Making the Most of Those Mining Dollars
Chances are that if you’ve suddenly landed a mining job and experienced a dramatic rise in income, your lifestyle is changing.
The higher income can be liberating if you’ve struggled to meet expenses on Perth-based earnings, however, a sudden rise in salary also brings issues that must be carefully managed. Jo Naquesage, Business Risk Manager, says those who manage and protect their increased earnings from the outset will reach their financial and personal goals much faster.
Ms Naquesage says she sees many clients whose incomes virtually double overnight – many tradesman with incomes rising from $60,000 to $120,000 – when they take a job in the mining industry.
“It’s fairly natural for people to direct their higher income towards major lifestyle enhancement such as holidays, entertainment or upgrading household goods”, Ms Naquesage says.
“It is important that the extra income is protected, so the lifestyle or financial plans that are driven by the higher income is not at risk.”
There are specific issues relating to insuring people in the mining, oil and gas industries, however, Jo is experienced in working with insurance companies to make sure clients get the best terms.
In addition, although many people wait until they have a family, significant debt and/or are in their forties to take out insurance, it is significantly cheaper to take it out when younger.
For example, it is possible to obtain $100,000 worth of life insurance and trauma cover for an 18 year-old for less than $300 per year.
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