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Old 01-09-2015, 13:29   #1
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Intro/5 year plan

Hi all

I have been lurking for a while and have finally just registered to say hello and maybe get an early steer!

I'm a 29 year old lawyer working between Ireland (which is home) and London for the next few months. The rat race isn't really for me on a long term basis and so I'm mentally working on my exit plan and have come up with a 5 year plan which I would appreciate your opinion on. Obviously at such an early stage the plan is very high level. The general goal is to learn to sail and take as many years out as I can afford to, ideally finding a way to become self sufficient while travelling.

I am in London until December and then return to Ireland. I am going to volunteer as crew come spring to get my first taste of sailing. I'm a diver so used to the sea but only in a rib! Anyway, here's where I could use some advice. I am in a kind of lucky position where the area of law I work in is very international and allows for opportunities in Cayman/BVI. I've always planned on doing a few years out there anyway for the experience but I think I have developed a bit of a plan.

So maybe in the spring/summer of 2017 I might try grab a job over there but instead of renting a place over there as usual, I was considering buying a decent yacht with a bank loan to live on and pay that back over the course of working there rather than throwing money into some landlords pocket. The way I see it is that I can use the money I would pay renting to pay back the loan on the yacht and, as I would be working there for 2/3 years minimum, I could be fitting the yacht out bit by bit and slowly gaining experience by taking her out on weekends etc for a spin! I would like to buy the yacht I will eventually circumnavigate with, which of course involves buying a fairly decent (circa 50,000 euro) yacht as a novice. I understand it would be better to buy a smaller boat first and get used to that before upgrading but I think my opportunity could allow me to skip that step. I'd like to get something fairly big, maybe around 40 foot, as I will be living on it for years so might as well make the investment and living on it for a few years and practising locally on it will give me plenty of opportunity to get it ready for long haul.

What do you guys think of that plan? I have lots of time so plenty of time to research but any pointers from where I'm at now? If you could look back and advise yourself at my stage what would you say?

Sorry for the long winded post (typical lawyer!!)

Thanks!
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Old 02-09-2015, 04:06   #2
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Re: Intro/5 year plan

Greetings and welcome aboard the CF, King-stew.
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Old 02-09-2015, 07:08   #3
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Re: Intro/5 year plan

About a month ago I came up with a 5 year plan to learn to sail, buy and boat and sail for a year. So I am pretty much in the same situation as yourself
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Old 02-09-2015, 12:25   #4
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Re: Intro/5 year plan

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Greetings and welcome aboard the CF, King-stew.
Thanks!

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About a month ago I came up with a 5 year plan to learn to sail, buy and boat and sail for a year. So I am pretty much in the same situation as yourself
Half of my urge to do this comes from some weird unhealthy obsession with maps and charts . I don't think a year would be enough for me although half of me is worried about what I do for the rest of my life if I leave my career in the middle of it!
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Old 02-09-2015, 12:29   #5
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Re: Intro/5 year plan

Good plan. The bvis are a great place to sail, learn to sail and buy a fairly inexpensive yacht as well.
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Old 02-09-2015, 13:01   #6
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Re: Intro/5 year plan

Sounds like you've got a great plan. Our advice would be to keep it simple and achievable. Don't get sucked into distractions or convoluted plans. You can certainly do this and the Caribbean is a good place to buy a boat...

If you want to circumnavigate, a tip would be to factor in replacing your rigging and maybe even sails once you own the boat. That way you know you can depend on your rig and you don't have to worry about them on an older boat since you're going to replace them anyway. It will also help you find a good bargain. Worth their weight in gold in our opinion!

Good luck!
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Old 02-09-2015, 13:27   #7
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Re: Intro/5 year plan

Plans have a way of accelerating, I was on something similar, and shortened it up by a lot. Hope to go myself in a a little less than 2 yrs.
Way I see it is you have a couple of options, buy a boat that is well equipped or outfit yourself.
I chose to outfit myself and I'll tell you, it's more work and more expensive than you might think, but when I'm done it will all be new and I will have a very thorough understanding of all of it as I installed it.
But I believe it would have been cheaper to buy a boat that was fully equipped to begin with, but beware as I have seen all kinds of bodged up work, much of it done by "professionals"
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Old 04-09-2015, 10:39   #8
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Re: Intro/5 year plan

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That way you know you can depend on your rig and you don't have to worry about them on an older boat since you're going to replace them anyway. It will also help you find a good bargain. Worth their weight in gold in our opinion!

Good luck!
Thanks. Do you mean I can buy an older and cheaper boat with bad rigging and sails knowing that I intend to replace it anyway so I can use that to my advantage when negotiating a price? Good point!

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Way I see it is you have a couple of options, buy a boat that is well equipped or outfit yourself.
I do like the idea of buying a boat ready to go within my budget (although obviously I will need to compromise in some areas). On the other hand, As I wont be doing any long haul sailing for a potential two years, I can afford (time and money wise) to work on the boat myself, which would be great to get to know it. That said, I am useless when it comes to DIY!
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Old 04-09-2015, 12:08   #9
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Re: Intro/5 year plan

G'day,

I think you've already answered your own question by the amount you have written, considerations made, and passion displayed. Five year plan? Phooey, that usually means the mental approach is apprehensive and over cautious. Why not start looking for work overseas tomorrow where there is a suitable place to buy a boat, and for-fill your dream. Perhaps let fate decide for you.

Only wishing to help and it's only my opinion only.

James
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Old 06-09-2015, 08:45   #10
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Re: Intro/5 year plan

Sounds like a great plan! We are on what I call the "2 year- hopefully 1 year" plan ourselves. Once you get a boat, you will really start to feel the excitement. Best of luck!


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Old 06-09-2015, 19:45   #11
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Re: Intro/5 year plan

Sailboats are less expensive in Florida.. Compared to the UK.. You could buy one there and sail it to your new job? Maybe,, yeah?
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Old 07-09-2015, 05:20   #12
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Re: Intro/5 year plan

Greetings and welcome aboard the CF, AdamA.
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Old 07-09-2015, 06:41   #13
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Re: Intro/5 year plan

Go and charter in the bvi / Cayman. Given your plans an ex charter boat would be worth a serious look (lots of threads on the pros and cons!)....won't be go anywhere ready, but you won't be going everywhere for a few years anyway!

After an initial charter maybe also look at one of moorings style buy to charter ownership programs.....so you end up with own boat in 3 / 5? years but in the meantime get to also use for own holidays and build up the experience in the area you will eventually be based in.
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Old 07-09-2015, 10:42   #14
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Re: Intro/5 year plan

London Corinthian Sailing Club - London Corinthian Sailing Club - London's First Choice For Sailing
here you go.. you can sail on the themes.
I live in London now. There are some great characters there and you can rent dingys if you are a member.. for a few quid... sail past the queen... ha ha
enjoy
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Old 07-09-2015, 10:46   #15
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Re: Intro/5 year plan

London Corinthian Sailing Club
in hammersmith. you can rent a dingy if you are a member. You can sail on the themes and they have all the classes RYA for yatchmaster...radio...ect and safety.. One of the best things in London in my opinion ... Oh and they have a pub...ha ha
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