Cutting the ties that bind us

[Weyalan]

Originally Posted by GordMay

Here’s an interesting self-examination exercise:
Ask yourself if you could live on 80 percent of your current income, if necessary.
Now ask, whether you save 20 percent of your income.
For many people, answering yes then no, it's simply how they misperceive a need versus a want.

I'm gonna ask my brother in law that... he just told me last night that his wife has racked up $32,000 on their visa card... I nearly fell off the chair... that is like nearly half what I paid for my 40 footer! I get uncomfortable if I get near to $2000 and paying it off becomes the number 1 priority.

For myself, the answer is a yes to both the above questions, in theory, but in practice I am currently spending mor than 20% of my income on the refit of my boat

[henkmeuzelaar]

Originally Posted by Weyalan

I'm gonna ask my brother in law that... he just told me last night that his wife has racked up $32,000 on their visa card...............(snipped).................. in practice I am currently spending mor than 20% of my income on the refit of my boat

Shame on you for putting your boat expenses on your sister's credit card !!

Have fun

Flying Dutchman

[vonnwonder]

We just sold a house,a farm,2 trucks,a car bought a boat and moved to the south caribe.We ended up with 4 suit cases and 4 boxes plus what the previous owners left us-we love it.Find out we still only use 60% of what we have.
Life can be rather simple.

[ess105]

I was in debt by the age of 19. By 21 I was out of debt and I realised I didn't have to now spend the money I had been using to pay off my old debt. I've been saving more and more ever since.

I have also been pursuing higher income work - not because I needed money to spend - but because I needed money to save.

[David_Old_Jersey]

Credit cards............I was very "naughty" back in the mid 80's, never had any since............Back then I was up to a couple of months salary in debt, which was enough of a struggle to repay. Some of the modern credit card debts I hear about are scary and awesome.....

I usually walk past a branch of HSBC everyday and in the same window they always have a poster advertising their services - recently a poster has been boasting about their credit card interest of ONLY 16.9%.

Now, if I want to give HSBC 16.9% of a large chunk of my salary to use what in short order becomes my own money, then I figure I will stuff the cash through their letter box and save the aggro of being in debt. But never yet been tempted to do this.

[Connemara]

Well, the thing is you only pay that interest if you don't pay the bill when
it's due.

We usually have between $5,000 and $10,000 or the VISA every month -- we put EVERYTHING on the card -- gas, food, haircuts, varnish, emergency flares, trips to Cuba....you name it.


Air miles card, you see. The more you spend, the more air miles you get.

But we also NEVER let the card go unpaid. VISA probably charges something like 20% per annum ... I don't know and don't care, because I never pay it.

OTOH, if you let it run up, then you can get in real trouble.

Credit cards share some characteristrics with a lie, famously described by Mark Twain as "an abomination unto the Lord and a very present help in time of trouble."

Connemara

[seafox]

Our visa bill is always paid before the due date. Have never paid interest and have accumulated over 300,000 air points (enough to fly around the world a few times). We even built a new house using the card to pay for materials.

[Razman23]

I agree that the hardest part is getting rid of those sentimental things but then you have to realize that you are not going to a desserted island for the rest of your life. You are going to embark on a new adventure. So when you cast off that last line, you will find even more 'priceless' things.......visiting new lands, meeting new people, and having the memories of you doing it on your own sailboat. Not too many people here in the states can claim that. Be free and enjoy yourself.

[Ativa]

I have a question..
Scenerio:
You 33 years old, had some moderate sailing experice and just under $100k to purchase a boat and sail with, not married, no children and no debt, marine mechanical knowledge.

Would you make the plunge and buy the boat, pull the lines and sail until the money ran out?

[dana-tenacity]

I'd but a boat for $30k, buy real estate in a country that doesn't have capital gains tax with the balance, leveraging what I had so that it supplied a small income, then go sailing and work as necessary to keep going.
Then marry a rich heiress.

[cchris0411]

If I could drop all the bonds that tie me, I would be out there on the water. If you are so lucky to be able to cast off and have a nice kitty, free of debt, handy; then get your butt out there and give it a go. Be safe and do what most people only dream of!
Christopher

[Benny]

Some good thoughts on the binding ties - I was ready to sail off 20 years ago with my then new wife - had a 30 foot steel sloop all rigged for offshore and then guess what - she became pregnant and we chose to 'postpone' the voyage 'till the little one was older. Well the little one got older, then we both got better paying - motre prestigeous careers and bought more things. Then my father got cancer and died later and life went on and the dream slowly fizzled. Now 51 it is not too late and I'm reitired but the admiral has a thriving business which she loves doing and I can't ever see it happening now. The ties that bind are sometimes our lives and loved ones and not possessions however my advice is to do it now however you can - even for a shorter period than you would like - I don't think there will be any regrets - like mine.

Fair Winds

[Lynx]

Would you make the plunge and buy the boat, pull the lines and sail until the money ran out?

Well, I am in about 1 year. The only way that I can do it. Most of my family could not cruise at 65.

Your choice though.

[Island Mike]

Randy,

I think what happen to you happens to many of us... My wife and I are both 52 and went through a similar life senerio, however, I am very fortunate that my wife is willing to live the dream with me. In less than 1 year I will give up a very sucessful and well paying job and leave, God willing. Without a doubt both parties have to be on board for the whole thing to work. but it is so true about the things in life that bind us...
Good luck in all that you do.

[David_Old_Jersey]

Originally Posted by Island Mike

Randy,

I think what happen to you happens to many of us... My wife and I are both 52 and went through a similar life senerio, however, I am very fortunate that my wife is willing to live the dream with me. In less than 1 year I will give up a very sucessful and well paying job and leave, God willing. Without a doubt both parties have to be on board for the whole thing to work. but it is so true about the things in life that bind us...
Good luck in all that you do.

Good on yer!

Sometimes time available is not always as long as one assumed.........