This month, Captain Luke discusses whether job security exists in the yachting industry, the steps you can take now to secure a better future for yourself and what he knows now that he wishes he knew then…
Beware Of Curveballs
A few years after starting in yachting, someone cast a statement in my direction: “You really should have 6 months salary saved up just in case”.
And I started to think about that thought as I tuned out her voice: “In case of what?”, I thought.
Fast forward a few months later and boom…UNEMPLOYED.
Over the next decade, I was party to a whole array of curve balls to my career. Yachts being sold, recessions, yachts being laid up and being cut down to skeleton crew.
Start Thinking Longer Term
What didn’t make sense to me then, but does now, is we tend to overestimate what we can do in a year, but underestimate what we can do in future years. By that I mean we have grand plans this year, but next year is too far off to worry about, so who cares right?
In no way shape or form did I ever think I’d be here in yachting nearly two decades later! I used to hear things like: “Luke, when are you going to come home?” or “Luke, when are you going to get a real job?”.
In that same time span, I’ve made money, I’ve lost it, I’ve had it stolen from me, I’ve had two kids and met an amazing woman. All of this has been an epic roller coaster of a ride that I wish I’d taken precautions for much sooner on in my career.
I had no role model that I could relate to, so I just continued to blaze my own trail. I didn’t think I could benefit from saving at several points, as I wasn’t thinking long term. I was focused on just living!
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‘Your ability to stay on a yacht for an extended period of time isn’t really up to you’
You might be asking what does all of this have to do with job security?
If you haven’t picked up the undertone of this article, your ability to stay on a yacht for an extended period of time isn’t really up to you. You may have the best intentions, but then the boss lists the boat for sale, or maybe it catches fire and you don’t have a job anymore?
The list of how and why your job might end is endless, so this is where you have to be prepared.
I don’t need to tell you what to do, you are an adult, but if I were to tell my 30-year-old self one thing, it would be this:
- Make saving money a non negotiable.
- Think of saving money for your future self.
- Start with 10% now,… and if you don’t believe me, look at the difference compounding has on your money if you start at 20 vs 30 vs…my age.
But all that aside, have fun, be amazing, keep learning and be the best version of yourself you can be!
Captain Lord Luke Hammond recently launched Reffr – A new yacht crew recruitment platform. Reffr aims to solve the problem of connecting people with the right jobs, which opens up amazing opportunities for recruiters, captains, and businesses that join the platform.