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What is wealth?
What do you think makes someone wealthy? Many people will look at someone with a big house and nice car and think they are wealthy. But the house and car show the money that person has spent, or the money they borrowed to buy those things in a lot of cases. Wealth is really the income you haven’t spent. The money you haven’t yet spent gives you freedom and flexibility in the future.
Real wealth is having the ability to do what you want when you want, for example, being able to retire early, or swap a job you don’t enjoy for something that is lower paid but makes you happy. Here, one of CrewFO‘s partners is here to take you through the ways that crew can build wealth and set themselves up for a positive future.
How Do You Build Wealth?
Building wealth takes planning, patience and restraint.
- Planning and careful thought about what you want your future to look like so you can identify the right savings vehicles for each of your different goals.
- Patience to leave your money invested long enough to benefit from compounding.
- Restraint to not buy something now that will give you pleasure in the short term so that you are able to have longer term happiness in the future.
Having money can give you control over your time, while not having control over your time can have a huge impact on your overall happiness. Options and flexibility are the best reasons to spend wisely now and save for the future.
Focus On Your Goals & Priorities
Know your own financial goals and priorities. Spend time thinking about what is really important to you and what you want your future to look like when it comes to start life after yachting. Then it can be easier to avoid being influenced by people around you whose priorities could be very different.
It is easy to spend all you make. In today’s world you can buy something online with a few clicks of a mouse or just a couple of touches on your phone’s screen – or even when you go out with your fellow crew after a long charter! You might find yourself surrounded by people happy to spend every penny of their money and encouraging you to do the same, but focus on your own future plans and consider what sacrifices you are willing to make now to get that greater security and flexibility in the future.
CrewFO is here for Superyacht Crew when it comes to finance. For more information about the implications of your will and anything else, visit at: https://www.crewfo.com/
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