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Old 30-08-2014, 13:22   #16
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Re: Going Big. $100k+ Boats

a. Saving money and making money are 2 very different things, as many have eluded. Good skills, hard work, time, and priorities. Colege for the kids and 401-K are prioreties too, requiring balance. I started with a beach cat and worked my way up, but I don't know if bigger is better. Is a car always more fun than a bike? No.

b. 100K and big are relative and irrelevant. My 100K boat is only a 34' cat. When I have 5 on board for several weeks, it's tight. When it is just me for a few days, it is absolutely all the boat I would want; anything more would only be more work to sail. Quality is as important as size, and bigger only matters if you need space. Day sailors are more fun.

c. Start small... and maybe stay there. Some days I wish I had stayed with my last boat. More boat = more to maintain, even if it is only the stuff you carry back and forth on trips. Don't go big because other people have big boats. Go big only for a specific purpose. I'm thinking about buying a beach cat again.
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Old 30-08-2014, 13:35   #17
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Re: Going Big. $100k+ Boats

Wifey B: Hubby had a lake boat when we met. He was hooked long before and I was the first time I joined him. Not going to say what we did on the boat that day. We both love the water. What boat doesn't matter. We always knew boating was our pleasure and we'd do it as long as possible. Dreamed of retiring and being able to do it all the time. (Boat....dirty minds). Never imagined we'd be so fortunate as to retire when we did and to have the boats we have. But whatever and whenever would have been a boat we could afford and we'd have been happy.

Now one thing we did was not spend on other things. We refused to spend like others on our income. We had a modest house while people thought we should buy something extravagant. We took vacations and just enjoyed the lake behind our house, no spending of thousands to travel and stay in hotels and resorts. Seriously, we were like 12 years before our first huge expensive vacation and then decided to move there.

I guess love what you have and save and then if one day you can have more, great. But, if not, still love the boat you have.

Oh and we were so freaking lucky along the way. Got more than we deserved, honestly. But we didn't pursue it. We just lived and let it happen.
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Old 30-08-2014, 14:29   #18
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Re: Going Big. $100k+ Boats

I grew up in a family with some money..dad is an entrepreneur in the high tech industry. That was his passion. I feel blessed for all that I had growing up, yet even more fortunate in knowing that it really doesn't change a thing. My parents grew up to poor farming families, "worked hard at getting lucky", and never got lost in the glitz. I grew up in a rich family, and was able to learn from them what I don't need. The American dream in reverse, if you will.

I like nice things, just drawn to smaller, simpler packaging
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Old 30-08-2014, 14:37   #19
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Re: Going Big. $100k+ Boats

Lol " @knotsmart " sweet...im an hour from newport still have yet to go I plan on hanging out down there soon.
@Nolagal .. generally seems like a constant among cruisers are investment properties...thats in the works now as well
@guy awesome you spent time in aviation n are now onto the sea
@thinwater thanks for sharing.. being someone who hasnt sailed..I like the idea of a boat that can withstand long crossings and provide comfort stability. I do plan to go small to start and learn to sail..and once a larger boat is in my cards, ill be excited to compare and decide.
@bandb thank you for insinuating you enjoy rocking the boat.
Save, one day youll have more, meantime love what you have... good advice

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Old 30-08-2014, 14:58   #20
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Re: Going Big. $100k+ Boats

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Originally Posted by laika View Post
I grew up in a family with some money..dad is an entrepreneur in the high tech industry. That was his passion. I feel blessed for all that I had growing up, yet even more fortunate in knowing that it really doesn't change a thing. My parents grew up to poor farming families, "worked hard at getting lucky", and never got lost in the glitz. I grew up in a rich family, and was able to learn from them what I don't need. The American dream in reverse, if you will.

I like nice things, just drawn to smaller, simpler packaging
It's not money that is evil, it's the love for it, the addiction. Unfortunately, my parents were all about material things. I learned as you did somewhat in reverse. First time I really crossed the path my parents had chosen for me was deciding not to go to law school. Only reason they wanted me to be a lawyer was the income.
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Old 30-08-2014, 15:19   #21
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Re: Going Big. $100k+ Boats

A year ago we bought a boat just under $100K. Several factors came in to play.

Interest rates were very low.

It was going to be a retirement home/camp. We expect to recoup a good sized percentage of the cost when we sell her. No we don't expect a profit.

We have a boat that is loan free that we are selling to help cover the costs.

This particular boat had a number of features that I wanted and if I had bought a less expensive boat I would have had to install at a greater cost.

We live cheap, we spent more on the boat than we spent on our house in 2003.

I have a decent pension and SS income as well as a decent IRA. Read above, live cheap, save a lot.

Dave
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Old 31-08-2014, 04:56   #22
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Re: Going Big. $100k+ Boats

I only ever bought one vehicle on a loan.
I only ever had one mortgage.

Didnt like the feeling of owing on either.

So.. now I allocate what I feel I can afford for a vehicle or a boat, and either save accordingly or sell something. It doesnt always get me what I would really prefer to have, but I wont buy anything that is a total compromise on that preference either. I can always trade up when cash is in hand at a later date.

It not a criticism of borrowing money. Its my comfort zone in personal purchases to not owe money. I have been tempted many times to do it..... but resist and save some more. I may be a year behind my friends on boats but I get to go on theirs and see if its what I REALLY want.........

Right now Im looking hard a a Mcgregor 26M that I might get instead of the Westerly Centaur.....but the storage space seems a little bit absent. I will go find one and play on it for a while.
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Old 31-08-2014, 07:15   #23
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Re: Going Big. $100k+ Boats

Hm..I wonder what payments would be on a 150k boat with say 20k down. Know with a mortgage on a house of that cost itd be what...6, 700?

Im tempted because im working on a business that will have the potential of bringing in a couple thousand residually within the next year with basically no work after the initial work.

Nother thought...
For those whove done both...how do you compare singlehanding a boat that requires you to manually raise sails and work the rigging vs. sailing a boat that has all the controls at the cockpit?
I feel itd be easier to singlehand a larger boat with the automatic systems vs. A smaller boat youve got to man manually.


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Old 31-08-2014, 07:26   #24
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Re: Going Big. $100k+ Boats

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I feel itd be easier to singlehand a larger boat with the automatic systems vs. A smaller boat youve got to man manually.
Thats fine until the electrics quit on you.
And sometimes they do.
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Old 31-08-2014, 09:45   #25
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Re: Going Big. $100k+ Boats

Quote:
Originally Posted by coral_bound View Post
Hm..I wonder what payments would be on a 150k boat with say 20k down. Know with a mortgage on a house of that cost itd be what...6, 700?

Im tempted because im working on a business that will have the potential of bringing in a couple thousand residually within the next year with basically no work after the initial work.
May I say, no no and no. Don't make such a move based on potential or a business you're working on. That's the cart before the horse. Live today based on today and then when the other materializes buy if you wish. The most stressful thing one can do is live beyond their current means. Debt is a crippler, financially and emotionally. I hope your business does bring in what you anticipate. Then you can go purchase without reservation.

As to the $150,000 boat depends on the boat and age what length of mortgage and the rate. The payments are not going to be as low as a house. The example you gave could be $1000 to $1400 per month.
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Old 31-08-2014, 11:02   #26
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Re: Going Big. $100k+ Boats

Well I wouldnt make a purchase without the money or without having built the business yet. Just thinking futuristically lol.

N thank you for the idea of what it might be to finance at that price

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Old 31-08-2014, 12:08   #27
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Re: Going Big. $100k+ Boats

Maybe not what you wanna hear, but I would strongly encourage you to buy something nice and simple and get out there and enjoy it and see if the reality of cruising matches your idea of it. Worst case scenario, you'll have a much much better idea of what ya want in the dream boat to come.

On the other hand, if ya wait until you can afford the boat of your dreams (and are old enough to actually need all the automation), you may come to find that you spent many years working towards a dream that does not suit you in reality.

If you really want to do it, buy something you can afford soon and get out there! After all, the boat is just a place to sleep, eat and sh!t.. The world is your home.
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Old 31-08-2014, 13:33   #28
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Re: Going Big. $100k+ Boats

:-) thanks @laika
Love going after the dream and yes the world is our home!


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Old 31-08-2014, 14:21   #29
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Re: Going Big. $100k+ Boats

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:-) thanks @laika
Love going after the dream and yes the world is our home!


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Well then, c'mon! You don't need a $100k+ boat to live it

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Old 31-08-2014, 14:29   #30
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Re: Going Big. $100k+ Boats

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Originally Posted by coral_bound View Post
Well I wouldnt make a purchase without the money or without having built the business yet. Just thinking futuristically lol.

N thank you for the idea of what it might be to finance at that price

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Umm, would it be rude to say that if you can't figure out what the loan costs for your putative boat would be, then the chances of your putative business succeeding in generating your projected income are kinda dim?

I hope that it wasn't rude, 'cause I just said it!

Jim
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