Meet Josh a country boy in his mid 20’s who is now working FIFO in the mining sector. Josh was doing well in the country and was able to purchase himself a house in his early 20’s in his home town. Then an opportunity he couldn’t refuse came up in the mining sector, so Josh moved to Perth to be able to commute to his new FIFO role in the Pilbara. Josh, like many young people who commence working in the resources sector, planned to work away for a limited amount of time to set themselves up for the future. After his first tax return in the mining sector Josh soon realised that he was paying more tax than most people earned in 12 months, and was becoming rather frustrated that whilst he was earning the big dollars from his hard work and sacrifice it still didn’t allow him to maximise his earnings in the way that he wanted to do in the time frame he had planned. Josh really didn’t want to work away forever and didn’t want to fall into the trap of not being able to afford to leave a FIFO role. On meeting with The Wealth Centre’s Trusted Advisors, they showed him how to refocus on his long term goals and how to reposition his resources to better his situation in the short amount of time he had planned to work in the mining sector. Josh now has 3 investment properties, become more tax effective, and has installed an asset protection strategy to insulate himself against the current volatility of employment in the mining sector. Today Josh is still working away but he is focusing on his exit strategy and knows when he will be able to move back to his beloved home town in the financial position he wanted to achieve from working away for a set amount of time.
