Questions to ask before investing as a seafarer 

We all know by now that the merchant navy pays well. A seafarer can never face any financial issues if he/she learns to manage their income correctly. Seafarers are a group of professionals who prefers all kind of luxuries around after returning. But there is little knowledge among them on what kind of luxuries to spend or invest their hard-earned money. They tend to make mistakes and regret them afterward. The market is changing every day, and technologies are evolving, making a seafarer widely detached from realities. There are a few questions everyone either aspiring to join the Merchant Navy or working there already should ask themselves before making any purchase :


Do I need this immediately?

“I think one of the things you need to realize is that the things that you think you need in life are not the things you, as a person needs, they are the things that other people tell you that you need.”

― Cave Man, Modern Human’s Handbook

Classifying and prioritizing what you need and what you desire is the first step toward an improved financial statement. Seafarers are flooded with wealth, which becomes one of the prime reasons for an irresponsible money flow. Buying expensive digital gadgets which have the highest depreciating value as it is easily replaceable in a year or so with new models or better products in the market. A seafarer should be proficient in filtering what is needed right now and can not be compromised. Remember, buy things you want, and spend on things you love, but the budget should always be taken care of.

seafarer want vs need

Will this improve my current financial prospect?

It isn’t what you earn but how you spend it that fixes your class ⁓ Sinclair Lewis

Money comes in; Money goes out. The term “Personal finance” refers to how you manage your money and plan for your future. A seafarer should know that all their financial decisions and activities have an effect on their financial health. It’s always important to consider what you should be doing to improve your current and future financial prospects. Investing in stocks or bonds that provide very fewer interest rates is not a wise decision to make. Keep your eyes open and do your part of the research before making any big financial decision.

seafarer financial prospect

What are the liabilities attached to it?

Liability is anything for which we have to pay in the future. While assets are things that you acquire. …..


Can I instead save this amount for future?

Saving money allows you to build wealth. It is a very important aspect of income. But how much saving is enough for a seafarer? It is recommended to keep 1 lakh in your NRI FD every year. NRI FD is particularly a fixed deposit for NRI that facilitates asset allocation. The main reason for saving for a rainy day is to give a seafarer a worry-free life in terms of unexpected life events and sudden expenses. Making personal budgets for all expenses is critical to financial stability. It should be noted your savings determine the comfort and abundance of retirement. Putting small amounts consistently in savings every month can earn interest over a long period.

seafarer savings

Big things have small beginnings. A seafarer should not focus on saving the maximum amount of their on an inconsistent basis but should follow a regular approach. Differentiating our financial goals from our day-to-day expenditures is the first step in the right direction. Given the fact that the merchant navy has an erratic flow of income, a seafarer should know well the consequences of overspending in the future. Remember, It’s not how much money you make but how much money you keep, how hard it works for you, and how many generations you keep it for. 

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