Home > Mining and money: Advice for miners [Opinion]

Mining and money: Advice for miners [Opinion]

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If you don't ask questions, you may as well be burning your money away. 

So you're working 12 hour plus shifts, sacrificing weeks away from home, home for a week or two if you're lucky and then you do it all again.   
So why are you doing what you're doing?  It may have something to do with the money!   

First you get the money - then you get the power- when you get the power, you get to make choices...  

It's all about choices! 

So how many of you have a plan?  

How many of you are channelling the money away so it is working for you?  

How many of you are working hard but have no idea if your finances are doing the same?  

From my experience, chances are there's a fair few that are trying to do the right thing but at the end of the day, could probably be doing things far better. 

So here is lesson number one! 

You're always likely to get a bit more credibility and far less likely to be taken for a ride if you have some knowledge behind you when it comes to getting advice - whether it be financial advice, advice on buying a house, getting a mortgage, buying  a car, a boat... the list goes on.   

When it comes to getting advice on how to best invest your money, I reckon it's no different to getting advice when buying something like a laptop computer. If you walk into a computer store and you see the sales representative who likely resembles Rusty Gates, his eyes will light up with 'KA-CHING - KA-CHING - KA-CHING' when you ask, "Er, what's the best laptop to buy?"' 

Now if you've got absolutely no idea about computers, then all the sales guy is relying on is that he knows a little bit more than you do... and if you know nothing, then it doesn't take much for Rusty to sound like he's Bill Gates.   

So what's the lesson here?  

Do some homework and get a bit of an understanding of what it is you are wanting so you feel confident enough to ask questions.  

If you ask a question that is relevant and Rusty looks back blankly, politely turn the other way and find someone who knows what they are talking about. 

So how does this tie in with improving your overall financial well-being? Get smart and learn a little before putting all your faith in someone.

If you're going to engage a professional for advice, understand where their limitations are. Be wary of the people who claim to be experts on everything, since most who claim they are, aren't.   

When it comes to your financial future, don't get spun up in jargon.   

If you don't understand something, ask for clarification.   

They'll genuinely have your best interests at heart if they welcome your question, since it shows you're engaged and willing to learn.  

Remember there is no such thing as a stupid question.  

In addition to money, education also brings with it choices, so be sure to check out the following website - www.moneysmart.gov.au , which should provide you a bit more understanding on how to save as the mining boom bites.

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