Today's episode will just be a solo episode as I am currently working at sea but this does not mean I won't do any interviews anymore. I might get an internet sim card for it we will see. Anyway, the topic today will be interesting as it does not apply only to seafarers but to every one who is working already to earn money. This episode is also kind of personal as I am sharing my own financial mistake I made years ago.

Timestamps:

• Financial mistake #1- Inflated lifestyle [1:18]

• Why seafarers tend to overspend [2:37]

• One approach into living below your means for seafarers [3:52]

• Financial mistake #2- No emergency fund [5:06]

• Don't treat savings as an emergency fund. Separate it please. [6:05]

• Why people fail keeping their emergency funds intact [7:12]

• Financial mistake #3- Having no medical insurance

• Seafarers underestimate how expensive medical treatment is [8:50]

• Insurance should be treated as an expense, not an investment [9:54]

• Financial mistake #4- Buying a house immediately and calling it an investment [11:27]

• Buying a property is a concentrated risk and an illiquid asset if not done correctly [13:08]

• Financial mistake #5- Falling for investment scams and get rich quick schemes [14:34]

• If it is too good to be true, it probably is and that's a scam [15:19]

• Why do people still fall on these scams? [15:57]

• Please, always do your due diligence and research [18:04]

• My own financial mistake I made years ago [18:29]

Reach out to me in my email- [email protected]

in my facebook page as well- https://fb.me/theseafarerinvestorpod