You are in a remote location for sometimes up to a month, thousands of kilometres away from home and are paid a fat six-figure salary. That #fifolife includes making an appearance at the airport in your hi-vis and heading back to site like clockwork. Ah, the dream, right? But then why do most FIFO workers have no more than $10k in their bank account? Even though just about everything is covered for onsite?
FIFOs often start with the idea of doing it short-term. Their primary objective was to make a large amount of money for a few years, in order to pay down the mortgage or set themselves up. When speaking to FIFO workers, we have found that a lot of them are years down the road and are actually no closer to where they want to be than they were when they first set off to site.
We have found that FIFO workers are often at the mercy of spending more and giving in to those cravings as they see money in their bank grow past a certain “comfort buffer”. So how does one get out of the FIFO financial mindset, and get on track?