Boat loan question for newbie

[hellosailor]

If -- and this is purely speculation -- Delos is set up as a business and a production company, that of course radically changes the financial implications in most countries. Makes a lot of things into a business deduction and an income reduction, versus the way most of us have to look at the economics of a boat.

Creative ways to change the financial situation of a boat, are not likely to endear anyone to a finance company though. (As opposed to a production company going out and getting an "equipment" loan to buy one.)

And I really wouldn't expect anyone doing creative financing to discuss it openly, as that might attract the kind of attention that results in audits and long interviews, no matter what flag you're flying.

[hellosailor]

Uber, by the way, is another "tip of the iceberg" in itself. Other than Domino's recently making 1200 (?) "pizza cars" of their own, you always used to see pizzerias in the US putting ads in the classified "Make money...must own car..." and paying kids minimum wage, telling them the tips would be great. Kinda like chartering a boat without a license...iffy to start with.

Now there are quite a number of web posts (reputable or otherwise) indicating that Uber drivers aren't always making money either. The finances get a bit complicated when you really look into them. A fellow I know does some Uber driving, and he's said he still can't figure out whether it makes any money, unless he drives in cherry-picked areas during rush hour and premium times.

Finance, and real numbers? Same as sailors have always said. "The devil is in the details."

[cyan]

Originally Posted by valhalla360

The funny thing is the reason most people get trapped in a cubicle is they are on the treadmill paying on debt only to take more debt out because they aren't willing to sacrifice for a short period of time to get ahead.

Most people I know who are stuck in the cubicle trap are not stuck by debt. Many I speak to are stuck by lack of imagination. If you find out what cubicle surfers really want to do, there are two categories: 1. Those who want the "American Dream"- a house, 2 cars, etc. 2. Those who long for adventure.

I have no argument with the first group. It is the second group that often (regardless of debt) appears to have just enough imagination to dream of the South Pacific, yet not enough guts to break out of the cubicle. This second group hears the cautionary tales like "don't run out of money in retirement" and selects to stay in the prison of their own design.

Life is too short for cubicle prisons.
Go sailing.
See the world.

I don't see this type of advice much on CF. Instead we seem to have a largely cautionary tone, producing threads like "When we shouldn't encourage people to just go", and lots of advice against loans. This same tone hints at an exclusive club. A newbie might get the idea that a yacht adventure is way too expensive and dangerous and just plain irresponsible, unless you have already saved enough and learned enough, which will take many many years.

Thankfully, there are now many YouTube channels that prove otherwise.

[belizesailor]

Originally Posted by valhalla360

The funny thing is the reason most people get trapped in a cubicle is they are on the treadmill paying on debt only to take more debt out because they aren't willing to sacrifice for a short period of time to get ahead.

Once you are debt free, it's amazing how much faster money comes in and how your options open up because you don't have to make that next payment.

Very true if its just consumer debt (which is what we are really talking about here), then its modern day self imposed slavery.

However, some are content to exist in The Matrix...or The Cave to reach back to a historically earlier allegory.

This to me is a more important aspect of personal (not business/investment) debt...you have to produce income to pay it...which for most means working to service debt...screw that...I dont care what kind of toys it buys.

Even if the numbers crunch favorably, you are still just a rat in a cage.

[belizesailor]

Originally Posted by surf_sail

Thumbs up to sea change. They have skills and put effort into their videos and it shows. Anyone know what happened to them?

+1. I dont know jack about video production/vlogging, but even to the unitiated the quality, and earnest attitude, of their work was obvious. Really liked their Rio Dulce video...great perspective on an area I know well.

Unfortunatley, they forgot the hot chicks so couldnt compete with the other YouTube super stars who are raking in good revenue! ...or should that be "racking in good revenue" 😆

[cyan]

Originally Posted by surf_sail

Thumbs up to sea change. They have skills and put effort into their videos and it shows. Anyone know what happened to them?

Their Instagram accounts, this fall, showed that they were in Brazil. One comment hinted at more videos to come.
https://www.instagram.com/p/BYrOxgfl9Xx/

[DotDun]

Originally Posted by belizesailor

Analysis is an old work/business habit, but Im apparently getting sloppy...I left out all those items you mentioned! Actually, those were left out intentionally as they are the same regardess of financing.

Depreciation the same regardless of financing.

I added those other 'things' as it appears you purchase an automobile based solely on the financial aspects. I'm only suggesting if that is the case, you should compare apples to apples with alternative modes of transportation, i.e. Uber.

Don't come back with the subjective convenience excuse....you can't put a price on it!

Originally Posted by belizesailor

If its for personal use and I cant pay cash for it...then I cant afford it.

Every capital purchase I've made in the last 30 years I could have paid cash, but some I decided to finance. As I stated previously, I can and do make money financing depreciating assets. Even a boat loan today is going for ~6%.

Originally Posted by belizesailor

Im also psychologically unwilling to put a lot of money (relatively speaking) in a depreciating asset like a boat or car. Ive looked at and considered relatively expensive cars and boats (and could afford it), but I just cant bring myself to do it. Im much more comfortable putting that same money in a good investment so that I can remain gainfully unemployed (...and likely unemployable at this point). 😆

As you said, one size does not fit all, but at the ripe old age of 57, Ive now been semi-retired for 17 years so my blathering apparently has some practical merit.

One makes their choices and lives with them. That's the way it works!

[belizesailor]

Hey, I havent attacked your perspective/decisions...whatever works for you, works for you...and vice versa...Im fine with that. Ive just stated my perspective.

What about that gets your panties in such a wad?

[DotDun]

Originally Posted by belizesailor

Hey, I havent attacked your perspective/decisions...whatever works for you, works for you...and vice versa...Im fine with that. Ive just stated my perspective.

What about that gets your panties in such a wad?

No wad, this is entertainment!

Your the one who presented you opinion as matter-of-fact, even trying to attribute it to a well-known figurehead. I'm simply trying to show you the flaws in your thesis, which of course, is just my opinion!

[belizesailor]

Originally Posted by DotDun

No wad, this is entertainment!
...

Ah, trolling for entertainment...have fun!

[Alberg30Shill]

If you need a loan, you don't need a boat. Or you need a more modest boat you can pay cash for. Many an armchair sailor is stuck there because their ego is bigger than their pocket book :-)

[cyan]

Originally Posted by Alberg30Shill

If you need a loan, you don't need a boat. Or you need a more modest boat you can pay cash for. Many an armchair sailor is stuck there because their ego is bigger than their pocket book :-)

Pretty sure the OP was simply tapping his home equity. Dad.

[valhalla360]

Originally Posted by cyan

Most people I know who are stuck in the cubicle trap are not stuck by debt. Many I speak to are stuck by lack of imagination. If you find out what cubicle surfers really want to do, there are two categories: 1. Those who want the "American Dream"- a house, 2 cars, etc. 2. Those who long for adventure.

I have no argument with the first group. It is the second group that often (regardless of debt) appears to have just enough imagination to dream of the South Pacific, yet not enough guts to break out of the cubicle. This second group hears the cautionary tales like "don't run out of money in retirement" and selects to stay in the prison of their own design.

Life is too short for cubicle prisons.
Go sailing.
See the world.

I don't see this type of advice much on CF. Instead we seem to have a largely cautionary tone, producing threads like "When we shouldn't encourage people to just go", and lots of advice against loans. This same tone hints at an exclusive club. A newbie might get the idea that a yacht adventure is way too expensive and dangerous and just plain irresponsible, unless you have already saved enough and learned enough, which will take many many years.

Thankfully, there are now many YouTube channels that prove otherwise.

1) These are your traditional debt treadmill folks.
2) These are still mostly your traditional debt treadmill folk but they dream about the idyllic aspects but never consider the other costs while taking out the next loan.

Reality is they are mostly the same person.

I'm not saying you should wait until you are 90 to live your dream but if you make a plan and follow it, it doesn't takes a lot less time than you think to make the dream happen. 95% of people could be debt free in 6-12 months but it takes focus and effort. At that point, your options grow exponentially.

Most people I've met who have a dream but keep saying they need to save a little more, like to have a "dream" but have no intention of ever following it.

If you try to take shortcuts (debt is a shortcut), in the long run, it usually costs you far more than if you took a little time up front to put yourself in a good position.

[Gregorys6601]

Don't forget about insurance. Most insurance companies don't like live aboards. Having the home gives you a permanent address when buying. Then sell the damn house and enjoy life on the water!
Scott

[TrentePieds]

Aha! Strategy - whoever knew, eh :-0)?

TP