The £200 Millionaire: Buy a boat for 4738 € + live on board with monthly 375 €

[Skip JayR]

Originally Posted by onestepcsy37

I read that story maybe 25 years ago. When I bought my last boat I named it "one step" after that line in the story, "one step does it and you're out of the rut for good.".

wowh.... yeah, very impressive and inspiring this story.

[Skip JayR]

Originally Posted by sailorchic34

Myself, I've been living on $500-$600 a month since 2010.

great !

Originally Posted by sailorchic34

Though this last year I've made a bit more, but most of the extra went into deferred maintenance items (Batteries, lifelines, topping lift, new stove, taxes, etc).

May I ask to get a feeling your monthly budget is related to: What boat you own/sail ? And which sail area ? :-)

[Skip JayR]

Originally Posted by sailorchic34

I'm actually a Coffee virgin. I've never had a cup, though mainly because that's what grownups drank and I never wanted to grow up. OK not the best reason. I do drink Tea though. 200 tea bags for $1.89.

Coffee has to be... a day without a hot coffee in the morning is a lost day.





As I "stretch" my coffee with 50% Milk, I can drink 4 cups a day at a prize of 2 :-)

[Skip JayR]

Originally Posted by Azul

This is what the free boat will look like in a few months with about $1000 worth of supplies and a lot of labor:

Porsche car drivers just get four hand-forged wheel rims for that prize

I'd know what to decide for

[opolily]

OP
Thanks for posting this story. It is entirely new to me and I so enjoyed reading it. For me the exact conversions in value between 1932 and now are not important. It's the wonderful spirit, 'joie de vive' and inspiration that come through for me. I dream of doing something similar on my tiny pocket cruiser.

[jreiter190]

In the '60s, thought $300 month living expenses would be ample IF you had a well found boat. Fixing up a good old boat the last three years takes every nickel I've got, around $3500.00 a month to make any headway. When Karen is ready as I can make her, live aboard slip and food and fuel for my 2000 Ford Explorer will take around $500.00 , and the rest will be for indescresionary spending.

[Skip JayR]

Originally Posted by opolily

OP
Thanks for posting this story. It is entirely new to me and I so enjoyed reading it.

Tks... you are welcome...

Originally Posted by opolily

For me the exact conversions in value between 1932 and now are not important. It's the wonderful spirit, 'joie de vive' and inspiration that come through for me. I dream of doing something similar on my tiny pocket cruiser.

That was my intention with my provocative question...

Indeed, it needs a "mental switch" in mind to come free of wrong assumptions we are pimped daily during our "boring land life", e.g. I need 100,000 US dollars minimum otherwise I cannot realize to have a "boat gypsy kind life"...

Probably it needs some intelligence (e.g. that kind of a doctor med) to handle such a minimized life in a healthy and joyable way over 10 years and longer.

And it seems not a story purely about a boat and the man on it... its about to be guest in this world and a boat is just the vehicle to come along from A to B to C... and that's was my experience during my job as professional skipper... you can meet everywhere nice people who are helpfully and kindfully, not caring ethnical belonging or nationality.

[ranger58sb]

Originally Posted by Skip JayR

Chris, I only found a database with eldest currency exchange rates going back to 1953... probably not very helpfully.

On 10th August 1953 it was:

200 GBP [British Pound / £]=557 USD-USA [US Dollar / $]
1 USD=0.359066 GBP
1 GBP=2.785 USD

My guess was probably closer to the 1930 £, probably inferred from British literature from the 1880s-1920s. See here: https://en.wikipedia.org/wiki/Tables..._States_dollar. Looks like in 1930 it would have been approx. £4.98 to the $1.

-Chris

[ArmyDaveNY]

Originally Posted by ranger42c

IIRC, £200 in 1932 would have been about $1000 U.S. ??

If a true story... I was slightly surprised he lost his wife and two sons in The War. I can imagine the sons might well have been soldiers.... but I wonder what circumstances caused his wife's passing. This would have been different from the air raids associated with the Second War.

-Chris

Hi Chris,

Most people would be surprised to know that there were air raids in London and other British towns during the Great War. These were carried out by Zeppelins and aircraft, and killed just over 550 people. The casualties were low when contrasted with those of WWII. More likely the loss came from disease or hardship. In particular, the great flu pandemic, aka Spanish Flu, claimed millions at the end of the war. In fact, many consider the outbreak to be a factor in bringing the war to an end.

Cheers,

Dave

[Bulawayo]

Originally Posted by opolily

OP
Thanks for posting this story. It is entirely new to me and I so enjoyed reading it. For me the exact conversions in value between 1932 and now are not important. It's the wonderful spirit, 'joie de vive' and inspiration that come through for me. I dream of doing something similar on my tiny pocket cruiser.

Totally agree ...... we should not over analyse the story, just enjoy it for what it is.

[ArmyDaveNY]

The costs when adjusted for inflation seem a little low as others have indicated, although I do know a few people who are living on these and even lower amounts. It is (barely) a subsistence living to be sure and every time I see them I am amazed and how they do it. I am in New York City and living at a marina in the city is impossible at these budgets. Living outside of the city it may be possible. Most who live on these amounts live on the hook. There are a few yacht clubs in Sheepshead Bay and at City Island that provide facilities such as storage and showers as well as launch service. This makes a huge difference in the quality of life since now there is a club house with a kitchen, space to stretch out, etc. Some even include haul out capability! Others just tie up to the sea wall and conduct repairs and/or maintenance at low tide.


Oh yes, the cost of membership is fairly reasonable for this area at around $2,500 to $3,000 per annum. Still, that works out to between $200 and $250 per month, thus seriously infringing upon a $5K or $6K per year budget.


Here in the US it is very possible, with patience, to find a good boat in the $4,000 to $5,000 range. This past spring I purchased a Dufour 27 for $4K and it is in good shape and included (but not limited to) a spinnaker, new mainsail with two reefing points, a spare and just re-stitched mainsail, lots of winches (single and two speed), stove, spare parts, tools, etc. I was also given a Dufour Safari 27 that was fairly well appointed. Granted, my maintenance costs for these two and the other boats adds up, but the costs are reasonable and within the quoted figures.


I should re-emphasize that I found these with lots of patience.

[Skip JayR]

Originally Posted by ArmyDaveNY

I should re-emphasize that I found these with lots of patience.

Tks for sharing your own story... it would be a great help for many boaters with living on a boat to get access to such kind of yacht club facilities, indeed.

Never heard of a yacht club with kitchen being available... thats great !

In North Europe (e.g. Baltic Sea or Dutch sailing areas) the infrastructures of sanitary in the marinas are excellently (see in the vid from 01:06 on), with some other facilities (e.g. restaurant, supermarket, self service laundry) and wifi/internet access for the whole harbour area.

https://www.youtube.com/watch?v=jZAEVSzXJPQ

Some of these yacht harbours (very few) have opened 24x7 whole year. But mostly the season starts in spring (April) and ends in October. So then its time to move down South to Mediterranean Sea.

The prizes became huge expensive over last 20 years... easily you pay for a smaller boat day rent for a box up to 30-40 Euros in high season as guest. - If its the home harbour of the boat, the prizes are much lower but still per year one needs roughly 900-1,000 Euros or even higher (mostly inclusive electricity + fresh water) plus extra membership in the yacht club. Slip/crane costs and other services extra...

Thats why cruisers living on a boat are not seen very often in the Baltic sea... its too expensive. There does not exist a Mooring system to use cost free (staying front the harbour and shuttle with the dinghi) as we know it from South European sea areas or Carribeans.

[sailorchic34]

Originally Posted by Skip JayR

great !

May I ask to get a feeling your monthly budget is related to: What boat you own/sail ? And which sail area ? :-)

I own a 1972 Islander 34 that I purchased in 2007 for $11500. I put another $10K into it with new plumbing, electrical, running rigging, etc, etc. I've lived aboard for 8 years on this boat full time. Though the first 4 years were mostly in marina's.

My monthly costs break down to:

$200 Food
$60 food and cat litter for Dekat. Expensive cat.....
$10 entertainment -Kindle unlimited, I read a bit.
$25 phone (Not a smart phone)
$50 internet (cell hot spot - sweet)
$8 boat insurance ($100 a year)
$120 marina costs, I pull into marina's to shop, shower, laundry, etc. Makes for a busy day or two, twice a month. Some months only $60
$40 Diesel, Small boat, small Diesel, 12 mpg+/-
$10 Gas, $0 in summer, for the genny on cloudy days
$5 propane, $30+ in winter.
$45 autocad fee (I work from the Boat doing engineering part time)
$20-35 maintenance.
Clothing/ sundries $6, I shop at the better goodwills.

So right around $600 a month in costs on average. If I make a bit more I spend it on the boat. I've installed a new stove ($280 including shipping) as the 40 year old one finally gave up the ghost last fall, batteries ($400 ouch), another solar panel ($112) in the last year. But those costs get amortized over a few years too.

My big goal is saving up $1500 for a haul out. That's going to take another year.

Currently I'm anchored in the California Delta (Love the Delta except when it's over 95 degrees, and have been for most of the last 3 months. I'll be heading back to the Central SF bay in a bit to annoy the fine folks there for a while and check in with my anchor out friends in Richardson Bay.

Hope to get to back to the east coast but need to wait 2 more years for SS to kick in. I need a reliable internet connection to earn freedom chips, for the time being. Then I'll be living High on the hog with $1200+ a month after taxes and fees. Then I could travel a bit more.

[Skip JayR]

Originally Posted by sailorchic34

I own a 1972 Islander 34...

Tks for sahring, dear SailOrchic34 ... great !

So I like to say: 20,000 for a tiny (floating) house rennovated, in a nice environment (= marina).

And in winter as basic costs (inclusive pet cat) 474 US dollars... as let us be generous, the expenses for marina + autocad fees take them out, as this is something I'd calculate for the job.

As others need a car just to drive to work with insurance, maintenance, gasoline, tax etc. .... paying alone 30-50 US dollars for a garage as rent, car washing and other nonsense (E.g. in Germany where I live people work 30% of whole year to finance the car (inclusive buying a new one every 7-10 years or so). - What a waste of life time !

I gave up my car 13 years ago... as I live in a big city (1.8 millions) I can catch underground/bus, close to airport or train... and if I'd need a car I can do car sharing or rent-a-car. Very simple... even I can have city bicycle first 30 minutes to rent is cost free...

.. and I plan in 2016 to move onto living on a boat (back again as I did it as professoinal skipper for some time).

I think you even could afford a bigger boat, isnt ? As in USA there is the option to finance a "living boat" by loan... we dont have this in Europe. (Rec.: Only in Netherlands there is one single bank for floating houses/home boats (barks).)

As you work on your boat as CAD programmer in combination with living you could use your boat as an investment (fiscally as "home office"), not just for living privately. Same I will do working as cultural journalist (99% computer work).

As I became curious I did some calculations to compare four different loaners in USA... with 2 different scenarios (versions):

Version 1: a 45KUS$ sales prize with 5KUS$ own share -> loan amount: 40KUS$
Versoin 2: a 130KUS$ sales prize with 60KUS$ own share -> loan amount: 70KUS$
... over a period (loan term) of 5, 7 or 10 years alternatively.

The result is interesting... (feel free to download it as PDF)


Actually under the given conditions I could afford to finance a 70,000 US$ loan for living boat (over a period of 10 years loan term) with an own share of 60,000 US$... buying a boat at 130,000 US$ sales prize. It is the equivalent prize I could buy a tiny one room apartement in the city I live now.

... and with the livingboat loan term i'd have the same amount paying monthly for renting a 2 room apartment where I live now.

The running costs for the boat, inclusive refitting/repairing maintenance I'd calculate roughly at same size which is in concurrence to owning a car and its monthly/annually running costs. With the difference that after 10 years the car is "0" worth, while the boat I can sell at least for the loan amount so long I keep it in good shape.

[sailorchic34]

Hum, Living cheaply on a boat generally requires a smaller cheaper vessel. A $70K-$100K vessel is not want I would call inexpensive. A boat will cost more then a car. Boat parts cost lots more then car parts. Plus with a loan, you need full coverage boat insurance.

Then there is marina cost. Many marinas charge a live aboard fee of $200 ish ($150-$300) or more. That plus slip fee is $500-$600 for a 35 foot vessel, least in the bay area. There goes the budget. Perhaps easier in the EU. BTW I paid cash for my boat, which is the best way to finance.

Why did I purchase my boat. It's old, but it has a solid fiberglass hull and even a solid glass deck. So I have zero core issues. The sail area is smaller and rigging very simple, so overall replacement costs are lower. The standing rigging has stayloc fittings so redoing it is a spool of wire and formers. I purchased a slightly used main sail for $300 about 4 years ago. The engine is a small yanmar so fuel mileage is excellent and maintence does not break the bank (unless you have to rebuild it). BTW power boats with twin engines get 1-1.5 miles per gallon. Trawlers maybe 4-5 mpg for a 35'.

The most important thing you have to do to live and travel cheaply on a boat, is pick the right boat. Pick the wrong boat and it will be a major money pit. I've over $20k into my boat, but it's been my home for 8 years and if I'm lucky, I'll die aboard in 10-20 years. But I love living in 150 SF with a grumpy cat. Weird I know. Of course my back yard is to die for and it's not in a marina.

Some folks could finance a boat, I'm not one of them. My credit is dismal, for some odd reason. A big boat is nice, but it has bigger operating and maintenance costs. I am quite happy in my little boat. BTW I don't sit at a marina or at anchor. For the last 5 years I've average about a 1000 miles a year moving here or there. Not great mileage. But I'm not looking for that.

Take your $5K down payment and buy a small 30 footer and live in that. Then save the money you would pay to a loan for a few years and find that $20k deal. They are out there.