What does real financial independence look like? Many yacht crew think they’re financially independent already. They work full time and make a good (sometimes very good) income that pays for an exceptionally high standard of living. They’re able to afford more in life than many of their contemporaries. They have more financial clout…
But that’s not real financial independence.
You could argue it’s the worst kind of financial DEPENDENCY or to put it another way ‘Golden Handcuffs’. After all, the tax-free income and all-expenses-paid job is still a job. You’re still employed by someone else who pays your income and expenses. Your lifestyle is completely dependent on that job, which in turn is completely dependent on your employer. And they could terminate your Job on board anytime. Anyone that has worked on a boat for a while will have seen this happen on multiple occasions.
If you lost your job in yachting, you could find yourself back onshore, working for an average wage, paying tax and having to cover your own living expenses. Your disposable income would shrink dramatically and your luxury lifestyle would disappear. In fact, your luxury lifestyle is extremely vulnerable and not in your control. And the higher your yachting income, the more vulnerable your lifestyle is likely to become. This is partly because it has expanded to match the money you’re making, but also because there are many less jobs at the top, should you lose the one you have.
True financial independence is when you don’t have to trade your time (or anything else) to cover your home and living expenses. In other words, regardless of how you spend your time, you have sufficient money coming in to cover accommodation, food, electricity, wifi, clothes, etc. You aren’t reliant on an employer to pay you a salary. That is true financial independence. You are in control of your time and life.
And the great news is that if you work as yacht crew you have a tremendous opportunity to achieve just that!
Maybe you need more convincing?
Here’s a test. Ask yourself this question: who sets the schedule of your average weekday? If it isn’t you, the chances are you’re working in a job for a salary. Most of us do this out of financial necessity. People who have other people telling them what to do every work- day are rarely financially independent. Is this you?
Lastly, if you’re reading this page, you’re on a website that is loaded with information about how to become financially independent. If you were already financially independent, you wouldn’t be here. The good news is, we’ve dedicated our lives to helping superyacht crew become financially independent. You may need our help, but you can do it.
The true mark of financial independence
The true mark of financial independence isn’t measured in dollars or euros. Instead, it’s measured in hours and days, weeks, months and years. It’s the amount of time during your life that you are in control of what you do. For most yacht crew, that’s only when you’re on leave or have days off. Outside of that, your daily priorities are the boat’s or charterer’s requirements rather than yours.
True financial independence buys you control of your time. And time is your most precious commodity. You can’t create more of it and you don’t know how much time you have. But once you have achieved financial freedom, then you can decide how you are going to spend the time you have living your ideal life on your terms.
A Guide to Creating your Real Financial Independence
Step 1—Setting up an International Bank account
You’ve decided to make a career in the yachting industry. First of all you need to set up an International Bank account to ensure that your money management goes smoothly. You need a bank that understands you. An international bank account is designed especially for working ex-patriates travelling worldwide, which includes yacht crew and not for the local community living onshore.
There are two main banks providing international bank accounts used by yacht crew.
Lloyds International Isle of Man and Standard Bank in the Isle of Man. However Standard Bank Isle of Man have also designed a bank account especially for Seafarers, which should take care of all your banking needs. To find out more about the Standard Bank Seafarer Account, please click here.
Step 2—Create a Plan
Creating a plan for your financial independence leads automatically to better investment and saving decisions as it forces you look at the longer term- and the eventual outcome- rather than a quick fix. Yachting Financial Solutions and the YFSOL Partnership can help you with this.
The YFSOL Partnership is the evolution of over 25 years of working with superyacht captains and crew. It’s predicated on these beliefs:
- Although Yachting can be a very interesting and financially rewarding career, your time working for the global elite will come to an end.
- We’ve learned that when it does (not “if”), most aren’t ready.
- They are either suddenly removed, or they wake up and find themselves burned out.
- Either way, they didn’t see the end of the life of luxury they had become accustomed to.
- It doesn’t have to be that way.
- You have the ability to plan for a life of infinite possibilities for yourself, so you can exit your life of dependence – working for the global elite and live a life of independence on your terms.
- The choice is yours.
- Yachting Financial Solutions and the YFSOL Partnership have a proven formula and programme to achieve this and put you back in control of your own destiny.
What’s the formula?
The YFSOL Partnership uses our unique VPC programme to ensure success, an exit from yachting on your own terms to an ideal independent life of dignity.
We like to refer to this as creating “Your Dream Life” Who wouldn’t want that?”
In simple terms, rather than just buying some investments or saving lets create a roadmap [Plan] to get you to where you want to be in life, and the decision making becomes much simpler and straightforward.
Once we have a roadmap in place, we can create timelines, making the choice and implementation of savings and investments [Vehicles] simple.
Once these are in place, our continuing mentoring via the YFSOL Partnership programme [Commitment] to help you build your savings and investments ensures the success of your plan.
You can see more and read our manifesto here: The YFSOL Partnership.
The programme isn’t for everyone. It takes commitment and courage, as do most things of real long-term value.
We have a limited number of spaces each month available for new partners.
To find out more, why not book a discovery call with one of our consultants below?