Found a dream boat, just to realize I'm financially not yet there.

[Windinyoursail]

Just a wite up to vent my feelings and who knows this great community can add some thoughts that could help....

I stumble upon my dream boat:
SIze is roughly what I had in mind, big enough to accommodate family and even some hopefully sometimes paying guests...
Two masts, limiting single sail area to be handled by one.
Steel, strong enough, so suitable for all destinations.
Suited with some limited modifications to fulfill most of my wishes.

To do the rough calculations and find out I'm financially not ready yet, sorry it sucks...

Some context, I am going for this to be my work/retirement/dream.
In my 50's so extremely lucky for just being close to even seriously thinking/realize it.
Rough financial plan; buy boat, have enough money to cover 10 years of sailing, have set aside some money for the kids to support their student time.

If things completely go wrong small but survivable pension after 68 in place.

As it stands now: wife won't join permanent, we have a paid house, she has a full time job.
Current financial status, invested some 70%, enough to buy and get ready mentioned boat but not yet to cover other targets.

If history is my guide I will get there in 4-8 years.

But as most ? time preference is slowly kicking in...

Any wise words?

[bobnlesley]

Reduce your size requirement and the deferral time will be reduced significantly or even be removed. Dropping the 'space for guests' alone might well suffice and you're very unlikely to ever recover even a fraction of the purchase cost of that additional space through your 'sometimes paying' dream.

[Windinyoursail]

Yes, I went through that thought, I am not ready/willing to go there, this is not the newest boat so although size reduction will save money it is limited, next my current insight is such boats, Steel, used but good condition, etc etc are not that common or come in just any size, pretty sure it can be found if given some time...

Making those decisions isn't easy..perhaps they should be if being rational enough...

I know your arguments are hard facts..

[sailorboy1]

I think the main thing your need to figure out is if you are going to sail alone

[Windinyoursail]

I think my mail should imply that sailing alone is not my intention, especially longer times or ocean crossings seem to me as not favorable doing single handed..

I'm pretty sure I will be perfect comfortable being some months a year on my own.

[tkeithlu]

I think I'm hearing your being stuck on this particular boat. It rose up in your thinking, and is now looking out of reach. I suggest that you remember that there will be other boats on the market, just as attractive, in a few years when your plan is more realistic.

[Windinyoursail]

I agree, been looking at boats for years now, slowly making progress in deciding what I want/need.

Now actually seeing one that meets that is, uhmm increasing my greed..

[TrentePieds]

Quote: " slowly making progress in deciding what I want/need."

Are you putting on paper your RATIONALE for wanting each of the things you think you need/want, and are you differentiating rationally between needs and wants?

Your posts suggest that you haven't yet gone through that exercise.

Quote: "Rough financial plan; buy boat, have enough money to cover 10 years of sailing, ...."

Have you laid - on paper - a budget for the years ahead?

Your posts suggest that you haven't yet gone through that exercise.

Never forget that if you expect the impossible you WILL be disappointed. If you attempt the impossible you WILL fail!

There is probably not one of us in this forum that has not dreamt of a different and much "superior" boat to the one we have. But... Dreams are infinite, financial capacity is not!

TrentePieds

[mvweebles]

If your wife won't join you permanently, why do you need a boat bug enough for your family?

Guessing your challenge is not the boat or money, it's that your new dream is diverging from what you've been working towards for 20-30 years (house, picket fence, etc) and your wife isn't there yet.

Peter

[Windinyoursail]

The wants/needs for a boat is hard I guess, seriously I don't need a boat at all?

Budget wise, the needs largely depends on the, or even if you buy a, boat, that is for the 10 year sailing part.

The other needs cost of living etc are clearly laid out.

So I don't see how this is any help?

Matching available money to a boat is not hard, but I came to the conclusion my budget is not yet big enough for current desired boat.

I came to the choice largely not looking an available budget, I hope my preferred boat does change much if I would win a jackpot tomorrow..

Can't say I wouldn't buy something less old if I did win that jackpot...

Could be I miss something essential in your post?

[Windinyoursail]

The reason for my size pick even if the wife isn't joining permanent is that I would like to be able to accommodate them during holidays.
The other reason I would like to have others join for ocean crossings, long periods, or even paying guests.

The reminder of your remarks I don't know how to answer or don't even find interesting (sorry in no way trying to offend you, I think it is no factor also not a new dream, unless I would be fooling myself insanely, should I visit a professional to be sure :0) ).

[SV Trillium]

I went through a similar experience, sometimes it feels as if you will never get there.

One suggestion, if you have not already done some extensive cruising, there are crew sharing sites where you can hop on for a few passages. It scratches some of the itch. More importantly, it helps you continue to refine your expectations - both for the boat and for your life's dreams and goals. It's usually just a cost-share for food/fuel, so it's cheap. I've done it several times, my friend circumnavigated that way hopping on three boats for different legs.

Be patient on the purchase - make sure it's what you really want/need and most importantly can afford. Budget for refitting etc. Boats will usually be 2x what you expect in time and money.

Enjoy the ride.
Cheers,
Cam

[Rob_P]

2 thoughts struck me on this.

One is that this seems to be something of a "mid life crisis" where the OP is fighting the reality that his life isn't what he thought it'd be at this moment in time. Words of wisdom: Buck up, it happens to all of us at some point and we survive it. Somehow.


The second thought is that there's nothing standing in the way of buying a project and spending the next few years rebuilding it. Write out a business plan and see if it's feasible given your personal financial and family situation. If so, then... If not, at least you know it now instead of finding out later after spending wads of cash.

[Scratchee]

Your post has a financial focus, so my thoughts are primarily from a financial perspective.

To me, it seems risky to plan for several more years of work in order to be able to afford a more expensive boat in retirement. The more expensive and complicated your boat, the more quickly you will burn through whatever nest egg you have, on maintenance and repairs.

Since you brought up family, do they have an interest in joining you on passages, or just visiting occasionally in a port? Are they excited about joining you, or just going along with the idea because they know it's important to you? I'm asking because you might find that a smaller boat that is well suited to a few enthusiastic crew makes a lot more sense financially, while fulfilling your own desire/need to get "out there".

[Windinyoursail]

Yes the midlifecrisis is something I saw coming, don't even know if so why that is an issue?

The second part is interesting if I understand correctly.

This won't be a rebuilding project, well let's say it was not intended to be this, a throughout inspection should make this absolutely clear before I would continue.

But I think you intended to say find a similar boat that is and start such project?

That could be a path, not sure if I'm ready willing to start such a project though.

I can fully agree on your next points, my timing was some years out, but I got lucky with some investments bringing the projected end sum way closer, and I stumbled across the factual boat....

Thanks for the idea!