What would you do? Go or No-Go?

[sailorboy1]

Just a note, if you cruise for only 1 year, or 2 years,or 3 years, you didn’t fail. You just moved on or changed your mind and goals. There’s nothing wrong with that.

[boatman61]

Originally Posted by sailorboy1

Just a note, if you cruise for only 1 year, or 2 years,or 3 years, you didn’t fail. You just moved on or changed your mind and goals. There’s nothing wrong with that.

Nicely put..
1 mans failure is anothers success or.. better to have tried than just curled up and died.

[mglonnro]

Interesting, that health care question.

Once you decide you want to live "the rest of your life" on a boat (and currently happen to live in a country with expensive health care), would it be beneficial to start the project by migrating to an EU country with free or low-cost health care?

Real life isn't usually that easy, of course, but just a thought.

[letsgetsailing3]

No Go.


Here's why.

That's not the right boat with your current financial situation. You need a smaller boat, and bigger savings.

With $800/month child support, you've got a dependent. That's a priority. That kid's going to need an education, and a dad who doesn't become dependent on them someday.

Your future isn't squared away, and your health care isn't taken care of. So it's a big no from Suzie Orman.

That said, nothing is stopping you from getting a smaller boat that you can actually afford and that doesn't break you financially if the S___ ever hits the fan, and cruise for a year before coming back to reality and getting a job. Or, better yet, sail locally while looking for a job, as you're in your peak earning years.


Live smaller, and build up that cruising kitty.

[Sand crab]

Why not get a smaller boat like a Gemini? Fit's in a standard slip. good for the Bahamas/east coast, around $100,000. There's lot's to love.


As long as Obamacare was brought up here are the facts.
1.You can't be denied or cancelled for pre-existing conditions.
2.Children can stay on the policy until age 26.
3.No cap.
4. And more.

These items were regularly imposed or denied unfairly by the insurance companies before the ACA and now they have to provide these. Everyone in the US that has health insurance now has Obamacare so get used to it.

[thinwater]

It sounds to me like he understands the finance side, and to some extent the cruising side, so I will leave that to others.


You just had one life change. There WILL be others. Health; one bad accident or a chronic illness (you won't be able to get healthcare then). Meet someone. get tired of it or get another interest. The point is, experience suggests this is a 3-7 year thing. Sell the boat, move back on land and pursue something else.


Which isn't to say it's not a good idea to go for a little while. The timing is probably as good as it gets. But preserve a return strategy. It can be more expensive than you think.


I would rethink the health care bit. That could ruin you plan.

[akprb]

We did it from 2002-2012 and sounds very similar to your situation. We ended up in New Zealand where we lived for 7 years.

Consider a hybrid. Can you keep investing in Real Estate and take time each year to return? I found a bit of both better than all or nothing. Keep one small apartment or furnace room with a bed for you :-)

Get a cheap catastrophic policy or check out Liberty or Medishare (very inexpensive). If your income is close to nil then get your free Obama Care. Even with the high deductible won't cost you much and if you get Cancer you'll be covered. Surprised you have not done that already as we were told everyone would

Another idea, buy a <100K boat. I just sold our Hunter Legend for less than 70 and she would have taken you anywhere very comfortably and safely. There are PLENTY of sub 100K monohulls out there in great condition.

My vote? Go.

[thomm225]

Originally Posted by letsgetsailing3

No Go.

Here's why.

That's not the right boat with your current financial situation. You need a smaller boat, and bigger savings.

With $800/month child support, you've got a dependent. That's a priority. That kid's going to need an education, and a dad who doesn't become dependent on them someday.

Your future isn't squared away, and your health care isn't taken care of. So it's a big no from Suzie Orman.

That said, nothing is stopping you from getting a smaller boat that you can actually afford and that doesn't break you financially if the S___ ever hits the fan, and cruise for a year before coming back to reality and getting a job. Or, better yet, sail locally while looking for a job, as you're in your peak earning years.


Live smaller, and build up that cruising kitty.

[Magic1st]

Thank you to everyone for the replies and the insights! (sorry for the long post!)

There is always more to the story, I just provided the basics. A little more info based upon the comments..... and for me just to write it down for my own thoughts.....

1. I am beyond aware that the boat is a financially bad decision, it is the opposite of an investment....

I would have a million more if properly invested in the next 20 years for what I would end up spending..... That would put me at age 60, which some people still consider an early retirement.....

2. I do have some experience, just not cruising. I completed my final bareboat ASA 104 and just chartered in Croatia last year (as crew)... LOVED IT. I do consider myself a novice until I get more experience....

3. I am looking at a used cat, hence the ~200k price tag. I am well aware I could get a very nice mono at half the price or even better. I did bid on a few, but, the deals fell through previously. And I thought a cat was out of my price range, until I started evaluating my numbers.

4. I am not looking to work, not for now, not in the 9-5 rat race sense... I hated what I was doing. I do have a couple of master degrees and enough experience to go back to work anytime I want. But I do not have to for now. And, I could probably do it from around the world if I wanted to. I haven't worked in an office for the last 8 years.

5. Insurance concerns me... I do have insurance for the next 6 months and I think i can extend it to 1.5 years (cobra). It's just me for $450 a month. Which, i will have to budget for for now..... I will have to evaluate Obamacare or other options eventually regardless....

6. Kids..... My oldest has a full ride (full ride does not cover everything) to a very good school. I have already paid for the 1st two years plus some for her. She will be fine. My middle is finishing high school (out of my state due to x-wife work issues). She has a full ride lined up as well and I have a small 529 for her and my youngest. My youngest is starting high school. Her mother (my 2nd X-wife....) is pretty well off since i gave her a boatload of funds due to the divorce and she has a good job.

My kids are very aware of what I am planning on doing (cruising around the world). They are all for it, since it means a nice exotic vacation for them whenever they want.....

I paid my financial dues to all three of them imo. And I hope it will be a great experience for my kids as well. I hate to instill in them that the 9-5 rate race until you are dead is the only option.... i'm finding out that line of thinking is not for me... never again....

I guess they will just get a boat instead of $ as an inheritance.. maybe.. lol...

7. Passive income from rentals is a minimum of 4k. That is the average per month net after conservative vacancies/repairs/taxes. Some months it could be a couple thousand more, but, 4k is more realistic taking into account repairs and a PM.

8. I hate where I am currently living... In multiple respects. Land locked, closest lake good for sailing is 2 hours away, local/state taxes- politics, small town BS, geography sucks, etc etc etc..... Only here for my youngest kid and current GF. The GF is a WHOLE separate thread.... My next move will be to the ocean or close by....


Final thoughts----

I am leaning more on waiting than pulling the trigger. There will always be another boat, I just really like this one... a lot...

My plans if I don't do it now would be to take a local course in small diesel mechanics, complete my collection of must have books for sailing around the world, work on improving rentals to increase rent/passive income. I may just buy a cheap 5- 10k sail boat at the local lake I did my ASA's in to get more sailing experience. They do allow you to live at marina during weekends/summer. I would get my feet wet and see if I still want to do anything next year or not....

Also... I need to read up on the make your own alcohol on the boat thread again...

[wolfgal]

hi,

am that one who hasn't taken the leap yet... it is not easy going at alone, especially if you're recently separated or divorced.

i vote that it is healthy to go. i'd just play my cards a bit differently.

the all-or-nothing way can work for some but, as a first-timer who has a whole lot to learn, i'd maintain a flexibility and adaptability

i've been running the numbers upside down and inside out, and this, for a good while. i would like to tell you how i'd do it, given your situation:

your monthly income is nice, but i'd tuck a max away while sailing so to be able to care for the kids (it seems you have set them up pretty well but you never know) and to be able to build a cash cushion, for added security.

i'd spend about 50k on the boat. i'd get a nice 33' or 34' with excellent bones. having 200k as back-up keeps one feeling safe, in control, on top of things.

i'd spend time making sure all systems are understood and sound before setting out. i'd spend a few months practicing locally and learning about electrics, batteries, engines, maintenance, how the boat's systems work. i'd spruce her up and make her shine, and fall in love with my gal.

but i would not throw any big money at the boat until i've sailed her around a bit. it could be that this boat needs something i haven't thought of; or it could be that i fall head over heels for another boat...

the type of sailing you end up doing will determine the kind of boat you will eventually want/need.

as for health insurance, if i were not a EU citizen (and nicely covered), i'd definitely go for obama care.


good luck!

[mglonnro]

Originally Posted by Magic1st

Thank you to everyone for the replies and the insights! (sorry for the long post!)

There is always more to the story, I just provided the basics. A little more info based upon the comments..... and for me just to write it down for my own thoughts.....

...

My kids are very aware of what I am planning on doing (cruising around the world). They are all for it, since it means a nice exotic vacation for them whenever they want.....

...

I hate where I am currently living...

....

I am leaning more on waiting than pulling the trigger. There will always be another boat, I just really like this one... a lot...

Don't listen to me, but I think if you're listening to yourself it's obvious you should "go"! If not with that boat and that project then something else. But I hear a loud "go!" in your reasoning

[NorthCoastJoe]

If I were in your shoes ,,,, I would throw them away and be bare foot the rest of my life. I would go with a smaller boat and be gone tomorrow. As far as health care, your 40, swim run, eat good food, screw the health care rip off. Get cheap health insurance in case something big happens. Oh maybe back off on the rock star a bit I heard they die young.

But you have the cash flow, are you in shape if not get there, and leave.
I worked as a Paramedic/Firefighter for years and met ( through medical calls ) many people that wished they did it ... before their body gave out.
As many have said you can always go back to work if you want to. But with that much cash coming in I would be crazy not to leave the rat race. You have your ticket, use it.

We are working on getting our stuff reduced and rentals ready for us to leave, hopefully in the next 2 years. You have a 20 year head start on me.

My rule one do it while you can, tomorrow may not come.

[Kenomac]

Originally Posted by theDangerz

Thanks for the extra credit... I guess.

I agree, it doesn't have to be all or nothing, but for those of us who did not enjoy working for someone else everyday... sometimes you need to "shake things up".

You offer one solution (keep working), I offer another (try it on for size and see if its right for you).

We put an offer on our boat 3 days after first discussing owning one... but most people don't work that way. "Analysis paralysis" is a very real thing and people can spend an entire lifetime never making the leap because "safety first".


We may only have been at sailing a couple of months, but we've been living free of jobs we hated and making decisions based entirely on happiness and living life fully for 7+ years with no intention of stopping...
I think that earns me the right to speak on the topic of following your dreams and taking risks, which is really what this decision boils down to...not specific to sailing (where I admittedly have no right to speak as i've yet to even make it out of the Bahamas... that's tomorrows job/plan).

I also know well and have seen personally that there are millions of people (society at large) telling the OP why its impossible and why they can't/shouldn't follow their dreams with wild abandon. They and any others looking for something/anything other than working a job they hate should also hear the other side.

They should hear that IS actually possible to survive/thrive "out there", that there are other ways to make it through life other than the 9-5 grind and stashing away for a retirement that will never come. I intend to keep telling them just that because I wish someone would have told me earlier.


And for the record...
We may not be sailing a year from now (just like so many others I have already seen turn around for home), but that has nothing to do with luck and/or failure.

We are having the time of our lives out here... and if we decide to make a change and pursue some other adventure in the future it will be because that adventure looks even better than this one!
If that happens within a year, will we lose money on the boat - yes, of course... but would I have paid the same amount upfront to know I chased my dreams, live with zero regrets and have a lifetime of stories/adventures to tell in the process... ABSOLUTELY!
Also, isn't losing money kind of outside the scope? At least based on everything ive read on here and experienced in a few months - buying a boat means losing money anyway - might as well be doing it out here!!

I like..... your writing style.

[theDangerz]

Originally Posted by Kenomac

I like..... your writing style.

Thanks!!!
I happen to be pretty passionate about (and close to) this particular topic and have done a LOT of writing about it both as a personal journal/mental health technique early on in our quitting the rat race and travels, and now more in trying to help support others making (or looking to make) a similar leap.

I was actually VERY MUCH on the opposite side of this equation less than a decade ago. Come from a low wage working class family and was taught the "right" way to do things (ie. work forever at a job you hate because security is king).
Funny thing was, my wife was of a different mindset. She had a similar background, but it somehow had the opposite effect on her (west coast hippy mentality I presume).

Regardless, when she started trying to convince me in our early 30s we should quit our jobs and chase freedom and happiness I was 100% against it. Thought it was the most careless plan id ever heard and that within a few years we'd be begging for our jobs back and regretting ever having gone. Oh my now wrong I was...

That mindset took a few years to relax/recover from -
but I can tell you now, from the other side that it was the best decision we ever made, that I would have done it a decade earlier and I have no doubt whatsoever that were I still working my old job id already have had a massive heart attack or be dead. In that context... easy choice.

Now I feel compelled to share our story with others so that they can hopefully find some of the same courage and support my wife put into me...
I realize now how precious each and every day is and know that not everyone has her chirping in their ear about taking advantage of every one of them - - so i'm making it my mission to spread that word as best I can (while still focusing on taking advantage of my own)

[TTranscendence]

Adelie is absolutely right. Buy a 30-36 footer, good big anchor (Rocna), ground tackle, and a chartplotter and head away. Any other stuff is strictly speaking not necessary.
IMO you should be able to manhandle your boat alone in a dock and 42ft is too big for that.
Single handed my 36 ft Cascade was perfect, big enough to sail across the Atlantic and small enough to cut down on cost for everything.
Tiller by far the best option, less to break and easier to set up small autopilot.
If you can get a vessel with a windvane even better.
Again IMO go for something built in the 1970's, if still cruising must be good.
Everything is just harder to do with a bigger boat. It would be different if there were 2 of you, but even then starting off smaller is better. You can always sell if you spot a real dream boat when in the Caribbean.
Go and the sooner the better.