Crew investment needs - share your story
Good day all Yotspot crew followers!
I am writing this blog to see if there is a way for me to put my 12 year career in investments and financial planning at the Royal Bank of Canada, the largest company in the country I might add, to good use. That career was my second, after a 25 year career as an Engineer in the Canadian military.
There is a concept in Canada called early retirement whereby employees can leave at age 55 with a reduced pension to pursue their dreams. For some it is a chance to stop work once and for all and live the dream. For me that meant two things-going back to school for a PhD and also embarking on a sea career that I had long aspired to have, but could not fit into the game plan earlier in life. As fate would have it, a request for divorce from my longtime spouse, and the arrival of an empty nest as our 3 daughters left home for university and work, left me in the perfect place to downsize and start my encore career.
Now as I embark on a career filled with so much opportunity, I bring this wealth of knowledge of banking, investments and financial planning that I would love to share with my crew colleagues out there on the great blue sea.
In starting this blog, I would like to know:
What are the unique financial needs of crew?
What are the problems that you are encountering that keep you awake at night?
What have you done that you are proud to share with others?
For this last point for me, I am proud to have stuck with my first career through good and bad, better and worse, thick and thin, and to have earned a pension from it. The same can be said of the second career, although I didn't have to stay there nearly as long as the first.
I can see that for crew, pensions are probably few and far between so you pretty much have to create your own pension plan by saving and investing regularly into something that will be there for you and will have hopefully grown in value for when you do retire. In addition to pensions it is probably super important to have medical coverage because your health is what allows you to build your wealth. I was blessed with great health care coverage from my employers and my country.
Those who have neither once again need to find a way to get coverage because your biggest asset is your ability to earn an income.
Well I have said a lot without really saying much but I would like to wrap up with one final word. There are only two guarantees in life if you work- death and taxes. Death generally takes care of itself but taxes, ugh, it is up to us to take care of that. For that we need to either find someone who is good at it and can take care of it for us, or we need to do it ourselves. As banks around the world become increasingly concerned about money-laundering and corruption, it is important to have a trustworthy country we call home that knows us, will accept us, and will give us a safe place to invest and will take our money for taxes. Those countries like us best when we are on time paying them so it's important that we keep them happy.