Can a Seafarer Become Billionaire ??
Last updated on November 9th, 2023 at 12:01 pm
Seafarers are rich but not super rich, they can be considered upper middle class as most of their money is invested in doing courses. Beginning with the basic cadet, the money he receives on board is spent on refresher training and second mates’ courses. A seafarer needs to study a lot until he doesn’t become CAPT /CEO. More the study more hard-earned money gone.
1. TAX ON SEAFARER
Most of the seafarers feels this as the greatest advantages that you don’t have to pay anything for sign-on and sign-off fees, logging fees, or boarding fees until you leave and return to your home port, everything goes inside your pocket and nothing comes out and even tax tree.
Once you come shore money goes at same speed as it comes in.
Most of the earned money on ship goes in travelling and rent and other house expenses once you start doing course from other cities in India. So, it’s not possible for a seaman to make a billions but the person” WHO IS BUSINESS MINDED” will become billionaire very soon as he knows how to invest his money, which business will give him growth and what is risk -reward ratio. He is wise in taking financial decision and always knows to manage his hard-earned money.
Merchant navy is a job and job alone can’t make you super super rich, never ever put yourself in dilemma that job is alone the solution to your financial needs, be a job provider than a job taker. There are hundreds of crores of cargo being transferred by ship in one go but seafarer is paid to take care of cargo that means you are working under boss pressure; you will be paid satisfactory money but you can’t become unicorns.
3. BUSINESS TO BECOME BILLIONAIRE
You can become extremely wealthy by starting a business. It does not necessarily follow that you can start a business after you are a billionaire. Businesses can be started with small and huge amounts depending on which is most advantageous and provides a high return.
One can accomplish his goal, provided the business has progressive growth.
Business involves: –
- risk, so one should have backup plans in case the enterprise fails.
- Investments, to sustain business
- a proper team is must to grow business proper promotion online or offline
- marketing and sales team is necessary to grow a business.
- Once the business is set it can give you financial independence.
Entrepreneurs who are now billionaires were once penniless, proving that one can start something with an “IDEA.” An idea can alter one’s life and doesn’t need a lot of money to start; all it needs is a little encouragement to shine .
If you believe you don’t have proper idea or execution plan to start a business, then you can be an investor, let them do all the hardship and let your money work for you.
A startup can also experience continuous growth, but only a brilliant startup can generate enormous profits provided the person behind it has a clear strategy and understands how to carry it out. Only then can one succeed with flying colors. Destiny can play a significant role in success on occasion, but as the saying goes, “destiny favors the brave.” The person who is willing to face hardships and persevere despite all odds will undoubtedly succeed.
Patience is the key to success. The only issue is individuals/seafarers lack patience and want to become billionaire in a month, despite the fact that even a tree takes years to bear fruit.
Do invest according to your appetite and realize that you need large investments to generate big money.
4.3. Stock Market
You can invest in stock market, by purchasing shares, commodities, currency, gold. You must invest time in your stock market if you want growth; the more productive time you devote, the more wholesome and stable your growth will be. Most importantly, money must be obtained from employment before coming to stock market
5. OTHER INVESTMENT TO BECOME BILLIONAIRE
There are numerous more options for investing:-
- SIPs which can be started with as little as 50 rupees per month
- mutual funds,
- Real estate, mortgages.
- Provide loans
- Hire portfolio manager with significant experience in stock market.
DO INVESTMENTS AND BE YOUR OWN BOSS