Everyone wants to retire young.
Work hard, earn lots of money whilst you are young, spend the rest of your life relaxing! That’s the dream isn’t it?
But how do you do it?
Lots of us get into Superyachts for the money. I know, most will say it’s for the career and travel etc. But, as we all know, after a couple of years it’s just a job. Then it’s all about the money!
So, how do you turn this into early retirement?
It’s no good just working hard and saving. A 0.5% interest rate isn’t going to get you where you want to be. The key to all of this is putting your money to work.
We have talked about this many times before. There are plenty of articles on this website telling you what you need to do but let’s give you an example.
Position: 1st Officer 79m
Years on yachts: 16
Rob started on Superyachts when he was 22. He started as a deck hand and realised after 1 year of spending and having fun that he should make his money work for him. This is what he did;
Year 2: Set up investments and pays 10% of his salary into this each month. This is now worth £175,000
Year 3: Bought first property and has continued to do this every two years. He now has 7 properties earning him £6000 per month
Rob invested some of his savings into a small start up which earns him dividends of £10,000 per year at present but is increasing by 8% per year.
Without doing anything particularly risky Rob has managed to set himself up to be able to leave Yachting in 3 or 4 years time. As he progresses to Captain he will use his salary to pay off large amounts of the mortgages on his rental properties. This means that by the time he leaves Yachting his properties will be mortgage free. He will have an independent income of around £90,000 per year before tax. Add this to his investments and pensions and Rob won’t need to work anymore. All before he is 40.
When we talk about the “escape plan” this is what we mean. A simple discussion and planning session with one of our team means that you can set a goal and, with our help be like Rob.
Nobody works on yachts forever and this is the perfect position to be in when the time comes to go home. Most crew really stress about what they are going to do next, how they will earn money and how they will live. With a simple plan made early in your career you won’t have to worry about it. Rob did all of this with our help. He didn’t have to make any major sacrifices and still had money to spend every month, despite his investments.
Ready to make a start?
If you are already a member of CREWFO and you haven’t made your plan, what are you waiting for?
If you are not yet a member then why not get in touch to find out what we can do for you.
We are here to help you with all of the things below as well as help you make your plan.
Every CREWFO member gets a personal consultation to ensure we understand your situation and financial goals.
Then, together we’ll put your Escape 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.