Today a member of Finworld@Sea group suggested to others that we should keep our traditional Life insurances running..
Quote///At least with the name of lic policy and paying premium yearly save some money. Because i have seen lot of Mariners spending all money and going back to ship without saving anything.
///Unquote.
I was actually pained to read it after so much of the effort that I'm trying to put in to change this thinking.
Still I tried....
This is my response...
All this is old thinking and behind us. That is precisely what we have been trying to change for 25 years.
Days of little bit here and little bit there and 4-5% returns are over. Now neither can you buy property like yester years and hope for it to multiply from 1cr to 200cr , nor can you get 12% returns from banks.
We move cohesively and so far over 2200 people that I'm aware of are on this path and plenty have retired safely and others are guiding their colleagues further on their ships.
Over 11 people in this year alone have reported reaching the critical point of 1 cr , and by some strange coincidence most of them are of 2/O and 3/E rank. The reason for this could be that the seniors do not wish/like to share their status for some reason.
So you see, it's not sufficient to halfheartedly prepare for future life, it is not possible.
The effort has to be well thought and researched and then followed aggressively only then will you be able to get the best out of the hard work that you're putting on the ship.
Don't count the days on board in terms of the salary, think of it as the days of sacrifice and blood , sweat and tears. The days away from wife, children and parents. It represents time that will never come back.
Hence it is in our interest to be determined and ensure that our salary is treated like a seed or sapling which SHOULD grow into a big fruit tree. This tree will give fruit if we care for it for some time- till it reaches a certain height (or quantum) after that this tree will give you such sweet fruits and in such sumptuous quantities that you could have never imagined.
Instead of looking around at toxic products , we must keep reading to see how the equity scene is changing or the bank rates are moving. e.g. The rise of Index funds and ETFs, some optimism for debt funds etc.
We should read more about Personal Finance to understand the pitfalls.
In my opinion more than money it is Time , Patience and Strong determination that is required to attain Financial Independence.
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