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Old 24-04-2008, 12:13   #61
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I consider it a choice, not a problem.

I just figure the extra $$ I pay on credit to be a premium on the purchase price in exchange for having it now. My wife is pretty crafty in handling debt (I can only earn money, I can't manage it myself) most of our cards hover under 5%.
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Old 24-04-2008, 13:57   #62
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Originally Posted by anotherT34C View Post
I think we've largely replaced 'deferred gratitude' with 'debt burden' and as DOJ points out, this isn't without cultural consequences.

Personally, I consider debt burden to be the premium paid to have something right now. I spend much of my time not saving up for things, but figuring out how I can (increase earnings to) carry a larger debt. :lol:
Ouch... this is what I mean. You have a PhD in applied physics, but possibly may want to take a community college class in personal finance. (not meant as an insult...really) This is not the way to get somewhere and I'd argue that you aren't getting anywhere carring lots of debt. Your progress should be measured in "net worth" not how many toys you have or what your income is.

I say this out of love, not malice. I was once in the very type of work you are in and I made a lot of mistakes like you are talking about in this post. Granted, you re regurgitating the "American Dream" and you are quite busy at the lab, I'm sure, so you don't have time to study finance... but this is not the way you want to go... trust me.
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Old 24-04-2008, 13:58   #63
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I’ve read, and contributed to this very interesting string. I must say, I can't help thinking some of the, ‘aren’t we hard done to’ posters should perhaps sit back and consider they actually own a boat—some of them very nice by the looks of them, or are planning to buy one. Even considering doing it on the cheap, it still puts them in a league well above the average jack, something the vast majority of the population could not even dream about. I wonder what the average value of boats on this forum is? It might put things in perspective.
Um... I live in a boat because I can't afford a house. You?
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Old 24-04-2008, 14:03   #64
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Drew,

That's really the wrong attitude. In 98 I started with $2k, and 5 years later walked away with a cat paid for, a sweet pool home paid for, and four seasons in the Bahamas cruising. During the summers I worked on the boat nearly every single day.

I did this with my back, experience, and shrewd business while still offering the cheapest work in town with the best warranty, and the most excellent work available. I only have a high school education, and was a vagabond most of my life. Pull up your boots young fella, and put that education to work by using your noodle. At 47 I decided I needed to accomplish something! I just turned 57 last week. In about 3 more years I will be gone for good.....SAILING AGAIN!
I'm sorry, man. I like you a lot. A great guy... but I have to ask: With $2K, you opened an auto repair shop in CA?

I think most signs for the front of the store cost about $2K now. How could this be possible? Rent was less than $1000/mo? I thought you said you bought the land?

Again, no disrespect, but I can't see how $2K can start an auto repair shop. Did you leave out something about the startup phase?
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Old 24-04-2008, 14:56   #65
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Um... I live in a boat because I can't afford a house. You?
I live in a house because I can't presently afford a boat. Just shows, there's nothing as queer as folk.
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Old 24-04-2008, 15:23   #66
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I live in a house because I can't presently afford a boat. Just shows, there's nothing as queer as folk.
I am house poor too.

I want to turn it around............but not be poor.
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Old 24-04-2008, 15:37   #67
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Always liked this David Lee Roth quote: "Money can't buy you happiness. But it can buy you a yacht big enough to pull up right alongside it."



(How big the yacht has to be... is of course, another question. Big grin)
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Old 24-04-2008, 18:44   #68
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Ouch... this is what I mean. You have a PhD in applied physics, but possibly may want to take a community college class in personal finance. (not meant as an insult...really)
Hey, I encourage people to do stuff like this... why would I take offense? Microeconomics just doesn't interest me. I admit to knowing nothing about personal finance. That's what I have a wife for (she's a lawyer too! some guys have all the luck).

Quote:
This is not the way to get somewhere and I'd argue that you aren't getting anywhere carring lots of debt. Your progress should be measured in "net worth" not how many toys you have or what your income is.
Don't get me wrong... we're not swimming in debt. Only a few percent of our yearly income. My post was largely meant as a joke. I do though find it easier to earn more money than to learn how to manage it properly.

Plus, with no kids, isn't it better to hit the grave with a large debt burden? (another joke... kinda)
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Old 29-04-2008, 22:49   #69
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I am fitting out a 32 foot yacht from scratch, bought it as hull and deck, and needs modifications there also
It came with alot of stuff which has helped but is going to be a very costly and time consuming excercise for me
I have help, which is something you are going to need on regular basis for the bigger items and fiddly items
You will want to seriously list what you will need in fine detail to fix it before going ahead, I have found this invaluable in choosing what way I was going to go, and gives you a very surprising dollar value to look at to fix it up to even just usable levels
Also, I have re fitted a number of boats, and this one is a dream, for two reasons - it was empty to start so can do things in proper orders with easy access to everything at each point
and I have plans, which allows me to premake alot of stuff away from the boat with little needed to fit into her
I am used to this and work quickly so althoug a big task, I also enjoy it and look at it with pride. If it was to take me 4 years to get her on the water I would be very frustrated with the work
So as said previously - look for something you can use while doing up if possible, or only needs a little work to get her usable
even if you cant sail her straight off, just to be afloat is great
and if you are losing income producing time to do the work, what is that cost

This is what I looked at for a few years prior to buying this one, and looked at alot of boats usable now also - my reason was one cost, and two these all still needed major things to get how i would like them
hope my two cents helps a bit
Good luck and I feel your pain already
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Old 30-04-2008, 02:49   #70
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Good point. It is easier in some ways to gut things and have a clear go at things. I built a small house in the time I took to renovate a bathroom. Every time I thought I had got somewhere I found I had to gouge a bit deeper.
Robert
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Old 07-05-2008, 06:16   #71
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If money isn’t a real issue and you REALLY…REALLY…like working on boats, I say go for it!
You most certainly won’t be out sailing it as soon as you might think, but if you REALLY…REALLY like working on her….the rewards can be wonderful.
I started what I thought would be a 3 month “tidy-up” on my boat over 3 years ago, and have loved every minute of it.
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Old 07-05-2008, 06:47   #72
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If money isn’t a real issue… the rewards can be wonderful.
Just thumbed through your pics – really impressive work…

We’re about 9 months into a three-month refurbishing venture, with about 2-3 years to go.. and last evening my Bride wondered out loud… why don’t we just rip the main-cabin of our little rascal out, and rebuild her the way we want… she’s the wood-worker in the organization (as well as the admiral), so as chief maintenance officer, I said, sure – let’s think about this a tad, sketch something up and go order some wood…

Just as we were putting her back in the water (last evening) for the summer, we discovered that one of the support blocks under the forward edge of the keel was hiding a spot where the previous owner must have hit something awfully hard -- whacked the glass, but good… so, we know we have that project waiting for us at Fall haulout… there’s have-to projects, need-to projects, and want-to projects… right now we have no shortage of all three… but for the moment we’ve gotta take the grandkids sailing, so that’s the first thing…
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Old 07-05-2008, 08:51   #73
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James S,

What an elegant looking lady
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