Yacht Crew Case Studies

Deckhand Andy – recent employee
Nineteen year old Andy has been at sea for only a short time, however he has already secured a job on a 40 meter yacht. Brimming with youthful ambition Andy appreciates that he will need to study and earn more qualifications if he is to progress and become a Master.
At the moment Andy is earning €2,500 each month, and he is planning to begin his first course within 18 months. Andy is very serious about this and has worked out exactly how much money he will need for tuition fees, food and living costs, travel and accommodation. To reach his goals he needs to establish a savings plan that will still give him access to his funds. Ideally he wants to begin saving €1000 per month, safe in the knowledge that the plan will allow him to stop investing into the fund while he is studying and not incur any additional charges.  His Chase Belgrave consultant finds him a plan that allows all of this, and he begins to save immediately.
When he has finished his studies he will be able to continue contributing, possibly at an increased rate due to the higher salary his years of studying will bring.

Chief Stewardess Jessica – recently promoted
Twenty-eight year old Jessica is a veteran of the industry having worked aboard various yachts for over ten years. Well respected and liked, Jessica was recently promoted to senior stewardess, complete with an attractive wage of $6000 per month.
She would like to retire to the South of France in ten years time and purchase a small hotel on the coast. Her issue is that all the money is currently sitting in a low interest rate current account, and she has no real investment strategy.  After a review with a Chase Belgrave consultant, Jessica makes a decision to start to save towards her goal. A savings plan is established and Jessica transfers her $50,000 savings into the plan, and sets up a regular payment of $4000 per month from her salary. This should enable her to exceed her $750,000 goal in 10 years time. She’s especially pleased with the 24 hour internet service that enables her to check her fund at any time.

Master Jim – seasoned seafarer
Thirty-eight year old Jim has worked aboard super yachts for almost 20 years now and he currently works as the captain of a 70 metre motor yacht, a job that pays him €10,000 per month. He plans to retire when he reaches 50.
Over the years Jim has saved €240,000 which he keeps in a number of different worldwide bank accounts. He’s getting less than 2% interest at the moment and appears to be paying withholding tax on some of this that he doesn’t believe he’s liable for. He also has doubts about whether Euros are the best currency for him, which currency is best and how and when to switch. He sits down with a Chase Belgrave consultant and discusses the best approach. He changes to a multi currency plan and expects to get around 6% per year after any fees. He no longer pays any taxes on his savings and his plan means he’s able to contribute €6500 per month at low cost. Jim’s due to retire a millionaire – a far cry from his beginnings as a deck hand.

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