Scenario; you are in the yachting industry (or any industry really) and you’re making money.
You know that you should really be doing something better with your cash besides it sitting in a bank account. You wonder what this could be and you think of 2 options. Option 1, you ask your mates and do what they do. Option 2, you do nothing. Scenario over.
Lets talk about those 2 options.
Okay, so, you’re asking your mates about what they do with their money, namely, do they invest? If so, how do they go about it?
Good start, you’re miles ahead of the majority who do nothing with their money.
But here’s the thing.
You need to do your own research, proper research.
Lots of people doing the same thing doesn’t automatically make it right for you. Just because your friends inhale copious amounts of cocaine and rum on a Monday night doesn’t mean you should.
Investing is an essential component of personal finance and a cornerstone of wealth creation. I cannot stress the importance of understanding your investments.
Investing is specific to each person and takes into account several factors such as;
- How much you earn
- How much you spend each month
- How much you can afford to contribute to investments
- How long you can invest for
- What you want to invest it
- What currency you’re paid in
- Which country you pay tax in
- … and many more.
You taking the advice of your friend isn’t enough to make an investment decision. Posting on social groups and getting opinions is a great idea but it doesn’t and cannot replace proper research and planning.
It’s easy to be swayed by nicely dressed financial advisors that smell nice and speak with confidence. Similarly, we’re easily influenced by our peers (even if they don’t smell nice)
But before you take the financial advice of your friends just think about the differences between your lifestyles after yachting and therefore how different your approach to finances will be.
How much knowledge do they have regarding investing/personal finance and were they taken under the wing of an expensive financial advisor? Do your friends really understand their investments and how it all works?
I’m not advocating to ignore your friends. I’m simply asking that you assess their suitability for offering financial advice and to ensure you trust their advice.
Don’t chose this option, you’re literally throwing money away. It’s not a good option.
Yachting is so lucrative and to waste this opportunity is plain ridiculous.
Don’t be lazy. Use your time wisely to improve your financial future.
If you’re not into personal finance, that’s cool, find a reasonable and trusted financial service to take care of your money instead.
Not sure how to find one? No problem, contact me and I can point you in the right direction.
If you are into doing it yourself, also cool, read my website or others, get educated, get hyped and start making moves.
The point is, do something with your money. Make positive changes, put some work in and make a difference for your future.