Vacations can be expensive, and sometimes people think they can afford expensive things when in all actuality they cannot. A friend of mine that had a client like this, on the outside it looks as if he was doing really well, businesses, a good house, and great cars. He had everything a guy could want, though he knew he wasn’t a billionaire, he had no idea that his finances was actually not in a very good state. After my friend found out how bad the situation of his client was he wanted to inform him as soon as possible, but it was a little too late, he had left for an extravagant vacation at Dubai.
Both of us were quite certain that NOT going to that vacation wouldn’t have changed anything as the client was already in a pretty bad situation. Had he consulted his an accountant earlier he would have been in a more salvageable situation, but alas that was not the case. The nail on the coffin that completely made things irreversible were a yacht rental, as in Dubai boat rental is expensive. After not being able to contact the client soon enough, and being notified of the yacht rental, all my friend could do was let his client enjoy his vacation and prepared him for the bad news when he got home.
Now, there are a lot of details I left out in this story, not to give out too much information about my friend and his client, some of the details are essential to truly understand the situation and how it happened. But what you need to take out from the story is this, when it comes to finances and significant purchases you will need to consult with your accountant, and that you should have an accountant to help you manage your finances.
Something that might surprise you is that you could be poor and not know it, simply because you or your accountant is terrible with managing your finances and its documentation. You could even be happily living a very comfortable life that might suddenly collapse anytime. So as soon as you can get your accountant to check out your finances, or if you don’t have one you should find one as soon as possible, before everything is too late, as you could actually be doing well now but is heading into financial ruin, but might still be able to reverse the situation.
If you are somewhat in the lower income bracket you might think that these does not concern you, not at all, I mean you could be poorer than you think. But you could also be richer than you actually are, in one interesting situation, I have read of a homeless man not knowing he was actually rich, though it did involve a rich relative leaving a sum of money, you will never know until you fix your finances and documents.
In the end, before you go Yachting you should really make sure you can afford it firs, and at the same time even if you are not really that well off, you should get your financial records in order, who knows, you might have always been able to afford Yachting in Dubai.