#FinancialPlanning #ExtraIncome #InvestingTips
Wow, congrats on finally earning proper money! 💸 It’s great to hear that your hard work in the mining industry is paying off and helping you get ahead financially. Here are some ideas on how to make the most of your increased income:
– Consider putting some money towards your superannuation for retirement savings 🎓
– Look into investing in stocks, property, or other opportunities to grow your wealth 📈
– Speak to a financial advisor or planner to get personalized advice on your specific situation 🤝
Overall, it sounds like you’re in a great position to start building a solid financial future for your family. Keep up the good work and enjoy the benefits of your newfound income! 🌟
It depends on what you want and what your personal needs are, many people here are saying don’t spend too much but if educating your kids is a priority you need to spend that money now, its all about you and your needs.
If you want to be locked into Super laws and save some tax max your contributions. Personally I like to save 10% of my take home pay and put it into investments. Don’t be a hero with shares, you aren’t an expert. Buy a ETF of something you like and hold minimum 10 years.
Financial advisers are a mixed bunch but if you have lots of cash, little idea what you are doing and find a good one they can change your life.
IMO, to support kids; it’s often better that both partners work. This significantly reduces the very real risk that would exist if one partner was the only breadwinner and was subsequently laid off.
If you haven’t been investing yet, then yes, get started right away.
Build up a 20k emergency cushion fund. I would be careful slowly sinking into a new level of comfort, I mean a bit is ok, but taking a year to ‘just spend it and enjoy it’ is how you creep into largesse and big spending habits that are harder to kill than they are to develop.
good work mate.
im currently around the same age and in my final year of elec apprenticeship (had a previous trade and was making decent money) but had 2 kids in the time I’ve been an apprentice and it’s a struggle on apprentice wages with a family of 4 with all the rise in living costs.
I cannot wait until I’m signed off and we can finally get ahead and build some savings up again and not live week to week.
I’m like you, doing fine but nothing more than fine. I’d go for super contributions to make up for those years you were earning a low salary and thus contributing low super.
invest in S&P 500 ETF’s or other broad range ETF’s
Congrats mate but that’s quite a switch, how did you pull that off?
Great example of getting better skills. I tell people this all the time and they push back hard. It’s literally just a case of realising the career you have doesn’t cut it and then making some effort to change careers and work to a better position. Well done. 👍🏼
Look into Super contributions for your wife. They change the rules around so check what works best for you each year. When I’ve worked a little it has been a good deal to drop $1000 into my Super as a personal contribution (the government then drops $500 in as well), and for my husband to drop $3000 into my Super as a Spousal Contribution. Just make sure you tick the box on your tax to say you made a Spousal Contribution to her Super, so you get $500 back from the government.
Wowza – how did you jump from Chef to Field Technician?
Figure out what your goals are so you know what you’re working towards. That will help you decide what to do with any surplus income. If you’re not sure what your financial goals are, there’s a lot of finance and investing content out there now. A lot of people start with the Barefoot Investor it if it doesn’t gel with them or they want more they keep loving onto other options. You can try Lacey Filipich’s book “money school”, Noel Whittakers books, “The Millionaire Nextdoor”. Your library should have access to audiobook versions if that’s easier for you while travelling to and from work
Make sure you have an emergency fund set aside and automate your cashflow system. For a free option I like the Glen James Spending Plan (google it, he has a media company with a series of finance podcasts too). You still need to review it as things change, whether it’s income or expenses, but it is pretty straightforward
For us personally, DH has a business and I work in an industry with contract roles, usually part time when I’m working. We choose to add extra to super and then invest outside of super as well, but that’s because of what we have to work with. If you have to choose one or the other, think about when you might need to access the money, tax implications (reduced tax in super, vs tax at marginal rates on income from investments outside super), how long you plan to work until.
If your wife has had issues with employment and driving, are there options for a side hustle she can do at home that might turn into a business? Not MLM type stuff, but an actual business. This is rhetorical, just something to think about. Otherwise something I do in periods when I’m not working is cook a lot more from scratch (ingredient household), meal prep, etc as ways to reduce expenses. I’m also primarily the one to keep on top of making sure we have the cheapest utility plans, insurance quotes, phone deals.
I was in the same boat pretty much.
37m with two kids, working in Disability services at 88k a year with a shift roster that was borderline insulting and not family friendly. I was pretty unhappy with life in general.
Moved into mining working in stores 8/6 at 114K. Working FIFO not only brought in more money but actually more stability around my family life aswell. While I miss my kids when I’m at work, being home for a week and can focus on them is wonderful.
I’m a part time chef. But run a side hustle DJing weddings that pays majorly supplements my income. Chefs are woefully underpaid. If you don’t mind asking what course/path did you take to get into the new job?
Congratulations! That’s all I have to say. Stop, reflect, celebrate in a small but special way with your wife.
Consider reading Barefoot Investor or for US content YouTube Dave Ramsey or ‘I will teach you how to be rich’ by Ramit. It’ll help propel you on a positive path.
Australia, the land of flipping houses and digging holes😂
How are you even surviving on 115?
Don’t get sucked into lifestyle creep. You don’t need a bigger house, newer car or more stuff. You don’t need to Uber Eats every second meal or to start eating steak every night.
Chuck everything extra you have on the mortgage and build up a nice safety buffer so you never get behind again.
Get finance for the most expensive Ute that you don’t need, then tailgate people everyday.
I’d first just get ahead of mortgage repayments by like a year (either in offset or redraw) to give you some breathing room.
In fact given current interest rates, the general advice is continue paying down mortgage (again either in offset or redraw), as otherwise any investment has to beat 6+ % after tax to do better. You could still look at doing that later, but personally I’d just be building a buffer so you don’t go into arrears again.
How the hell did you survive on 73k supporting 4 other people!!
Have you given the missus a nudge to help deal with your financial issues.