Income for long term cruising?

[Hugo B]

Hi

I have bought myself a very nice boat which is all set up for long distance cruising, and my original plan was to stop work in about 2-3 year's time and go cruising. But whichever way I calculate it, I find that I cannot afford to do this long term, especially because my wife will stay on shore, will be retired also and needs an place to live, which means for one person cruising off an on, and another living onshore my savings will whittle down quite fast. I can do this for about 4 years, but then it would really start to eat into our longer term retirement plans.

I reckon I would need about 50-55,000 in U$ per year so my wife is comfortable and I can sail including looking after the necessary boat repairs, eat well, use a marina once in a while etc.

How do you do do this, especially those that have partners that do not sail? Any perspectives? Do you throw caution in the wind, use up your savings and hope neither of you live to a ripe old age, so you won't need money for long? Or do you find ways of having an income once in a while, for example by cruising sometimes and then - if you can - go back to your old job on a periodic contract basis? But that kind of defeats the purpose of it all. I just like to find out what people (even singles) do and what the alternatives are. Thanks.

[thinwater]

I'm in a similar situation.

a. How much in the kitty, not counting the house?

b. How old are you each?

c. $55K sounds doable, but it means getting frugal. Marinas are probably out.

d. Any continuing income?

Personally, I'd rather get real frugal than through caution to the wind. Frugal can equal freedom to simply "be."

[skipmac]

Hi Hugo and welcome to the forum.

Common question and asked often, again just today by another new member. If you try the forum search function you will find this thread that went on for 82 page.

http://www.cruisersforum.com/forums/...ist-37982.html

and http://www.cruisersforum.com/forums/...tc-159876.html

[maxingout]

When we did our circumnavigation we worked some and sailed some. During our eleven year circumnavigation we sailed six years and worked for five years. That kept the freedom chips flowing.

We discovered that because of hurricane seasons/cyclone seasons, you only really cruise for six months a year when there is no storm risk. From that experience, we feel that the best retirement option is to sail six months and to work six months. That way you don't get tired of sailing, and you don't get tired of working. It takes the strain off finances, and you get the best of both worlds.

[valhalla360]

You are essentially trying to maintain two households. That costs money and $55k will be a tight budget to do it.

Easiest solution is to get a smaller boat. Preferably trailerable. If you can get a 25' that you can tow and store in the back yard, costs go down dramatically.

Theoretically, having the wife cut back to a small apartment and live a simpler lifestyle would help...(good luck with that)

If you want a larger boat that requires, larger costs.

That said, it's not impossible. We split time between the boat,an RV and occasionally 2-3month apartment rentals in destiantions and it's only maybe an extra $3-5k/yr over just owning the boat. I think having a house though will be a bigger annual cost as utilities could easily push $3-5k then add in property tax and maintenance...

[Miniyot]

You need to make a choice and so does your wife.

You want to go cruising, your wife wants to stay home.

Do you really love your wife?

Does your wife really love you?

Either you or your wife needs to stay with the other.....

or get a divorce......

OR

You can meet halfway.

Charter a boat for one week or two, each year. in some exotic location.

It will be cheaper, AND you can stay married, she can live in a house, and you can cruise....

[Kenomac]

Two words: Rental Income

We live in an apartment six months of the year which is a small part of our commercial office building. It's not a spacious four bedroom colonial on two acres like our last house, but it doesn't cost us anything and provides some of the money to live on the boat for the other six months per year.

How does the self-made multimillionaire's daughter over in Italy who owns five shipyards do the same thing? She owns an apartment which is a small part of the large shipyard building/warehouse.

[sailorboy1]

Maybe the OP just does it for the 4 years that he feels it is possible. I would consider that a win and worth doing. As Nile says "Just Do It"

[Tessellate]

Can your wife work, and make enough to pay for the shore home?

Maintaining two homes with no income makes it a lot harder. I find boat life is pretty cheap, land life is what's expensive.

Assuming you reserved 20k of that 50-55k for your costs, you're estimating 30-35k for the land living costs. If she has some kind of professional skill it should be doable to make that much.

Obviously a decision that is different for every couple. It's interesting how some couples split retirement cost responsibilities and others plan to have one partner pay for it in entirety, or nearly so. I've met couples where they view it more individualistically, and the partner with insufficient retirement savings plans to keep working longer than the other partner until they reach sufficient savings.

[Bulawayo]

We have several properties that we rent out .........consider where you live presently, how much equity you have, capital growth etc and make your decision based on your aspirations and the hard numbers.

Originally Posted by Hugo B

Hi

I have bought myself a very nice boat which is all set up for long distance cruising, and my original plan was to stop work in about 2-3 year's time and go cruising. But whichever way I calculate it, I find that I cannot afford to do this long term, especially because my wife will stay on shore, will be retired also and needs an place to live, which means for one person cruising off an on, and another living onshore my savings will whittle down quite fast. I can do this for about 4 years, but then it would really start to eat into our longer term retirement plans.

I reckon I would need about 50-55,000 in U$ per year so my wife is comfortable and I can sail including looking after the necessary boat repairs, eat well, use a marina once in a while etc.

How do you do do this, especially those that have partners that do not sail? Any perspectives? Do you throw caution in the wind, use up your savings and hope neither of you live to a ripe old age, so you won't need money for long? Or do you find ways of having an income once in a while, for example by cruising sometimes and then - if you can - go back to your old job on a periodic contract basis? But that kind of defeats the purpose of it all. I just like to find out what people (even singles) do and what the alternatives are. Thanks.

[Lizzy Belle]

Originally Posted by Hugo B

I just like to find out what people (even singles) do and what the alternatives are.

Single reporting for duty

To be perfectly honest, your post describes one of the reasons I stayed single. When one person wants to live aboard and sail and the partner doesn't, things get very complicated very quickly ... and somehow, all landlubbers I meet want to stay landlubbers. Go figure

I don't have a solution for you, but maybe some of the other comments can help you figure out the best way to deal with your situation.

Making money while cruising / abroad isn't all that simple. But maybe if your wife continues to work some, and you come back home for a couple of months every year to work, you can work something out? This is assuming that your wanting to stay married also means you plan on seeing each other during the cruising years

On a side note: what boat do you have? Is it an option to go smaller? That could help the budget a lot.

[valhalla360]

Originally Posted by Tessellate

Can your wife work, and make enough to pay for the shore home?

I'd love to be a fly on the wall when that conversation starts.

Honey, I know the plan was for us to retire but how about if I go cruising and you keep working...

[Lizzy Belle]

Haha, yeah, that convo would probably not end very well

But, in all seriousness, for this to work both partners will have to be willing to do what's needed to make it work. Both may have to find ways to earn some income to pay for 'their part' - the husband to keep sailing, the wife to live ashore.

[redhead]

Our retirement is enough to live on or enough to refit our boat but not both.

We rented our house to a friend at about $300-$400 a month less than the market calls for. Built into that agreement is that my husband (HVAC guy) can fly back and use the guest bedroom for approx 2 months at a time to make some more boat bucks. He stays in a guest bedroom and acts like a guest in his friend's house. He keeps his truck with all his tools there and all his licenses up to date. He keeps his business pricing low enough so his customers are willing to wait. He built this business up over 40 years and his handshake is his word. So far, this is working out well. If he were to do the same work here he would only make about 60-70% of what he makes in NY. As a matter of fact he's there right now, getting snowed on (heh, heh, heh)

Pretty complicated? Yes. But it's working. I guess the point I'm trying to make is that if you want to live outside the box, you may have to make some pretty creative compromises. I don't know what you do for a living but perhaps there's some way you can be "semi-retired". Someone asked my husband "What does 'semi retired' mean?" He said "It means I work when I want to".

Good luck and welcome!

[MarkJ]

There's a thread or 2 on this forum with 1,000 posts or so and the consensus is there are very very very few jobs to be done whole activly cruising.

There's threads about budget with more than 1,000 posts that clearly indicate if you leave the wife at home you need to be twice as rich as what you thought you needed to be.

As Lizzy said: there's reasons why I have remained single. You have hit both.



Mark