View Poll Results: What percentage of your net worth does your boat represent?
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0 - 25%
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112 |
70.00% |
25 - 50%
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20 |
12.50% |
50 - 75%
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14 |
8.75% |
75 - 100%
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9 |
5.63% |
100+%
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5 |
3.13% |
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10-05-2013, 04:53
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#91
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Registered User
Join Date: Mar 2013
Location: Key Largo, FL
Boat: Morgan 27
Posts: 151
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Quote:
Originally Posted by Paul Elliott
I'm not sure how we got here, or where this discussion is going, but in the house case, after razing you are left with a (presumably) valuable piece of land. Often the land is worth much more than the house.
This is not the case with a junked boat.
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You can junk the house, but sad to say, YEAR AFTER YEAR FOR LIFE you will never own the LAND. TAXES. Our house had a land tax about 2700 a year, and association fee of about $600 a year, just so someone can tell me what color my house can be. I even know of a family that had to sell their home to the builders of a Walgreens. They used the Florida right to use land act. Hmmm. My boat even when it has no value and becomes worth less, no one can take it away from me. Heck, I can even paint it pink. Whistling....
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10-05-2013, 05:02
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#92
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Registered User
Join Date: Mar 2013
Location: Key Largo, FL
Boat: Morgan 27
Posts: 151
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So i am not nailed to the wall. Net worth and personal assets, IMPO have nothing to do with money or stuff. Its the equality of LIFE. To have all the money in the world and have no life = no life! To have no money and no life = no life! When a person starts living,enjoying, and making memories, you now have life! When we become older it wont matter the money in the bank, but the memories you have to share. Thats priceless... Whether on a boat or in a house! Cheers
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10-05-2013, 05:20
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#93
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Registered User
Join Date: Oct 2010
Location: Duluth, MN
Boat: Morgan 383
Posts: 129
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Re: What percentage of your net worth does your boat represent?
I think some of you are getting the idea of the question and others are knee jerk reacting to a tough economic situation.
A boat often represents a life style, which is how my wife and I evaluate it as an "investment." True, it doesn't appreciate and is expensive to maintain, but since we have an older, well regarded boat, its value doesn't decrease really either. The manager of my marina claims you need to spend 10% of the boat's value annually for upkeep. Interesting statistic. I think he is considering having the yard to all the work, which isn't our style. It is interesting to consider. I don't think this counts dockage, haulage, and storage costs.
Regarding a house as a money pit: it shouldn't be if you've bought carefully. The real estate market has done very well for many people over a long time period. Of course, the market is challenging right now, but housing will continue to be a relatively low risk and low reward investment.
Our boatvalue:net worth is under 4%. We've been good savers/investors and are nearing retirement age. We also have a 30 year old boat. Most folks have a higher ratio I would suspect. This is an interesting number for those of us who like to "keep score." (most toys, etc....)
Finally, I would submit that having (other) assets is a good thing. I understand the sentiment about your boat being your only asset, no one tells you what to do, etc. Fine, but what happens when you want to retire from sailing? How do you live? Fund health care, retirement living, etc? Your life style will decline if you are living off Social Security and the proceeds from your boat.
Just my input.
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10-05-2013, 05:27
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#94
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Moderator
Join Date: Aug 2009
Location: Solent, England
Boat: Moody 31
Posts: 18,423
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Re: What percentage of your net worth does your boat represent?
Quote:
Originally Posted by senormechanico
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A good point, no good valuing a boat or a house in US Dollars because the currency is loosing value or purchasing power each year, thanks to a US President in 1971 who had some phone calls recorded. Might be better to value them in barrels of oil, loaves of bread or even mid west farm land, anything that is a useful asset. Indeed buying a yacht with good Dollars today to repay with bad Dollars tomorrow could be a great investment. Forget buying Tulips in Amsterdam, buy boats
Pete
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10-05-2013, 05:39
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#95
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Moderator Emeritus
Join Date: Jul 2010
Location: Key West & Sarasota
Boat: Cal 28 "Happy Days"
Posts: 4,210
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Re: What percentage of your net worth does your boat represent?
IF the boat is also your home, I can see having a greater percentage of your net worth in a boat. My boat is purely a recreational toy; as such it represents <1% of my net worth. That said, it is fairly easy for me as I've had the boat since I had it built in '86 and its book value has long ago been exceeded by the maintenance and slippage. Now if we have a poll that compares one's net worth to the annual cost to KEEP the boat............
__________________
Any fool with a big enough checkbook can BUY a boat; it takes a SPECIAL type of fool to build his own! -Capngeo
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10-05-2013, 06:28
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#96
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Senior Cruiser
Join Date: Dec 2008
Location: Between Caribbean and Canada
Boat: Murray 33-Chouette & Pape Steelmaid-44-Safara-both steel cutters
Posts: 8,508
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Re: What percentage of your net worth does your boat represent?
Quote:
Originally Posted by Pete7
A good point, no good valuing a boat or a house in US Dollars because the currency is loosing value or purchasing power each year, thanks to a US President in 1971 who had some phone calls recorded. Might be better to value them in barrels of oil, loaves of bread or even mid west farm land, anything that is a useful asset. Indeed buying a yacht with good Dollars today to repay with bad Dollars tomorrow could be a great investment. Forget buying Tulips in Amsterdam, buy boats
Pete
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Yup. Just because you've got "value" in dollars is no guarantee your gonna keep it. I prefer holding real estate or a boat to stock "investments". He'll, a few years ago our broker told us to buy gold. He's convinced we are in for another slam.
Fixing the boat now so it's good for some years hence. That's an investment!
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10-05-2013, 08:03
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#97
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Moderator Emeritus
Join Date: Feb 2011
Location: SF Bay Area
Boat: Islander 34
Posts: 5,486
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Re: What percentage of your net worth does your boat represent?
I may be the only one here who things her standard of living will rise when I can collect social security. When your a $500-$600 a month cruiser having SS kick in $1600 a month is a windfall.
I really don't think in assets, deprecation or net worth. I have everything I need to be happy. A boat, a boat cat, food on the table, wind for the sails and solar to keep the lights on. Life is pretty good!
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10-05-2013, 08:57
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#98
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Registered User
Join Date: Nov 2006
Location: Back in Northern California working on the Ranch
Boat: Pearson 365 Sloop and 9' Fatty Knees.
Posts: 10,466
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Re: What percentage of your net worth does your boat represent?
Quote:
Originally Posted by Dale Hedtke
I think some of you are getting the idea of the question and others are knee jerk reacting to a tough economic situation.
A boat often represents a life style, which is how my wife and I evaluate it as an "investment." True, it doesn't appreciate and is expensive to maintain, but since we have an older, well regarded boat, its value doesn't decrease really either. The manager of my marina claims you need to spend 10% of the boat's value annually for upkeep. Interesting statistic. I think he is considering having the yard to all the work, which isn't our style. It is interesting to consider. I don't think this counts dockage, haulage, and storage costs.
Regarding a house as a money pit: it shouldn't be if you've bought carefully. The real estate market has done very well for many people over a long time period. Of course, the market is challenging right now, but housing will continue to be a relatively low risk and low reward investment.
Our boatvalue:net worth is under 4%. We've been good savers/investors and are nearing retirement age. We also have a 30 year old boat. Most folks have a higher ratio I would suspect. This is an interesting number for those of us who like to "keep score." (most toys, etc....)
Finally, I would submit that having (other) assets is a good thing. I understand the sentiment about your boat being your only asset, no one tells you what to do, etc. Fine, but what happens when you want to retire from sailing? How do you live? Fund health care, retirement living, etc? Your life style will decline if you are living off Social Security and the proceeds from your boat.
Just my input.
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I could not have said it better myself. My boat is almost 40 years old. I own a home and property which is paid off and will retire in a few years, although I'm taking off this year for a sabbatical.
Like you, there is a reality of how long I can or want to be on a boat. When I'm in my 70's, I know I will have different needs. There are many trade offs for the so called freedom of boat life. It comes down to enjoying a lifestyle. certainly if I wanted a cheap way to travel to exotic places, I would fly and tote a backpack which I have done often.
__________________
"Life is not a journey to the grave with the intention of arriving safely in a pretty and well-preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming: Wow - what a ride!"
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10-05-2013, 12:02
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#99
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Registered User
Join Date: Sep 2012
Location: Northern California
Boat: Owens
Posts: 204
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Re: What percentage of your net worth does your boat represent?
Quote:
Originally Posted by Seaworthy Lass
And regardless of your means, the trick is knowing when you have "enough".
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That applies equally to boats and money.
I own a 45 year old boat that is sufficient for our current mission. When our mission changes we will up or downsize accordingly.
__________________
Insert witty line here
Craig
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10-05-2013, 12:36
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#100
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CLOD
Join Date: Jul 2007
Location: being planted in Jacksonville Fl
Boat: none
Posts: 20,364
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Re: What percentage of your net worth does your boat represent?
a boat is just a boat!
it is up to you to decide what to do with it!
__________________
Don't ask a bunch of unknown forum people if it is OK to do something on YOUR boat. It is your boat, do what you want!
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10-05-2013, 13:56
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#101
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Marine Service Provider
Join Date: Jul 2011
Location: Presently in Rogersville, Al
Boat: Mainship 36 Dual Cabin
Posts: 695
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Re: What percentage of your net worth does your boat represent?
Quote:
Originally Posted by Group9
A boat is freedom. I don't know how you put a price on that.
Quote:
Originally Posted by Bash
Spoken like a man who doesn't face a whole lot of brightwork this spring.
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Speaking of brightwork......my boat neighbor has a beautiful trawler. he is an elderly man and uses his boat quite a bit. Anyway, he just painted his beautiful teak window frames in white paint. It seems almost unholy at first, but I can certainly understand his reasoning. Just thought I would throw this in.
__________________
Mainship 36 DC - 1986
Retired and Full Time Cruising the Eastern U.S. inland Waterways
www.FreeBoatProjects.com
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10-05-2013, 14:08
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#102
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Registered User
Join Date: Apr 2008
Location: Punta Gorda, Fl
Boat: Endeavourcat Sailcat 44
Posts: 3,173
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Re: What percentage of your net worth does your boat represent?
Quote:
Originally Posted by Teknav
A boat, like an airplane, is a MONEY HOLE! How anybody is going to determine the percentage of "infinity", is beyond me. I'd say, it is not possible to calculate the value of a boat as an asset. The value of the boat continuously depreciates and never ever increases in value. Mauritz
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I'm sorry, as the owner of both, I do find that there is a difference and must respectfully disagree. My wife made this observation several years ago when someone made the same comparison at our airport. To quote my wife, "A boat is hole in the water that you throw money into, while an airplane sucks the money out of your wallet as soon as the propeller starts turning".
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10-05-2013, 14:27
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#103
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Registered User
Join Date: Apr 2012
Posts: 16
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I think its about 5% for me now. I've always bought a boat about as old and cheap as they get, so the price can't go down much any more. 5 more years on a 197x doesn't mean much. As long as you keep it up generally it seems like you can sell it for what you bought it for
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10-05-2013, 15:53
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#104
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Registered User
Join Date: Jul 2012
Location: Texas - USA
Boat: Twin Otter de Havilland Floatplane
Posts: 1,838
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Re: What percentage of your net worth does your boat represent?
Hey Bill! They are called "turbo fans"...(turbo...faster in taking your money out of your wallet) Mauritz
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10-05-2013, 17:02
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#105
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Registered User
Join Date: Jan 2009
Location: San Diego, California - Read about our circumnavigation at www.rutea.com
Boat: Contest 48
Posts: 1,056
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Re: What percentage of your net worth does your boat represent?
We do not consider our boat to be an asset when calculating our net worth - our financial planners deliberately left it out, even though it surveys well into six figures. We do, however, assume that maintenance will cost us about 10% of the boat's value annually and that does not include insurance, fuel, berths or taxes.
Since we are still considered residents of the County of San Diego, our boat is taxed at 1% of its value annually, even though the boat hasn't been there for almost three years.
Fair winds and calm seas.
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