Which % of saving would you spend for your cat

[KingGuppy]

We're going for the less than 50% route, but financing it, to keep 40% of that 50.

Great advice from others, specially rabbi in #19. He lays out the cascading effect that could cause you to get in some trouble.

[DumnMad]

How's this ;
$4000/month cash income.
$3,000/month living costs.
$1000/month maintenance = 10%
i.e. $12,000 = 10%
Boat cost = $120,000.
or
$2500/month living costs
$1500/month maintenance
$18,000 pa = 10%
Boat cost = $180,000

[rabbi]

Obviously riki wants to hear that its OK to spend 80% of bis savings in a boat so here we go:
Its OK to spend 80k in a boat!

[sailorboy1]

Originally Posted by rabbi

Obviously riki wants to hear that its OK to spend 80% of bis savings in a boat so here we go:
Its OK to spend 80k in a boat!

I agree, it’s ok. It’s their money and it was silly to ask permission to spend it to start with!

[toddster8]

I've thought a lot about it and decided that for me, the answer is zero. I'm sticking with boats that I can buy with petty cash and if needed can walk (swim) away from and go do something else. Sure, you have to put time and money into them, but again, petty cash. Pay as you go. (Or likely vice verse.)

BTW, Captain Fatty Goodlander often brags about sailing around the world multiple times in throw-away boats. Or something to that effect.

[riki]

Originally Posted by Cadence

Kind or sketchy facts.
What's in the bank? What other income do you have?

As said, 120k $ savings + 4k mo net income.

[riki]

Originally Posted by KingGuppy

We're going for the less than 50% route, but financing it, to keep 40% of that 50.

Great advice from others, specially rabbi in #19. He lays out the cascading effect that could cause you to get in some trouble.

I read (and answered) your thread. I would not suggest going into financing the boat but get something older/smaller instead. I had i similar budget as yours and decided to invest in real estate and rent and use the remaining or part of it for the boat.....still have to decide what amount of that part to use for the boat

[riki]

Originally Posted by DumnMad

How's this ;
$4000/month cash income.
$3,000/month living costs.
$1000/month maintenance = 10%
i.e. $12,000 = 10%
Boat cost = $120,000.
or
$2500/month living costs
$1500/month maintenance
$18,000 pa = 10%
Boat cost = $180,000

Where i live there it's really no need to spend that much to have a more than confortable lifestyle. I'd rather think about 1,5k living costs, 500$ maintainance and 2k savings......i think it's easily achivable.

[riki]

Originally Posted by rabbi

Obviously riki wants to hear that its OK to spend 80% of bis savings in a boat so here we go:
Its OK to spend 80k in a boat!

you gave some interesting and sharable opinions but this answer... i'm not a teenager (sadly).

[riki]

Originally Posted by sailorboy1

I agree, it’s ok. It’s their money and it was silly to ask permission to spend it to start with!

Permission? you overrate your opinion, i can't care less about other's "permission". And if the answer is silly, isn't it even more silly answering with a silly answer?

[riki]

Originally Posted by toddster8

I've thought a lot about it and decided that for me, the answer is zero. I'm sticking with boats that I can buy with petty cash and if needed can walk (swim) away from and go do something else. Sure, you have to put time and money into them, but again, petty cash. Pay as you go. (Or likely vice verse.)

BTW, Captain Fatty Goodlander often brags about sailing around the world multiple times in throw-away boats. Or something to that effect.

The problem is that with petty cash you end up getting petty boat, specially talking about cats. And you end up spending more that trying to get something decent. I even took into consideration the salvaged cat option.....petty cash and damn high expenses later.....

[jlcnuke]

Originally Posted by riki

As said, 120k $ savings + 4k mo net income.

You first need to look at your total spending for the past ~2 years. That will tell you what you actually spend (based on your other response of "it can probably be comfortable at ~1.5k/month you likely haven't done this and don't know what you actually spend). That you "think" it's achievable to live cheaply doesn't mean you will.

Originally Posted by riki

Where i live there it's really no need to spend that much to have a more than confortable lifestyle. I'd rather think about 1,5k living costs, 500$ maintainance and 2k savings......i think it's easily achivable.

Next, you need to determine how much extra cruising will cost you on top of your current spending (boat costs - maintenance/insurance/repairs, checking in/out of countries, activities, touristy stuff, etc etc).

Add those two up and multiply it times 1.25 (because, like 99% of people, you're almost certainly going to be underestimating your future spending).

Now, see what's left out of that $4k/month after paying for all that. That's what you can "afford" as a payment for your boat.

If you try to live a "normal" cruising lifestyle, based on the costs of that posted by others, I would expect that the "leftover" would be a negative number at that point with only $4k of income. With $4k of income, if you spent all of your savings you could probably buy a very old cat and refit it yourself to be acceptable for cruising, thus removing the boat payment from the equation and have enough to afford cruising on it with just the $4k of income.

[sailorboy1]

Originally Posted by riki

Permission? you overrate your opinion, i can't care less about other's "permission". And if the answer is silly, isn't it even more silly answering with a silly answer?

I think you overrate people's interest in helping you as you don't really care about those that take to the time. I at least know exactly in this case what to do

[riki]

Originally Posted by jlcnuke

You first need to look at your total spending for the past ~2 years. That will tell you what you actually spend (based on your other response of "it can probably be comfortable at ~1.5k/month you likely haven't done this and don't know what you actually spend). That you "think" it's achievable to live cheaply doesn't mean you will.




Next, you need to determine how much extra cruising will cost you on top of your current spending (boat costs - maintenance/insurance/repairs, checking in/out of countries, activities, touristy stuff, etc etc).

Add those two up and multiply it times 1.25 (because, like 99% of people, you're almost certainly going to be underestimating your future spending).

Now, see what's left out of that $4k/month after paying for all that. That's what you can "afford" as a payment for your boat.

If you try to live a "normal" cruising lifestyle, based on the costs of that posted by others, I would expect that the "leftover" would be a negative number at that point with only $4k of income. With $4k of income, if you spent all of your savings you could probably buy a very old cat and refit it yourself to be acceptable for cruising, thus removing the boat payment from the equation and have enough to afford cruising on it with just the $4k of income.

Thank you very much for taking the time to answer.
It's quite difficult for me to calculate the average monthly expenses because in this last 3 years i changed 3 countries (Brazil, Italy and now Greece) and that involved many extra expenses, but now that i am settling in Greece i came to the number i said based on these first/last 6 months. Note that i am not planning to cruise all year long but just liveaboard on winter and spend the summer cruising in the med.
Indeed i agree that all costs should be multiplied by 1.25.
cheers

[riki]

Originally Posted by sailorboy1

I think you overrate people's interest in helping you as you don't really care about those that take to the time. I at least know exactly in this case what to do

You are wrong, i do care about people's suggestions and i would love to personally shake hands and thank each person that have been answering in this thread i opened and others getting many good and useful suggestions that made me think. But i am not a baby looking for "permissions", be gentle, others will be.
Cheers