We are nearing the end of another calendar year. We are also starting another yachting year, which typically starts off with the Fort Lauderdale International Boat Show or as we all know it, FLIBS.
 
Many crew change boats or come into town for refits, etc. All of our schedules will be filled with parties, events and getting the yacht ready for the next trip or that new boat job in the next couple of months, not to mention the holidays.

I have learned also that this seems to be the best time for crew to take care of their personal items while they are in town. Finding the time to do this can be difficult. So it is up to you to find that time for your review or to start planning your own retirement trip.

Now might be a good time to sit down and evaluate your portfolio. There seems to be a lot of talk that we are in a false high in the market. Regardless, this may still be a good time to diversify your portfolio – if you haven’t already – into some investments outside the stock market. I have written on many of them in past articles. (Visit www.the-triton.com and click on News search at the top, and scroll down to Personal Finance under Columnists.)

There are many types of alternative investments. Make sure you do your homework and ask a lot of questions. I know this is a busy time but you need to look after yourself as not too many owners will take care of you after you retire.

Some helpful hints and ideas to help you get organized before sitting down with an accountant or financial adviser: find all your statements from every financial source, especially after traveling all over the world; file them in a folder, not in their envelopes; and, if you are self employed, organize all your expenses for the year.

With investment companies such as those that manage your mutual funds, you’ll get two types of statements throughout the year. Every time you have any type of transaction on your investment – whether it be a dividend disbursement or new money going in – you will get a confirmation statement.

You’ll also get a quarterly statement that recaps your activities for the previous three months. Look over your quarterly statement. If all the transactions are on your quarterly statement, shred all those confirmations.

Then, when you get the year-end statement, check to make sure all the quarterly statement transactions are on it, then shred all the quarterly statements.

This is a good time to begin the process and map out your financial plan. Think about it: All the forms you are gathering for your taxes are the same ones you’ll need for you own financial plan.

Look back at prior years’ tax returns. Did you overpay and get a refund? Some people see that extra money as a forced savings account, but that is a no-interest savings.

Consider instead adjusting your tax payments and investing the difference. You still have a couple of months to make an adjustment this year.

If you choose not to take this task on yourself, determine what specifically you need help in and how complicated your needs are. When talking to people who can help, find out how many hats he/she wears. Is he/she a generalist or a specialist? This goes for anyone you consider hiring to do something that is out of your expertise. Just like doctors and attorneys, they each have a specialty.

So this is a good time of year to sit down with someone and map out your short-term and long-term financial plan. Talk to several people and ask a lot of questions. You don’t have to divulge all your specifics up front until you feel comfortable with the person.

You must get that feeling of trust before you do anything. This is so important and why I tell everyone that comes through my office that privacy is priority in my practice as I understand how information travels in the yachting industry.

Information in this column is not intended to be specific advice for anyone. You should use the information to help you work with a professional regarding your specific financial objectives.