When ex-Chief Stewardess Mary Hensman joined the Superyacht industry, she was savvy enough to know that investing her hard-earned money was a wise decision. Mary knew that money sitting idly in a bank account wasn’t the answer: she needed to get her money working for her while she was busy working on board.
Mary had initially entrusted her investments to another broker, but they weren’t helping her to understand exactly how, where and why they were investing her money. They weren’t taking the time to get to know Mary and her financial goals. The service was impersonal and wasn’t giving her any real visibility of her financial future.
“United Advisers Marine were extremely realistic from the get-go.”
When we first met Mary, we took the time to get to know her and her goals. We wanted to better understand Mary’s personal vision and what she wanted to achieve while working in the yachting industry and beyond. Mary already had in mind where she wanted to be financially when she reached 30. Knowing this as well as Mary’s salary and spending habits, we were able to advise her on the best investments for achieving her financial goals.
Our initial advice to Mary was to keep a minimum amount of USD 15,000 in a current bank account for emergencies and then focus on a realistic savings and investment goal. Once Mary had built her emergency savings fund, she focused on moving 40% of her salary every month into two different investment accounts. That allowed her to still enjoy life back onshore while knowing she was building towards her future.
After just six months, we met with Mary to review her situation. Thanks to a salary increase and the savings habits Mary had established, she was able to increase the amount she was saving every month to 50% of her salary and still had money left over for spending.
“Working with UAM was a completely different ball game. I had a completely different understanding of where my investments were going.”
Mary saved enough money to leave the industry two years sooner than originally planned. Her financial independence and security have meant she is confident to continue investing. Back home in South Africa, Mary is eyeing investments in property while continuing to meet her day-to-day financial goals. This was all possible because Mary was willing to invest – time and money – into planning her financial future with care and attention.
“By all means, live life. In yachting, you have the means to but always have a plan in mind. And find someone to help you reach it.”