Creating Effective Financial Plans | United Advisers Marine

9th Aug 2023

Creating Financial Plans

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Financial plan pie chart illustration

Working as crew on a superyacht can be a financially rewarding career. But it can also be a demanding job with long hours and periods away from family and friends. That makes it even more important for crew to plan for the financial future so you can make sure you have the means to enjoy your life post yachting, whether that be through retirement or another career.


We’ve outlined some of the key things to think about:

  • Develop a budget and savings plan: To achieve your financial goals, it’s vital to have a budget and savings plan. You should start by creating a budget that includes all of your income and expenses. Whilst living aboard can reduce your outgoings dramatically, you will still have some costs and will also want to spend some money during your well-earned time off! By having a clear budget, you can identify where your money goes, and how much you could allocate to savings

  • Think about investing in retirement plans early: Some superyachts will offer retirement plans whilst many will leave it up to you. Investing in a structured retirement plan will allow you to invest on a tax-deferred basis, which can significantly increase the savings over time. And if your current employer does have a retirement scheme – they may also match some of your payments, up to a limit.

  • Diversify your investments: Investing across a broad range of stocks, bonds, buy to let real estate and other securities can help to diversify your portfolio and reduce your risk. Make sure you talk to your financial advisor to determine the best investment strategy for your goals and risk tolerance and if you do not have a financial advisor, get in touch to create that relationship .

  • Make sure you consider the cost of living in retirement: It’s important that you think about WHERE and WHEN you want to retire, and bear in mind the costs in that location. Having a plan in place will make sure that you have the right savings and investments in place.

  • Maintain good credit: Finally, keeping a good credit record by paying credit card bills on time and keeping debt levels low can help with future plans like buying property or getting credit for post yachting business ideas.

Whilst yachting can be a lucrative career for many, achieving your financial goals requires careful planning and discipline. Make sure you talk to your financial adviser about your plans, and they will help you build the post-yachting life you want.


James Maxwell