Yahoo Finance FIFO tradie exposes ‘golden handcuffs’ trend trapping Aussies
Keanu Hunt first went to the mines six years ago and said it's incredibly difficult to give up.
A fly-in fly-out (FIFO) tradie has opened up about the difficulties of transitioning out of working in the mines due to the high pay. People all across the country and the world are lured to mining sites every year on promises that they'll be swimming in cash.
While that is true for many who answer the call, Queensland electrician Keanu Hunt said there's a double-edged sword to getting such a big salary. He told Yahoo Finance that it's a little-talked-about issue amongst FIFO tradies.
"Everybody sees the money, and then you make the money and everything's all good," he said. "But once you're there, it's hard to come back."
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Hunt described the huge wages as being bound by a pair of "golden handcuffs".
"I'm always looking to see what the wages are back [home] and then you look and you just think, 'How do people even live off this money in this day and age?'" he explained to Yahoo Finance.
When he finished his apprenticeship on the Gold Coast, his then-boss, who had been working on a mine site near Rockhampton part-time, encouraged him to pack his bags and head north.
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High pay and a week off isn't the dream you think it is
That was six years ago and the now-29-year-old said he's been a FIFO miner ever since doing a week-on week-off roster.
He said he's earning about twice as much in the mines than if he was a sparky at home, but he's doing 12-hour days rather than eight-hour shifts.
The average Gold Coast electrician can earn between $80,000 to $100,000 a year, according to SEEK. However, job site Talent revealed entry-level FIFO sparkies can start on $117,00 per year and work their way up to nearly $160,000.
Even though he gets a week off from the tools, he said he still misses events and family milestones, which has been tough to deal with.
Seven days off might seem like an amazing prospect for some workers, but Hunt said it's not always as fun as it sounds.
"My days only just consist of working out in the morning and then I've got nothing left to do, you know," he said. "Just wait for the missus to come home and then that's pretty much just that every day."
Tough but 'worth it' to leave FIFO: Tradies weigh in
Many FIFO tradies agreed the golden handcuffs trend has made it extremely difficult to leave the mines.
"Not even just the money but so many people are just financially illiterate, ridiculous loans, out-the gate holidays. Constantly bringing you back," wrote one person.
"I got out after 12 years. Financially it’s still very tough but my happiness levels are through the roof. Personally, it was worth it," said another.
A third added: "Took me five years to get out, from the moment I walked in, all I had to do was look around for motivation. Keep looking at your co-workers and you’ll find the motivation."
There were some FIFO tradies who differed and said they were happy to be shackled by the golden handcuffs.
"Been doing it over 20 years and still love it. Week on week off. Happy days. It’s not for everyone," commented one tradie.
"It’s not for everyone, if ya don’t like it just move on, I love my FIFO lifestyle, been at it 13 years. Wouldn’t change a thing," said another.
Hunt advised anyone thinking of getting into FIFO mining should have a game plan for how long they want to stay and stick to it.
He said he'll continue heading north every other week until he's ready to start a family as he doesn't want to miss those precious moments.
But he admitted he's in a better standing point than other FIFO workers because he can still be an electrician back on the Gold Coast, however, there are many jobs on a mine site that don't have the same availability in capital cities.
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