10 rules to create financial stability...

We often challenge the crew to see how many of these ‘rules’ they abide by; very few answer yes to more than six, but it is never too late to start planning for your future and for your life after yachting… whenever that time comes.

Some of these may seem obvious, but it’s surprising how few are actually practiced by crew members, old or young. However, if you stick to these guidelines throughout your yachting career, you will maximise your chances of financial success.

Some of these rules will help you make more money, some will help you establish good financial habits and others will help you save money… when combined they should help you grow your wealth throughout your yachting life.


Have a bank account in the same currency as your income.


Have other currency bank accounts if you spend significant time in other currency jurisdictions.


Use a currency broker account to move money between accounts; this gives you control and saves money on the exchange rate and commissions.


Clear debts as soon as you can, especially those with high interest rates.


Check the medical cover available to you from the yacht.Think about paying a small supplement if it doesn’t cover you during holidays or when not on board.


Conceptually plan out different financial pots:

– Emergency: at least three months’ salary in a bank account
– Education: when and how much (is it for the next course?)
– Spending money: limit yourself to a set amount each month
– Property purchase: how much will you need for a deposit, and when
– Long-term money: 25 percent of your salary


Understand your tax residency status: Keep an accurate diary of where you spend your time. The places where you are most likely to be considered resident are:

– Your country of citizenship
– Where you own property
– Where you spend the most time
– Where your dependent family is based (your home)


Save at least 25 percent of your income for the long term, remember you don’t pay any social security. If you worked on shore, your salary would be at least 25 percent less.


Invest time in your own financial education. look at investment websites, learn about inflation, property leverage, risk and compound returns.


If in doubt, take advice. Understand your limitations and build a team of trusted advisers in different fields. Speak to other crew about what they do with their money (but don’t follow just one).

When you reach the time when you want to leave yachting (be it after 5 years or 25,) it is great to have choices because of the way you have managed your resources. Many people cannot leave the industry at the time they want to because they have not taken control of their futures or accrued savings.

The longer you wait to think about your future the fewer choices you will have when you get there.

Follow every one of these simple rules and you will get the most out of your yachting career, knowing that it not only gave you great friends and memories but it allowed you look forward to a long and fruitful second career or retirement.

This article is for information only and should not be considered as advice

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