remote workers financing a live aboard

[aybabtme]

As I said, I don't know their financial details. But to folks saying they don't know how to manage money, I think y'all underestimate how much it costs to be based in Silicon Valley. They're nomads but still have a base here and I guess they pay their taxes here too. It's not cheap. Also people in our age range usually are not so far away from having finished college, with the student loans that come with it. I know that my family isn't living egregiously and we're not rich despite working in tech as well. My purchasing power and quality of life is far worse than it was back in my Montreal past.

Originally Posted by trouble

It sounds like your using the other person scheme to ask questions for yourself. So if you really want a bigger boat and don't want to pay cash for it, put 20% down and pay the payments you want and sail, then worry about everything else you need to do to live, this lifestyle that you've chosen. Just like landlubbers do everyday with there house and mortgage. Don't look for some cheap way to live and not pay your fair share, we all pay and pay well to live the way we do, if there was an easier was and cheaper way to do it we all would, but we all want to be legal in our endeavors so we and our children can keep doing it.

I wish! With a little infant on our lap, we're not moving anywhere anytime soon. However, their idea did question my prior beliefs. However I still think it's not a great idea, I'm not to sure I can form a solid argument as to why. It just feels wrong.

[mvweebles]

Originally Posted by aybabtme

They're nomads but still have a base here and I guess they pay their taxes here too.

That's nuts. Savvy residents from high tax jurisdictions such as California, NY, NJ, Illinois, etc. have been arbitraging tax status for years. It's why so many high net worth individuals and athletes live in Florida. When I moved from San Francisco to Florida in 2004, I realized almost a 10% bump in income.

If your friends are truly nomads with that type of income, they could almost make their boat payments on tax savings alone.

Good luck

Peter

[ArmyDaveNY]

Originally Posted by mvweebles

That's nuts. Savvy residents from high tax jurisdictions such as California, NY, NJ, Illinois, etc. have been arbitraging tax status for years. It's why so many high net worth individuals and athletes live in Florida. When I moved from San Francisco to Florida in 2004, I realized almost a 10% bump in income.

If your friends are truly nomads with that type of income, they could almost make their boat payments on tax savings alone.

Good luck

Peter

This is one of the reasons we (NYC) are losing over 140 middle class people PER DAY. They are moving to other states with significantly smaller tax and cost of living burdens. A well known socialist politician here was embarrassed recently when her own mother moved to Florida and bragged how her property taxes went from $10K per year to $700 per year. Needless to say, some of the media were all over that.

[BlackHeron]

Rich people's problems.

Income rich, but asset-poor. One accident or medium can't-work sickness and they are on the street penniless and homeless when they can't maintain their lifestyle rent.

These people may already be destined to be out of a job even right now, despite being able to work from home if the companies they are working for at the moment go under soon because of the plandemic.

Lots of folks are going to be scrambling for jobs soon like the world's biggest game of musical chairs, wirh half or more of the chairs disappearing on the next go-around. Many will soon be willing to swallow massive pay cuts and perhaps work at jobs they are overqualified for just to feed the family. Those lower down on the skills totem pole will need to do the same, and on all the way down until there are no more musical chairs left grabs at the bottom.

[ArmyDaveNY]

Originally Posted by BlackHeron

Rich people's problems.

Income rich, but asset-poor. One accident or medium can't-work sickness and they are on the street penniless and homeless when they can't maintain their lifestyle rent.

These people may already be destined to be out of a job even right now, despite being able to work from home if the companies they are working for at the moment go under soon because of the plandemic.

Lots of folks are going to be scrambling for jobs soon like the world's biggest game of musical chairs, wirh half or more of the chairs disappearing on the next go-around. Many will soon be willing to swallow massive pay cuts and perhaps work at jobs they are overqualified for just to feed the family. Those lower down on the skills totem pole will need to do the same, and on all the way down until there are no more musical chairs left grabs at the bottom.

I must respectfully disagree. with you Rich people problems are things like the jet has a flat tyre and they will be late for brunch in Montauk.

The problems you mention are problems everyone has. Asset poor describes a lot of people, and the less wealthy they are the less assets they tend to have.

You are very likely correct in your third paragraph. If we do go into a recession or depression, lots of people will be scrambling. If this does happen, they may well be in a better position that those who are living the traditional life. Many will be out on the street if what you say happens, the difference is that the two subjects and others like them will not have lost their house. The two subjects and others like them will not have their credit ruined as they are evicted or walk away, or their credit will be less damaged.

[trouble]

I find it hard to believe much of anything that is being said, I was born and raised in so.cal. silicon valley is like Santa Barbara, (my home town) full of extra rich who complain about work, taxes and cost of living, with never really working a hard days work, using your brain and getting paid astronomical amounts of money for it do not qualify as hard work. People in silicon valley are the same. If you really want to be water nomads pack it up and go! don't look back, burn your book of excuses. (Children are not an excuse) If you have half the talent you claim, by living where you live than life on the water is easy. It's not being able to complain about taxes and money and where you live (You want people to know where you live because it feeds your ego) that's what keeps you from doing it. You will need to set a budget, because you seem to spend like a drunken sailor otherwise you would already have paid off your loans and saved enough for a boat. (with the money you claim to make)
On the flip side if you can't figure out how to be a boat nomad and need to ask a bunch of regular old people who just live life, than maybe you should hire an attorney and sue the collage where you got your degree and get your money back.

[mvweebles]

Originally Posted by BlackHeron

Rich people's problems.

Income rich, but asset-poor. One accident or medium can't-work sickness and they are on the street penniless and homeless when they can't maintain their lifestyle rent.

These people may already be destined to be out of a job even right now, despite being able to work from home if the companies they are working for at the moment go under soon because of the plandemic.

Lots of folks are going to be scrambling for jobs soon like the world's biggest game of musical chairs, wirh half or more of the chairs disappearing on the next go-around. Many will soon be willing to swallow massive pay cuts and perhaps work at jobs they are overqualified for just to feed the family. Those lower down on the skills totem pole will need to do the same, and on all the way down until there are no more musical chairs left grabs at the bottom.

This whole forum can be classified as Rich Folk Problems. Pretty sure Dyneema soft shackles, MPPT solar controllers and similar don't come up often in most circles.

[trouble]

Well said, way to read between the lines.

[ArmyDaveNY]

Originally Posted by trouble

I find it hard to believe much of anything that is being said, I was born and raised in so.cal. silicon valley is like Santa Barbara, (my home town) full of extra rich who complain about work, taxes and cost of living, with never really working a hard days work, using your brain and getting paid astronomical amounts of money for it do not qualify as hard work. People in silicon valley are the same. If you really want to be water nomads pack it up and go! don't look back, burn your book of excuses. (Children are not an excuse) If you have half the talent you claim, by living where you live than life on the water is easy. It's not being able to complain about taxes and money and where you live (You want people to know where you live because it feeds your ego) that's what keeps you from doing it. You will need to set a budget, because you seem to spend like a drunken sailor otherwise you would already have paid off your loans and saved enough for a boat. (with the money you claim to make)
On the flip side if you can't figure out how to be a boat nomad and need to ask a bunch of regular old people who just live life, than maybe you should hire an attorney and sue the collage where you got your degree and get your money back.

Yep!
By the way, are they still using psychic investigators to assist the police?

[aybabtme]

Lol folks, really? You know, y'all don't need to write this unhelpful stuff?

Also @tremble, you can stop assuming that the question is about me and that I am these people. It's really annoying. And you're not helpful with your tirade.

[trouble]

I'm sure you already know law enforcement have (" psychic" ) officer's who are proficient in understanding human behavior, including what people say and how they say it. But you already knew this.

[zemurray]

The amount of judgement and misinformation in this thread is amusing.

To the OP, sounds like our dream. They sound like intelligent modern adults who know how to work and enjoy life. I would do it if I were them and they’ve thoroughly thought out the additional expenses of maintaining the boat, like hull insurance, etc and like sailing. Worst case is they decide its not for them after a couple years and sell the boat. The 20% down will be lost in depreciation. I also work in tech and work from my boat quite a bit. Cell service is plenty good to stay connected and work in tech, and only getting better.

For the rest of the doomsdayers and naysayers, you don't take anything with you when you leave this world. None of it is that important. Some don't like debt, I get it. Some use it with caution. Some over extend it and learn hard lessons. Most people who work and aren't involved in active addiction or mental illness wont end up on the street regardless of their bad financial decisions, and its not the end of the world. There is an awful lot of people in this world telling others how to live their lives when they should be focused on their own.

[valhalla360]

Originally Posted by BlackHeron

Rich people's problems.

Income rich, but asset-poor. One accident or medium can't-work sickness and they are on the street penniless and homeless when they can't maintain their lifestyle rent.

Actually, when the poo hits the fan (as it is now), I'd rather be asset poor. Generally big assets come with high carrying costs and when the poo hits the fan, the value of the assets plummets.

Much better to be cash rich and asset poor. If they can afford a 20% down payment they have at least $100k cash in hand.

[dwedeking2]

Originally Posted by mvweebles

That's nuts. Savvy residents from high tax jurisdictions such as California, NY, NJ, Illinois, etc. have been arbitraging tax status for years. It's why so many high net worth individuals and athletes live in Florida. When I moved from San Francisco to Florida in 2004, I realized almost a 10% bump in income.

If your friends are truly nomads with that type of income, they could almost make their boat payments on tax savings alone.

Good luck

Peter

Yep, moved from California to Hawaii, and got a 6% increase in income (due to lower taxes), then set up residency in Nevada before moving to Mexico so I wouldn't have any state income tax when I left the country. First thing a "nomad" would do is structure their taxes so that it is less.



I lived this way for a while (working remotely) and was the perfect lifestyle. Unfortunately the company I worked for when under so I had to go find a more traditional job arrangement.

[BlackHeron]

Cash is an asset...