Financial Planning
How to Make the Most of Your Yachting Career Financially
Every season you spend on board is a season of opportunity. With no rent, no bills, and often no income tax, most of what you earn is genuinely yours to build with, if you have a plan for it.
The crew who make the most of their yachting career financially aren’t always the ones who earn the most. They’re the ones who put a plan in place early, whether that’s building savings, starting a pension, or getting the right investments and insurance in place, so the money doesn’t just pass through their bank account.
The earlier you start, the more of your yachting career you get to put to work for your future.
Make Your Million
Working on a yacht gives you the once-in-a-lifetime opportunity to build up serious savings and become financially independent. All you need to do to grasp this opportunity is build your financial plan and start your journey to financial independence.
This may sound daunting, but take a close look at your amazing situation.
You’re between 25 and 45 years old, and you’ve been in yachting for a while. You’re earning around $50,000-100,000 per year, depending on your position. (Maybe even $250,000.) Your daily living expenses are zero: water, electricity, WiFi, etc. Your accommodation, work clothes and food are all taken care of. You don’t have a daily commute to work. And even better, maybe you don’t even have to pay income tax.
So after 10-15 years in the superyacht industry, you’ll have earned anywhere between $500,000 and $1,000,000, taking pay rises into account. (Maybe even more!) And you won’t really have had to spend a penny.
Sadly, there are yacht crew who have spent all their money and their golden
opportunity to build the financial foundation for their independent future life
has slipped away.
Don’t let this be you.
Financial stability doesn’t happen by accident. It comes from turning today’s opportunity into lasting, future financial security, while you’re still earning it.
Let us help you
We’ve made it our life’s work to help you build your million (or maybe even more). This is the bedrock that will enable you to leave yachting on your terms and step into your dream life. So you can live the rest of your life doing what you love.
This is what real financial freedom and independence look like: having enough in place that your choices are no longer limited by money.
“Money is boring. It’s what you do with it that is exciting. And what is more exciting than the freedom to pursue your dreams?”
You will need a plan. We can help you make one. We’re experts at helping superyacht crew make financial plans that work.
Your plan will help you identify your life goals and then calculate how much you will need to save to make them a reality. Over time your plans may change, but that’s OK, like any journey plan, your financial plan can be adjusted along the way.
To find out more about building your Ideal life, book a call today.
Your Personal Financial Trainer
This is life planning for yacht crew and yachtsmen: it’s not just about the numbers, it’s about the life you’re working towards.
Achieving your ideal independent life and financial freedom will require commitment, hard work and discipline over an extended period of time. But if you achieve your ideal life, what could be better than that?
Our life goal is to help you achieve your life goals. That means we’re more than just financial planners. We’re also life and financial personal trainers. You set the goal. Our job is to help you make a plan AND stick to your plan, all the way to success. Part consultant, part drill sergeant. 100% focused on your goals.
Whether that’s building a pension, growing your savings, or investing for the future, we’ll help you design a tailor-made plan and route based on your choices.
Let’s talk about YOU
Because you’re who you are, your dreams are different from everyone else’s. You want what you want. You want to go where you want to go. And you’ll have your own preferences when it comes to how to achieve your goals.
So we’ll help you design a tailor-made plan and route based on your choices.
6 ½ Jedi Codes for Time & Financial Freedom
Get inspired about your life and financial plan by downloading our simple guide. Inside, you’ll find the core principles YFSOL uses with every yacht crew client to build lasting financial freedom, from saving smarter to protecting what you earn:
Frequently Asked Questions
Start with a plan before you start saving. Even small, consistent contributions to savings, a pension or an investment plan make a real difference when you’re earning tax-free with few outgoings. The crew who do well financially are the ones who decide early where their money is going, rather than working it out after the fact.
It brings together investing, pensions, savings and insurance into one coordinated plan built around a yacht salary and lifestyle, rather than treating each of those separately.
The fundamentals are the same, but a captain’s plan usually needs to account for a higher, more stable income, more complex tax and residency questions, and longer-term goals like pensions and life cover. YFSOL builds every plan around the individual, not just their rank.
Investing is one part of a financial plan, not the whole thing. Financial planning looks at the full picture, savings, pensions, insurance and investments together and how they work towards your goals, while investing is just the part focused on growing your money.
What your colleagues say
Remember: Our life goal is to help you achieve your life and financial goals.
Are you ready for your ideal, independent life? Let’s find out together: