When is the Right Time to Quit Your Sea-based Job?

Would you stay forever on your sea-based job? Can you imagine yourself spending most of your lifetime on-board a ship? If you said no, then what are the reasons that will make you say it’s over already? If you said yes, then I think you have your own reasons but I guess I will never follow your path. Here’s a practical list of goals to meet before you quit your sea-based job.

1. Have a decent house for your family. Shelter is one among the basic needs every family should have. It would also be great if that house is your dream house, because probably you will live there for the rest of your life. I guess a nice car would also complement that beautiful house.
2. Provide a college fund for your children. As a parent it is your responsibility to raise your children with proper education. Save for their future and be secured that they will have greater chance of becoming better persons.
3. Make sure to have a retirement fund. Who doesn’t want to live free from the worries of working for money? Make that retirement period the most enjoyable part of your life.
4. A medical fund for the family. Sickness and other mishaps are unpredictable. It is best to be ready at all times. Having that medical fund will prevent you from using that college or retirement fund in case of emergency. Take note also that sickness will surely drain your family’s savings if you are not prepared with it.
5. A thriving business or a land-based job. If you are the type of person who loves to work but would like to spend the rest of your life with your family, then a business or land-based job is the solution. I agree that it’s boring if you have nothing to do. Just don’t expect you will earn from a land-based job that much compared to your sea-based job. But a successful business will surely do.
6. A separate account for daily family expenses.  You still need money to pay for food and utility bills. Make it sure that you save for it sufficiently. It will be of great help if you still have another source of income like a business or passive investments.
7. Investments and passive incomes. Passive incomes are investments that bear profit through time like investing to real estate. It does not require too much work compared to having a hands-on business.
8. A separate account for vacation and leisure expenses. You would not want to use your money for your daily needs or the college fund of your children for your own pleasure.
9. A funeral plan. Each of us will die eventually, that’s the reality. We would not want to leave our loved ones with additional burdens.
10. An emergency fund. Being ready at all times is the best defense against misfortunes. If in whatever reason the list above fail to provide with what you need, then it’s time to use your emergency fund for any purpose it may serve.

To my fellow seafarers out there who still continue their sea-based jobs despite the fact that they already accomplished the above lists, please share to us your personal ideas and opinions. But for me, it does not make any sense to be away from your family if you already achieved those things listed above. But you may have your own reasons and we want to hear it from you. Cheers!