Hi
Im 22 and have recently bought my first house. We are renovating (it doesnt need too much work). I have found it daunting that i have signed on for a 30 year mortgage!!! That will make me 52. I get the make extra repayments, increase equity and delayed gratification ideas to pay it off ALOT sooner. But while there seems to be huge oppportunities in the mines, why not do it?. Say we went to the mines pay off our house in 2 yrs then accessed the equity in it to invest with less risk?
How is everyone getting ahead to make a start in property investing?
TA
I think everyone on this forum is doing/has done it the way you are; going without, saving hard and planning for wealth creation.
The rest are all signing up for another store card or a new plasma (or both).
As an "old" bloke of 46, I can say that I've been there and done that (not the mines – the "going without" part), and I didn't start until a fair bit later than you. I saw a lot of weekly pay go down the toilet (literally), but made up for lost time thankfully.
If you are going out to the mines good on you, and well done for starting down the right path so young.Hi TA,
Taking the opportunity to increase your income now & drastically reduce your debt would be something I would seriously urge you to consider! FIFO (fly in fly out) opportunities are available for all sorts of jobs all over the country.
We moved our family from Qld to Perth 2 yrs ago as my hubby was able to double his income with the resources boom going on over here. It's been one of the hardest things we have ever done personally – moving 2 kids from schools, friends & family, finding decent rental accomodation was a nightmare (we didn't find "decent" but settled for "liveable") … but financially the benefits have been remarkable. We have halved our mortgage in 2 years & can now plan our future with far greater financial security and possiblities than we ever thought open to us.We are returning to our Qld property in coming months but still see lots of opportunities to maintain higher incomes – FIFO opportunities are now available from most capital & larger regional cities to lots of mines. Obviously the mining sector might not be for everyone, but it's worked a treat for us. Just be prepared for it to be really tough going – if it was easy everyone would be doing it. (& the high income isn't just due to shortage of workers but also the crappy conditions & leaving your family for weeks at a time) We did find some negativity directed at us re the decision but found that was more about their circumstances than our decisions which we felt were good for our family. The resources boom will come to an end eventually & our plan is to be financially secure well before that happens.
Good luck to you!!
A.Just wondering if anni, or anyone that has done similar, would like to share with other forum members the type of work available in 'mines' etc. All hard manual yakka? Or are there other areas (ie drivers/admin etc) that have opportunities reasonably readily available? A lot of people seem to have done this very successfully, others have not, with it leading to other problems and or challenges. Any areas better than others or is it generally WA only? Interesting stuff. All the best.
From our experience, there's a multitude of employment opportunities within the mines/construction industry in Australia now – not just WA by any means. Specifically relating to the mines in WA the opportunities for work from engineering right through trades,to driving 777's – those massive trucks (the mines apparently love women drivers as they are nicer to the trucks!!!! – see we do make better drivers!) to admin, cooks etc etc…. get on careerone web site & do a search for construction or mining industry & see what comes up. Recruitment agencies have specific sections for mines/construction industry now.
For my opinion – I think short-term this sort of work is a fantastic opportunity – but it's really difficult – both in time away from loved ones & the tough conditions on-site (living in a donga in the middle of nowhere can't be all that spectacular). Money-wise, obviously the more remote locations come with the higher income. (try Google Earth for Newman, Goldfields, Mt Henry all in WA) & you'll see what I mean about remote locations!!)
I've spoken to couples who are working on the same FIFO roster & are doing 2 years to pay out their mortgages & build a cash pool & then returning home in a fantastic financial position.
I've also spoken with others who say no amount of money is worth missing their child's birthday or school event – I guess it's up to the individual & their partners to decide what their sacrifice threshold is for the return of financial security (eg my husband won't be going to the middle east to take up the opportunities in the construction industry over there… but others will).I would recommend people look into FIFO into WA rather than moving over here from the east coast – rents in Perth are out of control & companies are starting do FIFO from east coast now from what we've heard. Other states with mines such as Qld & SA will also have loads of opportunities.
Hope this info re our experiences have been useful/helpful to others.
A.i have a friend that is working over in wa at the mines, he travels around with the company from gladstone in qld to wa setting up camps for the miners. he is making over 100 grand a year with no outgoings. he has bought a house in gladstone and has just about paid it off in 2 years and will keep on doing the same whilst he is single, the boom is happening and the opportunity is there. if u get the chance do it.. its a gifthorse i dont have the chance to do.
i plan to do it via the investment roundabout and pay the mortgage off in around 10 years that way.
Thanks for the replys it really gets me thinking!
One thing that plays heavily when i am trying to make a decision (going on 1 yr now i will stop procrastinating) is the never get a job adage.
See link http://www.stevepavlina.com/blog/2006/07/10-reasons-you-should-never-get-a-job/
I first realised the irony of wokring hard for money reading Robert Kiyosaki Rich Dad Poor Dad.
and how about the saying 'You don't need money to make money'
Any ideas…
TA
i think everyone has read Robert Kiyosaki Rich Dad Poor Dad but he never did say how he did .. just generalised it. unless your born with it u have to start somewhere, its the way your money works from there. everyone goes on a journey and its the leap of faith that some people take and others dont that decide it for u.
we have finally taken that leap after listening to heaps of people once our ears were tuned in. for years all we have heard were the negative nancies and seriously since i have blocked my ears to them.. my life has leapt forward and my bad debt levels disintegrated. thats not to say we are not in debt but its good debt to me.. we have assets for it and a future. once u let go and jump (fully informed of course) you can never go back.
scream to yourself to go to the mines even if temporary u will still make a packet.
My partner and I moved from QLD last year to Port Hedland to work in the mines and set ourselves up (we're 23). The money is fantastic, and there are a multitude of jobs available, however you will have to work 10 to 12 hour days. We work 4 weeks on, 1 week off roster, with every 2nd Sunday off during that 4 weeks. This area is pretty remote, the locals are interesting (hmm….), the red iron-ore dust gets into everything, and the cost of living is high (we pay $500/week rent for a little unit while we are up here so we can live together). We don't actually work in a mine, but on site at BHP's Iron Ore Processing Plant and Shipping Wharf, with the possibility of moving to Newman at the end of the year to their mine. It's defnitely worth doing this for a few years, we are about to buy our 2nd and 3rd properties, are getting married in October and having overseas holidays once a year, and we will finally get ahead in lfe and achieve our dreams!
Thanks for the encouragement. I am sold. I have worked out it will take us about six months to get ready and go. I have also seen a negative post on another tread on this forum but i am sure that if we put enough effort into it we will reap the rewards. We both have some relevant experience – i am working for a civil construction company as a unqualified junior engineer (was studying completed one yr and luckily as i am working in the industry saw that it is not what i want to do) i have my truck licence also and my partner is a truck driver. So i think we should be able to find something even if it isn't exactly what we want at first.
ThrillHill and Anni do you mind if i PM you for some additional information?
Thanks Everyone
No probs, good luck with your plans!
A.I work in the mines and im getting ahead!!!!!!
Haha,good luck with your plans!
Hi,
My husband and I moved to a qld mining town in 1995 to get ahead. We were about 2.5 hrs from mackay and therefore did not feel so isolated. It took us 8 years and 4 kids to set ourselves up with 13 ips. in the end it was really worth it.
We found it hard at first as my husband was doing masses of overtime and the kids were small, we also found it hard without likeminded people around us and every one interested in parties, boats great furniture, great clothes and holidays while we stayed at home and saved.
Fortunately we are now reaping the benifits of our hard work, we were able to move into mky and start up a business while continuing to invest while many of the people we knew in the mines are still there.
What I am saying is that it is hard at times to stay focused and also to see the light at the end of the tunnel but keep it up and surround yourself with people who are also there to get ahead. You will be glad you did in the end.
theresaso this might seem crazy… but what (if any) facilities are available for childcare in the mines…
Our PPoR is on Sydney's northern beaches but we could easily rent it out for around $600pw.
We have 2 boys – 4 mths and 22 mths, so they are both really young, however i'd be more than happy to do some hard yakka for a few years providing I could be back in sydney for them to start school, so that gives me 2-3 years.
However, if we went to the mines then I figure I might as well work too and save like crazy !!! My partner could do the 4 weeks on and one off but obviously this wouldn't work for me (nor would I want it to…).. So what would be the options for a mum who wants to be with her kids everyday… is there some sort of part-time option where i could work a few days but be able to spend the evenings with the boys?? And would the part-time money be worth the cost of childcare (if there is any)…We were able to find childcare fairly easily – but we were also able to live in Perth Metro & hubby travelled to work from there. When we were looking into Karratha I was able to find info re the childcare centre from the council website. The difficulty in getting the kids into childcare (plus a few other things….) was one of the reasons we didn't take up the offer to go to Karratha. Maybe Thrillhill can help as they are in one of the remote areas (no babies by the sounds of it! but might know what the situation re childcare is like?)
A.Hi Anni
I have a background in driving trucks and the outdoor working life, have no kids at home and am in my 40s. My wife is going to stay in Melbourne and I am ready to start work in the mines anywhere as soon as I can……have looked on career one, sent emails to anyone that mentions or works at mines including recuitment agencys and all I get is NOTHING available. So where are all these great money making oppotunities and jobs hiding.? We hear of people with no experience working on these trucks and all sorts of other positions. Is this just talk for advertising. ? Surely a man with experience prepared to live almost anywhere and keen to work is eaiser to locate than a family.? Looking forward to your reply and answers of maybe a possitive position.
Regards Murray
Taking the opportunity to increase your income now & drastically reduce your debt would be something I would seriously urge you to consider! FIFO (fly in fly out) opportunities are available for all sorts of jobs all over the country.
We moved our family from Qld to Perth 2 yrs ago as my hubby was able to double his income with the resources boom going on over here. It's been one of the hardest things we have ever done personally – moving 2 kids from schools, friends & family, finding decent rental accomodation was a nightmare (we didn't find "decent" but settled for "liveable") … but financially the benefits have been remarkable. We have halved our mortgage in 2 years & can now plan our future with far greater financial security and possiblities than we ever thought open to us.We are returning to our Qld property in coming months but still see lots of opportunities to maintain higher incomes – FIFO opportunities are now available from most capital & larger regional cities to lots of mines. Obviously the mining sector might not be for everyone, but it's worked a treat for us. Just be prepared for it to be really tough going – if it was easy everyone would be doing it. (& the high income isn't just due to shortage of workers but also the crappy conditions & leaving your family for weeks at a time) We did find some negativity directed at us re the decision but found that was more about their circumstances than our decisions which we felt were good for our family. The resources boom will come to an end eventually & our plan is to be financially secure well before that happens.
Good luck to you!!
A.[/quote]Hi Murray,
I've just done a search on BHP Billiton website under their employment/careers section – link below to the results for "machine operator" search.
http://jobs.bhpbilliton.com/jobDetails.asp?sJobIDs=356559&lLocationID=5994,4595,4596,4597,4598,4599,4600,4601&lCategoryID=997,1007&sLanguage=en
Keep at it – have you registered with a mining specific recruitment agency? I'm not in recruitment & just talkingabout our personal experiences so don't really have any answers for your situation. Hope the above link is useful to you.
A.The other alternative to interstate mining work is international work – as part of the Australian Federal police staff members as well as Protective Services and sworn members are able to work in the Solomon Islands. So IT, HR and Forensic unsworn members get great opportunities to boost their income with tax exempt earnings.
It can be tough – IT members can do short 4 month rotations but other areas have to sign up for at least 60 weeks. The Australian Federal Police employ staff in most states, not just the ACT. Sworn staff from other states also can work in the Solomon Islands, East Timor, Sudan, Nauru – different levels of risk and interest. It does take some time to get through the application process into the AFP but there are great opportunities.
Murray, speaking to some people who currently work in the mines I have been told it is much easier to get work once you are actually over there. For example one person I spoke to said basically interviews were held every Wednesday at that particular mine, all you had to do was show up.
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