Cruisers Forum
 


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 05-12-2016, 07:18   #16
Moderator Emeritus
 
a64pilot's Avatar

Cruisers Forum Supporter

Join Date: Oct 2013
Location: Jacksonville/ out cruising
Boat: Island Packet 38
Posts: 31,351
Re: Might or Might not have made the biggest Mistake of my life

I think maybe my financial planning must be way off.
390K win't buy even a cheap Condo, really?
a64pilot is offline   Reply With Quote
Old 05-12-2016, 07:30   #17
Registered User

Join Date: Sep 2016
Posts: 106
Re: Might or Might not have made the biggest Mistake of my life

Quote:
Originally Posted by a64pilot View Post
I think maybe my financial planning must be way off.
390K win't buy even a cheap Condo, really?
Depends on what part of the country (I'm assuming US) he's living in.
Crazy Talk is offline   Reply With Quote
Old 05-12-2016, 07:42   #18
Moderator Emeritus
 
weavis's Avatar

Cruisers Forum Supporter

Join Date: Feb 2014
Location: Seville London Eastbourne
Posts: 13,406
Send a message via Skype™ to weavis
Re: Might or Might not have made the biggest Mistake of my life

There are generals and specifics in advice given.

Generally, the thinking by most is that your boat is a little big for a solo.

#specifically, this does not necessarily have to be. NO boat is too big on the sea, no boat is too big to live on. It depends how the vessel is set up for handling. It also depends on where you sail and whether you take company with you.

#Of course marina fees, repairs, maintenance and ongoing costs will be higher than a smaller vessel, but the condition it is in means costs probably will be minimal.

#I cannot comment on your finances other than to say you are 33 and can easily generate more money when the time is ready.

#Enjoy it. In one year re-evaluate. The first boat is never the last.

#Wish you lots of enjoyment and pleasure in your new life.
__________________
- Never test how deep the water is with both feet -
10% of conflicts are due to different opinions. 90% by the tone of voice.
Raise your words, not your voice. It is rain that grows flowers, not thunder.
weavis is offline   Reply With Quote
Old 05-12-2016, 08:00   #19
Registered User

Join Date: Mar 2015
Location: channel islands
Boat: lancer 36
Posts: 322
Re: Might or Might not have made the biggest Mistake of my life

Quote:
Originally Posted by jaygatsby View Post
Long story short, got a divorce (no kids) age 33 last year, I got the cruising bug and spent about 6 months searching for a good boat without a budget in mind.

I lived on and worked on private yachts from age 18 - 25 where I met said ex wife.

Got lucky with a company I helped start and sold it late last year (said ex wife got nothing, thanks lawyers far and wide)

I made a few hundred thousand south of 7 figures and cashed out 2 weeks ago decided to pull the trigger compulsively on a 1989 Little Harbor 53 FSBO for about 390k, she is loaded and was recently refitted including new teak decks, standing, running rigging, sails, full electronics package, topsides repainted and interior all stripped and varnished. She was repowered in 2014 and also rewired. In 2015 had all her canvas and upholstery redone.

Surveyor convinced me I was getting the deal of a lifetime and the boat would easily list at 550 - 600k on the market as is.

I have about 410k left total with a income of about 3100 - 3500 a month I get from part-time (remote) consulting I do for the company we sold off.

Everything works and the boat is dry as a bone having been taken care of by a professional (full-time) Captain for the past 10 years.

Now I'm having buyers remorse. Ex-wife got the house, I have no assets right now. I'm thinking of selling off the remainder of junk I've acquired over the years. Leaving my place in Texas and just taking off cruising.

My worry is the money I have left is not enough to keep me sustainable for the long term cruising life. Now contemplating maintenance + dockage expenses (will need wifi to keep consulting/income) ect.... other expenses, unkowns ect... ect... ect....

I don't know what to do now. I think I've bitten off more than I can chew. I have a lot of life left at the age of 33 - no where near retirement age. I'm sure I could sustain cruising for a few years with what I have left plus the consulting income. But I'm afraid once I come to the end of that what will I do next..... work wise to maintain such a vessel... lifestyle .... ect....

What position are people at in life when they make the leap...? The questions and anxiety running through my veins is crippling me right now. My family thinks I've lost my mind completely but I have no real desire to do anything else at the moment. I know I'm very lucky and have a good opportunity with what little finances I have left but I don't want to be that guy... 5 - 7 years from now looking back and saying to myself (broke) (unemployed) living on a giant liability at age 40 saying what in the **** was I thinking!

Suggestions? Advice? heard of similar experience or had one like this? How dumb was I?

I've been sitting at my computer all day contemplating calling a broker.

Thanks in advance for any advice, suggestions ect...
huh. i live on 2/3 your income on a boat worth 1/5 of yours and my net worth is about 1/4 yours. and your worried???
jrbogie is offline   Reply With Quote
Old 05-12-2016, 08:02   #20
Registered User

Join Date: Sep 2008
Location: Caribbean
Boat: 40' Maine Cat
Posts: 57
Re: Might or Might not have made the biggest Mistake of my life

“To be truly challenging, a voyage, like a life, must rest on a firm foundation of financial unrest. Otherwise, you are doomed to a routine traverse, the kind known to yachtsmen who play with their boats at sea... "cruising" it is called. Voyaging belongs to seamen, and to the wanderers of the world who cannot, or will not, fit in. If you are contemplating a voyage and you have the means, abandon the venture until your fortunes change. Only then will you know what the sea is all about.

"I've always wanted to sail to the south seas, but I can't afford it." What these men can't afford is not to go. They are enmeshed in the cancerous discipline of "security." And in the worship of security we fling our lives beneath the wheels of routine - and before we know it our lives are gone.

What does a man need - really need? A few pounds of food each day, heat and shelter, six feet to lie down in - and some form of working activity that will yield a sense of accomplishment. That's all - in the material sense, and we know it. But we are brainwashed by our economic system until we end up in a tomb beneath a pyramid of time payments, mortgages, preposterous gadgetry, playthings that divert our attention for the sheer idiocy of the charade.

The years thunder by, The dreams of youth grow dim where they lie caked in dust on the shelves of patience. Before we know it, the tomb is sealed.

Where, then, lies the answer? In choice. Which shall it be: bankruptcy of purse or bankruptcy of life? ”
― Sterling Hayden, Wanderer

KEEP THE BOAT AND TAKE IT SAILING - YOU WON'T REGRET IT!
jdaltonpe is offline   Reply With Quote
Old 05-12-2016, 08:03   #21
Moderator Emeritus
 
weavis's Avatar

Cruisers Forum Supporter

Join Date: Feb 2014
Location: Seville London Eastbourne
Posts: 13,406
Send a message via Skype™ to weavis
Re: Might or Might not have made the biggest Mistake of my life

Quote:
Originally Posted by jdaltonpe View Post
“To be truly challenging, a voyage, like a life, must rest on a firm foundation of financial unrest. Otherwise, you are doomed to a routine traverse, the kind known to yachtsmen who play with their boats at sea... "cruising" it is called. Voyaging belongs to seamen, and to the wanderers of the world who cannot, or will not, fit in. If you are contemplating a voyage and you have the means, abandon the venture until your fortunes change. Only then will you know what the sea is all about.

"I've always wanted to sail to the south seas, but I can't afford it." What these men can't afford is not to go. They are enmeshed in the cancerous discipline of "security." And in the worship of security we fling our lives beneath the wheels of routine - and before we know it our lives are gone.

What does a man need - really need? A few pounds of food each day, heat and shelter, six feet to lie down in - and some form of working activity that will yield a sense of accomplishment. That's all - in the material sense, and we know it. But we are brainwashed by our economic system until we end up in a tomb beneath a pyramid of time payments, mortgages, preposterous gadgetry, playthings that divert our attention for the sheer idiocy of the charade.

The years thunder by, The dreams of youth grow dim where they lie caked in dust on the shelves of patience. Before we know it, the tomb is sealed.

Where, then, lies the answer? In choice. Which shall it be: bankruptcy of purse or bankruptcy of life? ”
― Sterling Hayden, Wanderer

KEEP THE BOAT AND TAKE IT SAILING - YOU WON'T REGRET IT!
__________________
- Never test how deep the water is with both feet -
10% of conflicts are due to different opinions. 90% by the tone of voice.
Raise your words, not your voice. It is rain that grows flowers, not thunder.
weavis is offline   Reply With Quote
Old 05-12-2016, 08:04   #22
Registered User

Join Date: Oct 2013
Location: Maryland
Boat: Hunter 380
Posts: 89
Re: Might or Might not have made the biggest Mistake of my life

Why not cruise for a year and see how you feel at the end of that time? You'll have lost some value on the boat but not a ton, and you'll have a good sense of whether you want to keep going with that lifestyle and boat, keep the lifestyle but downsize to a smaller boat, or do something else entirely.
nickfox45 is offline   Reply With Quote
Old 05-12-2016, 08:09   #23
Registered User

Join Date: Jun 2016
Location: Poole, Dorset, UK
Boat: Westerly Storm 33
Posts: 148
Re: Might or Might not have made the biggest Mistake of my life

I suggest you cruise for a year and get to know your boat and the seas and then if you are still worried about the financial aspects, but love the sea and sailing, re-plan your boat as a business.

A 53 foot is big enough to offer personalised charters, so long as you are suitably qualified, experienced and like providing people with a high quality service and experience. And if you don't want to do all of that yourself, can you hire someone suitably qualified and still make money from it?

But go and enjoy the damn thing first! You've earned it.
Paul Kelly is offline   Reply With Quote
Old 05-12-2016, 08:11   #24
Registered User

Join Date: Nov 2015
Location: San Diego
Boat: Columbia 36
Posts: 15
Re: Might or Might not have made the biggest Mistake of my life

If this is what you love just go for it. I'm in a similar situation but in my 60's. Getting rid of all the "stuff" can be very therapeutic and once it's all gone your cost of living can be reduced to allow you to bank some of your consulting income against a rainy day. Bottom line....just do it.
mbath56 is offline   Reply With Quote
Old 05-12-2016, 08:15   #25
Registered User

Join Date: Jan 2016
Posts: 87
Re: Might or Might not have made the biggest Mistake of my life

Uh, you are free You have income If the boat turns out to be too big, downsize. If the life isn't for you, sell. If you need help, get some. History might repeat itself in the romance dept.
notiesbob is offline   Reply With Quote
Old 05-12-2016, 08:31   #26
Registered User
 
SailingFan's Avatar

Join Date: Aug 2016
Location: Florida
Boat: Hunter 27, 1978
Posts: 538
Re: Might or Might not have made the biggest Mistake of my life

Surely this is a lark... I know many who would leap at this opportunity (self included). The boat is a bit on the large side for single-handing in my opinion as well (for whatever that may be worth), and I too would sell it to obtain something in the 40-ish foot class at largest, but that is just me.

It is a shame the decks are teak, because such a beast could be used to transport items of emergency importance to remote locations, and those decks would just get hammered if the item was to be lashed to them on a trip. You could make a little money, though, perhaps, doing said deliveries to locales that did not have airfields in them and that needed those items sooner than next month's scheduled freighter run. Just a thought... I have no idea of how to get involved in that profession, but it may be worth looking into if you are of the desire to increase your income while on your learning mission.

Another thing, you are far better off than the other people on the vast majority of this planet's landmasses as others have clearly stated. To be rattled over a "problem" such as this one implies panic is set in and that you have less understanding of being lower in the proverbial pile of poo than you believe yourself to currently be. You are in great shape and those of us who are seeing this question laid out as it is are incredulous that such a question would be conceived by a real person. In fact, I am so dubious on reflection that I will cease this post because I think it is a joke being played, or at best a hypothetical question by someone with an angle. It may be a huge waste of time and bandwidth to post further.
__________________
SailingFan
1978 Hunter 27
Learning by the day!
SailingFan is offline   Reply With Quote
Old 05-12-2016, 08:34   #27
Moderator
 
Don C L's Avatar

Join Date: Sep 2014
Location: Channel Islands, CA
Boat: 1962 Columbia 29 MK 1 #37
Posts: 14,302
Images: 66
Re: Might or Might not have made the biggest Mistake of my life

While you are waiting to think about what to do, buy a full boat cover!
Upon deep and serious thought and reflection I have decided... I wish I had your problem!
__________________
DL
Pythagoras
1962 Columbia 29 MKI #37
Don C L is offline   Reply With Quote
Old 05-12-2016, 08:35   #28
Registered User
 
Sailmonkey's Avatar

Join Date: Sep 2009
Location: Houston
Boat: ‘01 Catana 401
Posts: 9,626
Re: Might or Might not have made the biggest Mistake of my life

I'm 6 years older than you, and if I had your problem I'd be off for a few years enjoying the boat. I may not have gone the same route with the boat as you have, but you've got it so enjoy it.

Looks to SV Delos for inspiration, the guy that owns the boat essentially did the same thing as you and is happy as a clam.
Sailmonkey is offline   Reply With Quote
Old 05-12-2016, 08:35   #29
Registered User
 
S/V Reveille's Avatar

Join Date: Jul 2015
Location: Belhaven, NC
Boat: Cabo Rico 45
Posts: 83
Re: Might or Might not have made the biggest Mistake of my life

Quote:
Originally Posted by weavis View Post

A lot of great advice provided... none better than this!
You know what you need and what you require to be happy.
I don't think you'll regret 'going for it'. Do YOU think you will have regrets if you don't?
S/V Reveille is offline   Reply With Quote
Old 05-12-2016, 08:35   #30
Registered User

Join Date: Jan 2015
Location: Victoria BC
Boat: Rafiki 37
Posts: 1,390
Re: Might or Might not have made the biggest Mistake of my life

I think we have very different ideas of what 'little finances left' mean.

Like, how much do you need? 1000 a month just from interest is a hell of a lot of money - let alone if you do the part-time consulting. 3500 per month is more than the average income in the US! And you are only 33! That's even younger than me!

53 foot is a lot of boat though - but if you downsize a bit you can live comfortably for the rest of your life without lifting a finger for work if you want.

Look at a 30 - 37 footer - those are the optimum size for a single person I feel. It'll be easier and more fun to sail, and a TON easier to manage.
__________________
www.saildivefish.ca
alctel 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
What is the most idiotic mistake you have made on a boat? Nostrodamus General Sailing Forum 76 24-01-2015 17:46
My first post - I have a feeling it might not be my last Jolly Roger Monohull Sailboats 25 03-12-2006 00:57

Advertise Here


All times are GMT -7. The time now is 01:04.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.