This particular industry is rather difficult to work in. Living on board 24/7, long hours, demanding clients, difficulties in building a life onshore and planning for retirement and financial security is left entirely in your hands.
With a higher than average salary come sacrifices that one must tackle, such as high crew turnover, minimal job security and no pension plans.
Yachting is a great industry to go into if you wish to build a career in yachting or amass serious money which would allow you to move on to another venture. However, those who manage to save up and not spend it all, find it difficult to decide what to do with their savings.
The question most try to find an answer to is "How to protect your savings? Where to place it to earn a decent return and protect it from losing it?"
But, the main stumbling block is the fear factor. You may have several options with which you can go with, but the fear of losing is stopping you. The more you hold on to the fear of losing, the more you are actually losing. With the inflation rate being average 10% globally, this means your savings are decreasing by 10%. The fallacy of "money on the account" is costing you dearly. To give you an example, your every dollar is actually worth 90cents.
If you have not put a plan in place to protect and achieve financial freedom, you have to make the jump.
If you want to put your funds for a short-term, then the 12-month Fixed Income would suit you. The plan has been for over 10 years providing captains with a steady return on their savings.
It currently offers a fixed income of 11% per year paid directly to your bank account every three months. This plan does not lock you in for a long period of time and your capital can be redeemed very quickly.
Other investment options such as property purchase and long-term pension plans are all illiquid, meaning, that if you need your cash you have to wait until you sell the property or stocks. If it’s a bad time you can lose a lot of money on both of these.
Why Fixed income plans? Fixed income is an investment approach focused on preservation of capital and income. Click here to read what BlackRock investment firm says about Fixed Income Plans.
Contact us to receive a factsheet and put your savings to work.