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 online diary – 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.
Comments
Post a Comment