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Old 04-10-2016, 12:42   #1
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Looking that way

Love boats, oceans, diving, beaches, etc.

If you were tired of working, had $225K cash and a $5K monthly annuity for life - how much boat would you buy ($) and how well would you expect to live on it?
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Old 04-10-2016, 12:51   #2
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Re: Looking that way

First boat, probably 100k tops and a popular make because you may change your mind after a couple of years experience so an easily sale important.

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Old 04-10-2016, 13:31   #3
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Re: Looking that way

If you've never owned a boat before, I would buy something not terribly expensive to use as my training wheels. With that sort of monthly income, you can live quite well on the boat, even with typical maintenance. If it is just you, you don't need a whole lot of boat, and by starting smaller (in terms of outlay), you have significant reserves to change your mind later.

Most people do not get lucky enough to buy their "perfect for my needs" boat the first time. Get an idea of where you want to cruise, what you need the boat to do, and make up a list of features that you thing you need. Use that to start narrowing. I wouldn't get hung up on how much to spend the first time, and I wouldn't look to invest the entire budget up front.
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Old 04-10-2016, 14:43   #4
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Re: Looking that way

The "which boat" question is a whole different issue. I think what I'm looking for is a sense of income vs. maintenance vs. cost of living, and whether those of you living on board and cruising, view the amounts I listed as rational and doable. Maybe assume, for the sake of discussion, a 40-45 foot boat, 10-20 years old, and spending significant time sailing and living on the hook, rather than in marinas or on a ball.

Is spending $100K at the outset on a boat too much given my means?
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Old 05-10-2016, 04:55   #5
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Re: Looking that way

Greetings and welcome aboard the CF, StuckToday.
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Old 05-10-2016, 05:06   #6
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Re: Looking that way

One thing to consider is inflation. If you are fixed at $60k per year, you need to realize that (at the current inflation rate) in 20 years that will be the equivalent of about $34k today. In 30 years it is down to the equivalent of less than $25k. Are you likely to live that long? Is that enough for you to live on if you DO live that long?

Of course, some people will say "Just go! Don't worry about the future!" That is an option. You never know what the future will bring. But it never hurts to at least consider what the future MIGHT bring.

For example, for the last several days I have been wondering quite a bit about what the future--as in the next week or so--will bring, weather-wise.
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Old 05-10-2016, 05:26   #7
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Re: Looking that way

Quote:
Originally Posted by StuckToday View Post
If you were tired of working, had $225K cash and a $5K monthly annuity for life - how much boat would you buy ($) and how well would you expect to live on it?
ZOWIE!!! I would be gone tomorrow! It would be a nicely equipped 36' monohull for $100k or less and I would live like a king on the $5k/month. Actually, I would live very comfortably on $2k/month and invest the rest.
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Old 05-10-2016, 05:43   #8
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Re: Looking that way

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Originally Posted by StuckToday View Post
Is spending $100K at the outset on a boat too much given my means?
No, if you actually use it but you don't know for sure yet if you will even like living on a boat full time which is why many say to start small and inexpensive to see if that life is for you

There are lots of nice $100K boats at marinas here of the 40' - 45' range that are rarely or never used.

The smaller boats though seem to get used quite often
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Old 05-10-2016, 06:15   #9
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pirate Re: Looking that way

A Westerly between 30-35ft then stick it in a yard for professional re-lining of the ceilings.. and I'd live like a king..
Total cost maybe 35-40K..
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Old 05-10-2016, 08:29   #10
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Re: Looking that way

Damn yotties! My total budget for the year is $5000. Have some cheese with the whine.
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Old 05-10-2016, 09:10   #11
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Re: Looking that way

Ok, clarifying the question helps get better answers. Sorry I missed the focus of your question.

You don't need to spend the whole 225K on a boat up front, and it would even be possible to live like a king on a boat that cost less than the 100K you mention specifically, if the boat had been well maintained. You could spend significantly less than 100K on the boat, but depending on your standards, a refit may be needed. If conducting (or even managing) a refit is contrary to your notion of living well, then by something in Bristol condition. You'll pay more for it, but it may be worth it.

The monthly income is quite enough for a long while, even factoring in maintenance on a boat (as long as the boat is not enormous). However, as boats get bigger, more systems mean more maintenance and more money, and other costs go up with length (dockage, etc). That's why it's a difficult question to answer without knowing more about the boat (and how many people are involved).

There are lots of threads in lots of places about the cost of cruising. You are fortunate to have much more money to start this process than MANY others who pull it off (with a well selected boat). If you are sure this is what you want (or if you are sure you are at least willing to go try it and see), then I encourage you to go do it. Lots of great books on how to get started. Good luck.
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