You've Got a Yachting Income - Now What?

finance Jul 03, 2018

Once you’re working on a superyacht, you’ll find that money flows freely into your bank account as you’re well compensated for your hard work!

Without rent or other standard expenses, it’s easy to start saving a nice lump of cash -- but it’s also simple to see it all disappear through irresponsible spending.

Don’t let your hard-earned funds disappear!

 

Here are four DO'S and DON'TS for your yacht crew income.

 
DO make it automatic!

Establish one -- or several -- savings accounts that are automatically paid each time you receive your salary.

Not sure how to start?

General guidance suggests you transfer 10% of your monthly income to a savings account.

Want to go beyond this?

Set up transfers to retirement accounts or a specific savings fund (for a future home purchase, or a specific bucket-list trip, or something else you really want to buy!), and watch the money accumulate month after month!

 

DON’T ignore your tax responsibilities.

Just because you’re traveling the world, your home country may still expect a percentage of your income.

Make sure you understand the rules, and if your salary doesn’t already withhold funds for taxes, make sure you’ve got an account set up so you’re not surprised by a surprise tax bill!

 

DO have some fun!

If you’re too disciplined, you’ll get burned out, and after all, one great part of superyacht lifestyle is the chance to see some incredible places.

Don’t let your lack of funds keep you on the boat when you could be skiing the Italian Alps!

 

Set yourself a certain amount of fun money, and enjoy it when you spend it on experiences or goods that will help you remember these great adventures.

 

DON’T waste the opportunity to pay off debt.

As a superyacht crew, you’re likely making more money than ever before, with fewer obligations to support your lifestyle.

This means it’s the perfect chance to zero out any debt you may have - whether it’s a student loan, a car payment, or a credit card balance.

Be smart about it -- start with the highest interest rate debt payments, and crush these debts first.

 

DO identify your biggest financial goals.

These aren’t going to be the same for you as they are for your crewmates. Maybe you want to go to university for an advanced degree.

Perhaps you need to support other members of your family. Your goals could include starting a business, building a home, or just reaching a certain level of savings by a certain age.

But if you don’t know what your goals are, you won’t know where you’re making progress!

 

Set your top financial goals and start there, then re-evaluate every year to make sure you’re still on track.

 

 

DON’T let others influence your decisions.

Your crewmates might be out spending all their cash each night at the bar, or splurging on expensive jewelry in port, or choosing not to set aside savings.

It can be hard to make different choices, especially when you’re living, working, and playing so closely.

But hold true to your goals, and make your own decisions. After all, you’re the one who will live with the result - whether it’s funds in the bank, or debtors coming to call.

 

DO take pride in your hard work and value the money you’re making.

It can take you to some incredible places - not only the destinations you visit onboard, but the opportunities your savings will give you later in life!

You might find your friends back home are jealous or don’t understand how you make so much money while you’re adventuring around the world.

But you know you’ve worked hard for these funds, so be proud - you’ve earned them!

 

 

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