Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 02-10-2008, 15:40   #1
Registered User
 
Keegan's Avatar

Join Date: Jun 2007
Location: World Resident
Boat: Dolphin 460 Catamaran WONDERLAND
Posts: 399
Economy and Cruising Plans

How will the current bad economy and world financial crises impact your cruising plans? For some it will probably delay or postpone cruising plans and for those who lose their jobs it could actually help them finally cut the land ties and go have some fun for a change. Tell us your situation.
__________________

__________________
Cheers,
Keegan
Keegan is offline   Reply With Quote
Old 02-10-2008, 15:46   #2
Marine Service Provider
 
AnchorageGuy's Avatar

Join Date: Mar 2003
Location: Wherever the boat is!
Boat: Marine Trader 34DC
Posts: 4,618
we have no plans to change anything.
__________________

__________________
Chesapeake Bay, ICW Hampton Roads To Key West, The Gulf Coast, The Bahamas

The Trawler Beach House
Voyages Of Sea Trek
AnchorageGuy is offline   Reply With Quote
Old 02-10-2008, 15:55   #3
Registered User
 
skatastrophy's Avatar

Join Date: Sep 2008
Location: Milwaukee, WI
Posts: 48
I'm a younger guy who recently (in the last year) purchased my first home.

These financial times give me an opportunity to only contribute to my 401(k) to maximize my company's matching funds and use the rest of my money that I'd normally put into the stock market towards paying down my debt.

Both my mortgage and car loan are around 6%. I have 0 confidence in the market to give me a return of more than 6% in the next year, so paying off debt is the way to go for me until things begin to turn around.

A bad market will leave lots of people with less "fun money" too. That combined with the increasing restrictions on who qualifies for loans will enable the continuation of the buyers market in the boating world. This is just what I need to finish saving up the last bit of my fund to buy a great boat at a reasonable price!
__________________
skatastrophy is offline   Reply With Quote
Old 02-10-2008, 15:59   #4
Senior Cruiser

Cruisers Forum Supporter

Join Date: Nov 2005
Location: Tasmania
Boat: VandeStadt IOR 40' - Insatiable
Posts: 2,317
Images: 91
The future cruising fund has taken a hefty hit the last 12 months. (Thanks 'merkin Financial Institutions)... but thats ok... e.t.d. is probably still the same, just monthly budget will be slightly more austere.
__________________
Weyalan is offline   Reply With Quote
Old 02-10-2008, 16:41   #5
Moderator Emeritus
 
Ex-Calif's Avatar

Cruisers Forum Supporter

Join Date: May 2007
Location: Singapore
Boat: Maxi 77 - Relax Lah!
Posts: 11,514
Images: 4
I've taken a big hit but as a dollar cost averager and a buyer for now I am not concerned for now.
__________________
Relax Lah! is For Sale <--- Click
Click--> Custom CF Google Search or CF Rules
You're gonna need a bigger boat... - Martin Brody
Ex-Calif is offline   Reply With Quote
Old 02-10-2008, 16:53   #6
Registered User

Join Date: Sep 2006
Location: Right now, Australia
Boat: Lagoon 420
Posts: 587
Images: 4
We have almost completed our transition to living aboard. 8 months ago, when we made the commitment to cut the ties, we had the resources to make our trip open ended. Now that outcome is not clear. This may just end up being a sabbatical which, truth be told, was what the trip was likely to be. We have left enough in cash to last a couple of years during which we'll have to evaluate our options.
__________________
Dignity on the web
ess105 is offline   Reply With Quote
Old 02-10-2008, 20:47   #7
Registered User
 
SMcD's Avatar

Join Date: Jun 2008
Location: Nashville, TN
Posts: 21
Our cruising plans continue as before: work, work, work, save, save, save, eventually purchase our boat. We have a tentative plan to leave in five years but always knew that we might need to stretch that to 7 or 8.

The economy is terrible, but one silver lining (for us and said cruising plans, anyway) is that we can afford to purchase more shares of stock in solid, growing companies that have weathered economic storms in the past. I'd say the current economic crisis has inspired us to look at our investment plans more closely. We aren't a well to do family by any means, so in a way this may afford us some opportunities.
__________________
SMcD is offline   Reply With Quote
Old 02-10-2008, 20:54   #8
Elvish meaning 'Far-Wanderer'
 
Palarran's Avatar

Cruisers Forum Supporter

Join Date: Jan 2008
Location: Me - Michigan / Boat - Tenerife
Boat: 56' Fountaine Pajot Marquises
Posts: 2,641
In my business I've lost one new 50' cat and 5 years of cruising over the last two years. My etd will still be the same but now it's a used charter cat with a re-fit instead of a new boat. Pretty much no chance I'll get back what I've lost so no sense in worrying about it. I would be really depressed if my loss run keeps going for another couple years as then the whole plan may go into jeopardy. Kid's college funds will come before my dreams.
__________________
Palarran is offline   Reply With Quote
Old 02-10-2008, 20:55   #9
Registered User

Join Date: Jun 2008
Location: Florida
Boat: C & C Landfall 38
Posts: 130
Don't see it affecting our plan to leave next year. Expect it will affect where we go or hw long we stay in certain areas; buying power of the dollar will determine that.
__________________
iiii is offline   Reply With Quote
Old 02-10-2008, 20:59   #10
Moderator Emeritus
 
David M's Avatar

Cruisers Forum Supporter

Join Date: Sep 2007
Location: San Francisco Bay
Boat: research vessel
Posts: 10,152
I will probably get tomatoes thrown at me for saying this but historically these are the best times to buy shares, especially healthy large cap companies that make money. My investments are mostly in overseas land which has not taken much of a hit, so my cruising plans are still on track so long as the Euro does not collapse.
__________________
David

Life begins where land ends.
David M is offline   Reply With Quote
Old 02-10-2008, 21:06   #11
Registered User
 
stevensc's Avatar

Join Date: Nov 2007
Location: Thibodaux, Louisiana
Boat: Monk 36 Trawler
Posts: 679
Early in 2007 I made a plan to sell the trawler I then owned in 2008. I did so and closed that sale in July 2008, now I plan to buy a larger trawler in November 2008, to get to know her and fit it out like I want during 2009. The next step will be to depart on a cruise, (about 18-24 months)through the Bahamas, Dominican Republic, Puerto Rico and the USVI's. Then we'll see about continuing down the islands or returning to the mainland and do coastal cruising, maybe the loop, or down the east coast of Mexico to Central America.
I'll keep an eye on the economy for the next few weeks barring a big disaster we'll keep on track, if things look real bad we may put things on hold for a while.
I am concerned about the availbility of diesel fuel down the islands in the future, I have corresponded with cruisers down there now and have been told that while expensive, diesel is readily available.
Good Crusin'
Steve
__________________
stevensc is offline   Reply With Quote
Old 02-10-2008, 21:16   #12
Registered User
 
Keegan's Avatar

Join Date: Jun 2007
Location: World Resident
Boat: Dolphin 460 Catamaran WONDERLAND
Posts: 399
Seems like the old idea of going now and going simple makes alot of since. Otherwise, work work work, save, save, save, and just when you are about ready to go, your mutual funds or other investments tank by 30% and you must work work work some more, to pay for that newer 50 footer..., years go by...still on land...
__________________
Cheers,
Keegan
Keegan is offline   Reply With Quote
Old 02-10-2008, 21:59   #13
Senior Cruiser
 
maxingout's Avatar

Cruisers Forum Supporter

Join Date: Dec 2006
Location: Fort Pierce, Phoenix
Boat: Privilege 39 Catamaran, Exit Only
Posts: 2,606
My thoughts on the economic crisis:

1. If you wait to go cruising until you can afford it, you may never go.
2. If you wait to go cruising until you can afford it, you may be too old enjoy it with full gusto.
3. No matter how much money you save, if you don't have your health, it will be difficult to go cruising and much less fun.
4. No matter how much money you save, a single major illness can wipe you out financially.
5. If the government destroys the value of your currency by devaluation, your cruising funds will wither while you wait.

Most cruisers that I know are not rich people. They aren't financial wizards. There is no correlation between the size of their dreams and the size of the resources. I know many frugal long term cruisers who sail on the ocean of their dreams in 32 foot yachts.

I would rather downsize my yacht and keep my dreams of alive, than allow the current economic situation to extinguish my dreams. It's the same sunset, same turquoise water, and same exotic destinations regardless of the size of my yacht.

Here is a piece that I wrote called the CURVES OF LIFE:

THE CURVES OF LIFE - GETTING IT RIGHT THE FIRST TIME

You only get one life, so you better get it right the first time.

I have found that if you understand the CURVES OF LIFE, you have a better chance of getting it right the first time around. What are the CURVES OF LIFE?

There are actually three curves. The first is called the gusto curve, the second is the money curve, and the third is the time curve. You don't need an advanced degree in mathematics to understand these curves. Here's how they work.

The gusto curve describes your ability and desire to enjoy true gusto throughout all the years of your life. When you are eighteen years old, and you feel immortal, and life stretches out before you like an endless adventure, you are at the top of your gusto curve. You will fearlessly try almost anything, and you will probably enjoy doing it.

When you are eighty years old, acutely aware of your mortality, and unwilling to take risks that could fill your remaining days with unremitting pain, you are at the bottom of your gusto curve. That's not to say you don't enjoy your life at all. But it is to say that you now have a strong aversion to pain and suffering, and your definition of a good day is that all your organs are working properly, you can afford all your medications, and your arthritis isn't preventing you from enjoying your day. You are less concerned about gusto, and most of all, you want a pain free day.

The money curve is just the opposite of the gusto curve. When you are eighteen years old, you are stone cold broke. Money is in short supply, and you are at the bottom of your money curve. Conversely, when you are eighty years old, you have a pension with a mountain of cash in the bank, and you are at the top of your money curve. (Unless a stock market crash wipes you out or your money is an a worthless currency.)

The time curve runs parallel to the gusto curve. When you are eighteen years old, you have all the time you need to live your dreams. When you are eighty years old, you are at the bottom of your time curve. You savor each precious second because you don't know how much time you have left.

By now it should be clear that your gusto curve and time curve start at the top and eventually go down to zero. At the same time, your money curve starts at zero and exponentially climbs throughout your life.

At some point, these three curves cross paths. Before they cross, your life will have plenty of gusto and time, but not enough money. After they cross, your life will have plenty of money, but gusto and time will be in shorter and diminishing supply.

When the curves of life cross, an alarm should go off in your mind, because from that point on, time becomes more valuable than money. You are sliding rapidly down the gusto curve, and you are running out of time.

After those curves cross, you better be living your dreams, or they will probably never come true.

If you want to get it right the first time, check out the CURVES OF LIFE. This isn't a dress rehearsal, and you only get one life. You should live your dreams while you still have the ability and time to enjoy them.

I went cruising when I was 47, and the cruised lasted eleven years. Now I am back at work earning more Freedom Chips, and I'm glad that I didn't put off my cruising dreams until I was sure that I could afford them. I plan to go again, but I'll be further down the gusto curve the next time around.
__________________
Dave -Sailing Vessel Exit Only

http://SailingUNI.com
http://maxingout.com
http://PositiveThinkingSailor.com
maxingout is offline   Reply With Quote
Old 03-10-2008, 03:42   #14
Moderator Emeritus
 
GordMay's Avatar

Join Date: Mar 2003
Location: Thunder Bay, Ontario - 48-29N x 89-20W
Boat: (Cruiser Living On Dirt)
Posts: 31,583
Images: 240
Quote:
Originally Posted by maxingout View Post
My thoughts on the economic crisis:

1. If you wait to go cruising until you can afford it, you may never go.
2. If you wait to go cruising until you can afford it, you may be too old enjoy it with full gusto.
3. No matter how much money you save, if you don't have your health, it will be difficult to go cruising and much less fun.
4. No matter how much money you save, a single major illness can wipe you out financially.
5. If the government destroys the value of your currency by devaluation, your cruising funds will wither while you wait.

Most cruisers that I know are not rich people. They aren't financial wizards. There is no correlation between the size of their dreams and the size of the resources. I know many frugal long term cruisers who sail on the ocean of their dreams in 32 foot yachts.

I would rather downsize my yacht and keep my dreams of alive, than allow the current economic situation to extinguish my dreams. It's the same sunset, same turquoise water, and same exotic destinations regardless of the size of my yacht.

Here is a piece that I wrote called the CURVES OF LIFE:


THE CURVES OF LIFE - GETTING IT RIGHT THE FIRST TIME
Well said!
For a less lyrical treatise on "The Curves of Life", see:

The Curves of Life ~ By Theodore Andrea Cook

Being an Account of Spiral Formations and Their Application to Growth in Nature, to Science, and to Art : with Special Reference to the Manuscripts of Leonardo Da Vinci

Goto:
The Curves of Life: Being an Account ... - Google Book Search
__________________
Gord May
"If you didn't have the time or money to do it right in the first place, when will you get the time/$ to fix it?"



GordMay is offline   Reply With Quote
Old 03-10-2008, 06:00   #15
Registered User

Join Date: Dec 2007
Location: North Wisconsin
Boat: Liberty 28 Custom Cutter - "Native Dancer" For Sale
Posts: 209
We find that we actually come out ahead living on the boat as opposed to living at home. However (and it's a big however), we are completely debt-free. I think that anyone who has the philosophy of "just go" because tomorrow we all might be dead or broke (or broker) are missing the point that you may also be sacrificing the later years of your life for the certainty of the present. The problem is that if you lose the bet and live to a ripe old age, you may find yourself on the government dole because of poor choices made when you were younger (and, in my case, more naive).

Tis a choice that every man and woman must make no matter what the economy or situation. You are right about one thing, without your health you have nothing. An old cliche by now and, I'm afraid' not really of concern to a healthy person who does not forsee health problems in the future due to the aging process (and the aging process isinevitable).

Anyways, whatever the choice, enjoy yourself to the fullest because this could be as good as it gets!!! And probably is!!!!!
__________________

__________________
Liberty28 is offline   Reply With Quote
Reply

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Buisness plans Little Otter Boat Ownership & Making a Living 0 29-06-2008 23:44
Looking for Sailboat Plans (even old one(s)) Myles alan General Sailing Forum 0 06-05-2008 20:47
dingy plans clifflindsey Construction, Maintenance & Refit 28 25-12-2007 11:49
World Economy Sandero Off Topic Forum 2 17-09-2007 21:55
Need plans for a radar--etc. arch prout35 Multihull Sailboats 2 02-02-2006 10:35



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 23:07.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.