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Old 20-07-2010, 12:53   #16
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Originally Posted by kb79 View Post
we live in california which adds a ton to the budget - after we bought the boat, we moved from a $2800/mo house to a $650/mo apartment, and pretty soon will be living aboard full time.
Those rentals ball park for around here - $150k joint income would be considered very good. Saving the thick end of $100k would be doable for a year - if something nice at the end of, like a trip into the sunset

Given your budgetting is moving in the right direction (housing costs can suck the life out of ya), most of your big boat costs are sorted and you are earning good money I would seriously look to stay another year (yeah, I know - "go now!, go now!" ) - leaving with a credit card balance is just daft Sensible would be debt free and with cash - but on a 2 year deal (with a fair prospect of re-employment) would not say that any debt is a no no - but I would want a good pot to cover a slower than planned return to an income. and $1000 a month is low - another year in work would allow you to double it (as well drop your monthly debt repayments).........find out $1000 is fine then stay out another couple of years.
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Old 20-07-2010, 13:00   #17
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Cruisers are either rich or fiscally responsible. 5 years ago the dream of cruising to me was light years away. I was stupid with my money, big house, big cars, big toys and big debt. We make roughly the same as you and have very little saved for retirement.
Had we maintained that lifestyle there is no way we could have achieved our cruising goals.

We have sold our large house, and got one more suited to the size of the family, down to 2 vehicles, sold most of the toys, I do have my motorcycle and current boat (both paid for). 1 Vehicle has a small loan which will be paid off this year. We have a mortgage that is less then 1/4 of our previous mortgage. Paid off the majority of our debt with the sale of our previous home. We will be completely debt free in less then 5 years.
We are smart with our entertainment spending, IE dinners out show tickets trips etc.
Save save save is the name of our game.

We are choosing to not insure the boat, but only carry liability coverage. Health insurance we have chosen emergency coverage only. There will be no other debt, we will sell our current house if none of our kids want to live here when we go.
We had talked about renting the house when we leave, but that is another set of headaches I don't need.
We want no land based expenses when we leave. Vehicles will be sold or donated to charity. furniture will be given to the kids, sold or stored with family.

We have been downsizing our belongings, if we do need to replace something we look used first.

I want a return to land fund, so that will be budgeted. We will be good to go in about 7 years. but are planning 9.

I would leave tomorrow if I could but I wouldn't make it too far.
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Old 20-07-2010, 13:01   #18
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Well, for what it's worth: I spent $2000 buying my 30' boat with a solid bluewater pedigree. Maybe another $2000 (and LOTS of sweat) fixing it up. Just sailed it from the Carolinas to the Exumas and back. I think realistically it needs another $1000-2000 to get it ready for a passage to Bermuda and beyond (depending on how I scrounge).

I work as a teacher. Definitely not rich. Had this conversation lots with owners of million-dollar-plus yachts we met in the Bahamas. But never had the heart to tell them how much I had in it all. Plus, my wife and I envied their king-sized beds, air conditioning, and even the odd helicopter on deck.

If you've got it, spend it and have fun. If you don't, you can go, too. :-)
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Old 20-07-2010, 13:03   #19
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There are plenty of people here who have very little cash and went very far. Most built their own boats or fixed up old ones and scrapped for parts etc. Those in my mind are the real cruiser/sailors on this board.
Snobbery? Sounds like it. I've done both- paid for new and scrapped for parts- neither made me a "real" anything.

If you're out on the water going places, you're a cruiser. Period.


For the OP. Leave debt free- even if you have to live like a rat for a few months. You'll be glad you did.
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Old 20-07-2010, 13:03   #20
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Well, for what it's worth: I spent $2000 buying my 30' boat with a solid bluewater pedigree. Maybe another $2000 (and LOTS of sweat) fixing it up. Just sailed it from the Carolinas to the Exumas and back. I think realistically it needs another $1000-2000 to get it ready for a passage to Bermuda and beyond (depending on how I scrounge).

I work as a teacher. Definitely not rich. Had this conversation lots with owners of million-dollar-plus yachts we met in the Bahamas. But never had the heart to tell them how much I had in it all. Plus, my wife and I envied their king-sized beds, air conditioning, and even the odd helicopter on deck.

If you've got it, spend it and have fun. If you don't, you can go, too. :-)
you bought a capable boat for a total investment of $4K?
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Old 20-07-2010, 13:10   #21
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Snobbery? Sounds like it. I've done both- paid for new and scrapped for parts- neither made me a "real" anything.

If you're out on the water going places, you're a cruiser. Period.


For the OP. Leave debt free- even if you have to live like a rat for a few months. You'll be glad you did.
No snobbery. just admiration. At least I don't send mixed messages like you SS
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Old 20-07-2010, 13:11   #22
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No snobbery. just admiration. At least I don't send mixed messages like you SS
Mixed messages? How's that?
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Old 20-07-2010, 13:11   #23
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you bought a capable boat for a total investment of $4K?
I bought one for a total investment of 12k last time around.
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Old 20-07-2010, 13:12   #24
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For me, rich is a relative term. I think that if a person can live the way they want, not have a job, and also not have money worries, they are rich. It is not about any specific amount of money as much as it is about mind set and life style.
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Old 20-07-2010, 13:13   #25
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Mixed messages? How's that?
1) You say the only cruisers are anyone who is actually out there.

2) You then turn around and tell them not to leave with debt.
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Old 20-07-2010, 13:16   #26
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First off, congrats on making your dream a reality. That is great and I'm happy for you.

I know you didn't ask for my opinion, but why not save for another year, pay off all the debt, increase the kitty and then go? Is it solely because you guys are feeling the biological clocks ticking? If so, is there really that much difference in your wife getting pregnant at 35 or 36, if you waited another year? Would you guys not be comfortable having a baby/kid on board if you decided to save for a couple more years and then leave with a young child? This obviously can become a slippery slope, and I completely understand that.

Don't get me wrong, I can certainly see the advantages of cruising without a kid. I don't think you guys are necessarily doing the wrong thing, by any means. I'm in the planning phases, too, so I'm really more or less curious as to your thought process.
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Old 20-07-2010, 13:19   #27
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1) You say the only cruisers are anyone who is actually out there.

2) You then turn around and tell them not to leave with debt.
I see...
To clarify, it's not material whether you have a $2k boat or a $2M boat. We shouldn't get into infighting because someone has a bigger/newer/faster- whatever. Cruising is cruising and I've met good and bad sailors (and people) on both expensive and modest boats.

Sailing with a bunch of debts hanging over your head is a really goood way to not have a good time. That's my advice- even if they have to wait a bit longer- and with their income it shouldn't be too much longer.

Clear enough?
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Old 20-07-2010, 13:20   #28
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Addendum: Of the few dozen cruisers I've gotten to know here in SE Asia in the past 6 months. I can think of 3 that were detectably rich. The rest sure seemed to be 'median or less wealth' people. Plus, the 3 rich ones seemed to be the same ones that didn't seem very happy - not like us cheap-beer and $2 dinner goofballs.
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Old 20-07-2010, 13:25   #29
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I see...
To clarify, it's not material whether you have a $2k boat or a $2M boat. We shouldn't get into infighting because someone has a bigger/newer/faster- whatever. Cruising is cruising and I've met good and bad sailors (and people) on both expensive and modest boats.

Sailing with a bunch of debts hanging over your head is a really goood way to not have a good time. That's my advice- even if they have to wait a bit longer- and with their income it shouldn't be too much longer.

Clear enough?
Very clear. And I TOTALLY agree. Great advice!
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Old 20-07-2010, 13:40   #30
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Aloha,
Getting rid of the debt should be the No. 1 priority. Leaving the dock should be No. 2. Take it from an old timer. Go as soon as you can and go debt free. If you and your wife want kids then you can have them living aboard and cruising just as easily as having them while land based. Its been done many times before and most cruising kids are much better adjusted than land based kids in my opinion.
Your wealth is not determined by your income alone. It is determined by your income minus your spending.
You are very wealthy in that your wife has the same goal that you have. The longer you wait the less that will be the case. My advice is to go as soon as you can.
kind regards,
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