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As you may or may not know, seafarers typically earn more than their non-sailing friends in a month, but we may not earn more than them annually. However, most of us don’t have as much expenses from food, transport and entertainment for most of the year.
It is wise to set aside a rainy day fund, and invest the rest so you can fight inflation plus earn a little more.
We can start / share what investment ideas or what portfolio we have? Investment is a such a broad subject. Seafarers surely must be in touch with personal finance, if not come back shore. money all spent, end up might as well dont sail. Looking at the money we can save at Sea, really make our sacrifice and those sweat worth it.
Let me do a rough calculation of possible savings using an below average Payscale, All just in assumption and estimation, all goes smoothly in joining, resting 2 /3 months in between, $ in usd
1st Ship: Cadet 9 months $700*9= 6300 YEAR 1
2nd Ship: Cadet 9 months $700*9= 6300 YEAR 2
3rd Ship: 5/E / 4/O 6 months $2000*6=12000 YEAR 3
4rd Ship: 4/E / 3/0 6 months $3000*6=18000 YEAR 3-4
GO TAKE COC 2 -11000k SGD YEAR 4
5rd Ship 4/E / 3/0 6 months $3000*6=18000 YEAR 5
6rd Ship 3/E / 2/0 6 months $4500*6=27000 YEAR 6
7rd Ship 3/E / 2/0 6 months $4500*6=27000 YEAR 6 -7
8rd Ship 3/E / 2/0 6 months $4500*6=27000 YEAR 7 -8
9rd Ship 2/E / 2/0 6 months $8000*6=48000 YEAR 8
10rd Ship 2/E / C/0 6 months $8000*6=48000 YEAR 9In 9 years: 237600$ earned in USD
To be very honest, the first few years( YR 1 to 3) of career can really forget about saving much money unless you are bonded. $ comes after COC2, its quite decent if youre in your 20s – 30.
The best time to invest, was yesterday. But today is better late than never.
I have a few principles I abide by.
I diversify. Not a strict allocation, but my US portfolio is mixed. Consists of ETFs, and stocks only. SPY & big tech form the majority. I keep a watchlist and check their prices every time i call port. The wifi situation in my company also does not allow me to monitor the markets daily. Time in the market beats timing the markets.
Hence, adding posns every time I manage to get hold of a sim card or when i call sg is basically like DCAing. With my monthly salary, every time I can’t find a bargain in my watchlist, I just go with 1 SPY. Rinse and repeat every time i call port.There are studies that compared the returns of 1) those who invested EXACTLY at the mkt btm
2) those who invested consistently like DCA
3) those who invested EXACTLY at the highest peak
4) those who NEVER invested.
Summary: investing consistently had pretty close returns with the first group.I’m still young, I don’t have dependents, I’m not planning on any big purchases soon (wedding/house/etc), I have a long runway. Therefore I can take more calculated risk. That is why I do not prefer to go into safer instruments like bonds or even dividend plays as there is almost no growth.
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