Some say that money cannot buy happiness, but it sure can buy a lot of other things. Money can buy boats, fishing rods and the biggest curved flat screen available. When, you might ask, does anyone have enough money to squander on such frivolous items? After several months on the boat, of course! You have been away for some time now”spending all of your time working with charters, guests and crew. Maybe youve been traveling to faraway places or staying local. No matter where youve been fishing, the money has been rolling in and youve not had time to spend it. Whether it is a salaried position, a day rate or cash tips in hand, what to do with your money is an important topic for anyone. The devil on one side of your shoulder may tell you, Pack a bag and go to the Keys for the weekend! The angel on the other side might say Save, save, save or youll never be able to retire! Not sure which one to choose? Here is a quick and dirty rundown of the options that you have for your pile of boat cash. 1. Save: Tuck it away in your savings account, put it under the mattress or bury it in the backyard. Saving money allows for a person to make preventative arrangements for an emergency situation or possibly save for something specific”new truck, down payment on a house, or that engagement ring she keeps not so subtly hinting about. 2. Invest: If all goes according to plan, investing your money means you say goodbye to it for now and say hello to a larger amount later in life. This can be done through many avenues including a 401K, IRA, Roth IRA, Stock Investments, Insider Trading and Ponzi Schemes. If opting for an investment is your choice, it may be best to talk with a professional who can assist you in making financial decisions such as a financial planner or personal banker. Investing allows your money to work for you, growing through time. 3. Get something you have needed for a while: It may be that medical check-up that you have been avoiding or that oil change on your car, but spending money on necessities now can save you more money in the long run. 4. Splurge: You have been eyeing that Hells Bay flats boat and you think it just the right time to make the commitment. Or maybe you are more comfortable with a new fishing pole. Either way, you may decide that buying yourself something nice is appropriate and well deserved. 5. All of the Above: You can have your cake and eat it too. You can realistically do all of these things with a little planning and use of good resources. All of the above options are ways to spend/save your money. Each is a personal decision that requires some general financial knowledge. A great way to calculate how much you have to work with is by making a monthly budget. There are plenty of free apps out there that can assist you. Check out Mint or Credit Karma for personal finance tools. In addition, go to your local bank where there are plenty of no-cost resources such as personal bankers, printed material and online tools. Another great resource for all things financial is forbes. com/finance. Take a quick look at the info in this column to decide what options you have in regards to your money.
