Cruisers Forum
 


Join CruisersForum Today

Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on Cruisers Forums. Advertise Here
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 20-03-2019, 15:27   #1
Registered User

Join Date: Dec 2014
Location: Dryland
Boat: Wannabe Sailing
Posts: 29
What would you do? Go or No-Go?

I think this may be my first post starting a new thread. I'll try and keep it short.

Life changing events occurred. After 20 years, i was let go/laid with my current company. I have been looking and dreaming of getting away and sailing off for a very very long time. At this point, I really don't have to work, other than to maintain my lifestyle (I travel for fun every couple of months and party like a rock start.. ).

The time may be right?

I'm early 40's, found the dream boat that i want. And, I can pay cash (at a premium due to cashing in some funds early). I own houses and apartments on the side, which I will keep. I have no debt other than one loan for apartment complex.

The numbers rounded for ease:

Age: early 40's
It will just be me (but will have crew occasionally).
Starting in the Caribbean where the sale will occur.
Cost of boat- 200k (loaded and ready to go and i will cash in some equities at a premium)
Boat 42ft
My monthly income 4k
Monthly debt (child support) ~ 800.

My issue is I will have little left for my personal oh shiz fund. Maybe 20k depending upon how it shakes out for closing/ transaction costs.
I will leave myself little for retirement other than houses/apartments that I will be taking a monthly income from. And about an additional 120k in IRAs.

Last kicker-- I will have zero healthcare.....

Real life scenario I am running in my head.....

What would you do?
__________________

Magic1st is offline   Reply With Quote
Old 20-03-2019, 15:36   #2
Registered User
 
Reefmagnet's Avatar

Join Date: May 2008
Location: puɐןsuǝǝnb 'ʎɐʞɔɐɯ
Boat: Nantucket Island 33
Posts: 3,254
Re: What would you do? Go or No-Go?

I'm no financial expert, but if you have enough real estate, offload some and throw it into stocks. You'll spread your risks and can get access to emergency funds much quicker than selling off property.
__________________

Reefmagnet is offline   Reply With Quote
Old 20-03-2019, 16:24   #3
Registered User

Join Date: Dec 2014
Location: Dryland
Boat: Wannabe Sailing
Posts: 29
Re: What would you do? Go or No-Go?

About 20k emergency funds. About 50k is available to me in real emergencies (think credit card).

The alternative to purchase would be retire very nicely with 7 figures at age 60... who wants to start then... ?
Magic1st is offline   Reply With Quote
Old 20-03-2019, 16:28   #4
Registered User

Join Date: Jul 2014
Location: Crete , Greece
Boat: Beneteau first 26
Posts: 588
Re: What would you do? Go or No-Go?

Go .
Worst case scenario you are taking a break .
Best case you cruise for the rest of your life , you have enough funds for the trip and you still young and capable so I don't see why not go now .
gmakhs is offline   Reply With Quote
Old 20-03-2019, 16:35   #5
Don't ask if you can't handle it
 
sailorboy1's Avatar

Cruisers Forum Supporter

Join Date: Jul 2007
Location: On the boat somewhere
Boat: Hunter 410
Posts: 14,389
Re: What would you do? Go or No-Go?

Well if you reduce your boat purchase cost you would have a lot more cash cushion.

But you want to go I bet, so just go.
__________________
jobless, houseless, clueless, living on a boat and cruising around somewhere
sailorboy1 is offline   Reply With Quote
Old 20-03-2019, 16:37   #6
Senior Cruiser
 
Cheechako's Avatar

Cruisers Forum Supporter

Join Date: Aug 2006
Location: Skagit City, WA
Posts: 21,136
Re: What would you do? Go or No-Go?

Right now going into stocks is risky IMHO. We are due for a recession. Small or big it's often 30-40% dip. Real estate never goes down much or for long. It sounds like a good time for you to give it a go to me. You are pretty well set up. Have some fun, don't obligate yourself to any length of time. The Caribe is a great place to spend 2-3 years anyway.
Medical is a bit of a problem. You can buy major med to keep from taking a big hit in emergency I suppose. It's just like gambling. Take your pick. Most things in Medical are cheap outside the US comparatively.
With 4k a month income you will be fine cruising.
__________________
"I spent most of my money on Booze, Broads and Boats. The rest I wasted" - Elmore Leonard











Cheechako is offline   Reply With Quote
Old 20-03-2019, 16:43   #7
Registered User
 
Fiveslide's Avatar

Join Date: Dec 2009
Boat: JBW club 420, MFG Bandit, Snark
Posts: 839
Re: What would you do? Go or No-Go?

Man, I would go! But, I would have a cheaper dream boat.

I got lots of dream boats. They vary greatly in size, type and price depending on how much money I'm dreaming that I have. I could dream of West wight Potter or the SV Helios.

You know how much you have. My dream boat with the amount your working with would probably be a little smaller, half the price, just as ready to go. And you would have more cushion financially.
__________________
I love big boats and I can not lie.
Fiveslide is offline   Reply With Quote
Old 20-03-2019, 16:45   #8
Senior Cruiser
 
Cheechako's Avatar

Cruisers Forum Supporter

Join Date: Aug 2006
Location: Skagit City, WA
Posts: 21,136
Re: What would you do? Go or No-Go?

What you get in a 42 ft boat vs a 36 ft boat is basically another bathroom.
__________________
"I spent most of my money on Booze, Broads and Boats. The rest I wasted" - Elmore Leonard











Cheechako is offline   Reply With Quote
Old 20-03-2019, 17:05   #9
Marine Service Provider

Join Date: Feb 2011
Posts: 125
Re: What would you do? Go or No-Go?

keep the property it is EVERY month where stocks are who knows. get a good property manager and set up something that is profit sharing to keep them motivated to keep your places 100%. I know someone that sold a trailer park to keep the wife happy, later divorced, now it is making 300per trailer 40 trailers. that is gross but a nice sum he wishes he hadn't sold.
wtmf is offline   Reply With Quote
Old 20-03-2019, 17:23   #10
Senior Cruiser

Cruisers Forum Supporter

Join Date: Jul 2005
Location: Bellingham
Boat: Outbound 44
Posts: 6,895
Re: What would you do? Go or No-Go?

Clearly your decision and yours only. The boat you have chosen to purchase will require upgrades/fixes even if it is sold as cruise ready. Perhaps even needing changes to make it more single hander friendly. You need a cushion for that. For a single hander there are a lot of nice boats that can be had for usd$150k.

Health insurance. With your income you should be eligible for a low cost, aka subsidized, ACA plan.

Save enough so that you can afford to visit the kid and have the kid visit you.
__________________
Paul
Paul L is offline   Reply With Quote
Old 20-03-2019, 19:30   #11
Marine Service Provider

Join Date: Sep 2012
Location: Virgin Islands
Boat: 1999 Leopard 45, 45 foot cat, 1980 Hunter 33, 33 foot monohull
Posts: 749
Re: What would you do? Go or No-Go?

Go, no question! High quality health care is available for a fraction of the US cost, as you will find. Much of what we think of as necessities is an illusion.
contrail is offline   Reply With Quote
Old 20-03-2019, 19:42   #12
Registered User

Join Date: Aug 2015
Posts: 53
Re: What would you do? Go or No-Go?

No one can tell you what to do... only you can feel it in your gut and your heart. I would guess you are this forum not looking for advice but for verification (e.g. your looking for what you want to hear).

From personal experience, its a major life change, its scary, its the unknown. In the end, if it works, or if it does not it will make you a stronger, better person and man, your going to have stories... lots of them.

My personal opinion, i would go. You seem to be in an okay financial situation... just need to guts to pull the trigger.
rubberduck is offline   Reply With Quote
Old 20-03-2019, 19:44   #13
Registered User

Join Date: Nov 2015
Boat: R&C Leopard 40
Posts: 278
Re: What would you do? Go or No-Go?

You numbers are a cautionary tale in the making. You need a much bigger buffer for $3200/mo income.
42 ft boat can chew that up without blinking. Plenty of threads on here about monthly costs. Cheap living is possible, but few want it bad enough to actually live it month in and month out.

Apartments / rental homes also have unexpected 'needs'. Apartment loan term? Will a bank refi you when the balloon is due? Think of what they will see at time of underwriting.

So I recommend a boat that costs half as much. Everyone has to temper their boat dreams. I bet just about everyone would like a more expensive boat, even those with very expensive boats.
__________________
-Chris
FlyingScot is offline   Reply With Quote
Old 20-03-2019, 19:52   #14
Moderator
 
Adelie's Avatar

Join Date: Feb 2010
Location: La Ciudad de la Misión Didacus de Alcalá en Alta California, Virreinato de Nueva España
Boat: Cal 20
Posts: 8,176
Re: What would you do? Go or No-Go?

Don’t touch that boat whatever it is.
No boat is ready to go, that’s marketing.
42’ is too much boat to start. 30-37’ is a good range for a couple’s starter boat. Solo, 27-35’.
Get yourself a Cal34 or a Ranger33 with a tiller. Put a motor bracket on the stern and get a 6 or 9.9hp high thrust outboard for the dinghy that can also push the mothership if need be. Get a drifter but no other lightwind sails. Compass, depthsounder, GPS, chartplotter and some backup GPSs. No wind instruments, no network. Get 2 oversized tiller autopilots. Get extra anchors of a type other than whatever you have for the main anchor. If it doesn’t already have a windlass get a manual windlass.
Buy the boat in The North east or Virginia soon or by mid-summer at the latest.
Mid to late fall start down the ICW then sail into the Bahamas and south. Work your way back ahead of Hurricane season.
So for $15-25k you have a year’s experience on a boat, will have learned to sail somewhat, will have an idea whether the lifestyle suits you and will be able to resell the boat for a lot closer to what you paid for it now that you know what you really want in a boat.

If you are on the west coast let us know.
__________________
Num Me Vexo?
SailboatData
A house is but a boat so poorly built and so firmly run aground no one would think to try and refloat it.
Adelie is offline   Reply With Quote
Old 20-03-2019, 20:10   #15
Registered User
 
danielamartindm's Avatar

Join Date: Jul 2011
Location: St. Petersburg, Florida
Boat: Leopard 39
Posts: 860
Re: What would you do? Go or No-Go?

Go. All life decisions are subject to re-evaluation and NEW decisions. You might love the lifestyle you're contemplating, or not; and should you come up short financially, you'll have new choices to make. You're a young guy, and better heeled than many who choose a cruising lifestyle. You're dead a long time. Enjoy life!
__________________

danielamartindm is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
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
Would you have or do you have a yeti solar got seashells? Electrical: Batteries, Generators & Solar 3 23-07-2013 07:40
Pretend you are a Newbie! - how would you start? David_Old_Jersey Challenges 60 29-03-2013 07:31
If you could pick anything, what would you choose? schoonerdog Multihull Sailboats 276 22-02-2013 16:53
If you had a LectraSan, would you run and then pump it into a holding tank in a NDZ? sdowney717 Plumbing Systems and Fixtures 2 15-07-2012 17:31
Would you Expect the Broker to Call You ? sweetsailing Dollars & Cents 15 22-10-2010 11:38



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 01:01.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.