Sailing or not sailing?

[maijipo]

Hi guys.

I lost my job on week ago, got 100.000 $ and have about 140.000 dollars in our bank account.

We used to sail during weekend on a 33 feet boat and our plan was to live on board in a few years (I am 51 year old)

My first reaction was of course to look for a new job. The software market is very competitive so it shouldn’t be too hard. However, thinking about it, the question is of course, do we have enough to start sailing and leave on board.

This was our plan in a few years, but can we do it with our current capital?

Without a minimum of income per month I see it very hard. Even with 2000 – 2500 dollars per month average spent, our money will not last more than 5-6 years. And that is not counting on buying a new boat.

Another possibility we were thinking, is to buy a boat and organize charter to get some money entry. Now looking at the regulation in Europe and US it is very expensive. Insurance, licenses etc..etc…
I was wondering what the legislation in country such are as Costa Rica. I
tried to find some info but didn’t really find any good information

I am very interested by your opinion if you have any experience of this
situation.

Thx in advance.

C.

[mvweebles]

Can it be done? Sure. Read Lyn/Larry Pardee or watch Project Atticus YouTube channel. Should it be done? Personal decision on how you feel about your nest egg at 51, kids, etc. Interesting choice may be some sort of hybrid where you work remote. Ties you to internet, but becoming increasingly viable for some, especially fields like SW engineering.

Sorry to hear of your job loss. Hope it's a silver lining.

[mvweebles]

Latitude38.com is an incredible resource - it's a free magazine with a distinctly hippy and cruiser vibe based in San Francisco Bay Area and is legendary amongst west coast cruisers. If you're not familiar, read through their archives - very least, download the PDF on cruising Baja. I know it's the west closet, but much of their info is geographic agnostic. And gives tips for every budget.

Not my place to pass judgment, but $2k/mo at 51 is a non-starter. $1k is achievable, of you stay out of marinas/bars, keep your boat simple, and don't have any expensive habits

http://www.baja-haha.com/GuideIndex.html

[gonesail]

Originally Posted by maijipo

Without a minimum of income per month I see it very hard. Even with 2000 – 2500 dollars per month average spent, our money will not last more than 5-6 years.

once you stop working it can be tough to get back in .. speaking from experience. you know .. holes in resume and obsolete experience. unless you have an income stream you would be watching your savings disappear. on the other hand it would be good to get out of the office and breath for a while. sometimes it is better to get the boat while you are still working .. especially at your age.

[Shenandoah52]

Originally Posted by maijipo

My first reaction was of course to look for a new job.

Good call. Follow your instincts. If you get a new job you can always go sailing, you'll always have options, and you will be in control of your situation. The other way? Not so much.

Taking a sabbatical from work for a few months and sailing is one thing. Rolling the dice with your nest egg and hoping for the best is a fool's errand.

And something else I want you to consider... Right now you are 51, about my daughters age, and you still have viable options for employment. Once you get 'out of the loop', so to speak, you will have a much harder time trying to find employment. That's just a fact, that not some internet anecdote.

Go with what your heart tells you to do but keep in mind some decisions have lasting impacts that can't be undone.

[gamayun]

Sorry about the job. That's not a bad nest egg to be sitting on while you consider your options. What about taking a 6-month sabbatical with the 33-footer and then jumping back into the job hunt? I think something like that can really charge up a person and provide some new perspectives on the future. Of course, that depends on whether you have a boat that can allow this and whether your partner can also quit their job for a while. Alternatively, you could take some time to see if you can build an independent gig job. Tech work can be highly portable, but it takes some finessing if you're off grid for periods of time. All the best in your decision!

[Fence Man]

You can shear a sheep many times, but you can only eat him once. Why not invest the $240k in a rental property with a good return? Instead of living off the savings, you could live off the profits, and retain your net worth. I realize that this is an oversimplified version of how it'll go, but it's worth taking a look at. At the urging of a fellow forum member, my wife and I have started into the multifamily rental business, and can report that it's more profitable than single family units...generally speaking. Every challenge is an opportunity, so congratulations on your unemployment!

[akprb]

Originally Posted by Fence Man

You can shear a sheep many times, but you can only eat him once. Why not invest the $240k in a rental property with a good return? Instead of living off the savings, you could live off the profits, and retain your net worth. I realize that this is an oversimplified version of how it'll go, but it's worth taking a look at. At the urging of a fellow forum member, my wife and I have started into the multifamily rental business, and can report that it's more profitable than single family units...generally speaking. Every challenge is an opportunity, so congratulations on your unemployment!

We took this route as well and took off for a decade sailing. It took a decade to build the business but that was the cost.

The other benefit? The buildings were all waiting when we got back from New Zealand in 2012 and have been growing ever since along with other business we have found ourselves drawn into. (Come on by the Carousel Lounge in Anchorage Alaska for starters!) Shameless plug that I hope the moderators don't flag!

Any passive income works.

The other posters who mention the hazards of leaving, especially the tech arena, for a period of time are offering good advice.

I like the six month idea another had. My guess, after three months of cruising you will be ready to get back to work.

Food for thought :-)

[barnakiel]

What I say I say it from the perspective of someone who has been living aboard and sailing last 15 years.


Our rtw trip cost us about 15k and additional 15k sunk in boat purchase. It was a good 4 years' adventure. Now living in a small boat and occassionally visiting the Caribbean costs us some 6k a year. Off course, MORE is better. I only say how much it actually takes as a low base reference point. There is no upper limit though.



When you say 2.5k a month you say this from your $$$ live perspective. It is possible to sail and live with way less than that. Way. And also with more, if you have more.


How much you need to go sailing depends nearly exclusively on your present lifestyle. You can make adjustments and live and sail on a quarter of the amount you imagine. Mind most people will not.


Which brings me round to my point: DO NOT STOP WORKING.


Instead, re-form how you work. If you are in the IT / programming corner, you sure can work remotely, with only occassional fly-ins. Then you can grab what you have and go cruising as soon as next year. You will work your ass off in the cyclone seasons, deliver the goodies to the market, then sail worry-less for 6 months each year.


You are nearly already there, I think.


Re-shape how you work.
Buy the boat.
Sail some, work some.


The time is always now. Do not quit your work. Have the best of both worlds.


Cheers,
barnakiel

[thomm225]

Your biggest problem may be to adjust to the slow lifestyle of sailing sometimes without the internet and/or with anything to accomplish for a full day!

You might want to try it locally at first and on a low priced or rental/chartered boat

[sailorchic34]

Gee I lived for 5-6 years on $500 a month after being right sized in my 50s (54). It happens to lots of 50 somethings.

Of course, I was already living aboard at the time. Get a good 34-36 foot boat for LESS then $20k. Sign up to freelance sites and take a few cheap jobs, just to get established. You could make another five hundred to a thousand bucks a month or more, working from a boat. That far outways the best day in the office. Do a bit of travel relax, reduce expenses and life is pretty good.

It can be done.

[sailorboy1]

I say (and did) work another 5-6 years, save save during that time frame. Leave to go cruising till you are around 56-57 and have about $500k plus a paid for boat where you leave.

Then again it matters now and later what and where you plan to cruise. (look into blogs etc with documented costs and compare their living to what you plan to do to have an idea of what it will cost YOU)

[conchaway]

You only go around once.

[Chotu]

Only slightly off-topic. What are your areas of expertise and do you have any interest in some minimal time requirement contract work? Any skills with making calls to browsers? Things like getting location services from the browser? Mobile web apps? Progressive web apps? I need to hire somebody on a contract basis in this area.

[gamayun]

Originally Posted by Chotu

Only slightly off-topic. What are your areas of expertise and do you have any interest in some minimal time requirement contract work? Any skills with making calls to browsers? Things like getting location services from the browser? Mobile web apps? Progressive web apps? I need to hire somebody on a contract basis in this area.

Sailors helping sailors. Nice....