Do not
Procrastinate- SAVE what you have less and need more- TIME.
Last week I was in quite a spot late at night.
By quite a
coincidence three young officers were all about to join their vessels
within a week and were already out of their home town.
All three of them had their financial matters quite muddled up.
To quantify the problem all three of them had collectively over 1 crore rupees to invest in various avenues but no time.
All of them had been on leave and at home from 3 to 5 months.
Why they could not take such an important decision earlier, warrants an informal enquiry.
We cannot trust the matters simply on psychological uncertainty and write it away.
The reason for such dalliance comes because of the nature of the employment of marine professionals.
When they're at Sea , they are earning money but they do not see it accumulating. More importantly they do not see the money being consumed because they are not aware of actual expenses at home.
Hence any financial decision in terms of investment does not get taken when they are at Sea because they feel that the money will be needed for various things when they come home on vacation.
Similarly when they are on leave the Marine professional is not aware when he would actually be in employment and when he would start earning as a result he likes to keep a mental buffer amount ready for any contingency.
Above are other two reasons why the Marine professional starts accumulating his money in the bank and more importantly in the basic savings account where the money does not grow but rather depletes due to inflation.
This may have been a situation earlier but in the last two decades world over few trustworthy avenues have come up in form of mutual funds where one can keep his accumulated wealth from a few days to a few years.
As I have pointed out earlier to all the seafarers across the world irrespective of their nationality that they must investigate the possibility of keeping their funds in a category of mutual funds called liquid or ready to use funds.
I have investigated that in other countries too ( like India) there is a possibility of keeping their money in these liquid funds. These type of funds give a better return than in the bank and a possibility to withdraw at a very short notice and utilize them for their needs. Beyond creating this buffer for their mental uncertainty and mental peace they must start a system by way of which a very small amount start getting invested every month into various equity or stock based mutual funds.
In the beginning this amount needs to be small in just a few dollars a week and then as they educate themselves in the field they can let this investment amount grow.
However it is imperative that the first saving or the first investment of a person is done as early as when he is a cadet , and not wait till he becomes a full fledged officer.
Investing in efficient avenues like Mutual Funds is exactly like planting a seed of a fruit tree.
All three of them had their financial matters quite muddled up.
To quantify the problem all three of them had collectively over 1 crore rupees to invest in various avenues but no time.
All of them had been on leave and at home from 3 to 5 months.
Why they could not take such an important decision earlier, warrants an informal enquiry.
We cannot trust the matters simply on psychological uncertainty and write it away.
The reason for such dalliance comes because of the nature of the employment of marine professionals.
When they're at Sea , they are earning money but they do not see it accumulating. More importantly they do not see the money being consumed because they are not aware of actual expenses at home.
Hence any financial decision in terms of investment does not get taken when they are at Sea because they feel that the money will be needed for various things when they come home on vacation.
Similarly when they are on leave the Marine professional is not aware when he would actually be in employment and when he would start earning as a result he likes to keep a mental buffer amount ready for any contingency.
Above are other two reasons why the Marine professional starts accumulating his money in the bank and more importantly in the basic savings account where the money does not grow but rather depletes due to inflation.
This may have been a situation earlier but in the last two decades world over few trustworthy avenues have come up in form of mutual funds where one can keep his accumulated wealth from a few days to a few years.
As I have pointed out earlier to all the seafarers across the world irrespective of their nationality that they must investigate the possibility of keeping their funds in a category of mutual funds called liquid or ready to use funds.
I have investigated that in other countries too ( like India) there is a possibility of keeping their money in these liquid funds. These type of funds give a better return than in the bank and a possibility to withdraw at a very short notice and utilize them for their needs. Beyond creating this buffer for their mental uncertainty and mental peace they must start a system by way of which a very small amount start getting invested every month into various equity or stock based mutual funds.
In the beginning this amount needs to be small in just a few dollars a week and then as they educate themselves in the field they can let this investment amount grow.
However it is imperative that the first saving or the first investment of a person is done as early as when he is a cadet , and not wait till he becomes a full fledged officer.
Investing in efficient avenues like Mutual Funds is exactly like planting a seed of a fruit tree.
It does not matter how many seeds you plant but it is the time which
will make sure that the tree grows.
This growth of a tree in financial terms is called compounding.
In order to benefit from this concept of compounding about which you may have already heard a lot on the net, in books and magazines please stop procrastinating stop postponing for tomorrow and act today.
This growth of a tree in financial terms is called compounding.
In order to benefit from this concept of compounding about which you may have already heard a lot on the net, in books and magazines please stop procrastinating stop postponing for tomorrow and act today.
As a slightly older and experienced person, I would suggest
to younger colleagues that they start planning their leave before they actually
leave the ship. Whether it is about going on a holiday, or completing documentations
or going for professional courses, they must plan it with their spouses or
parents (if not married) in advance . Taking all the important Financial and
Non-financial decisions in the first few weeks of coming on leave will help
them spend rest of the time in peace and also see that any of the jobs that
they have done has actually been completed from the service Provider’s end.
Please do not Procrastinate, it is a serious lacunae that I
find with the Seafarers. Most of our counterparts on land are very used to
paying bills on last date, or filing
returns a day before- but since we have sufficient funds but lack of
time- we must save what we have less and need more – TIME.
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