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View Poll Results: How much $$$ in your current/working/access account for contingencies?
$0 – That’s the fun of it! Or I’m stopping for work! 5 5.21%
$1 - $1,000 2 2.08%
$1001 - $2,000 7 7.29%
$2,000 - $3,000 3 3.13%
$3001- $5000 13 13.54%
$5001- $7,500 9 9.38%
$7,500 - $15000 12 12.50%
More than $15,000 45 46.88%
Voters: 96. You may not vote on this poll

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Old 08-04-2008, 17:40   #31
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Originally Posted by GreyRaven View Post
I would say that having € 10.000 or the equivalent “on hand” in the till on board.
Thats far too much cash. Get better limits on your cards etc. Any theif would target boats if he thought that some had 10k Eur ($15k USD) in cold hard cash splattered on 40 ft x 15 foot. Sounds like a treasure hunt.
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Old 08-04-2008, 18:07   #32
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Thats far too much cash. Get better limits on your cards etc. Any theif would target boats if he thought that some had 10k Eur ($15k USD) in cold hard cash splattered on 40 ft x 15 foot. Sounds like a treasure hunt.
Do you really think that’s too much cash? As far as the cards are concerned that IS the limit. The lowest one. All I can do is sink a card – or both of them.

So now what? Go sailing with € 2000 and hope for the best? I can do it, no problem. But is that really necessary? Nobody knows I stash my money in the used oil filters…

Now is the time where I would like to propose founding a Cruiser’s Bank - one which is geared to dealing with the specific situations and requirements of cruising sailors. Wouldn’t that be a fine project? I would love to walk into a bank in any port on the planet, hand them my Gold “Cruiser’s Card”, acknowledge the deep bows, pocket my dough and walk out again.

OK. Just dreaming. But I’m sure it could be done. It’s one of those very special “Niche” markets everyone is looking for. Very vertical market. Banks love stuff like this.

Your input, please.
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Old 08-04-2008, 19:30   #33
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I have a few bucks tucked away, but my boat is sitting on the hard a $20.00 a day because it is is in the work area. The paint materials for topside and bottom paint, paying a helper, new shaft, Max prop reconditioning, paying professional painters.new stainless rub rail,haul out fees,$2250.00 insurance renewel premium coming up and numerous misc. expenses shure are putting a dent in alot of that money I managed to work for and save. You gotta love it.
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Old 08-04-2008, 20:05   #34
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"You gotta love it."

Of course one has to love it. I founded my company 18 years ago in order to do just one thing: buy my boat. Well, it took me a lot longer than I thought it would take, because I got caught up in my own success. But in the end I managed.

I got a lot of sailing done in-between. Lots of sailing. And learned a lot.

And now I’m going sailing for keeps. With enough money in the kitty to do so until I end up whereever my maker wants me. Right now all I’m doing is “disengaging” from all my work and all the projects and turning them over to other people. I want to leave clean.

All I want to do is GO.

Interestingly enough, everyone undertsands me...
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Old 09-04-2008, 12:19   #35
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WRT "too much cash" is a cash account. I'm rashly presuming "cash account" translates into what we call a "savings account" in the US. A simple account that you put money into, the bank pays interest on, and there are essentially no restrictions beyond that.

I'd say that having more than $5000 in that kind of account could be excessive. Convenient--but excessive. Consider that until the first of this year, those accounts were paying typically 2-4% in the US, with 4% being the "online" accounts that you have to access via some other checking account with up to a three day lag in availability. In contrast, simple CD's were paying 5% and more even on low notes like $1000 or $2500.

So if you take out a number of $2500 CD's, typically paying twice the usual savings acocunt interest, you still have that money "at hand" and in the worst case you will lose 90 days simple interest on the note if you pull it out. Running the numbers, you'd lost 1/4 of 5% interest on the CD, that's 1-1/4% or $12.50 per thousand, if you had to break the note. But after a mere six months--the note would have paid you all that the savings account pays in an entire year! So if you can make it for just six months without touching that money, it doesn't matter if there's an early withdrawl penalty. And by keeping it in multiple small CDs instead of one "jumbo", you ensure that you can take out just what you need--without creating a huge penalty on the jumbo.

Credit Unions also are typically a full percent or more ahead of banks in the US, it may take some looking around to find one that you are eligible to join, but many have open enrollment for "friends" of existing members once per year.

I will readily concede that you can do better on "jumbo" CD's. I think the best small CD rates were around 4% a full month ago, while jumbos were pushing 8% (by brokers, not at the corner bank). But that's not the point here. Even the small CD's will do better than "savings" accounts, even online savings accounts, and if played properly the penalty is nothing to worry about. The accounts are also fully insured, and not subject to market losses--as an eTrade or other mutual fund account will be.
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Old 24-04-2008, 14:51   #36
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Rates

Best place to keep tabs on rates is at www dot bankrate dot com. The current yield on a 1-year CD is 1.93%.
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Old 24-04-2008, 15:12   #37
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Actually, they are showing 2.93%, not 1.93%, today. Local newspapers will often find you ads for over 4% though, even now. Some hunting and CDs over $1000 will turn up 5.5% tax free (munis and development) as well.
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Old 02-06-2008, 20:50   #38
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We have two cash accounts linked to ATM/debit cards, which give us access to cash almost anywhere in the world, with a backup in case one card is compromised. We also carrry about $2,000 in US dollars on board for the places without ATM's, or where we might need a 'get out of jail card'.

However, we are careful not to put more money than we can afford to lose in the cash accounts. We were in Antigua this year where someone hacked into the ATM's and dozens of cruisers were each hit with thousands of dollars in fraudulent transactions.
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Old 02-06-2008, 23:51   #39
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Chuck ! thanks a lot ,what a wonderful reading ,I'm enjoying every single word of it. My boat is in Palmetto and we'll be heading south after Christmas , so your info of the area is priceless.
Regards , Henryk
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