Maritime industry financial advice

[Monocle Money Mouth]

I stumbled onto this reddit thread while I was searching for photos of lakers, the bulk carriers that sail the great lakes.

It was surprising to hear how much of what they say sounds like what we talk about around here. Similar investment advice and what to avoid to destroy your wealth (big trucks, boats, and failed marriages).

https://www.reddit.com/r/maritime/comments/1h1ywnk/net_worth_at_retirement_question/

[spartana]

That was fun!.I think lots of us who've spend long periods of time at sea and/or in remote places long term would agree with this. But.... It's the port stops. Most younger people in the Merchant Marine or on military ships (or even those working on shore in remote places like Prudhoe Bay etc) will spend huge amounts of money once they get into town. It's mind bogglining sometimes. That coupled with still wanting expensive consumer items at home they may only use a few months of the year.   I know @Nords use to blog about why so many  sailors and soldiers could never retire even with a fairly high guanteed pension and medical for life and needed to continue working until older age. These were some of the reasons. @Sailor Sam probably deals with this too with their young crew members.

[Nords]

I know @Nords use to blog about why so many  sailors and soldiers could never retire even with a fairly high guaranteed pension and medical for life and needed to continue working until older age. These were some of the reasons.

I know plenty of military families living on their military pensions, especially when they’re backstopped by VA disability compensation and eventually Social Security.
 
But I also know plenty of military families who leave active duty with little savings or investments… just memories.

Financial independence is relatively straightforward and even simple— but the sustained effort is not so easy.  The Facebook group Catching Up to FI has nearly 16,000 members.

I’m sure some of the merchant mariners are on their path to FI, and hopefully mentoring the younger ones. 

In 1993 we sold our 1981 Mazda GLC hatchback to a couple of merchant mariners who were looking for a cheap car to get around Oahu during their portcalls.  They were also still drilling in the Navy Reserves, which is how they found our ad and quickly paid our $600 asking price.

[Sailor Sam]

That thread was fun!

It’s mind-boggling how much you can save as a young officer or sailor (what do the MM call their, uh, sailors? Crew?). Living on the ship with absolutely no overhead for months and months. and it’s mind-boggling how much those kids can spend, living on the ship with no overhead and 100% discretionary income.

That one post on the thread is right. They’re either millionaires, or they’re absolutely busted. I’m on this forum, so I’m not on the “busted” side of the equation, but let me tell you; the day I made it back from Valdez to the “city” of Juneau for the first time in 6 months I spent money like water.

The lakers are purt fookin cool, though. I’m off to listen to The Edmund Fitzgerald.