Emergency Fund amount for rainy day liveboard??

[tanre]

Never are these simply answers, but I'm going to try to keep the question simple in hopes of getting a good range of thoughts from you experienced liveaboarders out there


If ALL monthly expenses are covered including normal upkeep and maintenance, as well as having a completely refitted blue water boat ready to go, what do would you suggest be saved away in case of emergencies or large ticket items (engine overhaul) for a 10year sail on a 40ft Cat?


30k?, 40k?, 80K?


This amount is in addition to any saved monies that are being used to fund the monthly expenses(401k, stocks, bonds, etc), that if touched would not allow for monthly expenses to be covered.


Thanks

[Sailmonkey]

That’s unanswerable....,how handy are you? Are you able to rebuild your own engine? Can you rewire your mast or other parts of the boat in case of a lightning strike?

[tanre]

Originally Posted by Sailmonkey

That’s unanswerable....,how handy are you? Are you able to rebuild your own engine? Can you rewire your mast or other parts of the boat in case of a lightning strike?

I am hoping its answerable!!


Assume the normal DIY stuff is included in the monthly maintenance of the boat, but the large ticket items would not be. I would not plan to haul an engine out and bore out the cylinders, replace rings, gaskets, bearings personally. Hoses, plugs, filters, etc are normal maintenance items outside the "overhaul" category.



While very possibly DIY, I would tend to believe that the majority of DIYers do not remove their own mast and rewire. These I consider big ticket items.



So, if you think the job requires either a special skill set, equipment or is not normally considered to fall under the category of DIY maintenance, then I would place it into the emergency fund status. 10 year old boat completely refitted prior to a 10 year cruise big item emergency fund.



Thanks for asking about the distinction

[dwedeking2]

How long is a string?

Everyone's DYI skill level will be different. At a base level if I was traveling globally I'd set aside enough to get on a plane and back home (family friend support system).

For me - I can sail my boat without an engine so bottom line would be standing, running rig and sail costs. Base necessity to get moving again plus x months of food.

[boatman61]

Circumnavigation over 10 years $100K plus ish..
Florida, Bahamas, Florida, Bahamas for 10yrs.. $40K ish
Kinda hard to say really.

[JPA Cate]

Hello tanre,

I notice all you have to say about yourself in your profile is "Gender: male". There is no mention of your skills relative to boat maintenance, nor of what kind of boat you might have.

The answer to your question IS impossible to answer in any event, due to the do-it-yourself variables, but even more so without knowing how expensive the particular boat would be to maintain, even if done DIY.

It is due to the impossibility of a meaningful response that such questions are sometimes regarded as trolls.

Ann

[Hesti]

A good nest egg might be what you would normally spend in 6 - 12 months in total (not just for the boat, but in total). That would buy you time to find solutions in case things go wrong.



Another approach might be to have the money for a new engine plus a new mast plus installation available. That probably puts you on the safe side until after the first big surprise.



Yet another approach might be 20 to 25 % of what a similar sized boat would cost brand sparkling new today.


All the above are wild guesses, probably on the safe side but one never knows.


How much do you calculate per year for sustainable maintenance and repair? Depending on how much you do yourself (you have to calculate your own hours in), if you are significantly below say 10 % of what a comparable size boat would cost brand new today, you might put the difference to these say 10 % into a kitty for the big repairs that will come eventually.



All wild guesses with no guarantee whatsever ...

[tanre]

Originally Posted by JPA Cate

Hello tanre,

I notice all you have to say about yourself in your profile is "Gender: male". There is no mention of your skills relative to boat maintenance, nor of what kind of boat you might have.

The answer to your question IS impossible to answer in any event, due to the do-it-yourself variables, but even more so without knowing how expensive the particular boat would be to maintain, even if done DIY.

It is due to the impossibility of a meaningful response that such questions are sometimes regarded as trolls.

Ann

Ann, thanks for the input, its truly appreciated. If people would like to help and offer input, I welcome it. If others however, want to regard these questions as trolling, then so be it. That is not my concern and I will thank those who are helpful because the knowledge of this group is astounding. (BTW...ever wonder why people troll...who has the time??? or desire??)

That being said, the aforementioned examples: 1) 10 year old 40ft cat, 2) 10 year sailing plan, 3) all LARGE non-normal DIY items for emergency fund, 4) completely refit before splashing, seem to be a good starting point for anyone wanting to help.



Sure, an FP, L440 or any production boat may have a different maintenance schedule than say a custom built, and sure an ex-chartered boat with 4800 hours compared to a private one that was on the hard 6 months out of the year will also have different costs, and sure one that did 5 passages compared to one that sailed around the Med for the last decade will have different wear and tear, but I was trying NOT too get complex due to the many variables.


So, the response or 40K in Carib and 100K for a circumnavigation was helpful. Anyone else have numbers(real or planned)?


And yes, a passage or two will be in order.


Thanks

Originally Posted by Hesti

if you are significantly below say 10 % of what a comparable size boat would cost brand new today, you might put the difference to these say 10 % into a kitty for the big repairs that will come eventually. ...

All good suggestions...and the latter is the plan. Thanks!

[sailorchic34]

I never had a rainy day fund. As to how much you would need. It depends.

I rebuilt my yanmar diesel (new rings, bearings, hoses, etc.) myself for $1100, including $300 for a machine shop. No I never had rebuilt a Diesel before. It has over 700 hours on it now and going strong.

I had very little $$$ so my only option was rebuild it in the cockpit with it resting on 2x6's. I used a oil filter wrench as a ring compressor. Fun times and I hope never again. I own less then $100 in tools BTW. Though a friend gave me a MAC Torque Wench.

You could also spend $20,000 to have someone else install a new engine. $10K for engine and $10k for labor. OK $40,000 for a Cat. or if less wealthy, spend $2000 and DIY.

There really isn't a single answer.

Better to spend the funds on serious Ground tackle, Jordan Drogue, etc. If your not handy with plumbing, electrical, rope work (eye and chain splices at least) sewing and engine repair, sailing tends to get a bit spendy.

[atoll]

this is the 60 thousand dollar question!
like how to become a milllonaire and own a boat?
easy....start off as a multi millionaire and you will soon become a millionaire

[sailorboy1]

If you are a good diy’er the 40k might work

[chris mac]

My plan is to have enough in investments to provide more monthly interest than my budget. I also plan to keep about 6 months of budget in an account as usable liquid money. There will always be extra expenses and /or months that don't generate the income you need. Having wiggle room takes a lot of the stress out of things.
Not that this helps you much. Without knowing your monthly budget, investment portfolio, ect.
But hopefully it can give you some insight into planning your own situation.

[ohgary]

Enough for airfare home should be the minimum you need, after that upto full value of your boat.

[Noisykate]

As Ann said, the fund you need depends on you and your boat, what you are doing with it and where. How about costing up half a dozen different big-ticket ‘emergency’-type items for your boat, taking into account your diy skills, and then take a view on it. FWIW, we are currently stuck awaiting a $1500 repair to a gearbox
Repairs following a sheared drive coupling cost about the same 3 years ago (inc lift and engine realignment work).

[JPA Cate]

Originally Posted by Noisykate

As Ann said, the fund you need depends on you and your boat, what you are doing with it and where. How about costing up half a dozen different big-ticket ‘emergency’-type items for your boat, taking into account your diy skills, and then take a view on it. FWIW, we are currently stuck awaiting a $1500 repair to a gearbox
Repairs following a sheared drive coupling cost about the same 3 years ago (inc lift and engine realignment work).

The money outgo and the uncertainties are bad enough, but it is the loss of time, waiting for parts, waiting for people to finish the work, that can really get to you, particularly if it happens at a time when where you are the climate is unfriendly.

I am glad to read the OP has good DIY skills, that will help a lot. Fwiw, we had as liquid funds when we left the States the second time, an amount approximately equal to 1/3 the value of the boat. However, the situation was very different as coastal cruisers. We had to really line up the ducks before we could leave on an open ended basis, and our first attempt lasted only one year, and then we had to go back and work for another year, for the cruising kitty, and sell a house. So we have no "real property" -- as real estate is sometimes called.

Ann