How to make the most of your FIFO Income
The lure of a six figure salary is enticing, yet the reality of FIFO work can be tough. Being away from family and friends, working long hours and sacrificing the comforts of life at home exacts a personal cost.
Many FIFO workers have a subconscious belief that earning a high income means that you will have lots of money. Yet FIFO families have financial constraints just like the rest of us. It can be tempting to feel like you ‘deserve’ to splurge when you’re working so hard. And even with a FIFO salary, we’ve never met a client who has ‘saved’ their way to riches.
The frustration of not getting ahead or feeling unrewarded for your hard work drives a lot of FIFO clients into our Think Money offices. They are seeking to make their income work for them; not ‘blow it on toys’ as many people put it.
Our philosophy at Think Money is all about living an abundant joyous life. (That means enjoying toys as well!) All work and no play is not a sustainable approach to wealth creation. We wholehearted believe that you should live a wonderful life...But the key is that you must have a plan.
The right plan offers incredible benefits:
- Peace of mind. The risk of redundancy or job loss is higher in FIFO industries. The associated worry of this happening without a financial back up plan can be very stressful. With a sound wealth creation plan, you can sleep soundly at night knowing that your finances are looked after and you have options should the worst ever happen.
- A Return On Investment. Working in a FIFO role is a big investment of your time, effort and energy. You can make this investment really count by utilising your money in a way that supports your desired lifestyle and wealth goals. With the right plan, you’ll be making money as you sleep - not just while you’re on the job!
I love watching a client’s eyes light up as they discover how achievable their wealth goals really are. At Think Money, we’ll show you how you don’t need to be earning the ‘Big Bucks’ to build a successful property portfolio. Many people think that they need to slave away in difficult jobs for years to get ahead…I see such relief on their faces as they realise this could not be further from the truth!
Wealth creation is accessible to everyone. We teach FIFO families (and singles) how to take power of their finances, reduce debt and set up a strong property strategy. And because we value lifestyle here at Think Money, we’ll show you how to separate your personal and investment finances so your everyday life doesn’t intersect with your investment cash flow.
When FIFO clients discover what can be achieved with a ‘normal income’, the transformation in their outlook is truly remarkable. All of a sudden, they have an enormous weight off their shoulders. Finding the right plan means that they don’t have to feel stuck working in their FIFO roles for years on end, with no end in sight or a plan to get ahead.
The formula’s simple: With the right plan, clarity on your goals, great investment strategy and expert guidance from people like Chris Childs who have been doing this for decades, you really can’t go wrong.
So connect with us today and find out how you can build your very own wealth creation plan! If you can’t get to us personally, we are delighted to chat with Skype, phone or email any time.