Hey all,
I’m fresh to the industry and just recently started sailing on my license, I’ve been wondering if anybody on this forum has any experiences or reccommendations for financial advisory services that they’ve used while shipping. This industry lends itself well to accruing money quickly but not necessarily using it wisely. I would appreciate any insight into services you guys found savvy.
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If somebody cold calls you and says “oh I know a buddy of yours and know all about your industry,” absolutely don’t use that guy.
Hard to find somebody to trust. I lucked out with a family friend who had taken care of several other family members with a lot more money than I’ll ever have and he was willing to take me on.
Best advice is to avoid financial advisors until you have accumulated some serious money, even then remember they exist to make money for themselves.
If young regular contributions to VT and BND etfs will be as safe as anything. 80-20 is a good mix for a young person.
Many years ago Buffett said most people would be better off with VT and BND.
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I’m working with a woman now who is very familiar with the maritime industry. She’s focused on helping me develop a personalized plan that looks at my long term and short term financial goals plus the tax consequences of the options. It’s not the horrible financial advisor classic advice of ‘just put your money in this mutual fund and you’ll be fine’ . The lady I’m working with is all about helping educate me and then supporting me in finding the best solution for me. Highly recommend. I can send you her contact info then you can do a free consultation and see if you click. The bottom line is she showed me how I could retire when previously I didn’t belief it was possible. Just to be clear I don’t get a kickback or anything.