[notanzaiiswear]

No you don't have to remember the master seed. You should write it down and hide it somewhere, though. You need it if you lose access to your wallet. (It's a bit like a backup of the encryption keys for your hard disk, if you have enabled disk encryption).

The wallet password depends on the wallet of course. I guess you often create it yourself or it may even be optional.

I wouldn't recommend that approach for storing large amounts.