Last week I read an article titled “Why Aussies aren’t rushing to fill the thousands of vacant mining jobs.” See the below article extract:
Five years ago, Australia was in the middle of one of its biggest mining booms in history.
Thousands of people became fly-in, fly-out (FIFO) workers, spending four weeks battling through 12- hour days and then jetting back home for a few days to see their families — before doing it all over again.
The salary was great, often cracking more than $150,000, but the sacrifice was even greater.
The FIFO profession earnt itself such a bad reputation that a number of Aussies who worked in the first boom have said there’s no way they’d go back again.”
Obviously, this is not a new school of thought for some of us. In fact, I’ve posted similar articles myself over the last couple of years.
We all know that working in the resources industry can be tough and volatile and we’re often faced with challenges both at work and at home.
There’s no doubt that the industry is picking up. Operating mines are looking for people and even greenfields exploration is starting to show a resurgence which is a sure sign that resource companies are starting to spend money again.
These are all positives for those seeking work in the industry.
However, this time round I think people need to be a bit smarter. Understand the sacrifices you’re making. Be aware that career longevity may be shorter in the resources industry than other industries. Most importantly, take advantage of it.
Be smart with your money. Make sure you’re insured and remember 9.5% (increasing to 10% in 2021) of your hard-earned dollars will be paid into your superannuation fund whether you like it or not.
Take control of this money. It is yours and you’re working hard for it. Superannuation will form the foundation for your retirement and setting it up correctly now will make a big difference to you down the track.
View the current improvement in the industry as an opportunity to set yourself up. As we all know, it won’t last forever.
Whether you stay in the resource industry or not, review your super + insurances. It’s part of what I said earlier: be smart with your money.
A review of your super fund performance is free with Hindsight Wealth and holds no obligation. Make a time that suits you whether you are on hitch or off, via my – we can meet face 2 face or online.
I offer different and convenient ways to make a super review easy and painless for you!
Return Uber chat + ride from Brisbane CBD to our Hamilton office or click a photo of your latest super statement and flick it on email or text to me to review for you.
June tax time has just past so for most of us there is no better time to review your super choices.
If it is just once a year you review your super choice and your fund performance, now is that time while you are in that “financial / tax” train of thought!
Andrew O'Brien and Hindsight Group Pty Ltd t/as Hindsight Wealth Pty Ltd (ABN 88 168 442 528) are Authorised Representatives of Affinia Financial Advisers Limited ABN 13085335397 & AFS Licence No 237857. The material contains general advice only and the consumer should consider the PDS and whether the product is appropriate prior to deciding to buy.