I just landed a FIFO (Fly In Fly Out) job earning about $160k, with possible 18 months of work. I’m 27 with about $10k in a savings account, no debt, and no assets (apart from a s**tbox car) — and I’ve never earned this kind of money. My end goal is to be self-employed with a paid-off house. What would be the best way to make this money work for me?
Here’s a tip: don’t look at your monthly pay packet, which will be around $10,150 after tax. It’ll risk turning you into a CUB (Cashed Up Bogan) and you could start buying jet skis, hair foils and Holden Maloo utes.
Instead, think of it this way: after 18 months of hot, sweaty, smelly conditions, you’ll have earned around $180,000 after tax. Less your living expenses, less if you take time off, and less if the work dries up early.
Bottom line – you want to make it pay. So I’d suggest you spend the money in advance — probably by buying a house in the first year and ploughing at least $100,000 into the mortgage (kill the redraw). Just make sure you can cover the repayments when the work does dry up.