9 TIPS PARA MARAMDAMAN MO NAMAN ANG IYONG LEAVE PAY & FINAL WAGE

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Di mo naramdaman ang leave at final wage mo? kung di ka related dito wag mo na basahin para di ka mapagod.

But if you agree on what I am talking about, it is because you pay others before paying yourself first.

A piece of advice before you spent your hard earned money on huge restaurants, latest gadgets, expensive vacation, unnecessary expenses make sure you pay your self by means of savings, investments and life protection.

Because if you will ignore to pay yourself first you and I will work until we die.

So! Hopefully, you may catch up some important advice on this blog.

1, Giving / Tithings:

Many people and even some seafarer’s neglect the word giving because we think normally that the time we receive our salary it has to be spent only for our family.

I personally believe that what you sow you will reap, In my recent blogs I said that God doesn’t give us enough or some excess resources for us alone.

If you think that God blessed you a lot from the job you have you should know your purpose by means of giving.

Some resources had been given to us so that we could be a channel of blessing to others.

2.Prepare your Financial accounting:

There is one of the practices that some seafarers doesn’t have an idea and they don’t have any plan for managing it.

Normally we know is when we receive it we just need to manage that resources until the next vessel that we will sign on.

But that is the mistake of many even me, And from what I have learned from a Financial seminar I learned how to calculate the SAL ( statement of asset and liabilities ) how to prioritize your budget and some allocation such as investment and protection.

You need to have your own financial accounting so that you will know what you need to prioritize first.

3.Eliminate your debts:

Before you buy your newest gadget or anything you love to buy you need to eliminate your debt first.

Because if not it will accumulate its interest or if it doesn’t have, some people ruin their personality by neglecting to pay their debt first.

And they hurry to buy the stuff that will make them poorer instead of richer.

4.Separate immediately your emergency fund:

many seafarers know how to save but they forgot to save for many serious savings such as emergency fund.

An emergency fund will be your buffer in any case of loss of a job or any serious need of money or whatever it can be used for urgent purposes.

You have your fancy car amazing house or anything you gave a deeper value. but if you forgot to save your emergency fund.

later on, you will sell what you have in a negative profit.

5.Freewill Fund:

There is a lot of terms of Freewill fund like the happy fund, play fund or anything you want to call it.

I save some amount for my freewill fund is for the purpose of buying the things that I love such as eating in a fine dining restaurant or buying a stuff that I loved.

This fund is outside of your monthly budget! meaning these fund can be spent wherever and whenever you want.

so typically save around 20 – 30 dollars per month of my salary so it could be like this 30 $ x 45 pesos ( samples exchange rate ) x 8 months of contract = 10,800 pesos.

There is only an example you may set your own budget base on your monthly income.

6.Invest in protection like life insurance:

We need to understand that being a seafarer is not a lifetime and we know a Lot of stories that many seafarers when their reach their retirement age how many of them are really prepared to retire? how many of them are financially stable that they don’t need to return onboard just to save for their retirement?

You need to understand that you should oblige yourself to save and invest for your life protection known as life insurance because you never know what will gonna happen to you for tomorrow what if you die today do you have something for your family when you need to leave?

7.Don’t just save learn how to invest.

As I said many of seafarers when they reach their retirement age they don’t have the guts to face it because when the time they are earning a lot they don’t pay attention in managing their finances through some of them gave all they have to their children and other extended families that sometimes we need to consider.

But what needs to learn here is we need to know how to invest our money in may investment vehicles out there.

So in these way you can maximize the potential growth of your money.

These investments that accumulated will help you when you are in your retirement age.

8.Prepare your monthly budget:

If you have a budget around 35,000 pesos or 714 $ per month and if your vacation is around 3 months you need to keep around 105, 000 pesos or 4,285 $

so that you can make sure within 3 months you can live a normal life.

after that, if you exceed your vacation and suddenly you lose your company or whatever reason you may use now your emergency fund.

9.Eliminate Unnecessary expenses:

If you have some expenses that you think you don’t need to waste money then eliminate it immediately there are a lot of expenses which is more in need rather wasting it on the things that will never help you to build your financial stability that leads to financial freedom in the future.

 

My fellow seafarers if you will ignore this what I have written be careful!

Don’t be too overconfident about the current salary range.

Everything can be removed to us in a twinkling of an eye. If we will neglect to manage what God has entrusted to us when we are in our earning capacity.

Do you want to learn more ways of handling our hard earned money onboard?

You can download my FREE eBook on Income Multiplier

 

 

 

Download it here ->>> cecventures.com

If you enjoy and you learned something please share it to your friends and community.

I hope I shared something useful for you today!

Until next time.

God bless to all my fellow seafarers.

 

 

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