# UAM

> Financial Planning for Superyacht Crew


## Posts

- [What British yachties miss most about home](https://unitedadvisersmarine.com/what-british-yachties-miss-most-about-home/): Travelling the world and meeting exciting new people has its perks. But being away from home for long periods of time can also have its downsides. Just like Dorothy said, ‘there is no place like home’. So what are the things that British yachties miss most about home? Sunday lunch One of the greatest British traditions is the Sunday lunch. Each family has their own take on it. Be it thin or thick gravy made by nan/ gran or dad everyone has their preference. Sunday lunch is also the perfect way to counter balance Saturday night and a great excuse … Continued
- [5 tips for getting your first Superyacht job](https://unitedadvisersmarine.com/5-tips-for-getting-your-first-superyacht-job/): Getting your first superyacht job is tough. You are pitched against a group of incredibly motivated people with a great set of skills and qualifications. So how do you stand out from the rest and get your first superyacht job? 1. Be in the right location at the right time You are going to need a base to help you land your first superyacht job. You want to be able to network with existing crew and dockwalk to be able to get day jobs and those all-important first references. There are a number of key hubs within the superyachting industry … Continued
- [How to manage your income when currencies are unstable](https://unitedadvisersmarine.com/manage-income-currencies-unstable/): Many yachties face the problem of receiving salaries and tips in a currency different to their home currency.  When your ‘work’ and ‘home’ currencies are stable, this doesn’t present many issues, aside from bank exchange fees.  Stable exchange rates make it easy to plan both savings and investments. However, when one or both currencies are unstable things become more challenging. How does an unstable currency impact your earnings? Post-Brexit, we have seen the value of the pound fall considerably which is fantastic for those earning in euros but with mortgages in the UK.  It is, however, worth remembering that unstable … Continued
- [SEAFARERS & CREW GUIDE TO EXPAT TAX](https://unitedadvisersmarine.com/seafarers-crew-guide-to-expat-tax/): EXPATRIATE TAX LAW AMENDMENT In the 2017 South African Budget Speech, it was announced the current exemption of Section 10(1)(o)(ii) (“the Expat Exemption”) of the Income Tax Act No. 58 of 1962 (“the Act”), which allows South African’s working abroad to exempt their foreign employment income from tax in South Africa, would be repealed in its entirety. Shortly after the Budget Speech, Parliament released the Draft Taxation Amendment Bill (“the draft Bill”), which amongst other amendments included the comments that the entire Expat Exemption would be repealed. Thus, there would be no protection for South Africans working abroad. With the … Continued
- [Who You Marry?](https://unitedadvisersmarine.com/mostimportantdecision/): The Most Important Decision of Your Life Undoubtedly, life is punctuated by numerous significant decisions, each shaping our journey in unique ways. Yet, amidst this myriad of choices, what qualifies as the single most pivotal decision in one’s life? According to Warren Buffett, renowned as one of the world’s most successful investors, the answer lies in a seemingly simple yet profound directive: “Marry the right person. I’m serious about that. It will make more difference in your life.” For Buffett, the choice of a life partner eclipses all others in its impact on one’s life trajectory. While this assertion may … Continued
- [Your Financial Resolutions Roadmap](https://unitedadvisersmarine.com/your-financial-resolutions-roadmap/): As the year draws to a close, it’s time to set your focus towards new financial horizons. However, before you plot your course for 2024, it’s essential to reflect on the past. What worked, what didn’t, and why? Remember, to get different results, you must make different choices. Financial Report Card There is only one person in charge of your personal financial situation, and that is you. If you are running (managing) yourself, you are therefore your own Chief Financial Officer responsible for your financial life. Start with your own financial report card – your personal “Net Worth”. This is … Continued
- [Masters of the Trade](https://unitedadvisersmarine.com/masters-of-the-trade/): How On-the-Job Training and Experience Shape Success In the dynamic world of marine operations, safety at sea is paramount. Training on the job is crucial for crew entrusted with vessel operations and passenger safety. In addition to mandatory certifications like STCW and medical first aid, staying adept with evolving maritime technology is essential.   Adapting to the growing complexity of vessel systems is vital for marine crew. On-the-job experience, reflected in accumulated sea hours, is invaluable. Similarly, financial advisers gain expertise through practical experience. Advising clients on investments, tax planning, and retirement strategies sharpens their analytical and decision-making abilities. Before … Continued
- [Safeguarding Your Investments: Understanding Anti-Money Laundering (AML) and Know Your Client (KYC)](https://unitedadvisersmarine.com/safeguarding-your-investments-understanding-anti-money-laundering-aml-and-know-your-client-kyc/): At United Advisers Marine, we take AML compliance seriously. It is not merely a regulatory requirement, but a fundamental commitment to protecting the interests of our valued clients. Anti-Money Laundering (AML) constitutes a crucial set of measures designed to thwart attempts to legitimise unlawfully acquired funds. This robust framework of laws, regulations, and procedures plays a pivotal role in maintaining the integrity of financial systems worldwide. At United Advisers Group, we take AML compliance seriously. It is not merely a regulatory requirement, but a fundamental commitment to protecting the interests of our valued clients. By adhering to these stringent protocols, … Continued
- [Ensuring Yacht Security: Take Action Today for Peace of Mind](https://unitedadvisersmarine.com/ensuring-yacht-security-take-action-today-for-peace-of-mind/): Insurance – it’s a topic that rarely garners enthusiastic conversations, often relegated to the back of our minds until we find ourselves in a situation where it’s absolutely essential. It’s a crucial aspect of safeguarding the yacht. Let’s delve into the often-overlooked realm of yacht insurance, where the cheapest deal may not necessarily be the best, and where a proactive approach can make all the difference in a time of need. Recent years have seen a degree of turbulence, creating challenges for both insurers and yacht owners. Hurricanes, fires, and economic factors have driven changes, making it essential to secure … Continued
- [High Salaries in the Superyacht Industry](https://unitedadvisersmarine.com/high-salaries-in-the-superyacht-industry/): The superyacht industry is renowned for offering lucrative salaries and exciting adventures to its crew members. However, amidst the allure of high earnings and seasonal bonuses, it is crucial for superyacht professionals to consider their long-term financial security. Let´s explore the financial landscape of the superyacht industry and highlight the importance of proactive financial planning. Superyacht crew members are often privileged to receive substantial salaries and seasonal bonuses. The appeal of generous earnings can be enticing, but it is essential for crew members to recognise that their financial well-being extends beyond their current employment. While these high salaries provide a … Continued
- [Creating Financial Plans](https://unitedadvisersmarine.com/creating-financial-plans/):   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 … Continued
- [How to Make Your Money Work for You During Inflation](https://unitedadvisersmarine.com/how-to-make-your-money-work-for-you-during-inflation/): Newspaper headlines globally are full of news of the current economic situation, with financial predictions being made aplenty. But take a closer look and countries are taking a very different approach. In its January 2023 outlook, the International Monetary Fund (IMF) forecast the UK to be the only “advanced economy” to experience economic contraction in 2023 due to several factors, including political instability and Brexit. Other nations are faring better, with positive, but weak, growth forecast for 2023 and beyond. The Times in the UK comments: “The UK is the only economy in the G7 not to have reached its … Continued
- [The ‘Crypto Winter‘ - and what it means for your investments](https://unitedadvisersmarine.com/the-crypto-winter-and-what-it-means-for-your-investments/): In recent months, news headlines have been full of the fact that crypto currencies have seen a sustained drop in value. Since December 2021, Bitcoin has dropped almost 70% and shows no signs of recovery, with other crypto currencies following. But why are crypto currencies tanking quite so badly right now, when it has long been heralded as an alternative to traditional monetary markets? Suzanne Streeter, senior analyst at Hargreaves Lansdown, comments that increased volatility in other markets is only serving to accelerate uncertainty in crypto markets and, as we head toward recession in key global economies, there is an … Continued
- [Life post yachting – thinking of setting up your own business?](https://unitedadvisersmarine.com/set_up_in_business/): We’ve previously looked at how crew can start to plan for their retirement.  However, others may consider leaving crewing to set up their own business – taking the skills learned into a new venture in the yachting industry.  We speak crew on a regular basis who want to set up as an entrepreneur and also have many clients who have subsequently set up their own business.  Here are a few top tips to consider when setting up your own business: Plan ahead!  It’s worth thinking at least one or two years ahead – and putting in place your savings plan … Continued
- [Ready to explore Palma de Mallorca?](https://unitedadvisersmarine.com/ready-to-explore-palma-de-mallorca/): Here’s some recommendations from the team at United Advisors Marine for some activities that should not be missed!  Check out the sights – with a sightseeing bus tour Palma de Mallorca, whilst not a big city, is a bit of a maze!  We think the best way to explore as much of it as possible is by bus. Palma center offers a great bus ride – the City Sightseeing Hop-On Hop-Off Tour. The tour covers the whole of Palma city centre and some of the surrounding neighbourhoods – but we think, there are three must see ‘hop off’ destinations. La … Continued
- [Inheritance, Wills & Trusts: 7 Steps For Smart Estate Planning](https://unitedadvisersmarine.com/7-steps-for-smart-estate-planning/): How important is estate planning? Over half of all adults (60%) die without a will, according to data from Unbiased. This means that more than 31 million people run the risk of dying intestate, which could result in their home, investments and savings being distributed in a way that doesn’t align with their wishes. People often procrastinate when it comes to drawing up a will and planning their estate. It’s easy to see why. Death is a topic few people want to talk about. Thinking about our own mortality is unlikely to be high on anyone’s list of priorities. But … Continued
- [What to do if you're in a financially dependent relationship](https://unitedadvisersmarine.com/what-to-do-if-youre-in-a-financially-dependent-relationship/): One in three women in a relationship are financially dependent on their partner, according to YouGov data. Women who work full time are less likely to be financially dependent than those who don’t have a job or work part-time. But even so, a fifth of women with full-time jobs are still reliant on their partner or spouse. Just half of all couples (53% of men and 48% of women) say that neither person is financially dependent on the other. So what impact does this inequality have on those affected? Well, it can make it harder for the lesser earner to … Continued
- [How to invest ethically. Putting a price on the future](https://unitedadvisersmarine.com/how-to-invest-ethically-putting-a-price-on-the-future/): When you invest in the stock market, what’s your number one goal? Are you solely focused on profit or would you like to support sustainable and ethical causes too? Ethical investing is often looked at with suspicion. People assume that investing in sustainable stocks comes at a price. They worry their portfolio won’t perform as well as it would if they bought stocks without considering their impact on the wider world. It may come as a surprise to some, but ethical investments have actually outperformed traditional investments in recent years. A few factors seem to be responsible for this growth. … Continued
- [How does inflation affect savings? Protect your wealth with these tips](https://unitedadvisersmarine.com/how-does-inflation-affect-savings/): A perfect storm of post-lockdown recovery, supply-chain issues and soaring energy and fuel prices have pushed up the cost of goods and services across the world. In the UK, inflation has jumped to its highest rate in a decade. In Spain, it’s surged to a 29-year high and in the US it’s at 5.4%. A high inflation rate means consumers’ money won’t go as far as it did before. We might shrug when we see that a chocolate bar has increased in price, but when we see it reflected in the cost of a pint, a cinema ticket, a tank … Continued
- [5 reasons you might need life insurance](https://unitedadvisersmarine.com/5-reasons-you-might-need-life-insurance/): Life insurance can be one of those investments that you never get round to exploring. Many people underestimate just how important and valuable a life insurance policy can be. The problem is exasperated by the very human tendency to avoid talking or even thinking about death. If you’re wondering if it’s worth the money, here are 5 reasons you might need it. 1. It can protect your dependents If you have a partner or children who rely on your earnings, life insurance can protect them in the event of your death. While some pay a lump sum, others provide regular … Continued
- [Property as a bridge to retirement](https://unitedadvisersmarine.com/property-as-a-bridge-to-retirement/): The property versus pension debate has been raging for decades, with investors around the world having strong feelings over which retirement funding solution is best. Although the war often makes for interesting conversation, it doesn’t have to be an either/or situation. You don’t have to pick a side and stick to it.  Instead, a multi-asset approach to financial planning can help you build a diverse, secure and flexible portfolio that grows over time.  The tax benefits that come with pensions are hard to deny, but investing in property at the same time can provide you with a bridge to retirement. … Continued
- [What is the FIRE movement?](https://unitedadvisersmarine.com/what-is-the-fire-movement/): At a time when many people feel like they’re working more than ever, some are going to great lengths to never lift a finger again. The FIRE movement has grown in popularity in recent years, with people around the world dreaming of the day they achieve financial independence and retire early. The idea is that by being frugal, paying off debt and investing aggressively in your 20s and 30s, you could stop working in your 40s and live off the wealth you’ve built.  Instead of relying on income from a job, those who’ve achieved FIRE tend to make money from … Continued
- [How to make a Will as an expat](https://unitedadvisersmarine.com/wills-for-expats/): Wills for expats can be tricky and there is no one-size-fits-all solution.  The law in your country of residence may not apply to you and your estate, so what happens after death will depend on where you die. For example, if you die in England but have property or assets in France then French law applies to those assets. If you die in Germany but own real estate in Italy, then Italian law would apply. And so on.  The same goes for any other countries you might reside in.  However, the laws that govern the devolution of your moveable assets … Continued
- [Preparing for life after yachting](https://unitedadvisersmarine.com/preparing-for-life-after-yachting/): It’s well-known that yachting’s golden handcuffs can make it difficult for crew to transition from life onboard to life onshore. And the longer you’ve worked in the industry, the tighter those handcuffs are. As Superyacht crew, you have higher disposable income and lower expenses. However, back onshore you need to cover those expenses yourself. This is where many crew members get caught out and why they find themselves struggling to fund their life after yachting. Always have a plan in place We often hear that the key reason why transitions back onshore don’t always run smoothly is because of a … Continued
- [Crypto Markets Vs Traditional Markets: Can We Compare?](https://unitedadvisersmarine.com/crypto-markets-vs-traditional-markets/): With the current rise (and fall) of Cryptocurrencies and the heightened interest that is steadily sweeping amongst seasoned investors and novices alike, we thought we would compare some key differences when it comes to traditional financial markets and crypto markets. When considering investing, you cannot approach cryptocurrencies as you would with traditional forms of investment. Cryptocurrencies and crypto exchanges are manipulated in ways that make adoption a lot harder to assess and thus the crypto asset cannot be measured as simply as one might think. No investment comes without risk but with more traditional forms it is seemingly easier to … Continued
- [When you should commit to a regular savings plan](https://unitedadvisersmarine.com/commit-to-a-savings-plan/): Saving regularly can be a difficult habit to establish but once you make the commitment you will quickly see how it can help you to achieve your financial goals. A regular savings plan will keep you focused on your goals and allow you to choose how you invest your money depending on your attitude to risk. You can also choose the appropriate term (short-term or long-term) and contributions based on your circumstances. But before diving into the pros and cons of committing to a regular savings plan, let’s look at how a typical savings plan actually works. How does a … Continued
- [Why it helps to know your net worth](https://unitedadvisersmarine.com/why-it-helps-to-know-your-net-worth/): Like your physical health, your financial health is key to leading a happy life. An increasingly popular way to understand how financially healthy you are is to know your net worth. It will give you a clear idea of whether you are spending too much, how much you have in savings and whether you’re putting enough away for retirement. What is net worth? Net worth is simply the value of all your assets (what you own) minus all your liabilities (what you owe). Assets include everything from cash, money in your savings accounts to vehicles and property. Liabilities include any … Continued
- [Portfolio Investment vs. Buying a Property: Which Is Better?](https://unitedadvisersmarine.com/portfolio-investment-vs-buying-a-property/): When deciding whether to invest in property or a portfolio investment, there is not a simple answer. Both offer advantages and come with risks, so finding the better option depends on numerous factors including your financial means, personality, and comfort with risk. If you are new to investing and trying to pick between the two, it is important to know the benefits and drawbacks of each strategy. Buying a Property Property can be a wonderful investment for yacht crew. It can provide a real sense of stability whilst offering a passive revenue stream if you choose to rent it out … Continued
- [Monthly financial checklist for yacht crew](https://unitedadvisersmarine.com/financial-checklist-yacht-crew/): When it comes to keeping on top of your financial situation and all associated tasks, it can easily feel overwhelming. However, if you break it down month-by-month and focus on one thing at a time it’s less daunting and more manageable. To help you keep moving toward your financial goals, we’ve created a month-by-month checklist of some key financial tasks to consider all year long, especially for yacht crew. January review your net worth and asset growth Knowing your net worth is an increasingly popular way to understand how financially healthy you are. It will allow you to work out … Continued
- [Personalisation matters](https://unitedadvisersmarine.com/personalisation-matters-for-financial-advice/): A common criticism often levelled against those in our industry is that we don’t act with integrity nor the highest levels of professionalism; that we financial advisers don’t have our clients’ bests interests at heart and see personalised client service as a simple ‘tick box’ exercise to comply with regulation. As a profession, we have made great strides in personalising financial planning and wealth management advice and, in turn, building client trust. But I also believe we can do more to build client loyalty and, in the long run, improve the reputation of our profession. It starts with demonstrating empathy, … Continued
- [Key financial considerations before starting your own business](https://unitedadvisersmarine.com/financial-consideration-start-business-crew/): It’s no great surprise that an increasing number of Superyacht crew are interested in starting a business once they are back on dry land. While every business venture is different, as well as things like the necessary start-up costs and operational overheads, one thing is for sure: you need a plan. Often the key reasons why transitions back onshore don’t run smoothly is because of a lack of money and/or lack of preparation. Keep in mind that the move isn’t just a physical transition; it’s also psychological and emotional, so being prepared is fundamentally important. You also need to think about … Continued
- [Understanding risk tolerance](https://unitedadvisersmarine.com/crew-understand-risk-tolerance/): Risk and reward often go hand in hand when it comes to investing. You will often see three different investing approaches; cautious, balanced, and aggressive. Therefore, before making an investment, it’s important to know how much risk you are willing to take. You need to know your risk tolerance. What is risk tolerance? Risk tolerance is simply the amount of risk an investor is comfortable in taking; it’s the degree of uncertainty you’re willing to handle when investing. It is important that crew speak openly to their adviser about their tolerance to risk. This is why it is good to … Continued
- [How crew can get a Spanish mortgage](https://unitedadvisersmarine.com/superyacht-crew-get-spanish-mortgage/): Crew can mistakenly think that getting a mortgage in Spain is impossible when you aren’t a resident or a Spanish national. However, crew can often get a Spanish mortgage more easily than they’d expect. Our partner, Mallorca Mortgage Consultancy, regularly helps crew apply for mortages in Spain. We detail the information you’d typically need to apply for a mortgage and an example of a mortgage that Superyacht crew can get. The maximum LTV (loan to value) that non-residents can get in Spain is 70%. This means you will need to have at least 30% of the property value saved plus … Continued
- [The value of good financial advice](https://unitedadvisersmarine.com/value-financial-advice/): A common criticism often levelled against the financial services industry is that advisers do not have their clients’ best interests at heart and are self-serving. However, such criticism is often misguided. At United Advisers Group, we work tirelessly to uphold our clients’ interests first and foremost. In fact, clients tell us that what they value most is the personal service we offer. Personalised service United Advisers Group provides personalised financial planning and wealth management advice to clients all around the world. We take pride in getting to know our clients by taking the time to listen and ask intelligent and … Continued
- [Looking towards 2021](https://unitedadvisersmarine.com/2021-markets/): Joe Biden is the US President-elect, Brexit is happening and a COVID vaccine is on the cards. The end of 2020 is looking very different to the first half of the year. In our latest client webinar, I spoke to Joe Palmer about his view on the big events of 2020 and how they may impact market performance in 2021. Below is the full video of the webinar and some key insights that Joe shared with us. One of Joe’s key messages came at the end of the session: I think the best advice I can give is: go back … Continued
- [We are hiring!](https://unitedadvisersmarine.com/we-are-hiring/): We are currently looking for a new Head of Marketing for United Advisers Marine and our sister company, United Advisers Group. You would be responsible for developing and executing the marketing strategy for United Advisers. This would be for both the Marine and the International onshore divisions. This includes, but is not exclusive to, content strategy, social media strategy, and lead generation. You must be confident in working with multiple partners and stakeholders to create content. One of your first tasks will be designing the website strategy for United Advisers Group and overseeing the project management. You will be responsible … Continued
- [Life after yachting: interview with Tom Jackson from Honest Ocean](https://unitedadvisersmarine.com/tom-jackson-honest-ocean/): During his time at sea as Superyacht crew, Tom Jackson saw first hand just how much plastic ends up as ocean waste. Tom spent most of his time on board charter yachts cruising the South Pacific. He quickly learned that Indonesia is the second-largest contributor of plastic pollution in the oceans, after China. Every day in Indonesia, approximately 200 tons of plastic waste is produced of which 81% can’t be sorted nor recycled. Such statistics are difficult to comprehend, and the challenge can feel insurmountable. Not for Tom. He joined forces with fellow entrepreneur Dom Desmond to launch Honest Ocean, … Continued
- [How saving €850 a month could make you a millionaire](https://unitedadvisersmarine.com/save-850-a-month-millionaire/): The idea of becoming a millionaire may seem wildly aspirational. However, €1 million or more is what most 25-year-olds today may need to retire comfortably. This is based on ever-increasing life expectancy and the premise of the 4% rule for retirement. If you invest €850 a month from the age of 25, and your money grows at an average rate of 4% a year after charges, you will have just over €1 million by the age of 65. If this seems too good to be true and the numbers don’t seem to add up, it might be because you aren’t … Continued
- [Things for crew to do in Mallorca](https://unitedadvisersmarine.com/mallorca/): If you are new to the incredible island of Mallorca, or are in port for only a few days, you might be wondering what the best activities are on the island. We recently created a crew activity map, which is featured below. This includes some of the top spots to visit as well as a few of the key services you might need during your stay. Activities Playing 5-a-side Football – Brisasport Ses Fontanellas (Can Pastilla) If you are looking for a kick about in Palma then Brisasport, near Palma aquarium, is a great place to start. You can find … Continued
- [Avoid being trapped by yachting’s golden handcuffs](https://unitedadvisersmarine.com/avoid-being-trapped-by-yachtings-golden-handcuffs/): In our recent Life After Yachting webinar, we discussed how yachting’s infamous ‘golden handcuffs’ can make it difficult for crew to make a smooth transition from life onboard to life onshore. When you arrive on land and need to pay your way it can be tempting to do ‘just one more season’. This is especially true if you’ve neglected to manage things like savings and investments. So, how can you better prepare for life on land and avoid being trapped by those handcuffs? Have an exit strategy This may sound obvious, but a surprising number of crew members don’t take … Continued
- [The cost of not investing in financial advice](https://unitedadvisersmarine.com/the-cost-of-not-investing-in-financial-advice/): There are many reasons why people shy away from using a financial adviser. There is a lot of information online about how to manage your money and how to invest. Another reason is cost; many crew believe using a financial adviser is expensive and is reserved for the wealthy. Often Superyacht crew, especially those just starting out in the industry, believe they don’t have enough assets to invest and to offset the cost of using a financial adviser. However, those same crew members don’t realise there is a cost involved in doing it yourself. For example, online investment platforms will … Continued
- [Should you trust a financial adviser?](https://unitedadvisersmarine.com/trust-a-financial-adviser-yacht-crew/): As with any relationship, personal or professional, trust is everything. When it comes to financial matters and making decisions related to money, it’s essential to know the person you confide in is the person you can trust to provide sound and relevant advice. After all, someone may look like a financial adviser on the outside but may instead be someone completely different! Unfortunately, we too often hear stories of unscrupulous advisers putting their own interests ahead of their clients. It’s not surprising then that a financial adviser’s level of trustworthiness is an increasingly important attribute. But before you decide whether … Continued
- [What yachties did next ... Chanel Marais from Virtual Yacht Assistant](https://unitedadvisersmarine.com/chanel-marais-virtual-yacht-assistant-vya/): We all know how valuable it is to learn from others, especially when it comes to navigating the world of yachting (pun intended!). Whether you’re looking to take your first tentative steps onboard a Superyacht or are considering your options for life after yachting, advice from those who have ‘been there and done that’ is priceless. Former Stewardess and Interior Manager Chanel Marais has an impressive resume when it comes to yachting and luxury hospitality, and she is now helping new and experienced crew via her recently launched business Virtual Yacht Assistant (VYA). UAM sat down with Chanel to learn … Continued
- [Why do crew shy away from financial planning?](https://unitedadvisersmarine.com/yachting-community-shy-financial-planning/): 31% of respondents to a 2019 NBC News poll about personal money management revealed they do not feel confident about their financial plan. Similar studies show this lack of confidence isn’t restricted to one generation: it cuts across them all, from boomers to millennials and generation X. In this post, we delve into 3 key reasons for this lack of confidence and what you can do about developing your own financial plan if you haven’t already. 1. Short on time Except for the COVID-19 season, crew never have enough free time when guests or owners are onboard. Understandably, when you … Continued
- [What onboard budgeting teaches you about personal finance](https://unitedadvisersmarine.com/what-onboard-budgeting-teaches-you-about-personal-finance/): Why is it that we can manage a budget onboard but the same task for our personal finances gets pushed aside?  Many Superyacht crew can find managing personal finances daunting. However, it doesn’t need to be, especially if we apply how we manage onboard budgets to our personal finances. Building and managing an operational budget requires structure. But more than that, managing a Superyacht budget requires you to be accountable to others. So, what lessons can we take from managing a budget onboard and how can we apply them to our personal finances? Failing to plan is planning to fail … Continued
- [Top 10 tips for Superyacht crew](https://unitedadvisersmarine.com/financial-advice-superyacht-crew/): Typically Superyacht crew are in a great position to save and invest. Working onboard means having few expenses and things like end-of-season bonuses and favourable tax positions can add up, literally. However, the world of finance and investments can be confusing and it’s often difficult to know exactly where to start. That’s why we’ve collated our top 10 financial advice tips for Superyacht crew in this post. 1. Open a bank account suited to your needs Opening the right bank account is the most critical step when organising your finances.  Until recently, a Standard Seafarer bank account was considered the … Continued
- [Common Superyacht crew finance questions](https://unitedadvisersmarine.com/common-superyacht-crew-finance-questions/): One of the many things we enjoy about our work is helping Superyacht crew to understand the world of personal finance. We receive a lot of questions from crew, especially when it comes to things like where they must pay tax, the best bank accounts for crew and making sound investments. Below are some of the most common questions we are asked by Superyacht crew – we hope you find it useful. What are my tax obligations as a crew member working onboard a Superyacht? The country in which you must pay tax on your earnings, known as your tax … Continued
- [Starting out in the Superyacht industry](https://unitedadvisersmarine.com/starting-out-in-the-superyacht-industry/): As financial advisers to Superyacht crew, we know how important it is to have the right information when you’re looking for your very first role. Some of us here at UAM are ex-crew, so we know how challenging it can be to separate fact from fiction. In this post, we’ll point you toward some trusted sources for everything from getting the necessary qualifications to work onboard a yacht to sorting out your finances. But first, how do you know if the industry is even right for you? Is a career in yachting right for you? Long gone are the days … Continued
- [Why an emergency fund matters](https://unitedadvisersmarine.com/why-an-emergency-fund-matters/): The impacts of the COVID-19 coronavirus on the Superyacht industry and individual crew has highlighted just how important it is to have an emergency fund. Having a stash of money set aside as a financial safety net is crucial for when you suddenly find yourself without a job. But having an emergency fund is also more than that: it is one of the most important things you can do as part of your savings plan. The benefits of having an emergency fund Peace of mind Knowing you have money set aside when you’re faced with an unexpected change in circumstances … Continued
- [SCHENGEN IMMIGRATION UPDATE FOR SUPERYACHT CREW ](https://unitedadvisersmarine.com/schengen-immigration-update-for-superyacht-crew/): The COVID-19 pandemic has impacted countries worldwide including the implementation of various measures such as international travel bans and “lockdown” to help curb the spread and flatten the curve. Superyacht crew working in Schengen countries have been adversely affected and have not been able to return for work purposes. Many find themselves stuck between a rock and a hard place due to expired visas, or visas due to expire, which are requiring urgent renewal before they can return. IMPACT ON SCHENGEN VISAS AND IMMIGRATION The impact has not only been felt by yacht crew but on how Europe functions as … Continued
- [Tax, pensions and savings for UK Superyacht crew](https://unitedadvisersmarine.com/tax-pensions-and-savings-for-uk-superyacht-crew/): Keeping your tax affairs in order and knowing what pensions you’re entitled to as a UK national can help you save money. Want to know how? Keep reading. Updating your financial and tax information Keeping your financial and tax affairs up to date will ensure you don’t fall foul of tax authorities in your country of residence and in the UK. International rules, known as Common Reporting Standards, exist to ensure the banking industry is more open about sharing financial information with tax authorities across borders. These global standards apply to locals and expatriates alike, which means you must be … Continued
- [20 ways to secure your financial future for the next 20 years](https://unitedadvisersmarine.com/20-ways-financial-future-superyacht-crew/): Regardless of whether you’ve just started your first crew job or are planning to leave yachting, it’s never too early or too late to take control of your financial future. The following are our top tips to help you take control by managing, growing and securing your money. 1. Review your current expenses Before deciding how much you can save and direct toward your financial goals, you need to know how much you’re spending. Make it a habit to regularly review your spending and work out if you can save more. An honest appraisal of how much you spend is … Continued
- [Results from our Crew Financial Wellbeing Survey](https://unitedadvisersmarine.com/results-crew-financial-wellbeing-survey/): We conducted the first-ever Superyacht Crew Financial Wellbeing Survey to discover how crew feel about their finances. We asked questions related to savings and pensions as well as other important issues such as maternity leave. Responses came from a range of Superyacht crew, from captains to deck hands. Of those who replied, 40% hold senior roles and 55% junior positions. The remaining 5% chose not to share this information. Respondents include United Advisers Marine (UAM) clients and those who are not. As a result, responses are more representative of the Superyacht industry as a whole. Where there was a large … Continued
- [Online bank account options for Superyacht crew](https://unitedadvisersmarine.com/online-bank-account-superyacht-crew/): Increased popularity of online banking and a much more flexible foreign exchange market has given rise to a larger range of bank accounts available to Superyacht crew. Until quite recently, a Standard Bank Seafarer bank account was considered the only viable option for yacht crew. It does remain the only account designed specifically for crew who need to bank in multiple currencies. Often touted as the most convenient way to bank abroad and around the globe, a Seafarer bank account has had very few competitors, until now. Financial technology companies such as Revolut, N26 and Monese all offer ‘free’ online … Continued
- [Caring for your mind, body and soul during confinement](https://unitedadvisersmarine.com/care-for-your-mind-body-and-soul-during-confinement/): Whether on board a yacht or working remotely for the first time, we understand a lot of Superyacht crew are experiencing some sort of confinement. In the spirit of helping you to maintain a positive mindset, we want to share some ideas we’ve come across for staying fit and healthy in mind and body. We’ve also pointed you towards online training and professional development opportunities specially designed for crew. Why not brush up on your skills while you can? Protecting your mental health Looking after your mental health is more important than ever. We’re constantly bombarded by news updates and … Continued
- [Cost averaging and market performance](https://unitedadvisersmarine.com/cost-averaging-and-market-performance/): It’s not uncommon for people to think they should pull their investments when markets are falling amidst a crisis like a global health pandemic. When markets react, we react. The problem with that, however, is that you make the mistake of selling when prices are low and buying at higher prices when markets inevitably rebound. The worst thing you can do is to stop investing altogether as you want to stay invested for when markets improve. Market volatility can in fact work to your advantage if you invest regularly by using cost averaging. What is cost averaging? Cost averaging is … Continued
- [Key investment considerations during uncertain times](https://unitedadvisersmarine.com/investment-considerations-uncertainty/): It’s perfectly normal to feel twitchy about your savings and investments during volatile times. Equity market volatility occurring as a result of events such as global pandemics is a concern as it relates to investments. It’s important to remember that short-term volatility is characteristic of investing. Share prices rise and fall but markets always rebound and, historically, long-term performance evens things out. There are good reasons to stay optimistic and see opportunity where others see gloom. Stick to your long-term investment strategy Turbulent times bring out emotion. We are human after all. We also know that it’s tempting to follow … Continued
- [Make an impact with your investments](https://unitedadvisersmarine.com/make-an-impact-with-your-investments/): In recent years, there has been a noticeable increase in environmental awareness and changing attitudes towards our impact on the planet within the Superyacht industry. It’s heartening to see yacht crew embracing the zero-waste movement, for example. We have even started to see eco-friendly superyachts. But did you know that you can also use your investments as another way to switch to being green? Investment decisions can have an impact on our society and the environment, but it’s not always easy to know whether we are investing in companies that are recognised as having a high negative social and/or environmental … Continued
- [Get in great financial shape this season](https://unitedadvisersmarine.com/get-in-great-financial-shape-this-season/): As Superyacht crew, you know just how busy the upcoming summer season is going to be, especially if you’re working onboard a charter yacht. Regardless of your position onboard, you’ll be busy preparing the yacht, getting ready to welcome guests and working overtime to ensure everything is running smoothly. But while you’re working 20-hour days during the season, what’s happening to your finances? Have you got your savings in order or made decisions on things like investments to meet your financial goals? What are your 2020 financial objectives? Do you have a documented financial plan? Make your money work harder … Continued
- [The coronavirus and stock markets – keeping things in perspective](https://unitedadvisersmarine.com/the-coronavirus-and-stock-markets-keeping-things-in-perspective/): Stock markets have reacted sharply to the spread of coronavirus to countries outside of mainland China. Given the current crisis looks set to continue for the foreseeable future, investors should brace for more volatility in the stock markets. However, we urge you to remain calm and not to allow fear to govern your investment decisions. No one can predict exactly how much damage there will be to the global economy from the current coronavirus crisis. However, we have witnessed similar large-scale health scares in the past such as SARS, Ebola and Zika, events which provide a large amount of data … Continued
- [Tax changes for South African yacht crew](https://unitedadvisersmarine.com/tax-changes-for-south-african-yacht-crew/): South Africans working and living abroad, including yacht crew, will only be exempt from paying tax on the first R1 million they earn abroad when changes to legislation take effect on 1 March 2020. The amendments to the Income Tax Act effectively introduce an ‘expat tax’, meaning earnings above R1 million including all fringe benefits such as housing, education and flight allowances will, from 1 March, be taxed at normal rates. In some cases, the tax rate could be as high as 45%. This ‘capping’ of the tax exemption is leading to concerns that South Africans working abroad will be … Continued
- [20 reasons to save now!](https://unitedadvisersmarine.com/20-reasons-to-save-now/): Sometimes we all need a little nudge when it comes to saving our hard-earned money. It’s often too easy to spend up a storm, especially if our salaries are comfortable enough to enjoy the finer things in life. However, working in the superyacht industry, with its high wages and reduced living costs while onboard, provides the perfect opportunity to save. There are so many old sayings when it comes to money and savings, like ‘a penny saved is a penny earned’ or ‘take care of the pennies and the dollars take care of themselves’. So, in keeping with our 2020 … Continued
- [What financial freedom means for superyacht crew](https://unitedadvisersmarine.com/what-financial-freedom-means-for-superyacht-crew/): When you hear the term financial freedom, what does that mean to you? Does it mean meeting your monthly financial commitments with a little left over for spending, or having a decent emergency fund in place alongside a solid savings plan? Perhaps it means quitting your job and launching that personal project or business you’ve always dreamed of? Better yet, does it mean being financially comfortable enough to consider an early retirement? There’s no one hard and fast definition of financial freedom, or financial independence as it’s otherwise known, but one thing is for sure: financial freedom means that you’re … Continued
- [20% for 20 years](https://unitedadvisersmarine.com/save-crew-salary/): What could saving 20% of your crew salary over 20 years look like? We all know how important it is to save money, but have you ever thought of setting a specific goal for your long-term savings? After all, your personal saving choices are some of the most important factors in building your financial security. Just as we have fitness or other personal goals, it’s important to have a savings goal, and there’s no better time than the start of a new year to review your savings plan. A good place to start is by looking at how much you … Continued
- [Expat Tax 2020 | Where Do South African Yacht Crew Fit In?](https://unitedadvisersmarine.com/expat-tax-sa-superyacht-crew/): The two burning questions typically asked by South Africans working on yachts are: What does Expat Tax 2020 mean? How will I be affected? Unfortunately, SARS knows that yacht crew are likely not paying tax elsewhere on their foreign earnings and are often not resident anywhere. This likely makes them remain ordinarily resident of South Africa, and thus gives SARS taxing rights on that foreign income. The position of seafarers is more complex than the standard foreign employee. South African tax law provides for three different categories of exemption, which can be applied for on foreign income. But, even where … Continued
- [Will SARS find me?](https://unitedadvisersmarine.com/will-sars-find-me/): “If I never register with SARS, I will never get caught” With all the uncertainty around the change in the foreign employment exemption in the South African Income Tax Act, taking effect from 1 March 2020, more people are realising that they need to take care of their taxes more diligently. One of the biggest issues which lead to the law change was that South Africans Abroad, including South African yacht crew, did not formalise their tax status with SARS when leaving, with many attempting to avoid paying taxes in South Africa. Some South African Superyacht crew incorrectly believe that … Continued
- [Things you should know about buying property](https://unitedadvisersmarine.com/things-you-should-know-about-buying-property/): Buying a property is pretty exciting. For most yacht crew property purchase is top on their list of financial goals. This makes sense, right? Get your foot on the property ladder as soon as possible and start building a future on dry land. Property can be a wonderful investment for yacht crew. It can provide a real sense of stability whilst offering a passive revenue stream if you choose to rent it out whilst you are onboard. We are not here to tell you if a property purchase is right for you. Our goal is to share the key considerations, … Continued
- [Seafarer Earnings Deduction FAQs](https://unitedadvisersmarine.com/seafarer-earnings-deduction-faqs/): With the help of our UK tax partners, SK Tax, we have provided answers to questions we are most regularly asked about the Seafarers Earning Deduction (SED). If you are a UK taxpayer, a UK national or work onboard a British flagged yacht, read on to learn more about how you can potentially reduce your tax bill. What is the sed? The Seafarer Earnings Deduction, commonly referred to as the SED, is an allowance that helps UK taxpayers working in the Superyacht industry significantly reduce their tax bill. It allows seafarers to claim up to 100% tax exemption on their … Continued
- [Christmas traditions from around the world](https://unitedadvisersmarine.com/christmas-traditions-onboard/): Christmas means something different to each of us. Not everyone celebrates it, but come December it is pretty hard to escape it. For those of you who are working, Christmas is unlikely to be the boozy time off that those with a 9-5 office job enjoy! The likelihood for crew is that Christmas onboard will be busy and team celebrations will be either before or after the 25th. The variety of nationalities onboard can often make for some unique Christmas celebrations. If this is your first year onboard, or you are working with a new team you might be interested … Continued
- [Why bother getting a financial plan?](https://unitedadvisersmarine.com/why-bother-getting-a-financial-plan/): Whilst financial planning rarely gets anyone excited, there are lots of reasons to do it. The first reason is that having enough money to do the things you want, makes life easier. Generally speaking, Superyacht crew have plenty of disposable income. But, it tends to be spent quickly and this means that crew can’t always exit the industry when they want, or they have to adjust their lifestyle when they are back onshore. what does a financial plan actually look like? The plan is the end result of a number of conversations and a fair amount of thinking and reflection. … Continued
- [Dawn explains how we can all make a difference](https://unitedadvisersmarine.com/acrew-award-winner-dawn-kochan-explains-how-we-can-all-make-a-difference-to-the-environment/): It is pretty impossible to leave a conversation with Dawn without feeling inspired about our ability to make positive changes. What stands out after speaking with Dawn, her enthusiasm aside, are all the advantages of living more sustainably while onboard. M/Y Integrity is a shining example of how a Superyacht can operate more sustainably. Integrity has reduced, or eliminated, 80% of its environmental impact over the last five years. Dawn kindly gave us her time to talk about her award win, the changes she has made on-board, and how crew can start to make a difference with small changes. First, … Continued
- [6 Apps to help you save more](https://unitedadvisersmarine.com/6-apps-to-help-you-save-more/): To spend or to save? The answer is a little of both, but to know what you are spending! Apps are a great way to form new habits because our phone is rarely more than a few meters away. In the same way, you might use a sleep tracker or a fitness app, savings apps help you understand your current performance and make suggestions for improvements. Being able to track your spending, which will be significantly higher when back onshore, will help you make better decisions and hopefully save more long-term. Good budget Goodbudget helps plan your spending instead of just tracking … Continued
- [Could DINK work in Superyachting?](https://unitedadvisersmarine.com/could-dink-work-in-superyachting/): DINK isn’t used very often in the Superyacht industry. Partly due to the lack of couples positions and also because it is a relatively new term. DINK stands for “dual income no kids” and has become a key term in the world of investing. This is because DINK’s have, on average, greater investment affordability. Making them frequently targeted by marketing due to their large disposable income. But, there is another approach, many modern DINK households are instead taking advantage of their fortunate financial position to reach financial independence sooner rather than later. Within the Superyacht industry a couple earning a … Continued
- [The Seafarer's Earnings Deduction](https://unitedadvisersmarine.com/the-seafarers-earnings-deduction/): Superyacht crew who are UK tax payers have access to what must be one of the best tax relief systems. The Seafarer’s Earnings Deduction (SED) is an area of UK tax legislation that allows seafarers, which includes yacht crew, the right to claim up to 100% tax exemption on your earnings. This legislation has been in effect under a longstanding agreement with HMRC and offers yachting crew tax breaks on their earnings in return for the long periods of work at sea. SED overview To qualify, you must have: worked on a yacht worked outside the UK long enough to … Continued
- [South Africans are applying for EU passports in record numbers](https://unitedadvisersmarine.com/south-africans-are-applying-for-eu-passports-in-record-numbers/): More South African nationals are making the decision to apply for EU passports in a bid to avoid the increased tax proposals. The legislation hasn’t yet changed, but March 2020 is the planned date for the South African ‘expat tax’ changes. The government wants to significantly increase the amount of tax collected from nationals over the coming years. They plan to achieve this by amending the South African Income Tax Act. One immigration firm has seen a 364% increase in the number of applications since 2018. The increased number of passports is in part due to the opportunity to obtain … Continued
- [Top Tips to Improve Your Superyacht Salary](https://unitedadvisersmarine.com/top-tips-to-improve-your-superyacht-salary/): All crew, at some point in their career, will likely consider renegotiating their Superyacht salary. In this article, we explore average yacht crew salaries, how they are determined, useful negotiation strategies and suggestions for what you should do with your hard-earned salary. Yachting salaries If an owner or captain requests “entry-level” crew then you should expect a base salary and, if you agree to a trial period when you are hired, expect to receive a “starting salary” until your trial period expires when you may have an opportunity to renegotiate your rate. A wide variety of factors determine yachting salaries, … Continued
- [The Superyacht industry needs to talk about crew pensions](https://unitedadvisersmarine.com/why-the-superyacht-industry-needs-to-talk-about-crew-pensions/): Long hours, hard work, extended periods away from home, significantly higher pay than many other industries. All familiar hallmarks of working on a superyacht, but making the most of those generous earnings frequently isn’t. Some money-conscious crew may independently establish a personal pension or investment portfolio for later life. Many more may want to, but don’t know how to. Others feel they don’t have options available to them because their yacht doesn’t offer crew pension arrangements as part of their employment package. In comparison with onshore roles, where pensions funded by employer and employee contributions are relatively standard, the superyacht … Continued
- [The 10 most frequently asked finance questions](https://unitedadvisersmarine.com/the-10-most-frequently-asked-questions-by-yacht-crew/):  We asked the UAM team to get their heads together and let us know the ten finance questions superyacht crew most frequently ask, and then provide their answers. Read on to learn more about a whole range of issues that are often on your mind, like starting your own business, cash bonuses, getting rich, saving for your future, and more.   1) Will I still qualify for a state pension if I work on-board a superyacht? Advice from Tom Vjestica The state pension system varies depending on each individual’s nationality but, as a general rule, you’ll need to have paid … Continued
- [Beginners guide to financial greatness](https://unitedadvisersmarine.com/beginners-guide-to-financial-greatness/): Are you new to yachting or starting to think about investing? The majority of crew leave yachting with no savings. If you don’t want to be part of this statistic read our guide to achieving financial greatness. We promise it isn’t boring and there is even a KISS at the end. What is financial greatness? Being debt free and having the financial freedom to make the personal decisions that you want in life. This might mean having the freedom to travel where you want, being able to change roles or invest in new qualifications for a promotion. 1. Mind the … Continued
- [6 easy tips to become a regular saver](https://unitedadvisersmarine.com/becoming-a-regular-saver/): Most of us are familiar with the benefits of becoming a regular saver. But, much like dieting, we are often full of good intention but are prone to the occasional distraction that prevents us from achieving our goal. The main challenge with regular saving is that it is up against instant gratification; humans just aren’t hardwired for long-term savings. We have numerous internal reward systems that go crazy when we have the pleasure of buying ourselves a treat. Marketers have been taking advantage of the pleasure responses for years. It means we consume more, and more frequently. So how can … Continued
- [Is property the best investment?](https://unitedadvisersmarine.com/is-property-the-best-investment/): We ran a poll asking Superyacht crew what they did with their savings. 40% of you, at the time of writing this, are investing in property. Property is always touted as one of the best investments you can make. Everyone has a story about a friend/cousin/neighbour that bought a house for €27,000 and sold it for €230,000 10 years later. But is property the best investment you can make? Property has the fact that it is a physical entity in its favour. We can walk in and touch our investment. We cannot all be all experts in finance as we are … Continued
- [Insurance and why it really matters for crew](https://unitedadvisersmarine.com/insurance-sick-pay-superyacht-crew/): If you’re from South Africa, it would not have escaped your attention that the South African Revenue Service (SARS) has declared plans, destined to come in effect from March 2020
- [Standard Bank Seafarer Account FAQs](https://unitedadvisersmarine.com/standard-bank-seafarer-account-questions/): Each year we help hundreds of yachties open Standard Bank Seafarer Accounts. We often come across the same questions and have found that certain answers can be hard to find online. To help you decide if a Seafarers Account is right for you and your situation, we have answered the most popular questions: 1. How is Standard Bank Seafarers Account different from other accounts? The Standard Bank Seafarers Account is uniquely designed for yacht crew and is only available through certain Independent Financial Advisers (IFAs), distributors, and Standard Bank. An alternative is the Lloyds offshore account. If you search on … Continued
- [7 questions crew should ask their financial adviser](https://unitedadvisersmarine.com/questions-superyacht-crew-ask-financial-adviser/): It can sometimes be tough to ask the ‘difficult’ questions when seeking financial advice but remember, you have the power here.  Focused research gives you peace of mind and is well worth the effort as it can save you both heartache and money. Your financial adviser should be able to answer your questions directly, provide documentation about all aspects of their services and business, and clearly articulate their value. The aim here is to gain an honest and open insight into whether you are both a good fit and whether working together will be beneficial to realising your future goals. … Continued
- [Three simple steps for financial success in yachting](https://unitedadvisersmarine.com/three-simple-keys-for-finance-success-in-yachting/): At United Advisers Marine we’ve developed a three-pillared approach to help professional yacht crew navigate their financial journey, and understand the priorities around achieving financial freedom. When you get the right structure and the key elements working together, these pillars will help you build a sturdy foundation on which to create your financial future. Pillar one: Banking There are many reasons to get your international banking sorted, including: Convenience Easy on-line transfers Currency management Portability Multiple currency withdrawals and payments 24/7 access to savings Many yacht crew starting in the industry opt for a Standard Bank Seafarers Account that offers all … Continued
- [We have $10,000 waiting for you](https://unitedadvisersmarine.com/risky-investment-warning-signs/): Ever received an investment opportunity that feels too good to be true? Well, that’s probably because it is! Similarly, not all investments are created equal; there are the good, the bad, and the ugly… The challenge for investors is being able to decide what information can be trusted and what is simply “too good to be true”. Here are some warning signs to look for: 1. Limited investment opportunities An offer so good there are only limited stocks available for purchase, and you need to invest a considerable sum as a minimum purchase. If your financial adviser tries to promote stock … Continued
- [Top 4 transferable skills for yachties](https://unitedadvisersmarine.com/transferable-skills-yachties/): When it comes to working in the superyacht industry, yachties generally don’t often take the time to analyse the number of valuable skills they’re acquiring.  Whether they’re skills derived from hospitality, engineering, maintenance, or any other discipline, most are transferable skills that can be used significant advantage when securing a job onshore. The skills developed as a stew gives you a thorough knowledge of food safety, storage, hygiene standards and nutrition that will go a long way in many facets of the hospitality industry. There is also the advantage of being able to work to a high standard in the fast-paced, … Continued
- [Key benefits of a documented financial plan](https://unitedadvisersmarine.com/benefit-financial-plan-superyacht-crew/): Good financial advisers will commend the benefits of having a documented financial plan.  A plan might sound dry but it helps you reflect on your life and your aspirations. The process of writing down goals establishes commitment and forces you to call into question your values. A great financial plan puts the control into your hands meaning you can make better decisions about your financial future. Here are some of the key reasons you should start building your financial plan: 1. achieve your goals The very act of planning and committing to goals increases your likelihood of achieving them. Success … Continued
- [Talking about money as a couple](https://unitedadvisersmarine.com/talking-about-money-as-a-couple/): A study by TD Bank in the US established that while a lot of factors contribute to making a relationship work, money plays a key role, and regularly talking about money may be a vital element of a happy relationship. Ryan Bailey from TD Bank on money and the link to happiness said: “Couples who are hesitant to talk about money should be encouraged to see that doing so could result in a happier relationship.” Couples of all ages were found to be happier if they openly talk about money, with almost 90 percent of couples of all ages who talked … Continued
- [Evaluating your level of risk](https://unitedadvisersmarine.com/evaluating-your-level-of-risk/): There’s no one size fits all approach to determining your attitude to risk, but understanding how you view risk is crucial when deciding where and how you invest. Investing always carries a certain amount of risk. There is no risk-free savings plan or vehicle. There is the risk of a bank collapse, or if you are storing cash underneath your mattress there is a risk of theft or loss. It’s therefore important to ensure a balance between your personal circumstances, your investment ambitions, and your attitude to risk; we call this your ‘risk appetite’, or ‘appetite for risk’. So, let’s … Continued
- [What to expect from MYS 2019](https://unitedadvisersmarine.com/what-to-expect-from-mys-2019/): The 29th edition of the iconic Monaco Yacht Show will be held in Port Hercules between Wednesday 25th and Saturday 28th September 2019.  But, what we all want to know is, what yachts are attending, what parties are going to be held and what networking opportunities are there? Getting your day planned Daily opening times for the show will change this year to create a more pleasant experience for both visitors and exhibitors.  The show will be open to visitors between 11:00 and 19:30 daily, closing at 19:00 on Saturday. The later opening time gives exhibitors the chance to organise … Continued
- [Six eco-friendly Superyachts to look out for](https://unitedadvisersmarine.com/eco-friendly-superyachts/): Superyachts are synonymous with fuel burning and un-environmentally friendly materials. But, we are starting to see new designs with an eco-friendly approach. These six yachts come with all the luxury you’d expect but with a more responsible approach. The solutions they’ve developed range from sustainable and hypoallergenic materials to solar power and recycled materials. We’ve put together six of the most eco-friendly yachts on the seas to look out for. 1. REV The REV is currently being built by VARD, but is set to stand out from the crowd when completed. This superyacht will be able to scoop up around … Continued
- [Financial tips before you turn 30](https://unitedadvisersmarine.com/financial-tips-before-you-turn-30/): There are a number of key steps you can take before you turn 30 to take charge of your financial future. Sorting out your financial independence already might seem premature but our top tips show why sooner really is better than later. 1. compound interest (less is more) “Compound Interest is proof of Gods existence” Jeff Rich Whilst we make no claims of a link between compound interest and the divine, it is what makes saving early in life a really interesting proposition: If you started saving €300 a month today and continued saving the same amount for the next … Continued
- [Top Financial Tips from United Advisers Marine](https://unitedadvisersmarine.com/top-financial-tips-from-united-advisers-marine/): During our spotlight interviews with the Marine team, we asked them to share their best financial advice for yachties. We have collated that advice to help you better navigate the world of savings and investments. Have a plan and enjoy life Yachting offers an incredible opportunity to travel the world and can provide financial stability to pursue your dreams in the future. Spending time, with or without a financial planner, reviewing what you want to achieve in the future helps you focus. It doesn’t mean you need to commit to saving 80% of your income. It’s all about finding the … Continued
- [What yachties did next ... Tim Fletcher from Workrest](https://unitedadvisersmarine.com/yachties-next-tim-fletcher-workrest/): The first of anything is always pretty special, and our interview with Tim Fletcher from Workrest is no exception. Welcome to the first interview in our ‘What yachties did next…’ series. Over the next few months we’ll interview ex-yachties to see what they are up to. There are incredible opportunities available after a career in yachting. Many ex- yachties start companies, as Tim has done, and others take up roles within luxury hospitality or yachting. Our series is designed to pack you full of ideas and inspiration! Now on to Tim…. Tim got his first role as a Deckhand after … Continued
- [Tips for money management when the ZAR is unstable](https://unitedadvisersmarine.com/tips-money-management-zar-unstable/): Yachties are used to getting salaries and tips in a currency different to their home currency. When your ‘work’ currency and ‘home’ currencies are stable this doesn’t present many problems, aside from the standard bank fees. A nice steady exchange rate makes it easy to plan both savings and investments. However, when the ZAR is unstable this makes things more complicated. What is the impact of an unstable currency? An unstable currency means that you are at the mercy of the market. This is not a fun place to be as: You can lose value on transfers It can impact … Continued
- [What can yacht crew do about South Africa's Tax Change?](https://unitedadvisersmarine.com/yacht-crew-south-africas-tax-change/): If you’re from South Africa, it would not have escaped your attention that the South African Revenue Service (SARS) has declared plans, destined to come in effect from March 2020, to implement a tax for South Africans working abroad. If you fit this demographic, the new legislation could see you paying 45% of your earnings over ZAR1 million ($69,514, £53,234m, €61,838) to the South African government. Will the tax changes affect you? There will be a budget in Feb 2020 before implementing the new measures but, given South Africa’s economic status, and both the Treasury and SARS scrabbling for additional … Continued
- [Beginners guide to saving and investing](https://unitedadvisersmarine.com/beginners-guide-to-saving-and-investing/): Do you have money left at the end of the month? Unsure of what you should be investing in? You are not alone. The world of investment can seem daunting when you first dip your toe in the water. This is why we have created our yachties guide to saving and investing. Here we answer the most common questions that our yachting clients ask us. What are the main types of investments? Investments are normally broken into 4 core categories: Property Cash Bonds Shares Most savers start with cash. It is recommended to keep 3 months salary as cash savings. … Continued
- [Financial Well-Being survey](https://unitedadvisersmarine.com/survey/): Tell us what you think about pensions, maternity pay and how you will pick your next role. This is the first Financial Well-being survey for superyacht crew. We hope that by better understanding your situation, views, and challenges we can provide better content and advice. The short survey will take no more than 3 minutes of your time! Complete the survey Create your own user feedback survey Understanding the financial realities of crew is important for United Advisers Marine as we want to be able to provide workshops and resources that best help crew navigate their financial circumstances.
- [What yachties did next … Leila Nafa from Crew Eyewear](https://unitedadvisersmarine.com/leila-nafa-crew-eyeware/): If you have been in the yachting industry for a while then you have probably met Leila Nafa or one of her team along the way. Leila is the founder and owner of Crew Eyewear and is changing the way yachties care for their eyes during their careers. Leila joined the Superyachting world after working as a tour rep in the mountains. Like many yachties she shares a passion for the outdoors and has a strong sense of adventure! While her first foray into yachting was pretty eventful; seasickness galore, she quickly secured a position as an executive concierge on … Continued
- [Top 7 ways to spend your extra payday](https://unitedadvisersmarine.com/7-ways-to-spend-your-extra-payday/): One of the many benefits in the yachting industry is that, when payday comes around, you have enough disposable income to enjoy some of the finer things in life. One of the tough things can be deciding how to spend it! We have partnered with IFX currency not only to give you a bonus payday but also to give you 7 inspirational ideas of how you can go about enjoying it. Go eat a Fleurburger 5000 This is known as the most expensive burger in the world. Is it worth the $5000 price tag? Well, there is only one way … Continued
- [Tax Smart Solutions for South African Yachties](https://unitedadvisersmarine.com/tax-smart-solutions-for-south-african-yachties/): As you may well know South African tax rules are changing from March 2020 and South African expatriates need to act if they want to avoid its dire consequences and threat to their foreign income. We run a Tax-Smart Solution offered by one of our partners that can help generate tax savings for South African yachties. The bigger problem While it’s a hot subject the majority of South African expatriates remain to be convinced that it will come into law and so won’t affect them, and see no need to make plans. This belief has led to a lack of … Continued
- [Controlling your finances, wherever you are in the world](https://unitedadvisersmarine.com/controlling-finances-wherever-world/): Cruising the world as yacht crew can make you feel like you’re a citizen of the world, rather than being tied to a particular country and, when you’re not in your home port, you don’t want to be tethered to banks in your home country and any associated tax and interest obligations. We know banking can be a bit of a knotty problem for crew. Very often you’re classed as a ‘non-resident’ and this in itself can cause significant issues. On top of that, a whole plethora of dilemmas you need to deal with can arise while you’re at sea, … Continued

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