Hello, I hope you all are having a fantastic day. This week’s newsletter brings you the latest industry news and essential insights for yacht crew. Stay informed on the evolving superyacht landscape, discover valuable training resources, and gain expert advice to elevate your career. Let’s dive in!

Fact of the day

95m / 312ft superyacht Kismet was used on set of a “Six Underground” Michael Bay movie featuring Ryan Renolds, Melanie Laurent and Dave Franco

In today’s email

• How to protect your income

• Recent news

How to protect your income

Protecting your income is crucial for financial stability. It is not unusual for new yacht crew to spend recklessly. Designer handbags, designer trainers and lots of nights out can contribute to an inability to set yourself up for the future. Here are some effective strategies:

Build an Emergency Fund:

Absolutely crucial in a industry that can be cut throat. Ensuring you have 3 months worth of living expenses is very smart and beneficial.

• Financial cushion: Aim for at least three to six months' worth of living expenses in a readily accessible savings account.

• Unexpected events: This fund can cover unexpected expenses like medical bills, job loss, or car repairs.

Protect Your Health:

Prioritising your health will save you in the long run and also help prevent injury.

• Insurance: Maintain comprehensive health insurance coverage.

• Healthy lifestyle: Prioritize your health through regular check-ups, exercise, and a balanced diet.

Plan for Retirement:

It might not seem like It right now but time flys by ,and, the one who saves for the future wins

• Retirement savings: Contribute regularly to retirement accounts like 401(k)s or IRAs.

• Employer matching: If your employer offers matching contributions, take advantage of it.

Review Your Insurance Coverage:

Having insurance will help prevent unseen emergency costs, just make sure all your planned activities are included in the coverage.

• Life insurance: Ensure you have adequate life insurance to protect your family in case of your death.

• Homeowners/renters insurance: Protect your assets and liability.

• Auto insurance: Maintain appropriate auto insurance coverage.

Negotiate Your Salary and Benefits:

Think about what value you bring and ensure you salary and benefits reflect that.

• Fair compensation: Regularly review your salary and negotiate for raises when appropriate.

• Benefits package: Consider the value of your benefits, such as health insurance, retirement contributions, and paid time off.

Educate Yourself About Financial Matters:

The more educated you are on finance the smarter choices you will make

• Financial literacy: Understand basic financial concepts like budgeting, investing, and debt management.

• Seek advice: Consult with financial advisors or experts for personalized guidance.

Be Mindful of Debt:

Debt can be good and bad, make sure debt is working for you and not the other way around.

• Responsible borrowing: Avoid excessive debt and manage existing debt responsibly.

• Debt repayment: Prioritize paying off high-interest debt.

Recent news:

• 27m yacht Manta sinks in Corsica after striking a reef

• 32m Versilcraft motor yacht Illusions sinks in Isla Mujeres, Mexico

This weeks to-do list

1. Create a savings goal

2. Look into payment protection insurance

3. Create a Will