5 Common mistakes of seafarers about their money:
And the 6th is when you neglect the 5 common mistakes:
By: Christopher Joseph T.Torralba
From the desk of Christopher Torralba:
Founder of : cecvetures.com
Why a lot of seafarers neglect about handling money?
some of those doesn’t know how to manage their earnings while they are still a seafarers,but a lot of them based on my observation doesn’t know how to manage their resources, they just earn and go home and spent their money and until the next ship they will work and the cycle continues.
So I want to share the 5 common mistakes of seafarers about handling money and please read it carefully so you might learn how to avoid these 5 common mistakes.
- Lack of plan about their money
Why did I say this? When I am onboard I ask my colleagues and I ask them what is your plan 10 years from now? or how many years you want to work as a seafarer?
I am asking in this way so that I may have their idea if they have a plan more than being a provider to their families, and most of them answer me different ideas but the sad thing is most of them is far from planning but they are always near in buying ideas.
If they will receive cash advance most of them thinks
” what to buy for me or what to buy for my family ”
It is a punch to the moon if someone will answer me if I will receive my money I will start to create my business or learn how to invest my money or even I want to share some of my resources in my chosen charities.
That’s why the lack of plan about money will end up into a rat race or an endless loop.
In short it will be a cycle earning, and they forgot that earning as a seafarer is not a lifetime.
If you will not plan for your money more than to be a provider to your family, you will end up to become a provider until you cannot be seafarer anymore.
- Un familiar about delaying gratification
This is not just about my observation but it is a normal practice of a lot people in handling their money, when we receive our salary we always want to buy a new pants new shoes or even new gadgets etc and etc.
Delaying gratification is an ability to delay what you want to purchased right now.
ex: Let’s say you want to bought a new smart phone which cost about 18,000 pesos for the year 2017 2 years later the depreciation cost is huge!
maybe you can bought it around 10 – 15 thousand at the year 2019
so there are a lot of stuff we can delay to bought like cars, house, expensive gadget etc.
If you knew that you don’t need to bought what you want immediately you can delay your gratification.
delaying gratification doesn’t means you will not buy it, you will just simply delay it.
The amount you can save can be invest and when it accumulate already you can bought a new arrival of gadgets or whatever stuff you want to buy.
- They ignore financial education
They ignore financial education because they knew that they are earning a lot and earning capacity doesn’t have an end, and this is what I called illusion.
That’s why even there’s a lot of financial seminars they still ignore it because they don’t care about growing their money, most of them just know how to earn money onboard the vessel, but they ignore how they can grow what they have earned as a seafarer.
- They have a lot of dreams and yet they ignore actions
I’ve seen all of us have a dream, but sometimes it ends up with a dream.
Like: I want to have my business, I want to buy a house, I want to buy my car, I want to become rich, and a lot of dreams that never ever may happen because of common mistake.
” ACTIONS ”
We all dream about good things we all dream that we might become rich one day, we all dream that we can travel our family around the world.
But it does not happen because there is no ACTION!
You want to grow your money on investments but you don’t want to learn how to do it.
You want to learn how create your business but you don’t pay attention on business education.
All things may happen in just a matter of time. but don’t expect you will achieve what you want in life unless you will do something.
- Narrow minded plans.
Narrow minded plans means that we plan a lot of things but we just look and saw it in narrow way.
ex: A lot of seafarers wants to buy expensive stuff that they don’t even think 10 x first before they bought it.
But they didn’t foresee the effect of their immediate actions.
If they plan and think in the depth they will understand that it is better to establish their ” emergency fund ” before they buy some stuff that which is not an immediate need.
So when they are experiencing excessive vacation they don’t need to borrow money to other people they are self sufficient because they plan ahead of time, they avoid narrow minded actions.
In the end their family will not be in hard situation specially when concerning about their cost of living.
Hopefully this 5 tips!
will give you an insight about the common mistakes of seafarers on handling money.
If you are interested more about my articles.
I suggest you grab your FREE eBook on income multiplier that I created for seafarers.
Learn how to multiply your income while you are still a seafarer.
A Seafarer’s Financial Compass
How To Multiply Your Income While You Are Still a Seafarer
and I will reveal the following:
Chapter 1: Reason why you should multiply your income as a seafarer
Chapter 2: Income multiplier
Chapter 3: How can I start my income multiplier
Chapter 4:Decision making
Chapter 5: Keeping your passion alive
If you are interested to have you FREE edition you may go to this link:
For the Full Edition of the eBook you may click or search this link:
and here once again ->>>
I introduced this book because I know you need this because it is for you and to your loved ones it is not about money for me but it is the deeper purpose on how finances is a big impact in our lives everyday especially to our profession as a seafarer.
It’s not my loss if you will ignore the eBook that I am offering it’s hard to tell and it’s true
” It will be your loss ”
PS: A true friend will tell the truth not lies.