So I am back in the workforce for the time being, it is a great change from a sometimes lonely days of an entrepreneur. It is also a target rich area when it comes to learning about people’s habits, beliefs and challenges with money.
I am not in your everyday corporate office. I am in an environment of brave souls that realise that sometimes to make the big bucks you need to make sacrifices, like being away from your families for an extended time. They also know that these jobs have an end date, so as soon as you start you are working toward becoming unemployed, once you are unemployed, the next job may not be around the corner. You may know these guys as the Fly in Fly out (FIFO) Workforce.
The FIFO life has been romanticised in some areas, because all the outsiders seem to think of is the big bucks these guys often make. Which is true, except that when they don’t work – like on their breaks or between contracts, they have don’t have an income as such they are facing the challenge of managing their cash so that they can create a constant cashflow, rather than living in a feast and famine lifestyle. And that challenge, whilst clearly there, is not managed well by most. There are two things I see happening. One is that they either live it up big whilst away, with absolutely nothing to show for the increased income at the end of their assignment, or living like money is scarce, saving every dollar and living off those savings in between. And don’t think this only applies to the FIFO guys! Many entrepreneurs do exactly the same thing.
Rather than the black and white approach, there are plenty of shades of grey in between that one can adopt. So how could you create a balanced approach?
Adapt a Big Picture Thinking
You are making sacrifices right now to boost your income, surely you want those sacrifices to be worth it! Don’t just think about now, tomorrow or until the end of the project. Look past that all and ask yourself: What do you want your life look like in 1,5,10 years from now?
There was a reason you said yes to working away. There was a reason to wanting to boost your income. There was a reason behind willing to make the sacrifices of being away from family, friends, missing special moments. What was that reason? Knowing this gives you a purpose behind wanting to create a better life.
What would that better life look like and how would your current income boost assist you in achieving that not just now but in the future?
Invest in Your Future
Whether you realise or not, but either end of the black and white approach – whether you spend all the cash or you hoard it – is driven by fear. What if you got rid of that negative emotion and took a more planned out approach.
You know what you want, you don’t want to be constantly working the massive hours, away from loved ones, sacrificing your quality of life… do you!? I’m pretty sure part of you wanted freedom when you signed up for this deal. So let’s make it happen by investing part of your cash boost into income producing assets.
There are plenty of opportunities these days, whether you choose a business, property or shares, do your research. Don’t wait till your cash runs out, start now!
This is something that is very important in life, yet most people forget to do it. Instead they spend their time putting out fires.
Take the time, lay it all out, starting from planning your ideal life to the way you will create income to projecting milestones for each step along the way. Create a life strategy, a blue print. Yes, some things will change along the way, it may require you to change and tweak a few things, but don’t allow a road bump take you off your path!
The aim of the game is to make life better in a long run and to reduce the cashflow headaches. For that you have to be able to step away from working for money and focus on making money working for you, shift yourself from being an employee into being an investor.
This means that your life plan will have to have a financial component, this will enable you to plan for periods of savings, investment milestones, adding increased income, and of course some fun, like holidays. This plan will help you measure how well you are going with living your dream life.