Does anyone Join the Superyacht industry with a plan to leave? Most of you would say no but the reality is that lots of crew are now making an escape plan.
The reason for this is that a lot of you are realising two things;
- Yachting is not a lifetime career for most people.
- No other career gives you the opportunity to “Get ahead” like the Superyacht industry.
So, what is this escape plan all about?
- You work in an industry where you have high levels of disposable income, generally have no income tax to pay and, a lot of the time are too busy to spend your money. So, it would make sense to put that money to work?
- Most people do not work in the Superyacht industry for life.
- So, when the time comes to leave you either need something else to do or a source of income which means you don’t need to work.
What is it?
The Escape plan is simple. During your career you use your money to make money. You can do this a number of ways, these are the most common:
- Savings
- Property investment
- Stocks and Shares
- Pensions
- Private investment (funding a small business for example)
There are lots of other ways to make money with your money. These range from commercial property to cars and even watches but you have to know what you are doing.
The idea here is that during your time in the Superyacht Industry you take some advice and put your money to work. There are lots of ways to do this but the best advice we can give is;
- Use someone who knows what they are talking about.
- Spread your risk. For example, don’t put all your money in property or everything into the stock market.
- Do what makes you comfortable. If an investment seems too risky for you, don’t do it.
- Don’t be afraid to walk away. If you are not confident that what you are being offered is right for you, walk.
- Work out the level of risk you are happy with. Remember, big risk could equal bigger gains. But it can also mean bigger losses.
- Property investment. Remember, you are not going to live there so don’t get emotionally involved.
- Buy property where the rental market is strong, NOT where you grew up as this is not always the best option.
- Always leave something for yourself. After all, life is for living too.
Next time we will look at the steps involved in making your Escape Plan and some examples of what other crew have done.
Membership Benefits
Every member gets a personal consultation to ensure we understand your situation and financial goals.
Together we’ll put your plan in place.
We have two simple membership options specially tailored to Superyacht Crew. These options start at only £30 per year and give you access to our advice and partners whenever you need us. Click the button below to see all the options and choose what is right for you.