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Old 02-09-2014, 21:08   #1
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How Would you Spend the Money?

Let's say I've got $100k, no boat, a wife and two kids, and the desire to spend a year or two cruising the East coast of the U.S. on a monohull sailboat. Is there a smart way to divide that amount of money between boat purchase, refits and upgrades, and a cruising kitty? Does 40k, 10k, and 50k (respectively) sound like a reasonable ratio?

Are there just way too many variables here to even be able to discuss this or can anyone apply their experiences with cruising to offer some helpful insight?
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Old 02-09-2014, 21:15   #2
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Re: How would you spend the money?

Get yourself a Norsea 27 on a trailer and do the Gulf Coast, East Coast, and West Coast. You can do that within your budget.
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Old 02-09-2014, 22:21   #3
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Re: How would you spend the money?

Yeah the variables are beyond measure, but yes, without question you could do it. For me, that's a luxurious amount of money for the simple plans you lay out. For others, that may sound like living on welfare. It's all about you and your desires.
One thought I have is are you sure a sailboat is the best choice? Without exception, every person I've met who did the Great Loop (the East coast is half the Loop) in a sailboat wished they hadn't. They all ended up motoring 95% of the time, thus eliminating the advantage of a sailboat, while still dealing with mast height and sail maintenance. Given a fixed amount of $$$ I think you can buy a power boat that would do as well financially and better space wise. Of course that depends what you want AFTER the 2 years!
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Old 02-09-2014, 22:28   #4
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Re: How would you spend the money?

I'd start with what you spend today per year living. Subtract house payments, house insurance, car payments, car insurance (Unless you are keeping any of that). The idea is to get to realistic living expenses + health insurance for a family of 4.

I'd guess living cheap that is $60k for 2 years.
$400 a month for boat expenses & moorings. Call it $10k

You have $30k for a boat and "mini" refit that will comfortably sleep 4 people.

I don't think you can do it for $100k without supplemental income.

You also cannot underestimate the "return to life" kitty. 1st and last rent, a car or two, furniture? etc...
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Old 02-09-2014, 23:00   #5
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Re: How would you spend the money?

#1 What does your wife think of the idea?
#2 What do your kids think of the idea?

#3 Are your wife and kids keen sailors? Do they enjoy the great outdoors on windy or wet days?

#4 Would they be happier in a nice warm campervan with McDonalds/Thai/Fish'n'chips just down the road and their favourite TV/music/games on hand?

#5 Do they like swimming/fishing/snorkeling/surfing?

#6 Have you considered alternatives like the aforementioned campervan, holiday cabins, multiple short holidays or a short term rental in one of the better paradises?
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Old 02-09-2014, 23:15   #6
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Re: How would you spend the money?

Would just add .. don't try to wedge out the refit piece of the pie too much. And if you do find a good deal on a boat that looks to be in great shape, a little documentation of major systems goes a long way. Otherwise, you may not be satisfied with, for example, a basic rig inspection when you really don't know the age and history of the SS, even if it still looks nice and shiny.
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Old 03-09-2014, 07:11   #7
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Re: How would you spend the money?

Well, since you asked how I would spend the money...

I would use about half of it to start a college fund for the kids. I would invest the remaining half, and use it over the years to take bareboat charter vacations.
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Old 03-09-2014, 07:21   #8
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Re: How would you spend the money?

You'll blow through your 100k so fast you won't know what hit you. Then what?
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Old 03-09-2014, 07:32   #9
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Like I said... :-)
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Old 03-09-2014, 08:04   #10
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Re: How would you spend the money?

Try the philippines instead.

There are plenty of suitable boats for very cheap, because the owner got old and died and the filipina wife wants to sell the boat. Next, cost of living is less than 1/4th in the US with the same standard of living.

Much better place to sail as well.
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Old 03-09-2014, 08:12   #11
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Re: How would you spend the money?

If I were in your position, forget the purchase, and take a few required classes about sailing and then I'd spend the money on "Charter Boats" around the world.. I know of a couple families that have sailed in dozzens of different countries, and dont own a boat..
By the time you buy the boat, outfit it, pay the insurance, the slip fees and all the rest that goes along with it, it would be much cheeper to charter and leave the the other stuff to someone else..
If I had it to do over, I would do just that, and maybe join a local sailing club where I could use club boat on the weekends I wanted to.. I would then charter around the world..
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Old 06-09-2014, 21:08   #12
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Re: How Would you Spend the Money?

If you are in Beaufort, before you give up your job, why don't you try living aboard at a marina instead of rent for a while? Take the boat out on weekends and vacations and see if it's a lifestyle you like?
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