Having a career as a FIFO worker often attracts big salaries and generous benefits, however the long hours, being away from family and the mental/physical toll are sacrifices that many FIFO employees have to make. However, having a financial plan in place can ensure you have options around when you stop FIFO (if you want to) and setting your finances up for a more rewarding future.
Have an end date (if you want one)
Many FIFO workers we see have a countdown to when they can cease working in remote locations and get a local job to see out their career. A key factor to this is having lower lifestyle expenses which could mean clearing a mortgage debt or children finishing private school. Having a plan to reach these goals sooner and make the most of your income will clarify the affordability to forfeit a FIFO salary in favour of more time at home.
Live off lower base salary
If you are striving for financial freedom, trim your expenditure to fit within a lower base salary than what you are receiving. That way any surplus cash over and above that minimum can be directed towards goals such as building wealth or retiring early.
Maximise tax effective strategies
With higher wages comes higher tax. Financial planning can assist with minimising tax payable via available strategies to build long term wealth whilst also reducing tax. These tax savings can make a huge difference to your net worth over the longer term.
Secure your retirement
Reward yourself for the long FIFO hours by building up your retirement funds to a level that means you will enjoy the retirement lifestyle you deserve. Getting on the right track early with a solid financial plan to navigate a comfortable retirement is a just reward for the time away from friends and family over the years.
Optimise the FIFO lifestyle
Engaging a financial adviser is not just for the numbers. Having conversations around how to optimise the FIFO lifestyle, what is important to you to achieve over a career, and the purpose behind choosing FIFO and what it brings to a family are all crucial to maximising the opportunities to making financial progression and clarifying the path ahead.
Life as a FIFO worker can be incredibly financially rewarding, the challenges with living away for the majority of the year comes with high renumeration benefits which means you can afford to provide your family with a comfortable lifestyle. We help FIFO workers with financial advice to navigate those years to make the most of the income and lifestyle and secure the financial future they deserve.
Contact our team to find out how we can help make this a reality for you.
Jodi Escudier is a Financial Adviser who helps women and families identify and reach financial goals through positive strategic advice. Over the last 8 years Jodi has worked together with clients to develop a pathway to a better financial future and secure wealth for themselves both now and as they navigate life’s everchanging demands.