Me and my money

This month we start a brand new column
interviewing well known members of the community about all aspects of their
finances. This week we get some sound advice from Robert Hamaty, founder and
Managing Director of Tortuga Rum Company.

How much was your first pay cheque and what
did you buy with it? 

When I worked at flying school I was
parking cars at Daytona speed way for $1.25 per hour. My first flying job was
as a co-pilot with Jamaica air service, a 19-seat heron aircraft for which I
received 62 pounds and 10 shillings per month. 

Are you a spender or a saver? 
A spender 

When did you buy your first home and what
was it like? 

In 1970 I bought a 3-bedroom town house in
Kingston Jamaica for Ja$30,000. At that time the Jamaican dollar was just like
Cayman’s dollar, i.e. 20 per cent more than the US dollar.

What has been your most extravagant
purchase to date? 

My car and my boat. 

What is your biggest expense on a
day-to-day basis? 

Personal mortgage on real estate, and the
same for my business. 

When and how did you start planning for
your retirement? 

As a self employed person I took early
retirement at age 50. I cashed in my pension and now I self insure myself and
my wife Carlene with low risk investments. I used my savings to help build
Tortuga Rum Co as my wife and I own 100 per cent of the company. As for
retiring, I’ve been working since I was 16 years old and still working.What advice would you give young people
when it comes to their financial planning?   

You need not be an accountant; it’s very
simple whether you are talking about personal or business: your expenses cannot
exceed your revenue and the only time success comes before work is in the
dictionary and that’s because it’s alphabetical.