How much money do you earn? And how do you spend it?

[cguy]

Put an offer to purchase property today and the owners accepted the offer. Going to pay the full amount in cash... Will be left with nothing afterwards

Correction. You'll be left with what the house is worth as an asset minus all the debt and interest you'll be paying over the next two decades.

Cash is king, baby!

 

[Hamster]

Cash is king, baby!

I missed the cash part

Seriously though, dunno if I have the balls to push all my cash into property

 

[Thor]

Correction. You'll be left with what the house is worth as an asset minus all the debt and interest you'll be paying over the next two decades.

He bought it cash. I took it he has none of those things.

 

[F1ve_Claw]

SWMBO would castrate me!

The 120k is fair considering that I'd have to be on standby and that I always have to be within 50km of the mine when I am.

I don't see myself working at a mine for more than 10 years though. I'm using this opportunity to build some wealth.

That would be a decent chunk above what the highest paid lawyers that age are earning in multinational. Need to post that payslip for +10 internet points

 

[MagusKAN]

I don't think I am going to post that payslip, but have a look at these figures I found by browsing around on hireresolve and careers24 (the figures increase as one goes deeper and deeper into the sticks; these figures are actually quite low):

 

[hj007]

Age: 26
Degree: Mechanical Engineering
Industry: Mining
Years of Experience: 2.5
CTC: 40k/m [including company medical aid, pension, group life, disability cover and funeral benefits; excl. bonuses] (I am reaching the end of my training programme and am on track for a 3x raise. I just have to pass the GCC exams)

Spending:
Interest Free Loan (partial bond payment; company perk): R500
Medical Aid (my contribution to company medical aid): <R200
Bond: R5600
Car: R2800
Fuel: R2800-R3400
Insurance (car, tracker, mortgage protection): R1142
Electricity: R250
Groceries, health and beauty: ~R2000
Cellphone and Internet: R1249
Entertainment (DSTv Extra and Netflix): R139
Gym (Samsung Workout Trainer app): R97
Rates, Taxes and Levies: R1259
Bank Fees: R262.10
Cash (untracked): R500

Rest:
Easy Equities tax-free savings ETF portfolio
Short-term savings (FNB 30-day notice account)
Giving
Extra car payment with what's left

Nice. If you can keep your expenses in control and pretend you're a business and thus avoid lifestyle inflation as the income comes in hand you're a great candidate for getting FI in 5-10 years

http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Judging by how much fuel you spend I'm guessing you've got to travel quite a bit for the various mines and biking is not an option?
You could really smash one of the most significant cost in your expense bases there, if FI is something of interest.

 

[MagusKAN]

Nice. If you can keep your expenses in control and pretend you're a business and thus avoid lifestyle inflation as the income comes in hand you're a great candidate for getting FI in 5-10 years

http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Judging by how much fuel you spend I'm guessing you've got to travel quite a bit for the various mines and biking is not an option?
You could really smash one of the most significant cost in your expense bases there, if FI is something of interest.

Another mustachian!!
Yeah, mrmoneymustach and getrichslowly are the two blogs/forums that got me into shape! The book Your Money or Your Life was the starting point. I am a big follower of ER/FI, and am eyeing 10-15 years from now... the desire to have kids extended the timeline a bit.

Regarding biking: unfortunately the roads leading to most mines are unsuitable. I definitely considered it though.

 

[KleinBoontjie]

Correction you will be left with what the house is worth its an asset

Except if he bought it for da 'ol ball and chain :crylaugh: and it's in her name now.

 

[Fireball]

I don't think I am going to post that payslip, but have a look at these figures I found by browsing around on hireresolve and careers24 (the figures increase as one goes deeper and deeper into the sticks; these figures are actually quite low):
View attachment 401319
View attachment 401321

Whelp... Time to quit my job as a software developer and go back to varsity to become a mining mechanical engineer!

 

[F1ve_Claw]

Whelp... Time to quit my job as a software developer and go back to varsity to become a mining mechanical engineer!

Don't forget for these salaries you also need the experience. Seems 5 years for 800k is the norm when going through these. 1mill+ is an outier but still seems to exist at that exp range

 

[Fireball]

Don't forget for these salaries you also need the experience. Seems 5 years for 800k is the norm when going through these. 1mill+ is an outier but still seems to exist at that exp range

5 years experience in software development gets about R500k per year. I think 10 years experience is about R800k. So, I'm seriously wondering if it's not worthwhile going off to the mines.

 

[Cius]

I would not recommend going into mining. The mining sector is consolidating in a big way and there is a lot of retrenchment going on right now. The high salary is due to the skill and experience required and the fact that you have to live in the boondocks. My dad recently retired from BHP and he says mining is toxic right now. Its being killed by politics and the looting of the ANC as its an easy target. The BEE tax is slowly killing the SA mining industry right now.

 

[CamiKaze]

5 years experience in software development gets about R500k per year. I think 10 years experience is about R800k. So, I'm seriously wondering if it's not worthwhile going off to the mines.

Really depends on where you are and what you do, and how close to business you are as well.

 

[Not_original]

Nice. If you can keep your expenses in control and pretend you're a business and thus avoid lifestyle inflation as the income comes in hand you're a great candidate for getting FI in 5-10 years

http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Judging by how much fuel you spend I'm guessing you've got to travel quite a bit for the various mines and biking is not an option?
You could really smash one of the most significant cost in your expense bases there, if FI is something of interest.

Two coal trucks coming at each other on a not too wide mine road, an idiot trying to squeeze past that somehow, and then you on the bike. Sounds fun. Also lived on a mining village for a year and I would not dream of it

 

[Dade Murphy]

After accepting my first job for 230k ctc, this thread is quite depressing

 

[Not_original]

After accepting my first job for 230k ctc, this thread is quite depressing

Thats the beauty of it. It is your first job. You can only go up from here

 

[TehStranger]

After accepting my first job for 230k ctc, this thread is quite depressing

R19,000 per month isn't bad for a first job (it's a ****load more than my first (or second) job paid).

 

[DominionZA]

Whelp... Time to quit my job as a software developer and go back to varsity to become a mining mechanical engineer!

Not hard to earn that (or more) as a developer.

 

[Pho3nix]

Not hard to earn that (or more) as a developer.

As a dev, it's an exception. Mining it's the norm.

 

[Frankie_Yale]

As a dev, it's an exception. Mining it's the norm.

why are there so many dev jobs advertised in the UK for 60k - 80k per annum?

or are we only talking ZA here?