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Old 19-04-2017, 15:07   #16
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How would you spend $1mio - with a twist

The age thing is very relevant.
It wasn't too long ago at all when I was thinking I needed to reroof the house that I had an epiphany, I wouldn't need a 30 yr roof. I have gone my whole adult life knowing that you buy the best roof there is, and maybe it will be a long time before it needs redoing.
However I realized I had no more need of a 30 yr roof. Sobering thought.
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Old 19-04-2017, 16:53   #17
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re: How would you spend $1millon - with a twist

20% of my worth is max I would spend on a boat. The rest goes on bricks and mortar owned outright that provides my income.

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Old 13-06-2017, 22:56   #18
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re: How would you spend $1millon - with a twist

Assuming no other income and you don't want to spend down the principal, then you have to be very careful not to overspend on the boat. Seems that would be a fast way for the dream to come to an end. You mention 50%, that seems insane to me.

I'm still 5 or less years out, but running the numbers I constantly fight the urge to buy the boat I want.

I hope I can stick with the plan to buy an affordable boat (approximately 10-15% of net worth). Start using boat and upgrade as you go using the income from what the remaining net worth generates. I don't want to be one of those people who do nothing more than a few day sails all while working on the boat for years and either lose interest or circumstances change and can't shove off for the adventure. Or to buy a boat that is so expensive, that I can't afford to properly insure it, maintain it, etc.

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Old 14-06-2017, 01:05   #19
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re: How would you spend $1millon - with a twist

As others pointed out - many things are missing in OP. Age, ability and willing to do repairs/maintenance on the boat, current lifestyle (ability to live on cheap). Planning to go single handed or with wife/company. In my opinion, all these things make crucial impact on numbers.
I'm in similar position right now - trying to make similar decision. I'm in late forties. My life style - living on cheap, avoiding any dealers, brokers, services, parking fees, etc., etc.
I'm willing to learn ANYTHING that helps me to avoid stupid fees or charges.
And I know it will be same way if I'll buy the boat. So I HAVE to have big boat, which would be able to carry all the tools I need (lots of them - almost complete workshop!). Sailrite sewing machine - a must. Therefore - living on the hook almost all the time, ability to beach the boat (catamaran) - a must, avoiding all countries with stupid charges and fees. I'm absolutely fine with spending time for repairs and maintenance.
So, from my point of view - big nice used catamaran, 500-600K (I wish it would be 700-800K - so much more options!). Huge solar/battery bank, to minimize further fuel expenses. The rest of money - for cruising, spending EXTREMELY carefully. Never single handed - 4-6 persons onboard (probably 4), sharing expenses. Occasional private charter here and there, no advertising, only people I know, so under radar. Maybe video blog, with some potential income from it.
It would be nice to have some backup though (property for example) for emergency or retirement after cruising. If none, numbers should be adjusted.
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Old 14-06-2017, 01:13   #20
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re: How would you spend $1millon - with a twist

Fuel cost is an insignificant expense in the big picture. Our boat will only consume around 225 gallons over a five month cruise covering 1500 miles. Sails cost $22,000 to replace.
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Old 14-06-2017, 01:39   #21
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re: How would you spend $1millon - with a twist

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Fuel cost is an insignificant expense in the big picture. Our boat will only consume around 225 gallons over a five month cruise covering 1500 miles. Sails cost $22,000 to replace.
Depends on lifestyle too. What if you will do daily cooking for 4, daily hot shower for 4 (not saltwater of course!), big refrigerator and freezer, AC whenever you wish to cool, laundry as needed, dehumidifiers to keep tools and equipment dry, dive compressor...

Additionally, I'd really love to have hybrid propulsion - let say, to be able to go 4-5 hours on electric. That would help a lot in many cases - around anchorage, any short trip with no wind/wrong wind/directly against wind, exploring islands etc. I'd never start diesel engine unless I absolutely had to. With hybrid propulsion, and enough energy in batteries - it's no-brainer! Just go! Huge solar will fill batteries later.
Regarding the sails - fortunately, sails don't need replacement every year, but that cost also needs to be calculated and considered.
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Old 14-06-2017, 01:59   #22
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re: How would you spend $1millon - with a twist

$200k tops on a multi that I could do all of the work on, & that's beachable when I so choose. Big enough to carry my tools, but not so big that I'm forced to by laminated Vectran sails. The rest is banked in investments, with a nice parcel of land somewhere in the mountains; PNW, New Zealand, S. America, other?
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Old 14-06-2017, 02:30   #23
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re: How would you spend $1millon - with a twist

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$200k tops on a multi that I could do all of the work on, & that's beachable when I so choose. Big enough to carry my tools, but not so big that I'm forced to by laminated Vectran sails. The rest is banked in investments, with a nice parcel of land somewhere in the mountains; PNW, New Zealand, S. America, other?
You are lucky. My tools would take one of the cabins and have hefty weight, so small catamaran probably will sink I love them - they saved a lot of money in my life, even though I've spent little fortune on them Big catamaran for $200K is VERY old catamaran, which is not unacceptable for me for many reasons.
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Old 14-06-2017, 02:54   #24
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re: How would you spend $1millon - with a twist

On a cold molded, or composite boat, most of the tool work will be mechanical in nature; rigging, engines, deck hardware. Otherwise the majority of the labor is cosmetic, meaning paint. And with a lot of power tools fiscally it makes the most sense to buy them (sometimes pre-loved) at the outset of the job, & sell them when you're done. Thus recouping 75-80% of what you spent on them. And I've little enough love for grinders to carry 7 of them around the globe with me, a couple are enough.
Other than the luxury of a drill press with a milling vise, I can't see having much in the way of fixed tooling onboard. Lots of hand & portable ones though. Some of which help to keep good will thoughout the fleet, or perhaps sometimes a bit of spares or stroes onboard.
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Old 14-06-2017, 03:35   #25
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re: How would you spend $1millon - with a twist

EDIT: So as not to jack this thread, but to further one of it’s valuable themes. That of having a patch of land to call your own,possibly to return to later on, I started another thread about such.And would greatly appreciate everyone’s input on it.There are a few questions in it that might be worth answering twice, once being later on after taking some time to ponder on them.And feel free to do so.The more in depth, well thought out answers in there the better.Ditto on related questions you feel worth posing on the topic (& related).
Thanks.

Here’s the thread àhttp://www.cruisersforum.com/forums/f128/post-cruising-retirement-land-where-and-why-186296.html

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Old 14-06-2017, 03:53   #26
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re: How would you spend $1millon - with a twist

I would spend around $250-350 on a sailingboat – and it would have to be a sailingboat not a catamaran - and this would have to cover refit and everything else. I would also look into buying a property that I could rent out to have rent money coming in each month, you can't just have money going out of the system you gotta have money going back into the system.
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Old 14-06-2017, 05:28   #27
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re: How would you spend $1millon - with a twist

You better be willing to spend the principle. It's as simple as that and if you aren't willing you better not go!
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Old 14-06-2017, 08:28   #28
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re: How would you spend $1millon - with a twist

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Originally Posted by ranchero76 View Post
Depends on lifestyle too. What if you will do daily cooking for 4, daily hot shower for 4 (not saltwater of course!), big refrigerator and freezer, AC whenever you wish to cool, laundry as needed, dehumidifiers to keep tools and equipment dry, dive compressor...

Additionally, I'd really love to have hybrid propulsion - let say, to be able to go 4-5 hours on electric. That would help a lot in many cases - around anchorage, any short trip with no wind/wrong wind/directly against wind, exploring islands etc. I'd never start diesel engine unless I absolutely had to. With hybrid propulsion, and enough energy in batteries - it's no-brainer! Just go! Huge solar will fill batteries later.
Regarding the sails - fortunately, sails don't need replacement every year, but that cost also needs to be calculated and considered.
Let's see....

We cook via electric, watermakers, dive compressor, big freezer, big fridge, hot showers for two once or more per day, washing machine onboard. Yep, basically all the boxes checked. Diesel is amazing on how much energy is stored inside.

Forget hybid propulsion.... a total waste of money. Diesel takes care of everything for a lot less.
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Old 14-06-2017, 08:53   #29
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Re: How would you spend $1millon - with a twist

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It also depends on your age. If you are over, say, 60 then I wouldn't feel bad about spending up to 300,000 on the boat. 700,000 will take you 23 odd years to go through at 30,000 a year with no interest earned. So should last till your death bed with interest earned.
I'm in my early 40's so to retire now I need enough to be able to live off mostly interest if not fully.
So for me in this scenario, I would spend 150,000 on purchase and refit, then try to spend below the interest earned to build the principal back up. If things go well, you can always upgrade.
Its even better if you have some SS coming in a few years. A good SS check is almost the same (better than?) a million in the bank. I was surprised at how much our SS meant to us when we did our retirement planning.
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Old 14-06-2017, 09:49   #30
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Re: How would you spend $1millon - with a twist

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Its even better if you have some SS coming in a few years. A good SS check is almost the same (better than?) a million in the bank. I was surprised at how much our SS meant to us when we did our retirement planning.
yes in my planning a lot has to do with getting to SS, at which point our savings start growing again
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