There is a lot of ego at mine sites and that seems to override common sense.

Couple of issues that our teams highlighted with our own workforce with this issue a few years back.
Most have no concept in regards to financial management and what to do with the hard earned, and how to make it work for each at such a young age. A bit of work and this issue gained support to have them skilled in this area to assist them with future stability
There will be of course, those who just blow the cash as fast, or faster than they can earn it, just like those who win big lotto sums, and few years later have zilch left.
However, in saying this, a good percentage of our workforce who are well stabilised now, but don't make a habit of discussing the process on how good they are compared to ol Joe who isn't.
Substance abuse, there are the odd one outs, but can assure that most don't, or no longer do, with the drug abuse identification strategy in place on sites.
Dont for a minute think these are just blue collar types. Our group has Engineers, teachers, multi science, even marine science people at the coal face and not even in the orginal field they worked so hard for.

I don't know any fifo's. But I think I know the type. Guess they think they are on a good income and choose live well beyond their means. Reality always hits you in the end. Sure you could go down the mortgage road and scrimp and save all your life only to be hit with cancer in the end. Hard to say who is really better off.

We are only given one life and you are dead for a long time - may as well enjoy it while you can.

200K+ per year..........in mining..........? Best paid jobs are to be found on offshore construction vessels/projects and yes the minimum wage would be around 200K per annum but such a small percentage of the population are employed in offshore construction that it doesn't really even factor in as a viable employment opportunity.....unless you can buy the recruiter a nice $5k watch to keep your name and number at the top of the list when he/she is looking to upman for a project.

Anyways, people have all sorts of financial obligations that they need to meet but don't necessarily advertise to all and sundry. Some people value experiences more than material objects.

Mackeral I feel sorry for you.
If he earned twice as much as you 8 years ago and now you earn more than him you have been on a much better wicket. What with the mining boom going on.
I work in the resources sector (for many years now) and have never earned over 200K in a year from doing FIFO work until this year. Most of the people I know are the same.
The more I earn the more tax I pay (it's a scaling thing setup by the government to rip people off for trying harder). Lets not forget the Medicare rebate and on and on it goes. My travel from down south to parking at the airport cuts into my earnings as I cannot claim against this.
But hey that small amount I end up earning above some others (after tax) is the compensation I get paid for being away from family.
There are plenty of people on the bones of their bums that dont work FIFO. Maybe you can go over and be there finacial planner, for a small fee of course.
Hey but you just judge evryone else by a couple you met. Fool.

I've got 2 brothers, they both work in the mines.

The youngest one went to barrow island for a couple of years and put every penny on his mortgage and lived off his wife's receptionist wage.

The other makes just as much money, has a loan for a 10k car and is broke at the end of every week. He just gives it away, shouts the bar and spends it on god knows what.

I'm still not sure which ones got it correct.

I went to Uni followed a career and earn less than half of either of them.

a bogan and their money is soon parted...

Mooranbah standard car is a SS

Yep as usual, there are a lot of people blowing money that they get. That will happen in any job regardless of wage.
I have been doing drive in drive out of the mines for 10 years and there are good rewards but the cost is also high. High tax, high cost of living, additional living costs, price of fuel as i do 60000 kms plus a year and the biggest cost was watching my 7 year old daughter grow up with me not there half of the time that was the highest cost. Not being there for Christmas and Birthdays. The strain of my wife running the household by herself. I am not complaining as i made a choice to do this as it was the right thing financialy for the family. But the gains after all costs are taken out arent that much in front of the average Joe.
Be carefull not to judge people that you know nothing about. I also work in Moranbah

There's more people in the high rise CBD buildings in every capital city earning 200+ K than miners in the country..

I know plenty of managers, business, law, sales proffesionals earning bigger than miners.

oh and we are not getting $200k

Actually cisco it's a 3 year plan...
being two people with no kids...
and no mortgage
all the money is saved for our plan

13 months ago...we downsided our house
upsized our block and kicked our mortgage out the door

I left the defence force for the golden handcuffs of the mining industry.
First two years DINK and decided to buy a house (agreed it was the end of the housing boom)
4 years and 2 kids on and only one income, still only managing to keep on top.
I don't buy fancy **** but i enjoy taking the wife and kids out when i'm home (2:1)
We're looking to upgrade from 3/1 house to 4/2 soon which will mean more stringent budgets but i still can't fathom the families in WA on single or even double incomes below $100K.
Price of living and comodities in WA are pricing everyone out of all markets including the propety markets and leaving for the investment teams to monopolise.

Stuthepirate said...
We're looking to upgrade from 3/1 house to 4/2 soon which will mean more stringent budgets

See now this is what I don't fathom!
Family increasing and you feel you need more room! That part I understand...
but as you work away..why can't you buy a home in a different area and spend the same amount or even god forbid less on your new home?
There are 4 x2's around for $330K and just under $300K! with a shed and a pool.

GypsyDrifter said...
There are 4 x2's around for $330K and just under $300K! with a shed and a pool.

But not really anywhere half decent or if they are then they arent in the metro area. Really need to start at around 450k i think.

I think a combined family income of less than 120k a year must be bloody tough if your paying a normal mortgage (400k??) or renting.