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Old 08-09-2015, 09:16   #16
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Re: Intro/5 year plan

Thanks guys.

It's good to hear some reassurance from people more in the know than I am. the 5 year plan is, I think, most realistic although it would be nice to do it in 3 but I don't think it's financially feasible. I want to try lay some rooms that could help with an income while travelling first.

I'm undecided as to whether I would go to Cayman or BVI but realistically I will go to either, depends on where the first job comes up I suppose.

One really important point of the plan is to be able to afford living on the boat considering I will be paying quite a bit for it every month if I want to pay it off in 3 years time. I am junior in my career so have no savings. So if I am paying a bank loan back, I will have trouble paying expensive mooring fees. Do you guys have any advice on that? Could I stay at anchor for 2 years and take the dinghy ashore every morning? In my suit what kind of fees am I looking at to moor the boat or ideally tie it to a marina although that is a cost I don't think I can afford!
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Old 08-09-2015, 11:07   #17
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Re: Intro/5 year plan

depends on the boat size, but you might park a 36' mono in a marina in BVIs for around $5000/year. Dinghying to work would get old fast. Best bet is to get the job there, find an apartment while you boat shop and learn to sail on other peoples boats and suss out the boat market and mooring costs. Getting to know the local charter agents will help find a decent boat at a good price and swing some deals like mooring for some period inclusive etc.
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Old 08-09-2015, 11:31   #18
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Re: Intro/5 year plan

I've some friends in the Cayman's and a lot of Brits go there to work.
I'm pretty sure though that you are only allowed to be there for two years, then you must leave, unless you get what they call "status", which I believe means your doing a job that no local can do, if you get status then you can stay longer.
The Chief pilot for their mosquito research and control is a friend who has "status" and his wife is a Dr., also allowed to stay permanently.
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Old 08-09-2015, 13:21   #19
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Re: Intro/5 year plan

Hi,

Good luck with your planning. It is a good brain exercise.

If I were 29 y.o. and a lawyer, I would concentrate on my selected career. This probably will be your shortest route to wherever you want to be.

If you think lawyering is not for you, then why waste another 5 years doing it?

Best of luck, stick with your dreams, they are your steam,
b.
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Old 20-05-2016, 09:58   #20
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Re: Intro/5 year plan

8 months on and OP checking back in here!

Bit by bit I'm doing some more research and honing in on a solid plan. the updates are as follow (although nothing is set in stone):

I'll likely be going to BVI in the next 12 months at some point. I was torn between there and Cayman but I think, for beginner sailing and lifestyle purposes, the BVI is the way to go.

Regarding boat size, I re-read my original post where I said 40 foot. That has now become ideally around 49 feet. I have considered going to 53 but I think 49 is the right balance between being roomy enough to live long term and the cost per foot (i.e transiting the Panama Canal they have an arbitrary figure of 50 foot and over that the costs shoot up). So around 49 foot is the aim. Sound reasonable for 1-2 people to sail? Possible to sail with just 1?

While in the BVI I will be earning well, but I need to start accustoming myself to frugal living so I want to live at anchor. Taking the dingy to work, while it may get old, will be no comparison to getting the tube to work every day. By the way I took a full time job in London so I'm not back in the motherland, Ireland. You guys input would be much appreciated here in terms of anchorage advice... I think Sopher's Hole may be a good option long term? I hear it's busy but again, it wont be relative to London.

Trying to buy an apartment in Ireland while I'm here in London for the next few months so I can rent it and have a small income from that for long term purposes.

Thanks for the link to the London sailing club, who would have thought that would be available! I'll definitely look into that.

Grateful for any more thoughts and advice!
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Old 20-05-2016, 10:05   #21
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Re: Intro/5 year plan

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If you think lawyering is not for you, then why waste another 5 years doing it?
It's certainly not the worst job in the world, but I look at the partners in my firm who earn around 1mil per year and just think, that's great but to what end? Sure, they earn that but then buy huge houses in central London and great cars that they hardly drive. You're not really going to be focused on your lovely big house while on your death bed so I suppose that's the scenario I don't want. To feel as though I've missed out. Are big houses, nice clothes and fancy cars more important to me that seeing the world? You know my answer!

That said, I have to be realistic, the longer I work here the stronger the position I'm in financially which in turn means the longer I can sustain myself out of law i.e buy somewhere to live in Ireland that I can always return to or get the cash to buy a business in the Caribbean/South Pacific and work there for the rest of my days should I so decide.

That's what my gut tells me anyway!
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Old 20-05-2016, 10:14   #22
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Re: Intro/5 year plan

Have a look at the landlord taxes here in Ireland compared to the UK. Landlord taxes here are expensive. UK or mainland Europe might offer a better buy to let opportunity

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Old 20-05-2016, 10:17   #23
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Re: Intro/5 year plan

Anotger thing is prices in Ireland are favourable but there's very few properties available and the government are making noises about tackling the lack of mortgages for first time buyers and the cost of renting being too high so any calculations you do today could be wrong in 12 months

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Old 20-05-2016, 10:17   #24
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Re: Intro/5 year plan

Sounds like a great plan! I had a similar one (also an attorney), and am now in Florida and my boat gets here the second week in June.

Two points to consider.

First, while having a plan is important, just worry about the next step of learning to sail and seeing if you enjoy it. The very romantic image of sailing can be true, and it can also be a very taxing nightmare. Pay a lot of attention to what you sail on and research them later. Ask yourself if you liked the motion, the layout, the storage, etc. It will give you some parameters to apply later. I get seasick on "sporty" boats, so mine is very solid and slow. Did not know that until I spent time on boats with quicker actions.

Second is insurance. I had the same plan you do of financing and living aboard. It was not possible for me (in my budget) because I would need to keep the boat in Florida year round. Insurance companies and banks tend to have a lot of concerns, and make a lot of rules, and charge a lot of premiums, for having the boat in a hurricane zone during the hurricane months. Perhaps it is more doable for you in your budget and location, but do check on that part of the plan.

Otherwise, sounds fantastic.
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Old 20-05-2016, 10:56   #25
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Re: Intro/5 year plan

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Have a look at the landlord taxes here in Ireland compared to the UK. Landlord taxes here are expensive. UK or mainland Europe might offer a better buy to let opportunity

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Yeah I've been monitoring the property market in Ireland for over a year now (3000 potential new properties to be built in Dublin city announced today!) and am aware of the taxes. But the property market is SCARY in London, it is outrageously expensive and the prices are as high as they have ever been. I had a look but it's too rich for my blood.

The attraction to Ireland is I may return there one day.
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Old 20-05-2016, 10:58   #26
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Re: Intro/5 year plan

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....
Great advice, many thanks for this and the best of luck with your adventure.

You touched on a good point, hurricanes. Is it feasable to have a yacht year-round in an anchorage in the BVI? If a hurricane hits is there a scramble to get the yachts on-land or if you are in a sheltered bay are you generally ok?
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Old 20-05-2016, 11:07   #27
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Re: Intro/5 year plan

Given the cost to purchase and maintain a 49 footer, the additional Panama Canal transit fee for a 52 footer is somewhat academic - unless you plan a monthly transit.



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Old 20-05-2016, 13:19   #28
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Re: Intro/5 year plan

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Great advice, many thanks for this and the best of luck with your adventure.

You touched on a good point, hurricanes. Is it feasable to have a yacht year-round in an anchorage in the BVI? If a hurricane hits is there a scramble to get the yachts on-land or if you are in a sheltered bay are you generally ok?
People definitely have boats year round at anchor all over the hurricane belt. You need a hurricane plan.

Some people do pull their boat and keep it on the hard if a named storm is coming their way. Upside: you don't dragged into by other boats, potentially destroying your boat. Downside: your boat is vulnerable to damage from falling off the stands, getting smacked by other boats falling off their stands, storm surge taking the boat off the stands, etc. All potentially leading to loss or damage of the boat. This can be a scramble as most everyone waits until the last minute to decide if the are pulling the boat or not.

Some people put their boat way up a creek or other hurricane hole, take everything off/down the topsides, and anchor the heck out of the boat. Leaves you vulnerable to being run into by other boats that go drifting, and loss of the boat if the wind and waves do not co-operate with your preplanning.

Some people leave the boat in a marina. Some people stay on the boat. Some people get off the boat.

Many, many choices. All of them do carry with them the possibility of damage or loss of your boat, as well as personal injury or death. Hurricanes are no joke. Even the best prepared cruiser can lose a boat in a big one. I think preparing and planning for the storm passing directly over you is the only way to fly. Don't rely on what is "generally ok." Hurricanes can take really weird turns, slow down, rev up, there just is no way to guarantee what will happen.

Which makes it rather obvious why insurance companies are less then happy about writing policies for boats in the zone. And all banks do require that you have insurance. Start researching now on how to cope with a hurricane (you could be in a big one the week you arrive) and looking at policies and lenders. I had a combination of older boat, liveaboard, Florida year round, and low budget that made a loan and insurance impossible. I have liability and that's it.
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Old 20-05-2016, 13:23   #29
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Re: Intro/5 year plan

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Given the cost to purchase and maintain a 49 footer, the additional Panama Canal transit fee for a 52 footer is somewhat academic - unless you plan a monthly transit.



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Makes sense. I forgot to mention in my update that I have a more realistic idea of purchase cost now being substantially higher than the 50k euro i originally mentioned. Probably closer to 80k.

I suppose i have to draw the line on size somewhere, i would like space, but need to balance cost. Would 49' be reasonable or is it worth going to 52 considering the above post?
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