Rich Dad a Seafarer

To my fellow Seafarers may you all in God's protection and care. Do you know the author of the bestseller book "Rich Dad Poor Dad" is also our brother in profession? Yes, Mr. Robert Kiyosaki is a graduate in United States Merchant Marine Academy. If you read his book entitled "Rich Dad's Prophecy" he explained how he invest in Realty Investment just he is loading a cargo in a cargo hold of the vessel. Wow! he is the man.
But he don't spend much time working onboard the vessel and far from home. He is a realty investor, a successful one and ohhh! a multi-millionaire. I knew also successful Seafarers in our good country Philippines who are in their peak of their profession, but they are not successful working onboard. Maybe not all but most I knew they are successful in their investment and business ashore. Their secret......? FINANCIAL LITERACY.

Also, I encourage you to play in "Cashflow 101" it's a good game and same time you can gain knowledge financially. How to invest in realty not using your real money. You can experience how to be bankrupt, how to be downsized, how to increase your cashflow, your cash on hand and it depends how you handle the situation when you have a child, education, expenses, doodads, and how you handle using your credit card. How to have a small deal and big deal when good oppurtunity arise. How to increased your asset and liability. I tell you from the rat race it will show you how to go in a fast track. Let us dream not to stay in a left quadrant as Employee or Self employed. Let us dream to be in right quadrant as Businessman or Investor. Let us all dream BIG. Ready, Fire, Aim. Until next time let us all live abundantly with God's grace.

The Steps To True Wealth

This time I want to share the 12 steps to build your personal wealth and turn your dream of financial independence to reality.

1. Understand and overcome the obstacles to building wealth.

2. Know what you want and dream big.

3. Find out where you are and what you have.

4. Make a saving a lifelong habit.

5. Spend your money wisely.

6. Get out and stay out of debt.

7. Find ways to earn more, to save more.

8. Prepare for life's financial challenges.

9. Plan for a hassle-free and comfortable retirement.

10. Grow your money through smart investing.

11. Take care of your health to enjoy your wealth.

12. Share your blessings and receive more riches.

Starting today, memorize these steps. Always keep them in mind so you will stay focused in your quest for financial independence.

Source: 12 Steps to Build Wealth on any income
Author: Alvin T. Tabanag, RFP

Ca$hflow Game

Hello to my fellow Seafarers! After a long day of research about where to invest our hard earned money, still I have a big question. What is the best vehicle or investment would be best for us?
I read a lot of comments from various forum and made me confused. Lastly, I found a good game . The game that Robert and Kim Kiyosaki (of Rich Dad Poor Dad) developed – Cashflow 101 and 202 can now be played online for free. Wow! what a challenging game, I been through to this game, it's amazing and I'm glad to share to you. Why not try it will show, open and lead you towards financial freedom. From rat race to the fast track if applied in a real life. You too can register and it's free.
Just log on at http://www.richdad.com/

Percentage

The topic I want to share today is how many percent do I need to spend for my needs, for tithing and for my savings? This formula taken from the book I'm reading and I'm happy to tell you these.

70% of our salary - For our needs, foods, monthly bills, education, clothing., etc. etc.
20% - For our savings, Investments
10% - Tithing

You may ask me about tithing. You see from our salary we give only 10% in return for our God who gave us everything. He gave us life, nice job, good health, happy family, friends, the air we breath but the 10% is only a minimum if you like to received more blessing then give more to our God. Because, they said when we do this, just like we open the flood gates of universal blessings. Remember! it is better to give than to receive. I am right brothers and sisters?

For our savings 20% of our salary, this is what they call "pay your self". The author of this book advise if you have knowledge about investing in Mutual funds, Stock market, or any vehicle to give high yield of your savings/income it is better to start early, regularly and in long term or any vehicle that suit your tolerability on what they call "risk".

And we live to our remaining 70% of our salary. Let us remember "Education is never ending process". Hope we all learn about financial freedom to live our life not in a rat race but in a fast track. Let's all live abundantly with God's grace.

Tips For Effective Saving

Hello to my fellow Seafarer outhere! Good morning, good afternoon, good evening. Hope everyday start with very good morning. Here, I want to share to you hope all of us can benefit to save effectively our hard earned money. As the writer of this book said. In every income group there will always be savers and spenders. It's up to you to choose whether you want to spend first and save last (if there's anything left) or follow the right formula for saving your money effectively.

INCOME - SAVINGS = EXPENSE

Meaning that you pay "yourself first". Once you get your salary set aside the portion as your savings and use whatever is left to cover your needs.

Seafarers emergency drills

As requirement by the SOLAS Convention and by the Administration. Officers and crew must conduct regular emergency drills. In order to response immediately in a real emergency situation, eg. fighting fire on board and in any worst case scenario to abandon the ship to avoid loss of life. Prior going aboard the ship the crew must have safety training certificates, without these you are not be hired by the employer or the Principal.

Working aboard the ship is same as investing, your capital is your diploma and those training certificate which you cannot pay in small amount but in a four digit price. There are lots of shipping/manning agencies hiring qualified seafarers. But, how can a seafarer earn money while on vacation is my concerned now? I mentioned on my previous blog about active and passive income.

As a seafarer for a long time just now I realized that we must have passive income and to prepare for our retirement. That if God willing to stop working abroad at the early age and to enjoy living with our family. In what way? That is what I'm doing researched to be financially literate by reading books, watching motivated videos about money, where to invest our hard earned income.

Easter Sunday in Ship

Yesterday we are celebrating the Easter Sunday here in Gibraltar anchorage. Thanks God he is risen to save our sins. There are multi-national working on board with different religion but we work as one. We, believe there is only one God and saviour who crucified because of our sins.

We celebrate the feast with lots of foods, sweets and many more. Luckily, we don't have much cargo operations so the Officers and crew enjoy.

Today, here comes the bad weather, gusty winds with the force of 25 knots/hr. Whew, what a great day. As one of the crew here on this good vessel and according to my research about How to be a financially literate I'm sharing to my crew mates my little knowledged about investing Stock market and various Mutual funds. We cannot deny, mostly Seafarers are financially illeterate how to save and how to invest. Good thing here, we have internet connection so I can research and reading about "How to be a millionaire". Because, as they say we are living in abundant universe.

My contract soon to finish and my mind is set to invest, invest, invest to earn pasive income while earning my active income. Thank's for the people who created topics about money without roobing my soul.

Seafarer's life