Being a seafarer comes with so many benefits and advantages, but it has its disadvantages. When onboard, most seafarers feel so relaxed and reluctant about having personal financial plans. Why wouldn’t they be reluctant about having a financial plan?                                                                              

Most shipping companies treat seafarers so well, as long as they are onboard their ships. They pay them (seafarers) so well, and in time, their welfare, including medical bills, are also taken care of, and they also have life insurance for them. Most seafarers, especially the unmarried ones, become relaxed and think less about Life after sailing.

The Painful Truth about the shipping industry is that after a seafarer’s contract ends with most of these companies, the benefits they’ve been enjoying stops.                                                                              

 Imagine not having a personal financial plan and not being able to secure another contract for a while. That would indeed be a total disaster, especially if you have a family to take care of. Some ship owners or shipping companies have no long time pension plans for Fully employed seafarers. Even when they do, the amount paid would be insignificant. 

It is of great importance as a seafarer to make hay while the sun shines, having a standard personal financial plan while you still have the opportunity. Seafaring isn’t an easy profession, do not let all your efforts and hard work be in vain. A retired seafarer or a seafarer waiting for the next contract should not be in a lack of money situation. 

Seafarers put in so much sweat, hard work, and even money to become better and earn higher. There are so many required courses for seafarers. Most of these courses are expensive after passing through all these stress of taking these courses, paying the outrageous fees, going through several training, and doing all the hard work onboard a ship. Going broke shouldn’t be an option.

It is vital as a Mariner/seafarer to have a secured personal financial plan before retirement or ending a contract.

WHY IS IT IMPORTANT FOR SEAFARERS TO HAVE PERSONAL FINANCIAL PLAN

• After a seafarer’s contract ends, the benefits end too.
• Seafarers hardly have long term contracts.
• Shipping companies provide little or no pension for seafarers.
• A seafarer and family’s medical or Life insurance from a company or ship owner ends when the seafarer is on leave or when the contract ends. 
• Sailing is a risky career. Your family needs to be financially secured in case something goes wrong onboard.
• Having a taste of the good Life and not being able to afford it after a while can lead to depression.

HOW SEAFARERS CAN SECURE A PERSONAL FINANCIAL PLAN

Spending weeks and months at sea, as a seafarer, with all your needs being taken care of by the company you work for or the ship’s owner makes you lose track of all the economic changes going on in the world. Seafarers on duty have little or nothing to do with money onboard, so they mostly do not spend their money till they are onshore. The lack of experience in spending money and the excitement of being on land sometimes leads them to spend lavishly.

To have a secured financial plan as a seafarer when you are no longer in service, here are some suggestions for you;

• Spend Less 

Spending money appropriately is one of the first steps to secure a personal financial plan as a seafarer. The less you spend, the more you save.

• Make good investments 

Yes, you already have a job as a seafarer, but that shouldn’t stop you from making investments. Buy shares, invest your money in tested and trusted areas. Ask your account manager for some financial advice, do researches on where and how to invest. There is nothing wrong with having double or multiple income sources.

• Get good insurance

When it comes to having personal financial plans for seafarers, getting adequate insurance coverage for yourself and your family should be top on the list. Life insurance, medical insurance, car insurance, etc. Insurance is really important and helpful. things could go wrong at any time. Insurance from ship owners or shipping companies doesn’t count cause it ends once your contract ends. Having your insurance for you as a seafarer and your family is necessary. 

• Retirement savings.

After your Life as a seafarer, what next? 

Every seafarer should have this question in mind, “what’s the next step for me after retiring as a seafarer”? Firstly, before you start making any plan as a Seafarer, money should be available. 

It is very important to have savings for retirement as a seafarer. The company or person you work for has no business with you once the contract ends, to avoid being in a difficult situation after retirement, safe while you have the opportunity to do so.

• Buy an affordable house

Buying a house is a really good thing. Having a home to come back to after spending so much time on the sea gives a seafarer a sense of belonging. Where the problem lies is in how much the house cost. Purchasing a home through loans or mortgages and going through the stress of trying to meet up with the payment plan can be avoided. 

Buying a house, you can afford is always the best option. There is nothing wrong with purchasing a house in the suburban. Most suburban areas have lovely and luxurious homes, and the best part is that they don’t cost so much added with the fact that in less than 6 years, the area would have fully been developed. 

Don’t forget that houses in the urban area pay more taxes, so choose wisely.

• Have an excellent tax payment plan

A personal financial plan for seafarers is not complete without a tax payment plan. Not complying with your tax payment can literally land you in jail. Make adequate plans for your taxes to avoid being in a compromising situation. 

Every seafarer deserves a good life after retirement. Personal financial plan for seafarers is of much importance.