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!