On board you have limited space for your possessions. You need to be tidy and organised or go crazy. You have to be selective in what to take on board and limit your urges to shop in ports.
How does the idea of a full-sized wardrobe sound? What about a spare bedroom? And a garage? Space to keep things, room to expand.
If you dream of one day owning your own property, you can take steps now to start to make that dream a reality.
Getting Started
Ways You Could Kickstart Your Financial Journey
You could get started as a landlord, buying a property and having someone else pay the mortgage. This could grow into portfolio of buy-to-let properties, which you could keep as a source of income in the future. You could also sell off, with the equity giving you the deposit for your own perfect home.
Any property purchase is going to need a deposit. Are you putting your surplus income away to give you that deposit, whenever you might need it? Are you getting a good return on that money, ensuring that it isn’t eroded by inflation and grows rather than loses value?
If you are planning to buy a home to live in yourself rather than to rent out, are you taking full advantage of the Lifetime ISA? You can save up to £4,000 per year and get tax relief of up to £1,000. These funds must be used to buy your first home, or left in the Lifetime ISA until you retire, but they can build into a sizeable deposit.
It is worth talking to a financial planner who can help you to assess the best way to save for your property goals or for anything else you are hoping to achieve in the future.
If you’re a CrewFO member, and would like further support, log in and reach out!
If you are not a member, below are our contact details:
Email us at: hello@crewfo.com 📧
Call us on: +44 203 538 8622 📲
At Crew Family Office, we are here to help Superyacht crew navigate their finances and make the right decisions.
For more of our financial services, designed for Superyacht crew, take a look here.