To be or not to be FIFO
FIFO life (Fly in, Fly out) can be very rewarding and also very challenging. It takes a strong mindset to be able to navigate through the many hurdles of this life plan, many of them emotional.
At Think Money we have many FIFO families, and single FIFO’s. They are driven into our offices to search for how they can make their income work, and in their words, “not waste it all on toys”.
It is very easy when working hard to get into the mindset that you deserve to spend all the money you want. We are all for that at Think Money, we love toys and we believe everyone should lead a sensational abundant life…but you need a plan. You need a plan for two reasons. One reason is most FIFO’s live in fear that the high income they are earning is going to run out, or that the mine will close. This can sometimes be a reality for some so is why it is even more important to have a plan.
We teach our FIFO families to get control of their finances whilst setting up a strong strategy for creating wealth through property. One of the key areas we focus on is that you do not have to be earning hundreds of thousands of dollars to create a property portfolio. This is often a common misconception that people without investment property often make.
Because we focus mainly on debt reduction i.e. reducing mortgages and getting control of your finances, this then leads to something we honour highly here at Think Money, which is separation between your personal finances and your investment finances.
Property in a Self Managed Super Fund is also one of the favourite strategies for many of our FIFO’s as this stands in it’s own column with it’s own set of rules.
I love the first meeting with our FIFO’s when we show them how they can do property investment on what I call “normal” income. This tends to give them a great sense of relief knowing that they don’t have to stay away from their families for years on end just to try and create wealth.
It’s about having a plan, a great strategy and the expertise and guidance from people like Chris Childs who have been doing this now for nearly 30 years.
Read some of our FIFO stories for yourself and if you would like to have a chat but can’t get to us personally, we are more than happy to Skype/call or chat via email anytime.