THE SEAFARER’S FINANCIAL COMPASS — DAY 1
Know Where Your Money Stands
Before making investment decisions or planning for the future, the first step is to understand your current financial position.
In Day 1, we look at the basics every seafarer should know:
• Income — What comes in
• Expenses — Where your money goes
• Assets — What you own
• Liabilities — What you owe
• Net Worth — Assets minus liabilities
The goal is simple: know your financial position before deciding where your money should go. A personal balance sheet can give you a clear snapshot of your finances and help you track whether your financial position is improving over time.
This is Day 1 of The Seafarer’s Financial Compass — a simple financial literacy series created to help seafarers understand, manage and plan their money better.
