Crew Created: The Money Dock

30 April 2020 By Laura Dunn

For many, wisely managing your money has never seemed more important. In October, Bosun Alex Kempin of a 50-meter Westport motor yacht created, a company dedicated to changing the personal finance and investment culture of yachting so they can set themselves up financially for a life after yachting.  

“Yachting is such a unique industry and I personally don’t believe crew are taking advantage of the position they are in,” says Kempin. “I myself am a yachtie and have passion for this type of stuff,” he says. As someone who knows first-hand that yachting is one of the best industries in the world to create a secure financial future, Kempin created his company to assist others who need direction. “I created The Money Dock because I felt there was a lack of relatable and accessible information regarding personal finance for yacht crew.”

The full-time bosun says the idea for the website initially started in early 2018 when a new crewmember came on board. “I began explaining how I’ve optimized my personal finance world. He was already interested in personal finance prior to joining but was yet to pull the trigger on anything,” says Kempin. “From my own experience I knew there was (and still is) a lack of personal finance information available, especially to those in yachting. As our personal finance conversations became more frequent and I began to realize how valuable this information really is.”

That’s why he created a forum to translate all the fancy financial language and complicated investment contracts to a dialogue the average person can understand. “… Too many predatory financial advisors are taking advantage of the little-known world of investing and finance and are legally robbing yachties of their hard-earned money (high fees, lock in contracts, penalty payments),” he says. “It doesn’t have to be like this; investing is easy, and I want to show that to the industry.”

Kempin clarifies that his objective isn’t to invest your money. “My goal is to educate and equip you with the tools to be able to take care of your own money. It’s really not as difficult as the financial industry wants you to think it is,” he says, also clarifying that he’s not a financial advisor, “which means I’m not connected to any expensive investments, nor do I try to sell you anything.”

Despite running a business, he’s remained a full-time bosun aboard his (private) yacht. During this difficult time of COVID-19, Kempin, his crew, and his company are all on standby, either at home or on board the yacht. “It’s a very scary time.”  

Prices vary depending on services used. His crew coaching service also has varying prices that tend to range anywhere between $50 to $100 per phone call (after a free consultation) and then a subscription-based service for $25/month. “The subscription is a service in which I am available to my clients for any questions they have regarding their ongoing personal finance journey,” says Kempin.