Preparing Financially for the Imminent Downturn
For the first time in many years, the global mining forecast is looking fairly good, however, for those working in the mining industry across the globe, there are many things that continue to make them nervous about the longevity of the boom. On a global scale, those in power they are predicting an upturn for the industry next few years, even though commodity prices haven’t been showing great strength.
In Australia, Mining employs relatively small quantities of workers, (2% of national employment). Employment has dropped over the last five years but remains at a comparatively high level by historical standards. Although there are signals that employment has stabilised in the last 2 years, factors like automated machinery and driverless vehicles come into play.
Around 32% of workers in the mining industry are machinery operators and drivers, and the future appears to be less than promising for employment stability. In the last five to seven years, the largest numbers of job losses were in metal ore and coal mining and people are still quite nervous because of this.
The pressures of uncertainty combined with the desire to secure financial security [before it is too late] are driving many mining industry personnel to find different ways to secure a better financial future through quality investments. As hard as this may sound, there are many ways you can do just that, setting you up for a bright future with a small amount of the right type of information.
Adam Truelove, Trading Floor Manager at Learn to Trade, says “Preparing for your future is difficult, especially if you are uncertain of the longevity of your job. It makes it very difficult to plan for the future, however, the best way to ensure you are set up in case your job falls over is through preparation. Learning how to properly invest your money is a start, and the knowledge how to do this CAN be learned and has more benefits than just making sure your money is safe. In fact, really good investments can get you so far in front, that you will never have to work another day in your life.
“What if,” Mr. Truelove says, “instead of spending your money on things you don’t really need, or things you will barely even get to use because you work so hard, you could make more money from your extra income, while you are away? Being smart with your money is difficult, but these tips should help you get in front, and stay in front.”
“If you can avoid debt, avoid it. It’s better to save money and wait until you have enough to buy nice things, rather than borrow it, and be caught out if you lose your job. Sit down with a financial planner and be completely honest about where you want to be financially in 1, 5 & 10 years. Create a plan that assists you with using your money sensibly,” he explains.
Mr. Truelove says that the property market is also a fantastic way to make money, but only if you want to spend your time off working on it.
“Always put aside some play money for yourself and to compel your spending urges. Instead of spending on silly things, invest it into something like Forex Trading.”
It’s one of the easiest ways to achieve a solid return on your investment, and it’s often exciting as well. Spend a small portion of your time onsite studying the ins and outs of Forex Trading, and you’ll be a pro in no time. It won’t take long until you are so good at it, that your financial freedom will outlast your mining industry contracts.