A Yachtie's Guide to Personal Finance

Automate Your Damn Money

A message for those with or without investments

A common hurdle to weekly/monthly investment contributions, the key to financial freedom, is the lack of an automated system.  Although this sounds like a fancy term, all it means is to have a regular plan whereby a direct debit or similar is setup so that your money is automatically transferred out of your account immediately.  One benefit of this system is the removal of temptations of spending what’s in your account on BS items.  Similar to the ‘my diet starts on Monday’ analogy, people tend to push these boring/hard to do bank admins jobs for another day. 

This, however, can be detrimental to your investments and financial future.  Each day you put this off (this, being, setting up a direct debit to your investments/savings) is a day your money is not working for you.  I don’t expect you to start a diet and set up a direct debit in the same day but hope you realise the point I am getting at.  

Set time aside for yourself but be specific as not being specific with goals allows complacency and procrastination to set in.  On the last Sunday of every month I sit on the sundeck of the yacht I work on with a beer and go through all my financial accounts to ensure everything is running smoothly. The earliest time you can start is now, so get started.

The lack of spending temptation aside, an automated system also means you can spend less time sending and converting money each week/month and more time on the things you enjoy (lame enough?).  Seriously though, when you are on charter dealing with (insert your crazy guest stories here) or crossing the Atlantic for the 23rd time you know your money has taken care of itself and shot straight to your investment/savings account without you stressing about it or not having the WiFi to even do it yourself.  

As I type this I am crossing the South Pacific ocean and I know that when the payslip email comes in that my money is taking care of itself and I can continue starring out a window and getting paid for it.

Get it done, take some control and be proactive, your future self will thank you. 

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