I find it very interesting that I never seem to meet wealthy people that work FIFO mining jobs. I couldn't count how many people that I've met, earning $200k + a year who have barely any savings and only a mediocre house ( with a mortgage )on the outskirts of the metro area to show for it (and maybe a spa/jet ski/ ute). What the hell are they doing with all their money and what do they ALL ( well most ) seem to waste it?
I have a family member (in law) who, 8 years ago was earning twice my wage, I really envied him as he always had the latest everything. Now I earn what he does, but I own my own house outright, and support my family of 5 on my income alone. He still drives a car that is worth $50,000 more than both my wife and I's cars combined. He is $150k in the hole and looking to buy a property in the hills.
Why is this such a common thing?
a number i have met go hard on their time off at everything. So spending money including a few with serious substance abuse issues.
With drug testing its gone from a green to white habit which is far more expensive.
Couple of issues that our teams highlighted with our own workforce with this issue a few years back.
Most have no concept in regards to financial management and what to do with the hard earned, and how to make it work for each at such a young age. A bit of work and this issue gained support to have them skilled in this area to assist them with future stability
There will be of course, those who just blow the cash as fast, or faster than they can earn it, just like those who win big lotto sums, and few years later have zilch left.
However, in saying this, a good percentage of our workforce who are well stabilised now, but don't make a habit of discussing the process on how good they are compared to ol Joe who isn't.
Substance abuse, there are the odd one outs, but can assure that most don't, or no longer do, with the drug abuse identification strategy in place on sites.
Dont for a minute think these are just blue collar types. Our group has Engineers, teachers, multi science, even marine science people at the coal face and not even in the orginal field they worked so hard for.
A lot of FIFO pay ends up at Burswood, or on too many toys [is there any such thing?] too many tarts, partying and too many holidays- at least that seemed to be the norm with the crews I worked with.
I think the quote that explains it best came from a Pommie football player, [George Best?]
"I spent 90% of my money on booze, fast cars and women, the rest I just wasted"
stephen.
me- I just poured as much as I could into my mortgage, with the occaisional spluge to keep sandwichmaker happy.
I don't know any fifo's. But I think I know the type. Guess they think they are on a good income and choose live well beyond their means. Reality always hits you in the end. Sure you could go down the mortgage road and scrimp and save all your life only to be hit with cancer in the end. Hard to say who is really better off.
We are only given one life and you are dead for a long time - may as well enjoy it while you can.
200K+ per year..........in mining..........? Best paid jobs are to be found on offshore construction vessels/projects and yes the minimum wage would be around 200K per annum but such a small percentage of the population are employed in offshore construction that it doesn't really even factor in as a viable employment opportunity.....unless you can buy the recruiter a nice $5k watch to keep your name and number at the top of the list when he/she is looking to upman for a project.
Anyways, people have all sorts of financial obligations that they need to meet but don't necessarily advertise to all and sundry. Some people value experiences more than material objects.
If you want good money become a bell diver with underwater welding experence.
Pros: Top money
Cons: Stort life
Mackeral I feel sorry for you.
If he earned twice as much as you 8 years ago and now you earn more than him you have been on a much better wicket. What with the mining boom going on.
I work in the resources sector (for many years now) and have never earned over 200K in a year from doing FIFO work until this year. Most of the people I know are the same.
The more I earn the more tax I pay (it's a scaling thing setup by the government to rip people off for trying harder). Lets not forget the Medicare rebate and on and on it goes. My travel from down south to parking at the airport cuts into my earnings as I cannot claim against this.
But hey that small amount I end up earning above some others (after tax) is the compensation I get paid for being away from family.
There are plenty of people on the bones of their bums that dont work FIFO. Maybe you can go over and be there finacial planner, for a small fee of course.
Hey but you just judge evryone else by a couple you met. Fool.
I think it is one of those things where you think its great having all this extra money, and start spending accordingly. It's nice being able to buy things that you had to save for before.
I found I went through this when I first started out when my wage doubled, and then doubled again. I spent a lot of money on 'stuff'. Nothing seedy, and nothing outstanding, but I spent more than I would have on a lower wage.
Luckily for me, I got over this and decided to buy a house at the right time, so the spending on extra stuff tapered off.
I suspect these FIFO miners will change their spending habits after a few years. I mate in the military was telling me the same thing happens with those guys.
I've got 2 brothers, they both work in the mines.
The youngest one went to barrow island for a couple of years and put every penny on his mortgage and lived off his wife's receptionist wage.
The other makes just as much money, has a loan for a 10k car and is broke at the end of every week. He just gives it away, shouts the bar and spends it on god knows what.
I'm still not sure which ones got it correct.
I went to Uni followed a career and earn less than half of either of them.
Mate of a mate is a cashed up? FIFO, has 2 big boats (on mortgage) a house (on mortgage) a brand new top of the wasa Land Cruiser (on mortgage) needed a bigger car to tow the bigger central console to the ramp and got one of those big Ford ute (on mortgage), maintain a crew of "mates" that go fishing with him (yes he pays for the lot: fuel, bait, beer even clean the boat).
The boat cost 3l of fuel per 1 km???? Twin 250 hp.
Had to borrow money from his bro to pay fpr the boat rego.... was broke????
Said he is making $250K a year WTF???
Yep as usual, there are a lot of people blowing money that they get. That will happen in any job regardless of wage.
I have been doing drive in drive out of the mines for 10 years and there are good rewards but the cost is also high. High tax, high cost of living, additional living costs, price of fuel as i do 60000 kms plus a year and the biggest cost was watching my 7 year old daughter grow up with me not there half of the time that was the highest cost. Not being there for Christmas and Birthdays. The strain of my wife running the household by herself. I am not complaining as i made a choice to do this as it was the right thing financialy for the family. But the gains after all costs are taken out arent that much in front of the average Joe.
Be carefull not to judge people that you know nothing about. I also work in Moranbah
Wow, some great insight from you guys.
Firstly though, I did not mean to attack anyone working FIFO or mines ect and I realise I sure did bunch everyone together in my initial post. I was only going on a few examples of people I know, hence the reason for my post.
There's more people in the high rise CBD buildings in every capital city earning 200+ K than miners in the country..
I know plenty of managers, business, law, sales proffesionals earning bigger than miners.
Actually cisco it's a 3 year plan...
being two people with no kids...
and no mortgage
all the money is saved for our plan
13 months ago...we downsided our house
upsized our block and kicked our mortgage out the door 
I left the defence force for the golden handcuffs of the mining industry.
First two years DINK and decided to buy a house (agreed it was the end of the housing boom)
4 years and 2 kids on and only one income, still only managing to keep on top.
I don't buy fancy **** but i enjoy taking the wife and kids out when i'm home (2:1)
We're looking to upgrade from 3/1 house to 4/2 soon which will mean more stringent budgets but i still can't fathom the families in WA on single or even double incomes below $100K.
Price of living and comodities in WA are pricing everyone out of all markets including the propety markets and leaving for the investment teams to monopolise.
