Commercial Fishermen Teach Financial Planning Strategies

March 14, 2011

Earlier this week I flew home on Southwest airlines – got the A ticket so I had an aisle seat and my bag stowed and I was all settled in for my flight.  A young man in his early 30’s with a 9 month old baby was the last one to get on the plane.  There wasn’t much of a chance that he’d be able to find bin space for his bag and get situated with the baby so the young man next to me (named Steve) and I did the bag switch around, and seat switch to make it all happen so the dad could sit comfortably for the flight and not have to check his carry-on bag.  I ended up sitting between them. Rich (with the baby) was a talker and we three got to know each other on the flight home and surprisingly I learned something new about finances from these travelers.

These two guys had some things in common – they both had worked commercial fishing in Alaska.  In case maybe you thought I had that in common with them, I don’t.  I did go fishing for salmon once in Washington with my grandfather on a charter boat but pretty much that was my only experience (and it involved a catered lunch) so I sat back, kept quiet and listened.  These guys were very animated in their discussions and what stood out to me was how much they seemed to miss fishing.

As people often do, these guys starting “bragging” about their jobs, what kind of house they have, their wife/fiancé and their plans for their future.  As I was listening, I realized these guys were well on their way to being financially successful – they were saving not just for retirement but for their goals, they lived within their means, and thought  about their future in their money decisions.

A thought crossed my mind a couple of times.  These guys both worked with their hands and had worked in dangerous jobs.  I asked Rich if he missed commercial fishing and he lit up and said, “Definitely.  It is masculine.  What you do is important – it matters because it is dangerous out there.  Today I work as a grocery store manager and no one gets hurt when a can gets dented.”  He’d broken his hand twice and Steve had blown out his thumb one season and ended up not making a dime.  In commercial fishing, if you don’t work, you don’t eat.

So long story even longer.  Here is my hypothesis: People who work with their hands have a different outlook on money.  They need to save when they can because the next season is a ways away and no one can count on it being good.  Money is a black and white commodity – you don’t rack up credit card debt.  It was just obvious to them to live within their means.  Save as much as possible when you are young because who knows how long your health will hold out and you want some money to enjoy your old age.

Why I was thinking about this?  I always struggle with finances being so intellectual and especially in today’s world of electronic banking and ATM cards.  We’ve become disassociated with our money as it becomes more and more “on paper” or in the form of plastic.  When I first started in financial planning, when you bought shares of stock you got stock certificates.  Yes, they are a piece of paper but they had significance to them with the emblem and the seal.  You used cash, wrote checks, went to the bank, and balanced your checkbook every month.  The connection between you and your money, your savings, and your investments was stronger.

Should we go back to push mowers?  No, that is not what I am saying.  I am saying that all of us can learn from a couple of nice guys who are doing some things right (and the baby didn’t let out a peep the whole flight).