How I Make Over $800 a Month in Retirement Working Just 210 Hours a Year
How would you like to get paid to rent out your boat during your retirement years? This is exactly what one retiree named Jim is doing via the app Getmyboat, the world’s largest boat rental marketplace. Nicknamed Captain Jim by his charter guests, he runs day and sunset sail charters on Lake Pontchartrain in the New Orleans area.
GOBankingRates had the chance to speak with Jim about how he learned about Getmyboat, his responsibilities as a boat captain and how much he earns as well as the amount of hours he works in this chill side gig.
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Discovering Getmyboat as a Retiree
Jim had been growing bored during retirement. He reflected on his love for sailing, which he had been doing for many years, and realized he wanted to share this love with new people.
He told GOBankingRates he was aware that if he wanted to run charters for pay, he needed a U.S. Coast Guard Captain (USGC) master’s license to do it.
During the COVID-19 pandemic, Jim went to school in Fort Lauderdale and took all of the required courses and exams to qualify for a 50 Ton Masters license, which is the most basic mariner’s credential.
After earning his license, Jim listed his boat out on Getmyboat to book customers and started hosting sailing charters.
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Responsibilities of Being a Boat Captain
Being a boat captain comes with its fair share of responsibilities to ensure the safety of guests and the equipment. He starts by preparing the boat for charter, meaning he cleans the boat, works on provisioning and conducts engine and sail maintenance.
Once this is done, Jim said he greets the guests and provides them with a safety briefing. From here, it’s time to focus on safely operating the boat. This means tracking the wind, waves and other general weather conditions and making any needed adjustments to the route if dictated by the weather.
Aside from ensuring the boat is safely operating, Jim also has responsibilities to his guests. He monitors them as well to ensure safe behaviors.
How Much He Earns as a Boat Captain
“I usually run around 35 charters a year and make about $10,000,” said Jim.
If we break this amount down by months, Jim earns about $833 per month. He said he uses the money to offset the fixed costs of the boat. This includes insurance, dock fees, fuel and basic maintenance costs.
According to a Getmyboat representative, the average owner on Getmyboat earns over $15,000 annually. Some people earn even more with their listings and can turn this side hustle into a full-time job as a boat captain. (Retirees, however, may be content with keeping the gig as a side hustle.)
Most charters run for three hours. Jim said he spends another three hours preparing the boat for each one. This totals about 210 hours per year working.
Best of all, all of this work is seasonal, so he isn’t working year round. For Jim, the market usually runs from April through October or November.
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This article originally appeared on GOBankingRates.com: How I Make Over $800 a Month in Retirement Working Just 210 Hours a Year
