Financial Planning for Mining Industry
Working in the mining industry can be a lucrative career, but it can also be challenging. The industry is cyclical, with periods of boom and bust.
This can make it difficult for mining professionals to maintain financial stability. However, by taking the time to develop a comprehensive financial plan, mining professionals can mitigate risk and secure their financial future.
There are a number of factors that mining professionals should consider when developing a financial plan, including:
The cyclical nature of the industry: Mining professionals should be aware of the cyclical nature of the industry and plan accordingly. This may mean saving more money during periods of boom and investing less during periods of bust.
Remote work locations: Many mining professionals work in remote locations, which can make it difficult to access financial services. Mining professionals should make sure they have a plan for managing their finances in remote locations.
High-income earners: Mining professionals often earn high incomes, but they may also have high expenses. Mining professionals should make sure they are not living beyond their means and are saving for the future.
Job security: The mining industry is cyclical, and job security can be uncertain. Mining professionals should make sure they have a plan for managing their finances in the event of job loss.
Exit Planning: Many mining jobs are a “young mans game” being physical on the body both in labour and hours. Plus most miners work a FiFo role which means leaving their loved ones for extended periods. We can help you plan to “come home for good” - with financial security, if that’s one of your goals.
What do you need to get started to set yourself up?
The financial perks of FiFo life make it a huge drawcard for so many Aussies, but sometimes those perks are outweighed by your loved ones drawing you back home. How do you make the most of those perks and set yourself up and your family for financial stability in the future.
Will has created a webinar outlining the most important things to consider when working in the mines and what you can do to get set up for the future.
Will has worked with many miners and their families. He takes their goals and helps to make them a reality by helping you plan for retirement, setting up passive income streams, reducing debt and making sure you have the right cover to maintain the lifestyle you have built if something unexpected happens.
Want to get started on creating financial freedom for yourself and your family. Or start making moves to be home more often?
We’ve created this doc to give you the top 10 tips that we give to our mining clients as we help them navigate their way to healthy finances and potential exit plan to bring you home to your family for good.
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financial planner, miners, mining industry, Emerald, Bowen Basin, Brisbane, North Queensland, retirement planning, investment advice, estate planning, tax planning