What happens to all the wannabees?

[sailorboy1]

thought this was a thread about sailor wannabes?

[ScubaTyke]

wannabee with a plan here..... just waiting for the house to sell.....

[jlcnuke]

Originally Posted by ScubaTyke

wannabee with a plan here..... just waiting for the house to sell.....

Still with just a plan here too.. 5-6 more years of working and saving, them I should be able to get my boat and set off. First set of learning out of the way (ASA 101/103/104). Hoping to crew on some boats on the nearby (ish) lakes over the next few years and take a couple more classes before buying my own boat shortly before retirement.

[JohnyMacler]

Guys,

What do you think is the minimal salary to no longer be a wannabe? No loans, etc.

[jlcnuke]

Originally Posted by JohnyMacler

Guys,

What do you think is the minimal salary to no longer be a wannabe? No loans, etc.

"Is cruising" I think is the minimal requirement to not be a wannabe. You can do that with no job (that's what I'm aiming for). How much income you'll need to do that will depend on how much you want to spend to go cruising. People do it on a paid off boat and a $500/month, while others do it with a loan and 5-figure spending per month. Most are somewhere in-between I'd imagine..

[Kirok]

We're on the glide-slope to a cruising retirement; I started this plan in 2010. We're currently targeting about 2 years from now. Events that must happen before we shove off:

- get remaining college-age child graduated and "off the payroll".
- live to age 55 so I can get 401K disbursements without penalty (google the "Rule of 55" for 401K accounts.)
- complete renovation of the floating retirement home. Last big, expensive project yet to do: new mast, rig and sails (this has been a many-year renovation of a 1970s vintage motorsailer).
- sell/donate/store/trash all the cr*p that's in it, and sell land-based dwelling to remove mortgage payment expense.
- identify health-insurance solution for post-retirement.

So, I've got myself fooled into thinking this just might work...!

[jlcnuke]

Originally Posted by Kirok

We're on the glide-slope to a cruising retirement; I started this plan in 2010. We're currently targeting about 2 years from now. Events that must happen before we shove off:

- get remaining college-age child graduated and "off the payroll".
- live to age 55 so I can get 401K disbursements without penalty (google the "Rule of 55" for 401K accounts.)
- complete renovation of the floating retirement home. Last big, expensive project yet to do: new mast, rig and sails (this has been a many-year renovation of a 1970s vintage motorsailer).
- sell/donate/store/trash all the cr*p that's in it, and sell land-based dwelling to remove mortgage payment expense.
- identify health-insurance solution for post-retirement.

So, I've got myself fooled into thinking this just might work...!

72(t) and/or Roth conversion ladders can minimize or eliminate your second concern.

[sailorboy1]

When you start posting about what you did on your boat instead of what you are dreaming about doing you move from being a wannabe to at least a learner bee

Btw - full time cruising the past 2 years I haven’t spoken to anyone cruising on $500. I’ve seen people living on a boat maybe for that amount.

[Kirok]

Originally Posted by jlcnuke

72(t) and/or Roth conversion ladders can minimize or eliminate your second concern.

Actually #2 happens before #1, so it really doesn't matter.

[jlcnuke]

Originally Posted by sailorboy1

When you start posting about what you did on your boat instead of what you are dreaming about doing you move from being a wannabe to at least a learner bee

Btw - full time cruising the past 2 years I haven’t spoken to anyone cruising on $500. I’ve seen people living on a boat maybe for that amount.

There's a mod here that does so it seems... I'm not saying it's common, but apparently it can be done.

[sailorboy1]

[QUOTE=jlcnuke;2687075]There's a mod here that does so it seems... I'm not saying it's common, but apparently it can be done.[/QUOTE

Living on the boat in SF Bay isn’t the cruising that people are normally trying to do.

Meanwhile I stated a direct personal fact in 2 years I haven’t met a cruiser doing it on $500/mo. Even the poor “kids” living on moldy hotdogs I met in the Bahamas on a 27’ boat weren’t

[Buzzman]

Originally Posted by JohnyMacler

Guys,

What do you think is the minimal salary to no longer be a wannabe? No loans, etc.

This is one of those "piece of string questions" and probably should be a thread of its own.

For example, if you 'sell the house' and move aboard, what's your "post-sailing-phase" plan? Straight to a government funded nursing home, or over the side in a box? Or straight down under your own steam Donald Crowhurst-style?

If you fail to plan, you plan to fail...

So, assuming you've just rented out the house (the usual option), it depends where your house is located and how much you can get for it - and then how much superannuation or retirement savings you've got, against how long you 'plan' to stay out for.

Will the rent cover the outgoings (rates, utilities etc) or does this reduce the net amount you will receive?

As has been pointed out, unlike sailorchick34, who lives on a aboat in a marina in the Delta, most people who are 'cruising' have fluctuating expenses, and are travelling in areas where there is not necessarily a large sailing community on which to draw, for example, picking up second-hand sails if yours are ruined.

So cruising can get real expensive real quick.

Maybe start a New Thread..??

[Fence Man]

We are still cruising wannabees, but we have been spending more time on the boat. My wife and daughter even went this week without me. We have a realistic goal of making the boat swap in the next 12-24 months, and do a few months each winter in the Bahamas. Our 5-10 year goal is still full time cruising, which is also a very realistic goal. We could leave tomorrow, but we'd literally have to sell the farm. I know that we aren't guaranteed tomorrow, but we are only 40 and don't hate what we do every day, so it doesn't feel like an emergency to pull the ripcord.

[MLOI]

Originally Posted by JohnyMacler

Guys,

What do you think is the minimal salary to no longer be a wannabe? No loans, etc.

Need to consider assets and liabilities.
Asset wise, I could probably do it. Mortagage free house that would rent for $1k per week net. Couple of hundred thou in liquid assets. Well found boat I can single hand anywhere.

On the liability side of the ledger I have a wife with expensive travel tastes who would prefer a cat, a 11 year old boy with delusions of adequecy, and a 7 year old girl who currently thinks she can get through life with a combination of batted eyelids and screaming tantrums.

All in all I figure Im well in front of the game, but not able to live aboard permanently. Hopefully we will get another 6 month stint before the kids get to the pointy end of school.

And over the next 10 years, assets will increase as liabilities diminish. Hopefully the equation stacks up for me in my late 50s, and I get a good few years then.

Mike

[GordMay]

Greetings and welcome aboard the CF, JohnyMac.