Join Date: Dec 2012
Location: NE & Windwards
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Re: $3000/mo cruising budget
Marc- thanks for the kind words but unfortunately financial adviser's software is proprietary. System is dynamic inputting what my holdings are doing, Yellin, inflation etc. I can access remotely but due to security issues even though encrypted do so only periodically for mutual review with adviser. The accountant does my bookkeeping and she inputs all expenses monthly into the advisors system. I'm given a fixed budget with a pit fund reserve for the boat and another for me and the bride. Thing looks at past expenses and my telling adviser of expected future expenses to modify itself. The thing is on autopilot so a once a month phone call to the advisor is all that's needed circumventing security issues. This decreases expenses as well as as it's difficult to conduct even simple business when not in the US.
This requires at lot of trust in your advisor as although you can set up nearly everything on automatic payment some things you cannot. Also to a limited degree you are having the accountant watching the advisor and both watching for scams,hacks, or bookkeeping mistakes.
Run multiple check books with active one for daily expenses kept at balance just adequate to cover day to day stuff. Same with credit cards. Kept at zero balance and only one has a high limit which is hidden on the boat. Less concerned about exposure that way. Advisor monitors and replenishs as needed.