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  • Q&A: Financial Planning For Seafarers

    Please ask your questions on personal financial planning and related topics in this thread.

  • #2
    NAVEEN, SAUMIL THANKI AND JEFFREY DELA, thanks for reading the article.
    The second article will help you gain more insight into what financial freedom entails.
    From the 3rd article I will start laying out the table with the options available to the seafarer and the strategies we must adopt.
    Please ask your colleagues to read and send me specific queries.The solutions must be found in your own countries.However since the concepts are same and similar financial products are available everywhere , this will not be a difficult task.
    ANDERS JAKOBSSON, I will go through your website and see where it fits in the life plan of an average seafarer.

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    • #3
      First of all this article was very helpful for me. I would like to know more. Im a 4th year student of marine engineering and placed in MOL aged 21. I stay in a suburb of mumbai, to be frank its my wish to move into the city area as its lifestyle attracts me. Im concerned as im around 10 lakhs rupees in dept to bank as i opted for education loan. My father is going to retire in 2017 and i will b the one to take the responsibilities of my family. So if its possible i need a brief advise to guide my way.

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      • #4
        sir i m a 3rd officer in a foreign company . as u all know our status is nri. i m looking for a personal loan. but none of the bank is providing personal loan as my status is nri. kindly help me out and which bank can help me. i m staying in gujarat.

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        • #5
          I do not know the purpose of your personal loan.However being from Gujarat , you should be smart enough to know that personal loans in the first place come with the heaviest interest.In my opinion you should desist from taking any personal loans unless it is for a medical emergency.Instead talk to your employer and ask to stay a bit more on board and earn the amount.
          Desist from taking any loan since your financial position is better than anyone else of your age.The only loans that you should go for is a housing loan, that too after some time when the interest rates start climbing down which they will.
          For other Indian readers too, please go in for floating rate of interest since the rates are expected to climb down in future , at which stage you should be able to lock into a fixed rate of interest.Please ensure that this option is there in your loan agreement.
          If you wish to be discreet , you may write to my personal email id rajeevekaushik@gmail.com
          Last edited by RAJEEVE; 01-22-2015, 06:41 PM. Reason: Thought of adding a advice form other readers as well.

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          • #6
            Please continue to educate yourself in Financial Planning and start saving and investing as soon as you start earning.Do not wait for any deadlines.
            Your priority should be to pay off the education loan, so that you have more surplus for investing and taking care of the family when you become the caretaker as you have mentioned.
            Future articles will help you understand the nuances of finance and how not to waste the money by going for frivolous plans.Rest assured , after getting the job you will be in a very good position to realise all your dreams and shoulder your responsibilities.
            For the time being, study sincerely and get good grades and hence a good company.
            Always invest your attention and time in your education and training- it gives best returns.

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            • #7
              Regret , I put the answers in the comments , as I felt that will segregate the replies for the person concerned.

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              • #8
                This is in resonse to a query from VAIBHAV:
                Vaibhav, Please do not even try to maintain a normal NON-NRI account while fling return as NRI.
                It is illegal.
                You cannot have two statusesand also two types of bank account.
                In fact as a NRI you cannot have savings in any Post Office Schemes or even a PPF.

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                • #9
                  Rajeeve Sir...Thank you very much for your great help.. we are loving the information your are providing..please keep the articles coming...they are very helpful...thank you once again...

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                  • #10
                    Sir, i have a doubt regarding 'NRI person should not maintain non-nri account and ppf account' as it is illegal. Im working in Indian company (PSU) as engineer officer, sometimes my status is NRI depending upon no. Days spent in foreign water. I have a non NRI savings account n ppf account. From last 2 yrs my status is NRI. Do I have to change my account to NRI account n close my ppf account.?

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                    • #11
                      This is in reply to Pradeep's query:
                      If the PPF was created prior to 2008, you may continue the account till it's first maturity.If after the time your status becomes that of a resident then you can obviously continue it otherwise close it.
                      This is the official position.
                      However if you are indicating your status in any particular year as that of a NRI , then do not try to claim deduction under 80C- that way you will at least be clear from the taxman's point of view.
                      Now next is the bank or the Post Office where your PPF resides. If it is discovered that your status is that of a NRI, they may deduct all the interest paid and accrued to you and return your principal.
                      My suggestion is to continue the PPF to it's first maturity of 15 years by paying the minimum subscription, which I think is Rs.200 and then discontinue if you are a NRI at the end of 15 years.
                      Instead you may invest your money in TAX saving ELSS funds which will give you a much better return at the end of 15 years.
                      Do it throughout the year by putting thru SIPs.
                      It is always a better option rather a requirement to have a NRE account as it gives a lot of benefits and preferential treatment . SBI allows you to open a NRI account with your CDC.

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                      • #12
                        danrence says February 3, 2015 at 2:54 pm
                        good afternoon sir Rajeeve Kaushik , i read those article that u made and im so very interesting to learn and understand more about investing and saving about money. im a deck trainee of a the maritime agency here in the philippines. As i read those article u made for us seafarers, is it possible to start earn my money for buying a land and later for the house? But it reminds me that when im going to onboard , i wish that i could send my siblings a gifts like laptop or cellphone but not much in expensive value so that i can still have a remain money in my pocket. Sir i still dont have a experience on board vessels but maybe after a few months i will be on a tanker vessel own by the greece and filipino company, i wish that u could responds on my comment sir. Thank you and God Bless you

                        RAJEEVE arence welcome to Shipping.Just as you are going to learn various things on ship, keep reading these articles and about corresponding products in Phillipines.
                        After you come back from your first ship you can set up your systems.as I have outlined in the article. ON the ship try to save your money as much as possible. It will set a habit for you.
                        Once you have got into the habit , very soon in life you will be able to buy all that you think.
                        Remember , as a cadet you are not working , only learning.So no one at home is really expecting any expensive presents from you.
                        Your parents will be more than happy when they see that you are able to take care of your expenses for exams on your own.

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                        • #13
                          Rajeev sir thank u for replying. Sir, as it is Indian company, for earnings in Indian waters I got salary in INR n TDS was deducted for the taxable income (even after deducting u/s80c). And for the dollars, i used foreign currency remmitance, by that i used to get money in INR in my savings account. Now I paid tax on my Indian income n still had NRI status, so still will it be illegal to maintain ppf account n savings account?
                          As u mentioned tax savings ELSS schemes through sip, I'm very much interested in those but don't know how to start N how to select fund house. Please put an article how to enter in the field of share market (like how to open demat account n other things). It will be very helpful for me n other budding officers.

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                          • #14
                            Pradeep, any NRI is required to pay tax on his Indian income.
                            As I advised you may continue to deposit Rs.500 every year and continue your account till maturity.At that stage evaluate your resident status and close or continue your PPF account.Regarding ELSS funds or any Mutual funds you need to get a KYC done before you can do online investment.
                            If you let me know your cit of residence ,I may be able to advise you.

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                            • #15
                              My city of residence is Hyderabad India. Kindly advise how to go about.

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