Financially savvy fishers

Credit unions have enabled lobster fishers like Yvon Boudreau to continue doing what they love.

Boudreau, who is 52-years old, has been fishing for 30 years in Wedgeport, Nova Scotia. With his friends and family members already part of the fishing industry, it was only a matter of time before Boudreau would experience his first taste of the sea.

“It’s what every guy back in the mid-1980s was deciding to do,” recalls Boudreau. “All my friends did and I did too and after a few years of being in the back of the boat, I decided to move up front and I haven’t regretted a moment of it.”

"I love being my own boss and working for me. I'm happy with what I do and if you love to do it, it will make life twice as easy."

During the annual ‘Dumping Day’ known as the start of the lobster season on the last Monday in November, Boudreau and many other fishermen face both excitement and nervousness.

That’s because lobster fishing comes with its share of challenges, such as equipment failure, fluctuating market prices, varying quality of lobster and the uncertain impact of tidal energy projects.

Some fishers like Boudreau believe that the impact of water temperatures affects the quality of lobsters and whether they will be hard-shelled in time for the fishing season. A hard-shelled lobster is more valuable than a soft-shelled one. If the lobsters aren’t ready, it makes things difficult for fishers like Boudreau, who are in a competitive market working hard to earn a living.

As a seasonal worker, Boudreau faces high expenses. Some of those include the one time cost of retrofitting his boat, upgrading his fishing gear, lobster traps, rope, balloons and buoys. 

Added to that are licensing fees and government inspection fees that carry a price tag of $10,000 every four years.

“You have to pass inspection, just like a car,” adds Boudreau. “If you don’t maintain your car, you can’t get to work. The same applies to our boats."

With insurance bills, fuel and bait costs, income taxes, accounting and lawyers’ fees, as well as wages deducted out of the money made, Boudreau needed the right support to meet his business's financial needs.

“Outdoor jobs are unpredictable because of the weather,” emphasizes Boudreau. “It’s nice to have some predictability in your finances.”

Coastal Financial Credit Union in Wedgeport quickly gave him the advice and support he needed to focus on his main passion – fishing.

Boudreau adds that Coastal Financial Credit Union is more than just a place that provides financial services. Not only does it align with his values, it also offers a special, interactive experience that is rare to find elsewhere.

“I’m risk adverse and the credit union respects that,” emphasizes Boudreau. “I like the personal touch.”

“When it comes to walking into the credit union and talking to the tellers, loan officers and the manager, it’s very comfortable. I’m not one to stay home to do my banking. I like to walk in and talk to people.”

Satisfied with the help he received for his boat retrofit, Boudreau continues to go to Coastal Financial Credit Union for all his finances.

“Every single financial thing I need, I go to them,” expresses Boudreau. “The credit union supports us with our mortgage, savings, retirement and so much more.”

“I can be in Halifax and call them and say I want to buy a truck and they’ll say ‘Yes, go buy it’ and we’ll do the paperwork here, so that’s a big help. It makes them very easy to deal with.”

Overall, Boudreau has found the right home to finance his main passion and will remain there for years to come.

Today, he has been with the credit union for 25 years and is also an active board member.

“I’m just one of those guys who’s loyal and I’ll stay with Coastal Financial Credit Union.”