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Old 06-05-2019, 06:38   #256
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Re: Budget Be Damned

Sailorboy, thank you for sharing. I’m new here and have a question. So we can assume your vessel is paid for from the beginning??? Or are you making payments on the vessel?
Thank You
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Old 06-05-2019, 06:42   #257
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Re: Budget Be Damned

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Originally Posted by GGT View Post
Great post. I have been following your post and they have given us the info needed to confirm we are not totally crazy. Wr finally pull the trigger. We bought a Leopard 46 last month and close on our apt in SF on Friday (we sold or gave away everything not going on the boat. Full time cruising here we come.

Quick question, where do you invest? It sounds like you are beating my rate of return. I am always looking for better investment options.
We sold everything in SF and have been on our catamaran for two months now in Ensenada. Itís a perfect place to figure out how to get rid of the last **** in a San Diego storage unit. No rush, apart from paying for it. We have our two small cars we need to sell and are working on getting rid of one. We still go back to San Diego to get our mail ascwe slowly cut ties to the USA. Scary but freeing. I clearly need more of a strict budget and my husband is working on increasing out sailing kitty. We donít ever plan on going back, but sailing, working remotely and I will sell gluten free bread where I can, and with help on my bestie who is from here, I can get more connected to the folks needing sail repairs.
Iím nattering. Procrastination at its finest. I need to wash the boat. That part is never ending but I enjoy it.

Sue
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Old 06-05-2019, 06:46   #258
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Re: Budget Be Damned

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Originally Posted by sailorboy1 View Post
So I've been full time living on the boat and cruising a little more than 2.5 years. In that time I've been very weak and have regularly exceeded the monthly budget of $3k/mo I had planned on. So I wondered how this has all worked out in the big picture so I took a 2.5 year review:

- we have spend approximately $120,500 in this time, all in no "not countings", starting Sept 16, 2016
- we started with about $475,000 in real assets like cash, 401ks, and some stocks
- the only "income" we have had in this time is about $4500/yr in a rental house the past 1.5 years
- our total asset reduction for this time period is about $10,274 and as of April 29, 2019 we still have $464,726 in same basic mix of assets
- this is the difference of our current assets of real time 401ks, stocks, cash, rental value at the purchase price

So it has cost us in real "money" about $10,274 to cruise 31.5 months.

These are the facts and are what they are. It is just something to consider if you get into some "you need $XX" financial manager BS story. Not saying I'm right or wrong in my approach, just that this is a hard $$$$ fact FOR ME. And just wait till what happens in 3 years when I start tapping into whatever is in the Social Security Fund (my money I was made to "invest")

I'm providing this info to help planners. I'm NOT interested in the peanut gallery questioning or spinning some story about my numbers, I have an MBA and understand my numbers. I haven't done anything "special" I feel and have taken a moderate to above average level of risk, which included a slam a couple of years ago that I stuck out.

So go forth and cruise before you are old. It's your money so be sure YOU get to spend some of it instead of leaving to your "heirs".
I read all of your posts. I find it very useful. Thank you! Now I just wish we could get below our budget. Driving to San Diego to get mail, medications for my husband and the polo factory outlet doesnít help. .
Cheers.
Sue
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Old 06-05-2019, 06:52   #259
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Re: Budget Be Damned

Go south and get away from San Diego and your budget will be better!
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Old 06-05-2019, 07:05   #260
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Re: Budget Be Damned

Quote:
Originally Posted by sailorboy1 View Post
So I've been full time living on the boat and cruising a little more than 2.5 years. In that time I've been very weak and have regularly exceeded the monthly budget of $3k/mo I had planned on. So I wondered how this has all worked out in the big picture so I took a 2.5 year review:

So go forth and cruise before you are old. It's your money so be sure YOU get to spend some of it instead of leaving to your "heirs".

SB2 - You are spot on. I see where some say "what have you accomplished"....that is the Type A that only values themselves through work as defined by others. We cut the lines 4 years ago, have sailed in the Caribbean, T&C, Cruised Bahamas, FL East Coast, Keys, Now FL West Coast into AL, MS and also plan to visit NOLA. What we have accomplished is getting away from the traditional life in the yolk of society. We have met hundreds of people that have altered our appreciation for life. We have encountered experiences that my former colleagues say they "wish they could"...but they don't. I believe what we have accomplished is that "living the dream" that everyone talks about. Like you, we can stay out till we're in our 90's and because we enjoy it so much that is what we will do. We have "No Plan". Would love to connect over a coldie as you head into the MS area. "Cruising with No Plan" on FB.
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Old 06-05-2019, 07:17   #261
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Re: Budget Be Damned

Dear SailorBoy1,

Your post was very interesting for me, because I am about to embark.

Could you give a rough idea of what percentage of your annual expenses were for "non-operational boat maintenance"? ie, do not include engine oÔl and filter changes, but "capital" repairs/replacements. I hope this question is clear. Thank you!

Rome
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Old 06-05-2019, 07:19   #262
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Re: Budget Be Damned

First I am older than you by almost 5 years. I commend you for having the guts to know when you can hang it up and retire. I just did my first extended sail having put off sailing for some time trying in part to decide what I really needed to fully retire. Uncertainty and plain ol fear of the unknown after working hard for many years were all at the root of the problem. Remembering several market crashes stuck in my mind and though I got out of debt years ago in preparation and got professional advice that should have reinforced the notion that I needed much less than I thought I would need. But it did not.

The point is I think had I taken a different approach I would have hung it up earlier and to your point the earlier is clearly better. Good health can turn in a blink of an eye and increases risk as we age.

For me I sail a 46 foot boat. I wonder how long I can solo the boat. (Age again) I will say your analysis did not address boat maintenance (and age of your boat)and how long you stayed in marinas. On my last trip I was shocked at the cost of some marinas. But as with you at the end of the day with getting my boat ready and not trying to budget there was no negative impact on my bottom line though my time horizon was much shorter than yours and I did not make it to the Bahamas.

Finally time is funny and given your age I suspect you might agree with this observation. When you get time seemed to pass relatively slowly or at least not so fast as to cause one to be alarmed. But for me from age 50 to 60 passed like a speeding bullet. I donít regret over planning. I do regret a little not having a more positive or confident perspective. In the end I have to agree with you. Go as early as you can. Do all you can as early as you can. If that means learning to get by with less do it. Time is not replaceable. Everything else is.

Finally if you need suggestions on the New Orleans area Iím happy to provide info. We are a bit inland but are impacted by hurricanes like the gulf coast. There are places to put your boat to ride out a storm here that might not be obvious to someone not familiar with the area. Good luck to you.
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Old 06-05-2019, 07:31   #263
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Re: Budget Be Damned

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Originally Posted by Makena05 View Post
... I believe what we have accomplished is that "living the dream" that everyone talks about. Like you, we can stay out till we're in our 90's and because we enjoy it so much that is what we will do. We have "No Plan". Would love to connect over a coldie as you head into the MS area. "Cruising with No Plan" on FB.
This is a tangent, and probably deserves new thread, but this ‘cruising without a plan’ has also been our plan .

We left the upper Great Lakes in 2014 with the general idea of getting to Newfoundland. We did, and now our general plan is to linger in the area for a few years (going on the second full year now). After that we don’t really have any direction in mind. Maybe across to Europe, probably head down to the Bahamas and the Caribbean, but also might just try the NW Passage (it gets less crazy with each passing season). For now, we’re just exploring the Rock and enjoying life as it comes.

There are those driven to “accomplish” things. I’ve been there, done that. For me (and luckily for “we”) there is wonder, beauty and mystery everywhere we go. I don’t feel the need to chase around for it.

Last season we set out to explore the west coast of Newfoundland, but instead found a beautiful anchorage and didn’t move the entire season. Still never a dull day (and to bring it back to the thread, also a very inexpensive way to live )
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Old 06-05-2019, 07:35   #264
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Re: Budget Be Damned

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Of course not. It's "I'm off the clock, I'm going boating!"

I get your point, and it's very true. But I got *out* of the IT grind and retired early for just that reason. The big company I worked for treated employees like crap but expected ever-increasing work weeks of 60, 70, even 80 hours. They researched and analyzed pay scales to determine the absolute minimum they could get away with paying an employee, but somehow thought they could demand "excellence." They cut benefits every year, which offset any meager pay raises they'd offer.

I worked to live. I didn't live to work. If I'm not getting paid for it, I'm going to be doing something *I* like to do. Not make more profit for someone else.

Yup.. I worked for EDS for abut 7 months in the 90's. Their motto was pay for performance. We strive to hire the very best people. We pay industry average wages. They would actually come through the office with HR and give a presentation saying exactly that.


My thought was if you hired the best then why are you paying average wages.


I left. I was happier,
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Old 06-05-2019, 07:35   #265
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Re: Budget Be Damned

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Same as all the boats in the Gulf.
Or the Antlantic coast.....
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Old 06-05-2019, 07:43   #266
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Re: Budget Be Damned

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Iím not sure I understand. The free enterprise system is not about making employees wealthy itís about making owners/shareholders wealthy. Companies do their level best to keep overheads as low as possible, thatís how the game is played. If you are being paid a high salary itís not because your worth it itís because the companies have no choice but to pay you or youíll move on to other opportunities, thatís also how the system works. The real fortunate ones here have a Daddy that was rich and they lucked out because everything is going to be much easier for them.

Sure that is the free market system. It is also why the kids are pooched. No wage increases. Few good paying jobs. Companies will pay what they think they can get away with.



I have never thought that I owed the company a thing except a good days labor. I knew they never ever gave it a though that they might owe me anything or even have to keep up their side of our agreed upon bargain when I was hired.



After I got into IT I changed jobs on a regular basis. A year, 6 month, 3 months. Sometimes I got a raise and some times I took less money to break into something new. Companies thrive on silly people saying I have to stay in the lousy paying job for 5 years to get experience or people will think I move to much.


I eventually got into consulting and it was the best. Great money and no games about why you were there and what they were going to do for me.



It worked for me. I have not owed anyone a dime since I was in my late 30's.
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Old 06-05-2019, 07:52   #267
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Re: Budget Be Damned

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Originally Posted by Rome Neumann View Post
Dear SailorBoy1,

Your post was very interesting for me, because I am about to embark.

Could you give a rough idea of what percentage of your annual expenses were for "non-operational boat maintenance"? ie, do not include engine oÔl and filter changes, but "capital" repairs/replacements. I hope this question is clear. Thank you!

Rome

It is going to depend on your boat, where you cruise and how much work you can do yourself. With our Sailing Cat. Here are a few numbers that may help. Sailing Catamaran - First year we spent $27,000 in upgrades, add ons, and repairs that included new Mainsail, Generator, bottom paint, sail cover, EPIRB, Sun Awning, Kayak, SUP, Storm Anchor, Engel Freezer, Batteries, Solar, Watermaker & spares. The second year we spent just over $10k on maintenance items. Now we are on an older trawler and the expenses shift to maintenance catch-ups and add ons that totaled almost $13,000 in year one and $17,000 in year two. These included Engine Aftercooler maint., Raw Water Pumps, Solar, Spares (alternator, belts, etc); Washer/Dryer replacement; New Freshwater Pumps (had to have a spare); New Power Cord & Splitter; new AC plugs on the boat; Wax (had it done). Fuel is obviously a very different story as is engine maintenance between the two boats. Also moorage is very different since we spend more time at docks with the Trawler than we did with the Catamaran. Your mileage will vary. As someone else in this thread have stated, get out as soon as you can, it is worth it.
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Old 06-05-2019, 07:53   #268
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Re: Budget Be Damned

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Sailorboy, thank you for sharing. Iím new here and have a question. So we can assume your vessel is paid for from the beginning??? Or are you making payments on the vessel?
Thank You
Boat is pay off Iím debt free
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Old 06-05-2019, 07:56   #269
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Re: Budget Be Damned

Quote:
Originally Posted by Rome Neumann View Post
Dear SailorBoy1,

Your post was very interesting for me, because I am about to embark.

Could you give a rough idea of what percentage of your annual expenses were for "non-operational boat maintenance"? ie, do not include engine oÔl and filter changes, but "capital" repairs/replacements. I hope this question is clear. Thank you!

Rome
I donít really understand the question.

But if you click my user name you can get to more of threads and there are monthly cruising costs for each of the last 30 months
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Old 06-05-2019, 07:58   #270
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Re: Budget Be Damned

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Originally Posted by a64pilot View Post
Apparently you donít quite understand the ďfixed potĒ
In order to ensure very long term sustainability, you need enough money so that the majority of the time itís gaining in wealth, not decreasing.
Depends of course on how much risk your willing to accept.
How lucky do you feel?
You have WAY oversimplified the equation. To predict when your funds will run out, or how much you can spend, there are numerous assumptions you must make. If you error on one side, you deprive yourself of enjoyments that you would like. If you error on the other side, you run out of money and can't maintain your life style.

The really good news is that once you have made your calculation, you don't have to stick with it forever. You can adjust as often as necessary.

A good friend of mine once told me that his goal was to bounce the check to the undertaker.

It is wise to be spending down your assets as you get older, as long as you feel comfortable that they will not reach zero before you do.

I use a good computer program (actually 2 different ones) with a lot of data to project my spending and assets over time. My key to piece of mind is to guess low on good things and high on bad things. However, each time I run the program, it uses today's data, which means it accounts for the fact that I keep doing better than predicted up until now and can afford to spend more as a result.

There are a hundred things you can account for, but some are:

Personal (if you have a spouse, you have to include them as well):
Your age
Health
Expected longevity
When you will be too old to live on a boat, and what you'll
be doing after that.
World:
Inflation
Return on investment (ROI)
Social Security increases or decreases over time
Assets and when you plan on selling them:
House
Boat
Car

No matter what anyone tells you, nobody can predict Inflation and ROI. These are the two things I am most conservative about.

All of this takes work, but it's you life we are talking about here.

Ken
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