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.
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!
One of the best benefits of working on a superyacht is the ability to make good money in a short amount of time. After all you have a place to live, no living expenses, and subsidized travel to some amazing destinations!
However, just because you’re not paying rent and buying food, it’s still important to carefully consider your budget. If you plan ahead and manage your money wisely, you can accumulate significant savings while working on a yacht.
As always, when it comes to personal finance, your decisions will be driven by your priorities, discipline, and preparation. Here are seven things to consider when looking at your yachting income and preparing your budget:
Depending on your job and experience and the type of boat you’re working on, your salary will vary, but ultimately it will also reflect a low cost of living. Be sure you consider the entire package of compensation you receive -- which typically includes food,...