- Mar 6, 2014
- 41,562
- 39,805
- AFL Club
- Geelong
"Often it’s due to poor financial literacy.”http://www.perthnow.com.au/news/wes...ing-construction/story-fnhocxo3-1227366677586
Thoughts?
"People were earning $130,000 a year and being provided with a company house and suddenly you don’t have a job or a house anymore. People end up living on friends’ couches, in their cars and even on the streets."
Errr, what? $130k p.a. with free housing and you end up on the streets?
Says it all, really, doesn't it?
Have been there myself- never been made redundant but have worked in the mining industry and was told fairly early that, if I wasn't made redundant at least half a dozen times in my career, I'd be extremely lucky.
I was luckier- I left and had kids
I don't have a lot of sympathy for those who have blown their earnings. Many of them who are FIFO get used to just flying all over the place- some fly to Bali at the end of every stint in the mines, others fly back to NZ (though some are even flown in from NZ at the companies' expense).
It IS a cyclical industry, the Universities pump out geos and engineers to try and keep up with the demand but, when there's a downturn, they're still pumping out hundreds of new graduates who have nowhere to go...
The best advice I would give anyone in that industry is that, if they're earning $100,000, live as if they're earning $75,000 or even $50,000 and always put some away for a rainy day. Invest in your own home. Don't blow it in booze and smokes and fast cars.
My hubby said this morning that there are only about 5 houses available in Meekatharra at the moment, to buy- worth $300,000.....
Meekatharra!!
IIRC, 20 years ago in Kalgoorlie, 3 bedroom homes were renting for $400-$600 p.w.




