Take Your High-Paying Job and Shove It? (Crewing Challenge, Part 1)

Recently in maritime news, there has been discussion about the Military Sealift Command laying up 17 ships, or about 25% of the ships that are crewed by civil service mariners. For many of the job positions available, the Military Sealift Command offers the highest cumulative wages in the industry. However, it comes with a significant cost in personal time. Whereby officers in other shipping firms work a total of 6 calendar months per year, Military Sealift Command has required a minimum of 8 months. This situation is partially rectified by a newly-introduced part time schedule at 6 months per year, though with reduced healthcare and retirement benefits. While maximizing a paycheck used to be the priority for many Americans, whether to provide a better life for the grandkids or to keep up with the Joneses, it is no longer the case with Gen Z. Obviously, if this was the case, Military Sealift Command wouldn’t be competing with shoreside firms for recent college graduates. These folks are putting their money where their mouth is, as far as Work Life Balance is concerned. To achieve financial stability that allows this balance, one can earn more, or cut expenses. Scott Trench, founder of the Bigger Money Podcast, notes that housing, transportation, and food make up the largest three expenditures for most households. Housing: Younger people in general have stopped trying to pay the rent on one income. Definitely a change from a decade ago, when it was the thing to sign a lease on a shoebox apartment in some hip part of the city. Living with roommates, in the parents’ oversized house, or with an equal-earning partner cut one’s housing costs in half, or even less. Transportation: A new pickup truck or SUV is no longer within the middle-class budget. Sure, you can get an 8-year car loan at $1000 per month. But anyone with an iota of sense would buy a lightly used vehicle, or a more modest new car. Going beyond the “daily driver” car, we might wonder if we have manufactured enough durable goods- or “expensive toys” - to last the next decade or two. Lightly-used Recreational Vehicles, All Terrain Vehicles, and Boats are available on the market for enthusiasts to buy at often-steep discounts. Food: The Golden age of American restaurants- and nightlife in general- is over. The New York Times wrote that hospitality has become inhospitable, from the view of customers upset about trite service and high prices, employees about demanding customers and low wages, and owners about rising costs and lack of labor. The trend is shaping out to be a small number of high-priced, high-quality restaurants, and a larger number of food hall (cafeteria?) establishments with reduced staff; with more entertainment and communal dining taking place at home. Barbeque, anyone? Earn More: The Dual Income Couple can be empowerment, rather than a trap. With parents now having their first child closer to age 32 than 22, there is a good chance that both mom and dad are established in their careers, and logically, it would be a large leap to give up the safety net of two income streams. Coming out of the Pandemic, there was a significant mismatch between work-from-home jobs and people who would benefit from them; and the fact that even among white-collar workers, WFH jobs paid more than in-person roles. With the economy being an efficient machine, we are seeing the emergency of a work-from-home, flexible hours track that allows the primary caregiver to spend time with the kids. Overall, more intelligent financial planning means less need for overtime shifts and long stints at sea. Many of us experienced mariners know the prodigal type that gives away their paychecks to man toys, girlfriends and nightclubs. Some of us are fortunate to know a forever-single mariner with a net worth nearing $5 million: keep savings high and expenses low. Moderation is finding the balance between these two extremes, something we may have forgotten in the not-too-far past.