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10 Mistakes Seafarers Do With Their Money

Feb 05, 2016

Seafarers may be overwhelmed by the life they enjoy on board. A totally different lifestyle from what you’ve been used to offshore. But while enjoying your life at sea, you should also prepare for your life when you’ll no longer be able to work onboard.

 

Unknowingly, seafarers are continuously committing financial mistakes which can devastate your status for a stable future.

 

Here are some common financial mistakes that most seafarers often commits:

  1. Seafarers depends on the ship’s benefits. Most seafarers rely on the benefits their ship owners and agencies have given them.  must learn that whatever freebie they get, it is momentarily and can’t support you  offshore.

 

  1. Seafarers fail to avail a personal insurance. Though there are benefits for seafarers while on board, it is also a must that you take on a life insurance which you can depend on after you resigned. Start having your life insurance  as early as possible.

 

  1. Failure to consider medical insurance. Admit it or not, this is one important thing that seafarers usually neglect. It is true that seafarer’s medical expenses will be paid by the shipowner, but only while you’re on board or still under the contract. So it is also a must that you get a medical insurance not only for yourself, but for the whole family as well.

 

  1. Failure to make plans. Most seamen live on what they have, forgetting to prepare and plan ahead.. Planning is the best step to make. If it helps to have a financial adviser, seek one. Proper planning can change a seafarer’s life.

 

  1. Not saving for an emergency fund. Since you  are often out in the sea and far from their family, it is only normal that you set up an account which will be your family’s  emergency source. Seafarers’ allotments usually cover only the everyday expenses of the family - food, clothing, house, and education for the kids, and little will be left for savings. So when an emergency happens, finding a source will be an additional burden. Open another account now and start saving into it at least with a few months budget for emergency purposes.

 

  1. Seamen don’t start saving early. This is one step that seafarers should do right away. It may be hard for some, but it is a must. The habit of saving early is a good practice for every person. This will ensure you of a fund that you can rely on in the future, aside from the insurances.

 

  1. Trusting the wrong person for their financial aspects. With the fact that you are onboard most of the time, seamen usually count on other people’s recommendation on whom to entrust your earnings for investments in an attempt to grow your hard-earned money. Be educated first so you’ll be able to execute a wise decision you won’t regret in the end.

 

  1. Overspending on unnecessary things.  One thing that may be hard to accept, but yes, seafarers tend to overspend on useless things. Gadgets is on top of the list. Why crave for the latest on the market when you can’t use it at all since you’re too busy with your duty? Instead, try to have the things which can truly be useful to you while on board and offshore.

 

  1. Seafarers have, in attempt to prepare for the future, chosen the wrong insurance to take. Wrong insurance means it is not enough to suffice their future needs. It’s a temporary saving scheme, which you can’t use after some time. Be wise. Research on such insurance policies and learn from other people so you won’t commit a mistake by signing up to it.

 

  1. Investing without goals. Many seafarers do this. Investing just for the sake of having an investment. invest because of your goal. You just don’t buy a big house because you want to boast but because you’re preparing a home for a family that you would like to or that you already have. Always remember that no investment should be done without a specific goal in mind.

 

Seafarers should, in any way possible, stop making these financial mistakes. Only then you can ensure a better future ahead

 

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