How Long Did You Save to Go Cruising?

[ViribusUnitis]

It took my wife and I three years to put togther enough cash to own a house ouright. It would not buy a mega yacht or even a large custom yacht. It would however buy a new production yacht in the 30-40 foot range. Don't missunderstand me. It was alought of money, but not that much.

I will probably attempt to buy a much lower priced, older vessel, and refit it to my requirements. There are many many deals to be had right now. Apperently money is scarce. If it stays that way things could work out REALLY well for me.

Am I immature and foolhardy? Probably. I hope that I'm a rather intelligent person inaddition to the immaturity. I mannaged to make it out of college with a degree in Engineering. I got out with no debt. Much was paid for by scholorships, and internships. The only debt I have ever had was for a morgage for the previously mentioned house. Having to make payments rocked me to my core. I will NEVER make payments on anything ever again. I wasn't really saving money for something. I was attempting to get out from under the house note. It REALLY bothered me, and I've learned that I am increadably debt adverse. I sold the house last friday. The money will be in the bank this week. WAHOO! I'm currently living in a house paid for through an allowance by the company I work for. When it is time to go, there is nothing holding me down to here.

Now to make the krusing kitty. It costs me about $3000 per month to live on land, $1000 of which is the housing allowance. So $2000 per month for me and my wife. I pay a damn fortune in taxs. I figure if I own the boat outright, I need to cover at least $2000 per month in income. And with no longer saving for the kitty, I can tell the tax man to bugger off after this is over. The finance people say 4-5% per year can be reliably extracted from interst on an investment. That makes it simple math from there. Depending on the assumptions for the cost of living, price of the boat, rate of inflation, and rate of return on investments, in 3 years I could be REALLY well off. Or just slightly well off.

Oh well, at somepoint you just have to damn the models to hell, and roll the dice. My model (my gut) says that 2008/2009 was similar to 1929. 2010 could well be 1930 for the stock and credit markets. Lets roll some dice!

As far as the work ethic requireing a good peroid of work. I feel similar to the poster that says that it wouldn't feel right to do it for less than 20 years. However, saving is also a important virtue. I think I'd be OK with making peace with having a level of investments that pays for my life style. I'll know that my savings have been invested into companies that are employing other people. I'll have done "my part" to help mankind. At least that's what I tell myself.

[RickD]

You are NOT foolhardy and immature. And I wrote something on one of my blogs the other day about "paying too much in taxes" and was INSTANTLY taken to task by someone who seems to think that none of us "pay enough taxes".

It's that precise type of person that I'm sick of paying for myself. I'm getting out of the business of making a buck and paying heavy fines to the US government for doing so. While I certainly will continue to "be taxed" to death over any gains on my savings (when you withdraw from certain types of funds you are taxed on the money if it wasn't taxed to begin with, or you're taxed on your gains...) I won't be making the kind of money I make NOW and therefore, I won't be a "productive, contributing member to society" any more.

Thus - putting a lot of people who don't pay jack now out on their ears when it comes to welfare and other "gimmies" that they get now.

My point is, do for you and your family. Don't do for everyone else first. You and your spouse come first (or your children if you have any).

And honestly, if I could have chucked "normal life" a long time ago and raised my kids as sailors, we'd have ALL been better off. MOST of them, even though they don't want to see the "center of their world" going away will likely follow in our footsteps soon enough.

What your "virtue" comes down to is the innate need for us to "do" something. We want to be proud of ourselves in the work force, contributing members to society, etc.

I have been. I'm done though.

If you can go sooner, do it. But only if you have a plan. THat's the most important part.

Don't do this UNLESS you have a well thought out, written down on paper plan.

[ViribusUnitis]

Originally Posted by RickD

Don't do this UNLESS you have a well thought out, written down on paper plan.

How about written down in Excell and Word? While I must admit there is something like about the permanate of paper, the flexability of software really impresses me. (when the yeilds arn't what I assumed, it's a quick recalculation to find out where I need to go.)

I'm part of the younger generation. We don't work with paper much anymore. Who say's I'm not immature and foolhardy!

[RickD]

Originally Posted by ViribusUnitis

How about written down in Excell and Word? While I must admit there is something like about the permanate of paper, the flexability of software really impresses me. (when the yeilds arn't what I assumed, it's a quick recalculation to find out where I need to go.)

I'm part of the younger generation. We don't work with paper much anymore. Who say's I'm not immature and foolhardy!

lol

I meant "written down" as in planned, and put down in some form of media.

I use Open Office instead of the MS products, but, yeah, that's what I meant. lol

Truth is, I only work with paper when I have to. But I still talk in Morse Code sometimes.

[Fullmoon]

When considering how long to plan for your cruising life, consider this. 15 years ago my nephew died from cancer while in his 20's. My niece (his sister) is 5 years in remission from cancer. In November 2007 my wife was diagnosed with cancer and died in April 2008. In 2008 my son was diagnosed with cancer and is considered to be in remission. Three days ago my sister died from cancer after a very short illness. I was planning to become a cruiser after my house sells, which it hasn't. I am picking up my boat on Feb. 26th and will set out for the BVI in April. I decided that I would rather die broke, although that is not likely to happen, than be on my deathbed regretting not going on my adventure. Some support my decision, some don't. It makes no difference.

[ViribusUnitis]

Fullmoon,

I've really noticed that time has passed in the last year or so. I'm young. I'm 27. That is young. There is no other way to put it. And yet, I can't help but feel like my life is sliping away from my hands, and there is little I can do about it.

Up untill this point in my life I've always been prepering for something. In high school I prepered for college. In college I prepered for work. At work, I prepered for the day I'd have the house paid off. Everything will be great when I've got the house paid off.

And now I'm there, and I'm realizing that I'm not really happy. I wasn't sure why, but I knew I wasn't happy. And then I did the thing that most of us do. I watched the movie of all silly movies, "Captian Ron". The line the wife says toward the end, something like "The way I see it, we can go back to our old jobs, our old life, and our old house, or NOT!" That stuck a chord with me.

I've always loved sailing as a kid. Both the idea, and the action. I've loved boats. So this seems like a natural progression for me. And this time when I get to the point of "everything will be great when..." I'll have an idea of how to make it great.

I guess there is something that happens in your late 20s where somepeople realize what really matters. I noticed that many people go completely nuts about this time in their life!

[anotherT34C]

One of the (few) benefits of getting older is that you begin to learn (if you pay attention) the things that make you happy. You might not know yourself yet.

I'd not attempt to jump in with both feet at this point. There's an excellent chance you won't like the lifestyle, or that it'll bore you in short order. Why not buy a smallish cruising boat today, and see how you do with that?

[jkleins]

Originally Posted by anotherT34C

One of the (few) benefits of getting older is that you begin to learn (if you pay attention) the things that make you happy. You might not know yourself yet.

I'd not attempt to jump in with both feet at this point. There's an excellent chance you won't like the lifestyle, or that it'll bore you in short order. Why not buy a smallish cruising boat today, and see how you do with that?

In my mind that is exactly the kind of incrementalism that would cause me to lose interest. There are so many things vying for attention at that age I preferred to jump in with both feet instead of spread my attention around. I guess that is why I have a boat but no kids.

Jim

[mintyspilot]

My wife and I have just started our plan to pack up and go in April 2016 on our 25th wedding anniversary. We are saving already and we have some investments that will come due and by then the youngest kid will be 19.

We could sell the house but the mortgage will be nearly paid off at that point and we will look at sub-letting for rental. We are budgetting £50K for a used boat that we can refurb and we plan to take sailing courses and get certified over the next few years. We will also be looking for skills that we can acquire and use whilst cruising.

The spreadsheets are filled with projections and we will track our progress against them. In April 2016 we go. If we have to sell the house to do it then so be it, but we are going on that date.

We plan to buy the boat the year before and spend 12 months fixing it up the way we want.

We have a lot to do.

[ViribusUnitis]

Originally Posted by anotherT34C

One of the (few) benefits of getting older is that you begin to learn (if you pay attention) the things that make you happy. You might not know yourself yet.

I'd not attempt to jump in with both feet at this point. There's an excellent chance you won't like the lifestyle, or that it'll bore you in short order. Why not buy a smallish cruising boat today, and see how you do with that?

There is a point to buying one step at a time, and easing your way into something. I have thought about it. A smaller curising boat would probaby help me teach the wife to sail and navagate. I can see the logic to it.

However, I don't multi-task well. My job is a jealous misstress, and doesn't allow many other activies in my life. I'm afraid that if I bought a small crusing boat, not a daysailer like maybe a Hobbie, she'd just sit empty and unloved in the marina. My wife would glare at me when we went out because it wouldn't be relaxing for her. It would be a rush to get away from the house, drive down to the marina, spend some time in a boat that you can't make all that comfertable, and then drive back to make sure your not late for work again. My wife would be mad about spending time on a uncomfertable bed in the hot Texas summer with no way to cool off. In short, I wouldn't spend much time with the boat at all. The money and effort would be wasted.

My wife isn't into sailing. She loves to travel, and absouletly loves beachs. She LOVES sight seeing, and traveling through country, looking at things. She doesn't love sailing, at least not yet. She doesn't hate it, but she doesn't like to sail for sailing's sake. To go out and sail, and practice wouldn't be fun for her. It would just be work. And honestly, I can't disagree with her. It wouldn't be fun, it would just be another form of work.

A Hobbie or a fast sailing dinghy I'd love. I rather enjoy the experence of a cat flying a hull. However, that is a VERY diffrent experence from the books describing crusing I've read.

The part about the crusing life style that I want, that I desire isn't spending nights on the water in a rushed hussle trying to get everything in. It's spending nights on the water, and if I don't wake up till noon for the next two weeks, nobody is going to bother me. And that is all the diffrence.

On the other hand a charter isn't out of the question.

[David_Old_Jersey]

Originally Posted by ViribusUnitis

I guess there is something that happens in your late 20s where somepeople realize what really matters. I noticed that many people go completely nuts about this time in their life!

It may start around then - but it don't stop But IMO questionning WTF am I doing and why on a regular basis is no bad thing.

But as often the case we tend to overlook / take as a given what we do already have..........especially health and partners. Part of human nature I guess

FWIW I ain't been anywhere longterm cruising, but was a similar age when I jumped off the corporate ladder (for me it wasn't far to jump ) for much the same reasons as you, simply wasn't making me happy / recognised that what I was doing was pointless (work & personal life) - no boat though, a RTW ticket by Jumbo Jet . And so began 10 years or so of extended travels in SE Asia - interspaced with working "back home" - to keep me hand in / make sure the pot never ran dry. Learnt a lot along the way about life, people and business, got into a few adventures, did a lot of Fun (& dumb ) stuff and married & buried a wife........15 years later I find myself "back home" for a couple of years already, now seeking another reason to look over a hill or to find a reason why this hill is ok. So personally I am kinda back to square 1 .........but nonetheless a journey through life that was worth making.

But workwise am doing a lot better (and happier with it!) than I ever would have from never leaving, as I got the opportunity to learn a lot along the way (benefit of being nosey ) that has translated well into being self employed / having a few fingers in various pies.

Saving up for extended crusing? I wouldn't head off potless, but at your age I wouldn't be looking to save for my pension pot -a bit of wit and some hard work goes along way in life..........finding out what makes you and the wife happy together would be my no.1 priority (and it might not be boats ), after that everything else follows - even the dull / boring stuff is "good".

[anotherT34C]

Originally Posted by ViribusUnitis

There is a point to buying one step at a time, and easing your way into something. I have thought about it. A smaller curising boat would probaby help me teach the wife to sail and navagate. I can see the logic to it.

However, I don't multi-task well. My job is a jealous misstress, and doesn't allow many other activies in my life. I'm afraid that if I bought a small crusing boat, not a daysailer like maybe a Hobbie, she'd just sit empty and unloved in the marina. My wife would glare at me when we went out because it wouldn't be relaxing for her. It would be a rush to get away from the house, drive down to the marina, spend some time in a boat that you can't make all that comfertable, and then drive back to make sure your not late for work again. My wife would be mad about spending time on a uncomfertable bed in the hot Texas summer with no way to cool off. In short, I wouldn't spend much time with the boat at all. The money and effort would be wasted.

My wife isn't into sailing. She loves to travel, and absouletly loves beachs. She LOVES sight seeing, and traveling through country, looking at things. She doesn't love sailing, at least not yet. She doesn't hate it, but she doesn't like to sail for sailing's sake. To go out and sail, and practice wouldn't be fun for her. It would just be work. And honestly, I can't disagree with her. It wouldn't be fun, it would just be another form of work.

A Hobbie or a fast sailing dinghy I'd love. I rather enjoy the experence of a cat flying a hull. However, that is a VERY diffrent experence from the books describing crusing I've read.

The part about the crusing life style that I want, that I desire isn't spending nights on the water in a rushed hussle trying to get everything in. It's spending nights on the water, and if I don't wake up till noon for the next two weeks, nobody is going to bother me. And that is all the diffrence.

On the other hand a charter isn't out of the question.

I wish you the best. Bottom line is, taking off at 30 isn't going to ruin your life one way or another, so don't sweat it.

Three years is a pretty ambitious goal. You sure it's realistic? Your wife an exec at J.P.Morgan or something?

[Bash]

When I turned 50 I made two decisions. The first was that the boat we owned at the time was not the dream boat we wanted to cruise away in. The second was that I was enjoying my work too much to retire early, by which I mean that I don't want to retire prior to the age of 65. So we sold the boat we had, bought a new boat on a 15-year mortgage, and restructured our investment portfolio so that we could cruise comfortably once the new boat was paid off.

[maxingout]

I went to Arabia on a five year plan which mysteriously extended itself out for a longer period. I eventually decided to bail out of Arabia at year ten when I was 45 years old.

My master plan was foiled by Gulf War I. We were in Riyadh dodging Scud missles, and we decided to take a vacation from the war and visit the USA. We were evacuated out on a militray flight, and when we arrived in the USA, it happened to be time for the Miami Boat Show. We went down to Miami, and for the first time in my life, I climbed aboard a catamaran. My wife fell in love with the catamaran, and my fate was sealed. A few weeks later I was back in Arabia earning more Freedom Chips to pay for a more expensive dream that did not heel over when underway. Our upgrade to a catamaran cost me one more year of work in Arabia.

When I pulled the plug on Arabia after 11 years in the Magic Kingdom, I headed for Florida to our new Catamaran, and in about four months we were underway on our sailing voyage around the world. The rest is history.

I think we were lucky that we purchased a Privilege 39, as it was a very robust catamaran, and did not require extensive modifications to make our trip. It was nearly a plug and play catamaran voyage.

[ViribusUnitis]

Originally Posted by anotherT34C

I wish you the best. Bottom line is, taking off at 30 isn't going to ruin your life one way or another, so don't sweat it.

Three years is a pretty ambitious goal. You sure it's realistic? Your wife an exec at J.P.Morgan or something?

Well there are alought of ways to ruin a life. I'm 99% sure that what ever I end up doing isn't going to ruin it.

3 years is ambitious. However, the math indicates that it isn't impossible. 3 years to a paid off house was ambitious as well. It happened. I truely belive your going to give it a go, give it everything you've got. And if you fail, your still much farther than you would have been otherwise. It may not happen, and I won't be heart broken if it doesn't.

Then again, if I'm right and 2010 is 1930, I may be doing it alought sooner than I planned!

I'm an engineer and my wife is a teacher. We make good money, but not JPMorgan executive kind of stuff.