As a part of the More Time Financial’s Young Money series, I had the opportunity to sit down and chat with Nicholas Gyngell.
Nicholas explained that in his 20’s, he worked in the mining industry as a geophysicist and was exposed to an industry filled with young males who were earning large sums of money. Whilst there were some more astute miners that knew what they wanted to achieve and had a plan to cash in and get out, Nicholas advised that this wasn’t always the case for the majority of young miners that he worked alongside. What he witnessed over this time, was a large amount of supposedly, well off miners becoming trapped in an industry that they no longer enjoyed working in. However, in order to support an expensive lifestyle that they had become accustomed to, they were forced to continue working. With no clear direction on what they really wanted out of life, living for the now and spending every dollar on the fun things “toys”, (cars, boats & holidays), became a quick and easy solution to a deeper issue.
Nicholas explained he knew of some miners that had been working for over 20 years with little to no assets to their name and nothing to show for all of their years of hard work. Apart from the financial issues that this caused for the individual, there was a flow-on effect to the families, which in a lot of cases resulted in broken homes and sadly in some cases ultimately divorce. To make matters worse, this dissatisfaction of their lives also resulted in substance abuse in an attempt to escape their reality, which made it an even more challenging hole to climb out of.
As a result of what Nicholas witnessed throughout his time in the mining industry and his personal interest of finances he now works as a financial adviser in Melbourne. Nicholas helps people to realise what is truly important to them and to put them on a path to achieve what they really want out of life.
Listen to the full chat here by Nicholas Gyngell: The Life of a young miner. This is the second episode of the More Time Financial #YoungMoney series.
This is the second episode of the More Time Financial #YoungMoney series.