Believe it or not, building wealth while you’re working on board a superyacht is very simple. Not only that, it’s easy. So why do most crew leave the industry having spent most or all of their money and having built no wealth for themselves during their yachting career? What can you do to make sure…
Have you seen the meme with Denzel Washington? The one that questions your very existence as superyacht crew? This one: It’s one of ours. Maybe you know it, maybe you don’t. Regardless, you probably do recognise the truth of what it says. The truth that you work in a world that isn’t actually yours, even…
Here’s something you’ve probably never been told before: Investment without purpose is meaningless. Here’s another one: Money is boring. Taken together, they are the two main reasons why for many superyacht crew investing is not only a wasted opportunity, but likely to fail miserably as well. And, unfortunately, a lot of the non-expert advice given to superyacht…
A few years ago, we came to the conclusion that something was holding superyacht crew back from reaching their financial goals. We’re not talking about superyacht crew who talk a good talk about financial planning but don’t actually do anything. They never squeeze the full financial benefit of working in yachting. No, we’re talking about…
Ironically, a superyacht gives you both the best environment for personal growth and financial stability—and the worst. When guests or the owners are on board, it’s a high-pressure, high performance place. One that leaves little space for you to think about yourself, your personal growth and your financial stability. The boat and your duties become…
What happens when your income tap stops working? You’ll have some money left for a while. But eventually, it will run out. HINT: Your ability to make money is your money tap. Illness and injury are reasons why you might not be able to keep the tap running. Short-term illness or injury, say a month or…
Pensions may sound boring, but actually the concept is really exciting. They are a type of long-term investment vehicle that could provide you with financial freedom and independence once you stop working in yachting. And you will stop working in the industry one day. In a nutshell, pension plans are a type of savings plan…
Currency transfers and working in the superyacht industry go hand in hand. It’s highly likely that in your yachting career, you’re going to be paid in a currency that is not your home currency. That means you’re going to be dealing with currency transfers. While these aren’t as complicated as they once were, thanks to…
The advice often given to superyacht crew is that they should have an ‘offshore’ bank account. But what does that mean? Why do you need one? And is it the same as an online-only bank account? Also, why not just have a high street bank account back home? These questions and more are what we’ll…
A secure financial future is something all superyacht crew should strive for. Why? Because being financially secure will give you the freedom after yachting to choose how you live your life on your terms—free from the demands and priorities of an employer. As superyacht crew, you’re uniquely placed to use your time in yachting to…
