If you consider yourself a true Jetsetter, you have probably visited numerous islands around the globe, from the lush tropical cays in the Virgin Islands and in the Caribbean to the majestic islands in the Mediterranean to the stunning islands of the Orient. Perhaps you’ve already taken Jason Hartman’s advice on property investing and are using monthly passive income to charter luxury yachts through the clearest waters under the brightest sun. However, if you are truly smart with your money, perhaps instead of chartering jets and yachts, you should invest your money and look into purchasing your own new or pre-owned sailing or motor yacht.

Your first step would be to consider which type of vessel would best meet your needs. Where do you plan on cruising? Are you going to just one area in particular or will you need to have long range capabilities? Where will you dock? Does your mooring have size constraints? How long of a vessel would you prefer? How many guests should the yacht accommodate? Will you sail it yourself or will you hire a crew? How many crew and how many crew cabins? Do you have a particular preference of material for the hull? Which type of exterior style would you like? Consider the interior design. Would you like traditional, modern, chic, contemporary, oriental, or antique? What type of amenities would you like? Do you want a Jacuzzi? A wet bar? A cinema? A helipad? What types of tenders and toys would you want? And probably most importantly, what is your budget?

After fleshing out exactly what you’d like in your yacht, drawing on personal knowledge of vessels you’ve chartered or those you’ve seen while on vacation or jet setting to exotic locations, it is time to put all of this information to work for you. Your best bet is to find a yacht broker who specializes in boats for sale worldwide. Consider a broker who also deals with yacht charters and may be able to offer a Try Before You Buy option. It’s nice to actually spend some time on a yacht that you envision as ideal, in order to determine if there is anything you overlooked. Plus, oftentimes, a portion of your charter expenses can be put towards your purchase.

If you follow Jason Hartman’s advice on rental property investing, you might eventually earn enough residual income to purchase the yacht of your dreams! (Top image: Flickr | daryl_mitchell)

The Jetsetter Show Team

Tags: buy a yacht, Jason Hartman, passive income, residual income, The Jetsetter Show