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April Dockwalk - Seasonal Challenge
Pete
Posted: Tuesday, April 17, 2012 9:01 AM
Joined: 01/12/2008
Posts: 62


Please check out April's Dockwalk magazine...can you do all of these challenges? they are for your personal benefit and take very little time....

Read the article here then please reply and let me know how you got on.

Pete
Posted: Friday, June 1, 2012 9:49 AM
Joined: 01/12/2008
Posts: 62


HERE IS THE ARTICLE - HAS ANYONE DONE ANY OF THESE?

Seasonal challenge - how did you do.... things to think about for the season ahead? By Peter Brooke Last year I challenged you to make some financial and organisational commitments, how did you get on?

Here is a summary of the challenges and a new set for the season ahead. It's only one per month so should be easy for everyone to complete. So, last year - did you....

Invest in yourself! - sit exams, do enough sea hours, update any log books, passports, VISAs?

Check your bank account is right for you?
Is it in the right currency for what you spend/need? Is it in the right jurisdiction?

Check if you are properly covered? EXACTLY what health or accident insurance do you have onboard? What if you get injured?

Negotiate to have tips paid to your bank account? Cash is no longer king.

Fully understand your tax residency status?
Residency is not a matter of choice; it is a matter of FACT!

Think about the long term? Have you started investing in your future? If you are in yachting for the long term, you need to save some of your income... no one else is going to do it for you.

If you didn't do all of these, please think about trying one every month from now on, or get together with other crew and discuss it... if you did them all then great; try these:

Start your "Real World" education
- generally our schools still don't teach finance, which is a shame as money does still make the world go round.
1. Start reading about finance, try and understand the flow of money and what affects it and especially inflation; €100,000 in 25 years will be worth the equivalent of €47,761 today assuming 3% inflation or €29,530 with 5% inflation... and cash is considered safe?
2. What are bonds (T-bills in the US, GILTS in the UK, Bunds in Germany!!).
3. What are shares, how are they priced, where does the return come from (growth, dividend yield, dividend growth?) Shares are the only thing we never buy on sale.... markets have been pretty bad through 2011, but companies are cash rich, understand their markets and have low debt levels, at some soon investors are going to twig that there are some real returns to be made in stock markets; maybe they already have?

To retire on an income of €3000per month in 15 years you will need approximately €1.1million in assets. At the end of the season arrange a meeting with your financial adviser and challenge them to go through all of this with you... you could also look through previous 'It's Your Money' articles on Dockwalk.

This article is for information only and should not be considered as advice. Peter Brooke is a financial planner to the English speaking expatriate community. He is based on the Cote D’Azur and is a member and partner with the Spectrum IFA Group. He can be reached on +33 6 87 13 68 71 or at www.spectrum-ifa.com/riviera1.html or peter.brooke@spectrum-ifa.com
Pete
Posted: Wednesday, August 8, 2012 2:06 PM
Joined: 01/12/2008
Posts: 62


you can read it properly now.... sorry about previous formatting.... give them all a go and let me know how you get on.

 
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