money," he told Yahoo Finance. RELATED Tradie apprentice shocks with $100,000 salary as she reveals reality of lucrative job Centrelink's 'balancing' move could provide cash boost or expose debt Commonwealth Bank's fresh alert for millions over mass text messages He has to pay $250 per week in rent, living with his brother, and around $110 per week in fuel. After also buying food and paying off his phone bill and other expenses, he has virtually nothing left at the end of each pay cycle to spend on hanging with friends, his partner, or even just squirrelling some cash into his savings. As a result, the second-year trainee has taken on a second job at a My Muscle Chef warehouse, where he does a variety of jobs like cooking food or packing meals into boxes. When he initially started that side gig, he was working eight-and-a-half-hour days at a mechanic shop starting at 7:30am, and then would do an overnight shift at the warehouse from 10:15pm to 6:15am. He did that five days a weekends, he picked up odd jobs on Airtasker, like removing rubbish and helping fix people's gearboxes. At his peak, he was working 85 hours a week. He's since dropped back to just three overnight shifts, but is still doing about 67 hours. He would try to squeeze in sleep whenever he could, whether that was on his lunch break, during his lessons at TAFE, or the few hours between shifts. "It does make you second-guess the apprenticeship," he said, adding that he's been close to dropping out several times. Extra gigs have doubled his income, but at what cost? Garcia admitted it has been a brutal slog, but the extra jobs have lifted his weekly wage from $600 to $1,400. It's given him more financial breathing room, but it meant he had next to zero downtime and is still only just getting by. He's keen to stick with his apprenticeship, as he'll soon be earning much more money. By the time he's fully qualified, his hourly rate is set to go up from the current $16 per hour to at least $28 per hour. But it still bothers him that he could be earning better money elsewhere. "My mates are all doing much better than me," he said. "Some are making good money in the Army and loving it. Another mate told me about a job where he works, and I can make more money there in just three shifts than for a whole week as an apprentice mechanic." But he's not alone. "Most of the people I know either had second jobs or would just be scraping the bottom of the barrel," he added. Research from Apprenticeships Are Us (ARU) has revealed more than 40 per cent of apprentices take on second jobs to help cover rising expenses. This results in extreme burnout and can cause many to drop out of their apprenticeship altogether. Low wages contributing to mass apprentice exodus Australia is in the midst of a trade shortage, and many experts have been sounding the alarm that the housing crisis could become even worse because there aren't enough young people picking up a trade. The National Centre for Vocational Education Research (NCVER) recently found there has been a 17.4 per cent drop in apprenticeship commencements, and the non-completion rate for apprenticeships sits at 60 per cent. Dennis Rodgers, apprentice employment manager at ARU, said with many trainees earning between $26,800 and $29,400 per year, it's no wonder some are dropping out. 'These young workers are forced to make tough choices about basic living costs. On top of that, they're expected to invest thousands of dollars into mandatory tools they need just to do their job,' he said. 'We're at real risk of losing the next generation of skilled workers altogether, and of our skills shortage worsening. "Many young people are simply walking away from apprenticeships because they can't see a viable path forward — financially or mentally.' Garcia said even the most basic toolkit that's essential for his job can cost from $4,000 up to $10,000. Some of his apprentice mates have taken out loans to get these tools, which has put them in further financial strife. The government has announced a $10,000 incentive for apprentices, which gets paid out in instalments over the four-year training program. Garcia said that would be a huge help, but said more needs to be done to help apprentices get paid more and not be forced into working around the clock to survive.
Yahoo
2 hours ago
- Yahoo
5 Tips From Barbara Corcoran for Potential Middle-Class Homebuyers
Buying a home is often considered a sign of being in the middle class. Owning a house affords families the possibility of building wealth, not to mention memories for themselves and future generations. Up Next: Check Out: Thanks to a shortage of inventory, housing prices continue to increase. High interest rates only worsen the situation. Barbara Corcoran, a shark on ABC's 'Shark Tank,' recently spoke with Yahoo Finance to provide actionable tips to make buying a house more attainable that the middle class can use during their home search. Target Homes That Have Been Sitting on the Market Seeing a new listing is exciting. However, you're likely not the only one looking at the new house. Corcoran advised avoiding the shiny new listing. 'I would say the most important overall tip is always look where somebody else is not looking, and that's always where you find your value,' Corcoran said. Instead of visiting the new possibility, dig deeper to find a hidden gem. 'Do your search based on houses that have been on the market nine months or longer. Those people are having second thoughts, thinking of taking a lower offer, ready to move, and that's where you want to put your lower offer,' Corcoran said. It takes some work, but it may reap a discount. Be Aware: Shop Off-Season Spring and summer are commonly peak home shopping seasons. That increases competition, making it conducive for sellers. 'People don't like to shop in the wintertime or Christmastime. They think it's a bad time. It's a great time to shop for houses because you're not going to have any competition out there, and they are going to be more likely to take your bid,' Corcoran said. If you're not in a rush, waiting for the off-season may provide the chance to snag a home at a reduced price. Don't Be Scared Off by a Fixer-Upper Purchasing a fixer-upper may not be glamorous, but the savings can be attractive. If you have the know-how, it pays to include fixer-uppers in your search. 'People don't want to bother with [a fixer-upper] because it takes upfront cash, but you could always get a construction loan. [There's] no problem getting construction loans today, and you could find a fixer-upper and add value yourself if you're willing to just wait a few months to do it,' Corcoran said. Look for Homes With a Second Entrance An overlooked way to save on a home is to purchase a property with a second entrance. A basement or back-of-the-house entrance qualifies as a second entrance. That matters because a second entrance may reduce insurance costs. 'You could create a small unit in the basement or the back of the house where you can offset your insurance costs,' Corcoran said. Before You Buy, Check Climate Risks Homeowners insurance continues to rise in large part due to climate change, with premiums increasing more than 30% between 2020 and 2023, according to The Brookings Institution. Purchasing a house in a high-risk area will bring increased premiums. 'Right away you're going to increase your insurance costs probably by close to 20%, [and] some instances 25%,' Corcoran said. However, this also provides an opportunity. 'The good side of it is a lot of people are afraid of it, and so sometimes if you're not afraid and you want to take that risk, you can make a lower offer and … get a house you like accepted,' Corcoran said. Buying a house is undoubtedly expensive. Thankfully, with a little ingenuity, you can buy a home for less to create memories in and build wealth. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 7 Things You'll Be Happy You Downsized in Retirement 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on 5 Tips From Barbara Corcoran for Potential Middle-Class Homebuyers
Yahoo
2 hours ago
- Yahoo
Real Estate Broker Says $600K Homes Will Hit $1 Million — 'I Hate To Burst Your Bubble, But There Is No Bubble And There Never Will Be'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. If you're still waiting for a housing crash, one real estate broker on Reddit thinks you're wasting your time — and possibly your shot at owning a home. In a post that sparked hundreds of replies, the broker wrote, "That $600,000 home that you're worried to buy at a 7% — will be over $1 million eventually." His reasoning? Real estate is "inflationary," and people banking on a crash are "CLUELESS." He said he started working in real estate before the 2008 market crash — which he called "a big joke," arguing that while prices dipped around 20%, they quickly rebounded and climbed more than 100% in the years that followed. "I hate to burst your bubble," he added, "but there is no 'bubble' — and there never will be." Don't Miss: 7,000+ investors have joined Timeplast's mission to eliminate microplastics— $100k+ in investable assets? – no cost, no obligation. He added, "I just hate to see people getting stuck renting and then can never break the cycle because they waited too long." The comment was part housing pep talk, part doom scroll for renters, and part economic philosophy. His big argument? Real estate isn't like the stock market. You're not betting on volatility or vibes. You're buying physical stuff — lumber, labor, land — all of which, he says, will only get more expensive over time. So, is he right? Well, kind of. But also... not exactly. Yes, real estate does tend to move with inflation. It's one of the reasons investors flock to property when the dollar weakens — tangible assets often hold their value. And yes, the cost of building materials has gone up over the past few years. Lumber prices, for example, nearly tripled during the pandemic. Throw in rising labor costs and housing shortages, and sure — it's no stretch to believe that today's $600,000 home might creep up to $1 million eventually. Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — Recent data supports the idea that home prices have consistently outpaced inflation in many markets. U.S. home prices have risen nearly 60% since 2019, with the median sale price hitting $447,435 in mid-2025. Even at a moderate annual growth rate of 6%, a $600,000 home would reach $1 million in about 10 years. In some regions, it could be even faster — Miami, for instance, saw a 42% increase in $600,000 to $1 million home sales within a single year. At a national level, average home prices have climbed to over $503,000, and long-term trends show that housing typically appreciates by 6–7% per year. But here's the thing: context matters. Many commenters were quick to push back. "It's not just about materials," one user wrote. "Look at a house in California versus Mississippi. Do you think materials cost 5x more in California?" Others pointed to factors like zoning laws, taxes, neighborhood demand, and property insurance, especially in disaster-prone states like Florida. One user, a paralegal, chimed in: "The OP's post oversimplifies a lot of factors that go into homeownership. It's not just about the cost of materials to build a house." Another commenter reminded readers that while housing prices tend to rise over time, local markets do correct — and sometimes hard. They shared that their home in the San Francisco Bay Area, which sold for $400,000 in 2006, dropped to $137,000 by 2009. It only just recently returned to its original price. So yes, prices go up — but sometimes it takes decades to recover. , There's also the affordability issue. Even if prices keep climbing, people still have to be able to pay. And right now, many simply can't. According to Harvard's Joint Center for Housing Studies, housing affordability has reached its worst level in more than three decades. The price-to-income ratio has soared to 5.0 — well above the traditional 3.0 threshold — making it harder than ever for the average household to buy. The average age of a first-time homebuyer is now approaching 40. So what's the takeaway? The broker's not entirely wrong — housing does track with inflation over time, and if you plan to live in your home for decades, you'll probably come out ahead. But the idea that "there's no bubble and never will be" ignores just how many Americans are already priced out — and how fast affordability is deteriorating. Yes, real estate is inflationary. But oversimplifying the market? That's not helpful — or realistic — for the millions of people stuck deciding between overpriced rent and an unaffordable mortgage. Read Next: With Point, you can This article Real Estate Broker Says $600K Homes Will Hit $1 Million — 'I Hate To Burst Your Bubble, But There Is No Bubble And There Never Will Be' originally appeared on
