Advice and Help on the Economics of 'The Dream'

[Mariness]

I remember my 20s...but then, for a few more months I'm still in them.
Husband & I have been working near-constantly since we've known each other, and are finally getting to a position where we can start to have some real choices...like taking our kids cruising. If you're wanting to go in the next 5-10 years, our method might be good for you - especially if you're single now. Cheap home, save like a squirrel in winter, work as much as you can get the opportunity. If your rig job is month-on/month-off, for example, might look into something to do in the offs for extra cash. With a good financial planner, could get you set for a nice long cruise a little down the line.
And like someone else said - don't swear off a relationship in interest of saving a little more. Some of us out here are just waiting for something like this, even if we don't know it right away!

[MarkJ]

Originally Posted by David_Old_Jersey

I got old in the late noughties though

Yes, David. But I think you are beginning to get younger again

Mark

Originally Posted by Boracay

The only part of the above I'd disagree with is renting an apartment. I'd suggest finding a small (maybe studio) apartment in a nice area, convenient to your family/work and buying it.

Yes a great idea. A forced savings plan! Get a huge mmorgage and pay the thing off as fast as you can then sell the property and go sailing.

[Clownshoes]

Well one of the reasons I was considering just getting the boat was that I'm from
Houston which is the oil capital of the world and if I can work here then I could just live aboard in Kemah or Clear Lake. So I was considering just going ahead and buying one in 2 or so years then spending the rest of the time saving up living expenses and learning to sail well.

[speedoo]

Originally Posted by Clownshoes

Well one of the reasons I was considering just getting the boat was that I'm from
Houston which is the oil capital of the world and if I can work here then I could just live aboard in Kemah or Clear Lake. So I was considering just going ahead and buying one in 2 or so years then spending the rest of the time saving up living expenses and learning to sail well.

You should check out the cost of living aboard a 37 - 44 ft. boat in those areas. I have to believe you'd be able to save more money living ashore, but I could be wrong. Owning a boat and living aboard in the US is usually an expensive proposition.

[ronocnikral]

Originally Posted by ViribusUnitis

I'm working on what you suggested, in the oil bussness. I finished college about 4 years ago with a BS in Chemical Engineering. I work for an oil service company.

1. Do you have a job? If not not working, don't do ANYTHING untill you've figured out what that job is going to require you to do. If your going to be in the field, your going to work overtime. LOUGHTS of overtime. The oil bussness in general works loughts and loughts of overtime, and has very little understanding of holidays, or days off. It's mostly just the nature of the bussness.

If your going to be in the office, you'll have more time to yourself, but you'll still probably get called in on some weekends and some holidays.

2. Don't buy anything untill your ready to go. Find a way to race on other peoples boats, or crew on other people boats, or something. You MIGHT try buying a boat as a liveaboard, but as an engineer in the field, you won't have much time to work with it, or on it. It's generaly best to rent the cheapest crappy apartment you can find, and then live on the rig. Many many people go as far as living in used traval trailers when they're off, and then living on the rig, and taking every job they can get.

3. When you get time, join a sailing club, and crew. Take courses on how to sail. Crew on other peoples boats as they move them. More than likly, it seems like you won't have time to really get around that untill you get much closer to timeto be ready to go.

4. Don't resiste the temptations of the fair sex too much. It's good to go sailing with a mate. Just make sure she understands what you want before you get too involved.

i found my schedule while offshore to be like clockwork. and yes, while i did work some holiday's, I knew at least a year in advance when I would be working them. I lived out of state and never once did I ever have to re-book a ticket, not even for weather. but, i was a company rep for an operator, not working for a service company. i felt bad for those lads who had to stay out longer, but they quickly passed my mind once i could see land from the bird. of course, they probably made more money than i did.

i also find my office job to be not that demanding. i show up, work my hours and go home. i have a blackberry, but it's been dead for the last two weeks. my boss just yelled at me about that...but even when it is running, i only keep it on me while at the office. it stays in my bag when i am home. the only time i work weekends is when my wife is out of town and i am bored (i bill time, and i like to get ahead so i can take my recruiting trips to colorado every year) or during travel for the couple of int'l business trips i take every year. it's a good life. although, my wife wants me to go rotational again...

mark's original suggestion was a good one. it may take more than 5 years. unless you are planning to come back to work. but, i fear if i was gone for 3 years, being re-hired would be tough (and so would coming back to work). plus, my company has me by the short and curlies with the pension. in the 5 years i've been working the wife and i have a networth over $300k. the downside for me is a lot of my net worth is wrapped up in my 401(k)/IRA - so once i start taking money out, i'm stuck doing it. so, if i can stick it out for another 10-15 years, i'll never have to work again (hopefully, a lot of uncertainty, but it is a good EV - with getting laid off tomorrow and working until i die being the extremes still on my radar). and whether we shove off or build a cabin in the mts, the only time i will work will be when i choose to. this schedule can all be accelerated by working int'l, which we hope to be able to do.

and as someone will probably point out, i could get killed riding my bicycle to work mondays...so if you want to go, go. just be prepared for changes along the way. and if you overthink it (which isn't hard for engineers to do and which I have done), you'll probably never go until you'll require generators, A/C and electric winches.

[ronocnikral]

Originally Posted by Mariness

With a good financial planner, could get you set for a nice long cruise a little down the line.
And like someone else said - don't swear off a relationship in interest of saving a little more. Some of us out here are just waiting for something like this, even if we don't know it right away!

if you're not picking up the slips (and even if you are, you'll just be more tired), waddle on down to the houston library to check out some financial planning books to read while off tour. the best financial planner is your self, especially once you find out how much they take from you.

i agree completely with the relationship. i'd even add in kids at some point. but, these are all choices you get to make.

wishing the best and hope to see you on the bay!

[Doodles]

Originally Posted by ronocnikral

if you're not picking up the slips (and even if you are, you'll just be more tired), waddle on down to the houston library to check out some financial planning books to read while off tour. the best financial planner is your self, especially once you find out how much they take from you.

i agree completely with the relationship. i'd even add in kids at some point. but, these are all choices you get to make.

wishing the best and hope to see you on the bay!

As a CPA that does financial planning from time to time, you are absolutely right. First line of defense is to educate yourself. And don't pay some planner a big fee for some fancy folder full of computer printouts. The most the average person usually needs is maybe an hour with a CPA and that should be less than $200. Anymore is probably a waste, especially if you are on a cruisers budget.

[Clownshoes]

Ya I will probably get with a CPA once I get settled with a job and actually figure out what exactly is realistic or the best way to go about it.

I'm going to try and get with an E&P company instead of a service company as I would be able to have a normal work life of 9 to 5 and a lot more stable as far as a work schedule.

I'm not really worried about coming back and working again as I plan to put all my investment and net worth into a boat w/ good insurance and once I come back I figure I will sell it and start a business as thats ultimately what I want to do. I want the 2-3 years of cruising just to figure out exactly what kind of business I want and explore the world before I get old and or a family. Who knows if I like it enough maybe ill just keep going and if not I can cut my losses and have some great stories to tell at the least.

[sailorcrat]

I'd plan to work maybe 10-15 years longer, pump your nest egg so that you'll have at least 1M left over when you buy your boat, and then go.

You will then be, as financial planners call it, financially independent. It would then be possible to live a modest, but comfortable life indefinitely on corporate dividends.

Lots of folks save up 100k or so, spend it all cruising, and then have to go back to work after a couple of years because they're broke.

[w1651]

If the kid wants to have fun he will. If he wants to save his money he will.
Personally if I was 23 again I would use my knowledge for evil. I would Live hard and Seduce young woman. I would extort money from multi national corporations and Gamble it away. I would go out early and wake up late not caring what mom or dad thought. As far as friends go.
I'll stick with every scoundral and scally wag at every port from here to Hong Kong and back. Especially knowing what I know and using the common sense I now have. They may not watch your back but you know where you stand and they keep life interesting.

Live hard die young and leave a good looking corpse I say.

[osirissail]

There at two camps on how to go - one is the "stoned" $500/mo camp where you beg your way around the world skipping all the cultural places and hanging out in the "Margaritaville's" dodging the police and customs/immigration folks.
- - Or the other way, have a decent comfortable boat, budget and resources to stop where you want for as long as you want. And see all that is available both near to the boat and far inland. To afford having a compatible "mate" or "mates" for the journey. To be free of most worry about "petty stuff" and have more time to "see the world" on your terms and time frame.
- - The numbers give by GordMay are a bit low and I would suggest are the minimum budget limit before you drop into the "scrimping and skipping" category.
- - Each way works for whichever type of person fits each mold.

[VirtualVagabond]

Originally Posted by w1651

Live hard die young and leave a good looking corpse I say.

..and you can only say it because you didn't do it. Pretty damn stupid statement if you think about it
Of course it isn't original... heard it frequently from people who suddenly realize they've lived dull, boring lives, and have probably benefitted financially from it.
It's not too late... but just like when you were young, talk is still cheap!

[w1651]

Originally Posted by VirtualVagabond

..and you can only say it because you didn't do it. Pretty damn stupid statement if you think about it
Of course it isn't original... heard it frequently from people who suddenly realize they've lived dull, boring lives, and have probably benefitted financially from it.
It's not too late... but just like when you were young, talk is still cheap!

Thanks vagabond
Your always the bright spot of the day.
Just do what you have to do to fullfill your dreams young man. Remember that you always have time to do the things you want until you don't.

[osirissail]

I love it, those with no marketable talent telling others to screw reality and live by dreaming the impossible dream. It does not work in this life. Except for the obscene interference by well-meaning do-gooders, Mother Nature would have eliminated those who cannot earn their food and way in the world. And to add insult to injury these folks think they can live the lifestyle they read in books and magazines with no resources.
- - If you have a talent, market it and earn your future comforts and ability to acquire the benefits of travel. If you have talent and are not willing or lack the drive to market it, then you will always be living off the scraps left by others. I actually respect the totally un-talented more than the one who have talent and doesn't utilize it to improve their life. I think this is called "escapism." Leaping from the Golden Gate bridge probably contains a great amount of "freedom" and removal of the weight of the world from your shoulders - on the way down - but sure as anything there is a rude stoppage coming soon and permanently.
- - ME, me, me, me seems to be the buzzword/attitude of this past few decades and I firmly belief they are going to have a rude stoppage awaiting them. Find your talent, market it and earn respect, self-respect and financial resources to enable you to enjoy those magazine and boat images of the cruising life-style. And there are precious few years to do that - nobody wants to employ 50+ year old's with no skills.

[SaltyMonkey]

Originally Posted by osirissail

And there are precious few years to do that - nobody wants to employ 50+ year old's with no skills.

Or any 50 year old in these high tech and depression economic times...