What would you do? Go or No-Go?

[wingssail]

Originally Posted by Magic1st

Life changing events occurred. After 20 years, i was let go/laid with my current company. I have been looking and dreaming of getting away and sailing off for a very very long time...

Age: early 40's
It will just be me (but will have crew occasionally).
Starting in the Caribbean where the sale will occur.
Cost of boat- 200k (loaded and ready to go and i will cash in some equities at a premium)
Boat 42ft
My monthly income 4k
Monthly debt (child support) ~ 800.

My issue is I will have little left for my personal oh shiz fund. Maybe 20k depending upon how it shakes out for closing/ transaction costs.
I will leave myself little for retirement other than houses/apartments that I will be taking a monthly income from. And about an additional 120k in IRAs.

Last kicker-- I will have zero healthcare.....
What would you do?

Speaking as someone who actually made that move 20+ years ago (but with a partner) I would say "Go" but with some qualifications.

You are cutting it too close financially. I think you'll blow through that $20K in no time and then you'll be selling assets to keep things shipshape. In my case, and we cut it close ourselves, I had $200k in investments, plus $3400/mo in income, AFTER buying and equipping the boat. Even then we have to watch our expenses. I recommend you buy a much smaller, cheaper, boat. Find one you really love to sail (which is FUN to sail and which you can see yourself living on) and if need be allocate a big chunk for refit.

There are other concerns I have after reading your original post. "sail away" sounds like running away, like, "I'll show them!" Does not seem like the best motivation. The best reason to do this is because you really love sailing. I'm not sure you have enough experience to know that yet. So better try it out with a smaller boat and a smaller bet, to cut your losses in case you find it isn't for you. And "Party like a rock star". Wow, where does that come from? It seems immature.

Then there is the health care issue. Here I would not be so concerned. At your age you should be able to cover you basic health care costs out of pocket in many countries where you will visit. If you have a big enough cash reserve, in the event of a real health disaster, you can get a lot done in a third world country. Well, that's what we have been doing.

So, GO but do it a little smarter. Smaller boat, more cash reserve, and dip your toe before jumping off into the deep end.

[Marc1]

There is a bunch of books written on the decision avoiding issues that plague mankind.
When the OP shows some of the reasons, there is bound to be many more undisclosed reasons that prevent the Op from getting started.
None that we can answer from this side of the screen
In my opinion anyway
Or then ... may be... are you sure? ... perhaps ...

[Magic1st]

For clarification of previous post-- I party like a rock star traveling, drinking and smoking cigs (I don't use drugs!). Back to meat..



Well, after a few changes and a lot of thought....

I am going with a smaller 34' Mono. Very well equipped/updated for under $50k. I sold most rentals and getting ready to put the last few houses on the market (i'm done with rentals, I want nothing more to do with them). Investing in equities for now. I do not have the monthly cash-flow, but, I'm ok with that. I have already gotten rid of a lot of my physical stuff and should have even more gone in the next few weeks including my vehicle.

Survey this week, and probable rigging check (only thing I am unsure of age), then hope to be on-board by 1st of year. If this one doesn't work out, I have several others I am discussing with.

It's on the West Coast in Mexico, which is funny cause I always expected to be starting in FL or Carib. Never really looked or thought of starting on the West side. But it seems to be a lot cheaper cruising area.

I'll sail until I get tired of it, it sinks, or I blow through 100k (then I will reevaluate)....

I'll have to start a survey next year to see how far peeps think I got.

I have a deep nagging feeling that if I do not make the plunge now... I will never go.


Should be a fun ride......

[Group9]

Go. You can always make more money, but you can't make more time.

I went cruising at 52, and left my job at the height of my earning power, to do so. I don't regret it. How much money do you really need?

[MJH]

Originally Posted by Magic1st

For clarification of previous post-- I party like a rock star traveling, drinking and smoking cigs (I don't use drugs!). Back to meat..

Well, after a few changes and a lot of thought....

I am going with a smaller 34' Mono. Very well equipped/updated for under $50k. I sold most rentals and getting ready to put the last few houses on the market (i'm done with rentals, I want nothing more to do with them). Investing in equities for now. I do not have the monthly cash-flow, but, I'm ok with that. I have already gotten rid of a lot of my physical stuff and should have even more gone in the next few weeks including my vehicle.

Survey this week, and probable rigging check (only thing I am unsure of age), then hope to be on-board by 1st of year. If this one doesn't work out, I have several others I am discussing with.

It's on the West Coast in Mexico, which is funny cause I always expected to be starting in FL or Carib. Never really looked or thought of starting on the West side. But it seems to be a lot cheaper cruising area.

I'll sail until I get tired of it, it sinks, or I blow through 100k (then I will reevaluate)....

I'll have to start a survey next year to see how far peeps think I got.

I have a deep nagging feeling that if I do not make the plunge now... I will never go.
Should be a fun ride......

God Luck. Let us know how it all works out.

~ ~ _/) ~ ~ MJH

[wingssail]

Originally Posted by Magic1st

...I'll sail until I get tired of it, it sinks, or I blow through 100k (then I will reevaluate)....

Here is my second response to your proposal:

Go, Have a blast. It sounds like you have made a good choice of a boat and have the finances lined up.

But take a second to remember that your move to boat ownership has some responsibility attached to it.

I worry that, with your sort of frivolous attitude, when you tire of boating you might "sink it" or just walk away.

We see boats here in Mexico and other cruising destinations, where people, usually single men with party attitudes, decide they want to stop doing this boating thing. But what to do with the boat?

Often they anchor out in some port, fly home with best intentions, and fail to come back to take care of their boats.

Please Mr. Magic1st, don't be one of these people.

Cruising is actually a serious undertaking.