FIFO - a question of fairness

[jerrybee]

I was reading about FIFO workers the other day and was really intrigued. I find it an interesting glimpse into the age old argument of fairness. You'll often hear people complain about how unfair things are. How if only they were given the chance - the opportunities that only the rich get. But here you have a large number of people that were given the chance to make obscene amounts of money and blew it. To be sure, not everyone blew it - some did the right thing and were responsible, invested their money etc. But many did not.

Does anyone know any FIFO workers that have gone from rags to riches then back again? I'm curious - do they at least acknowledge that they screwed up, or do they still see the world as unfair? Are they still bitter about those corporate fat cats?

I've never seen such a great opportunity for huge numbers of the working poor to get RICH, and I'm curious to see whether it has changed their attitudes about money and social "fairness".

 

[Ausprop]

what makes you think they blew it? If you don't save as much as you expect one year you just do another 6 months, or just keep doing it forever. the ones I read about the other day on barrow island are on about $300k and loving life

 

[jerrybee]

what makes you think they blew it? If you don't save as much as you expect one year you just do another 6 months, or just keep doing it forever. the ones I read about the other day on barrow island are on about $300k and loving life

I didn't say they all blew it. I'm talking about the ones that do, of which there are many from what I've read. My friend's brother was doing 140k a year and has nothing to his name now!

 

[cimbom]

I wouldn't do FIFO work if I was getting double or triple my current income. I don't think the family/social/normal life sacrifices are worth it.

 

[Ausprop]

I didn't say they all blew it. I'm talking about the ones that do, of which there are many from what I've read. My friend's brother was doing 140k a year and has nothing to his name now!

ok, tbh $140k without any tax planning wouldn't go far and I could understand if that frittered away

 

[BayView]

I was reading about FIFO workers the other day and was really intrigued. I find it an interesting glimpse into the age old argument of fairness. You'll often hear people complain about how unfair things are. How if only they were given the chance - the opportunities that only the rich get. But here you have a large number of people that were given the chance to make obscene amounts of money and blew it. To be sure, not everyone blew it - some did the right thing and were responsible, invested their money etc. But many did not.

Does anyone know any FIFO workers that have gone from rags to riches then back again? I'm curious - do they at least acknowledge that they screwed up, or do they still see the world as unfair? Are they still bitter about those corporate fat cats?

I've never seen such a great opportunity for huge numbers of the working poor to get RICH, and I'm curious to see whether it has changed their attitudes about money and social "fairness".

See this as an example:

http://somersoft.com/forums/showpost.php?p=1314068&postcount=1

 

[Ausprop]

a lot of them these days are so soft it's ridiculous, whining in the newspaper about how tough it is etc on their 9 and 5. When I first went to site my roster was a 1 way ticket to the great sandy desert and when you want a break you accrue some leave and use one of your 3 company provided flights home for the year. And no there was no internet, no facebook, no mobiles. There was 1 x company landline that you were allowed to use occasionally with permission. Miss your mum? write her a letter

 

[charttv]

had some mates on Barrow earning 1k+ a day a few years back. Used to whinge and moan about that place like you wouldn't believe.

One of them changed careers and is no longer a tradie.

 

[BayView]

I wouldn't do FIFO work if I was getting double or triple my current income. I don't think the family/social/normal life sacrifices are worth it.

A lot of folks who have gone on to become successful and wealthy have had to do lots of sacrificing of family life/lifestyle/time, etc.

Not saying that it is right; a nice balance is the objective, but it's a bit unlikely to become very wealthy and successful in your career without the sacrifice...you can't do less and expect more - as a general rule.

It may not need to be for a lot of years, but some is required and hopefully use the extra income from the sacrifice to invest wisely.

 

[BayView]

ok, tbh $140k without any tax planning wouldn't go far and I could understand if that frittered away

Wanna bet.

I could turn $140k per year into a nice large sum of money in assets and passive income in 10 years, no worries.

Of course; I've got the benefit of years behind me from stuffing things up.

 

[Ausprop]

Wanna bet.

I could turn $140k per year into a nice large sum of money in assets and passive income in 10 years, no worries.

fair enough but you could earn that sort of money in the city and achieve the same thing if you had such drive

 

[jerrybee]

Wanna bet.

I could turn $140k per year into a nice large sum of money in assets and passive income in 10 years, no worries.

This is the point of my post - these figures are more than enough to do well from, but many don't. I wonder if they still think the world is unfair after they've had a shot (and a great one) but blew it.

 

[Corey Batt]

This is the point of my post - these figures are more than enough to do well from, but many don't. I wonder if they still think the world is unfair after they've had a shot (and a great one) but blew it.

Outside of anecdotal evidence, you have to ask yourself how you 'know' that many don't. So many people have the perception that all high income earners/FIFO workers spend all their money on jet skis and Bali holidays every month.

It's just like anything in life, people use their money in all kinds of ways.

I don't necessarily agree that squirreling and investing your money is objectively the 'right thing'. The world wouldn't function if everyone was an investor.

 

[Norwester]

Fully agree.

a lot of them these days are so soft it's ridiculous, whining in the newspaper about how tough it is etc on their 9 and 5. When I first went to site my roster was a 1 way ticket to the great sandy desert and when you want a break you accrue some leave and use one of your 3 company provided flights home for the year. And no there was no internet, no facebook, no mobiles. There was 1 x company landline that you were allowed to use occasionally with permission. Miss your mum? write her a letter

lol......Ausprop....if you were any tougher you'd rust....

Biggest issue always has and always will be, that people's expenditure seems to rise in direct proportion to their income....(mainly on toys and other lifestyle crap and nearly always on the never never.)

To be successful at FIFO you need a plan, a set of realistic goals, be single or have a damn good woman.....other than that its just a job.....

Ciao

Nor

 

[BayView]

This is the point of my post - these figures are more than enough to do well from, but many don't. I wonder if they still think the world is unfair after they've had a shot (and a great one) but blew it.

Many of those folks would, and they have no right to whinge.

But some are; "easy come; easy go".

It comes down to financial education - and discipline. Discipline to not blow it, and then discipline to act.

If you read my linked post about my BIL, you can see he did not listen to the advice.

He had a bit more financial education after our chat and 25 beers, but still chose not to act...no discipline.

When I had my 2nd ProShop business (I had two over the years), I was single and earning a pretty decent wage for a few years from it.

A 30 year old single male could easily have smashed the lot on wild women and song. (did for a bit of the time).

But, I was lucky enough to have had the sense to slam a lot of that money into TD's (that was the only fin education I knew at that stage) and after one year was able to pay cash for a small block of land in Blackburn.

It was the discipline that was the ingredient for me; not so much the fin education.

The discipline was not the saving of money each week; that was easy.

The discipline was to resist the urge to dip into the money to buy more doodads/party.

 

[Norwester]

Mark Seymour & The Undertow



FIFO


Just hit play when it opens

Ciao

Nor

 

[trey]

Saved 300k cash from working on Barrow island and got to go overseas monthly. Bought a house which will set me up forever hopefully. Its great for a young person get in save evrything and get out.

Have also seen the other side where people blow everything from living the high life which is easy to do.

 

[Rolf Latham]

have worked in the industry as a geologist.

many peops fritter the money away

temporary, quickly becomes permanent

its like many things in life, its what you do with what you have been given............

ta

rolf

 

[pinkboy]

Miners spend their hard earned on drinks, drugs and women. Then they waste the rest.

pinkboy

 

[redwing]

I was reading about FIFO workers the other day and was really intrigued. I find it an interesting glimpse into the age old argument of fairness. You'll often hear people complain about how unfair things are. How if only they were given the chance - the opportunities that only the rich get. But here you have a large number of people that were given the chance to make obscene amounts of money and blew it. To be sure, not everyone blew it - some did the right thing and were responsible, invested their money etc. But many did not.

Does anyone know any FIFO workers that have gone from rags to riches then back again? I'm curious - do they at least acknowledge that they screwed up, or do they still see the world as unfair? Are they still bitter about those corporate fat cats?

I've never seen such a great opportunity for huge numbers of the working poor to get RICH, and I'm curious to see whether it has changed their attitudes about money and social "fairness".

There's a lot of issues with FIFO such as those working 12 hr days, 4 weeks on 1 week off. Not everyone is suited to it, families included and there's a lot of break-downs and break-ups, I remember working at a uni years ago and their was a number of studies looking at the impacts

Roster vary though such as

8+6 (days)
9+5 (days)
2+1 (weeks)
3+1 (weeks)
4+1 (weeks)

In years past and as a kid my father used to work 3 months on 3 months off as a ships engineer