Continue Working, or Quit All-Together ?

[FxdGrMind]

Ok, I've had a plan to quit work then find my boat and go cruising. However with recent events... ok and my folks (voices in my head) saying... "Quit work??? are you nuts".. "we worked untill we were 71".. "You can't possibly"... " Wake up Mr"... "stop dreaming and grow up"...

I don't need much and I will have saved enough for the boat and a nice nest egg to manage and live off of. All else will be paid in full over a year before I Quit work (18 months off)...

But the recent events, such as the BP oil issue, Market turmoil, Euro and $ instability, Governement overspending and my little voice in my head is screaming at me saying this is 1980 all over again.. Inflation will reach double digits by the time you hit the seas...
Ok, I'm gainfully employed and an additional year would add to the Pirate Chest by 20%... and every year after it would grow by nearly 30%.

So how do you determine... the BINGO... date?

[s/v Moondancer]

There are lots of people still sitting on land who never 'pulled the trigger'. We did it 2 yrs ago and we cannot imagine returning to the land, or even a marina for that matter.

Just stop over-thinking and GO!

[FxdGrMind]

Just stop over-thinking and GO!

I might just have to start using that as a Sig line.... I like your thinking!

Just checking to see what others did and would like the feedback to keep me on track to the plan.

Cheers

[delmarrey]

I quit 3 weeks ago and am working on getting the boat ready and house sold for the TransPac in spring of 2012. No regrets so far. I just wish the weather would clear up so I can get the outside projects done. See my thread http://www.cruisersforum.com/forums/...day-41200.html

I've been planing this since the early 80's, with a few detours, and now I'm financially able to do it, so I'm on my way. I've never had trouble finding work. Too EZ to suit me!

I say enjoy yourself and if your had enough, then work to 71. That's the thing?? One works until they are too old to do anything except spend the money on health issues. If one has to spend all their money on doctors and drugs, one might as well be dead anyway because they are not far from it.

This may sound a bit cruel but go to a place like the Philippines. They are a very happy people but yet they don't have all the conveniences the modern world has, but they are catching up fast and already there electronically (IT).

Living day by day is a more satisfying life (Bahala na). I did it in my youth before marriage but once one gets in the work (slave) force it's hard to break loose. On TV they flood you with hundreds of products and services that one doesn't really need, especially the electronic now (iPhones & such), and the peer pressure of the neighbors. Simplicity leads to less expense.

I could rattle on but I better stop here and let others pipe in.............._/)

[Surveyor]

Originally Posted by delmarrey

Bahala na

Tagalog loosely meaning "come what may" or "whatever will be...will be!". Filipinos are a very happy people and among the poorest. Funny how that is.

[capt_douglas]

Bahala na has just made the short list of great boat names for my next boat!

I'm 62 and can retire but every year I keep working is another $0.02 in social security money. I dearly want to get out of town but as I've done in the past, I'm planning on working and working on the boat on the weekends, vacations, and some nights. I'm making more money working than I'd get with SS and retirement pay, and outfitting a boat's not cheap.

In the end, it's up to you. Life's short, cruising's fantastic, and it's a tough decision.

Finally, as I at on the hook in the Bahamas after my first Gulf Stream crossing, water in the diesel, puking over the side, and the anxiety of the new adventure, my inner voice asked: "What took you so long, dumb @$$?!"

[hummingway]

i enjoyed that del.

I understand parents worrying about their children. We also live in a world that where risk aversion supercedes actually living a life worth living. I'm of the opinion we've been sold a bill of goods but the basket is empty. People want insurance against life. Religion, politics, banking, commerce - they all claim to have it available and all you need to do is sign up for the subscription. Then comes the day when the subscription runs out. What do you mean this is my last installment? Where did my life go? I haven't done anything yet?

Thanks, but I gave at the office.

[TexSail]

I think most of us need to have the Mother of all Garage Sales. Too much clutter.

[unbusted67]

Quit your job.

[SeaBungalow]

We "finally" decided to go ahead and do it. One thing we always hear from people now is that they wish they would have done it at our age (35). The majority of cruisers we meet are senior citizens by dictionary definition. They waited until retirement benefits kicked in, until the kids were graduated from college, until the homes and autos and boat were paid off, until, until, until... and now they need a bigger boat, with more amenities to be comfortable and they aren't as agile as they used to be.

Why did we decide to go ahead and do it? I had a good job pulling in just under 6 figures, but dreaded each morning getting up and going to work. There had to be more to life than working. So you may think that you need to be making 6 figures and save a bunch to be able to do it? Don't fall into that trap. The more you make, the more you spend (unless you are really disciplined, i'm not, that probably why I'm doing this). I had a meager savings, just enough for the 10% down on the boat, I took out a loan for the rest (while I still had a job). Once we bought the boat we quit and moved to where the boat was and started outfitting it. Which took a lot longer than we planned (over a year - but there was a very large learning curve there as I was new to this). We didn't work during that time - I cashed out my 401k to live on and pay the boat bills, which again wasn't much, but you don't need much money when you're living on a boat and not working!

To read our whole blog about our experience visit our website: Life on the s/v Sea Bungalow or How to start cruising | Cruiser's Nation- and don't wait, there will never be a "right" time to do it. If you are thinking about it, do it. There isn't much in life that is too hard to recover from, so take chances now, while you still have time to recover.

Feel free to contact me as well if want to know more specifics on how we did it! I'll be brutally honest with our experience and how we almost quit before we got started.

[SaltyMonkey]

I can only tell you what I did, which was during a recessionary period. I don't know how old you are, how much education, or what kind of job skills you have.

I saved every scrap of money for 2.5 years (literally had holes in my shoes for my suit job), bought a boat BEFORE I quit somewhere in that time, purchased equipment for it (but no work done), then quit in very early spring. That gave me early spring to outfit the boat, and go sailing at the end of spring shaking down the boat and heading south. I had enough for a cruising kitty. However, in the following winter I worked a contract to up it a bit again.

It's not easy coming back to shore to work but it can be done. It's also to have skills that are relatively liberal in that people are accepting of it and that you took a "sabbatical". It would also help if you have many different skills so you can have multiple jobstreams. Take courses at local community college etc in mechanics etc. It will also help you with your boat and can be a blast learning new skills.

During the saving and buying period I educated myself by helping other people on their boats, taking an advanced celestial navigation course, helping in a woodworking boat shop, and researching as much as I can about sailing and the route that I would be taking. So, there are things to do when you don't have a boat, have a boat but are not ready to go or work on it.

The world is unfortunately I think much worse this time around. Not only the economy but also much more crowded and commercial in sailing locations.

As for retirement, I am starting to believe that is a myth. To sustain a lifestyle and health I would probably need 2-5 million dollars in cash to get the interest. That of course is impossible, and I will have to work anyway just to stay interesting.

My next boat is primarily a live-aboard with "stop and go" cruising. Not sure what I will do about the work situation, and it makes me nervous thinking about signing over a check, but I know I will do it. For one, I will save on rent. For another, the social situation of living with other boat owners is enriching and I miss it. You have to live. I know I can work where I am and up to the point when I decide to leave. I could always take a vacation, move the boat, work some more, move the boat again.

If I were you:

- Continue to save money and research boat models and prices on the listings. You want to get a good boat that will last you a while and won't be sucking you dry. Go out and look at boats you narrow down as being worthy. Look at as many models as possible from your research. After a while the emotional element will go away so you wont feel angst about going. You will learn about your needs from the experience.
- Create a cashflow - income + expenses and relative savings.
- Create an outfitting worksheet with ALL the equipment you will need and their relative costs. Figure out how much money you will need for equipment over time. Also figure out relative costs for major upgrades when you purchase the boat (new engine etc). They may not apply to every boat you look at but will help you decide your choices and offers. This sheet will also tell you how much longer you will need to save and give you dates.
- Get education on shore - volunteer in boat places, help others, read, courses, skills etc. Plan your route and cruise. How long will it be? Where will you go? What season is best to leave? NOTE: all of this I consider just as important as outfitting the boat. It's outfitting yourself!
- When you are ready, and find the boat, buy it with the intention of living on it while working, or just keeping her on mooring. Don't quit your job but fix her up and learn her quirks. This is really important time period. You need to get acclimated to the lifestyle and to learn from people in it. Just as if you were climbing a mountain, you need to get acclimated to the lifestyle change, else you may just be overwhelmed and quit the dream.
- When the season is right for shakedown, when you have outfitted the boat to a reasonable point, when you have a solidified plan, when you have a cruising kitty that will not only get you to where you want to go but also have a small budget to return at the end of it, when you have acclimated your lifestyle, then either take a long vacation, a "sabbatical", or quit. That sounds like a lot ($ etc) but believe me it is not and it's surprising how fast that time period goes.

NOTE: I blew a lot of money on a boat and a reasonable journey. I never regretted it.

[MarkJ]

Originally Posted by FxdGrMind

Ok, I've had a plan to quit work then find my boat and go cruising. However with recent events... ok and my folks (voices in my head) saying... "Quit work??? are you nuts".. "we worked untill we were 71".. "You can't possibly"... " Wake up Mr"... "stop dreaming and grow up"...

So how do you determine... the BINGO... date?

We didn't tell anyone family or friends till 2 weeks before we went.

How to set a date? pull one out of the air and stick to it.

I nominated Febuary 4th in October and told Nicolle "On Feb 4th next year we will fly to the USA and buy our boat."

We did!


I am a man of my word

It took mum nearly 18 months before she would stop hassling me. Now Nic and I are the big stars in the nursing home. All the old timers sit around and look at our latest (printed off email) letter and then sing some song from South Pacific. It always brings the house down and one is dead by bedtime.....


Good luck!!

[MarkJ]

Originally Posted by SeaBungalow

The majority of cruisers we meet are senior citizens by dictionary definition. They waited until retirement benefits kicked in, until the kids were graduated from college, until the homes and autos and boat were paid off, until, until, until... .

Absolutely concur.

We need more young people out here!!!

Most people leave it too late.

[SaltyMonkey]

Easy to give advice about going now when you are retired and have safety money.

"How to set a date? pull one out of the air and stick to it."

No air! Different story when you have no house to cash in or bounce back, therefore the best you can do is have a good plan, stick to it, set the date around the plan and check off milestones. Feels good when you check a milestone off that plan and accomplish something toward that date. And hey, if something goes wrong in the middle of that, such as you are laid off, then you can just jump with confidence.

Plan doesn't have to be a long one, just has to exist. We're not talking about a life time, just a very short period that goes really really quick. There is a lot of stuff to do BEFORE you go that will make your life better on the trip. It will make the journey relaxing and make you flexible.

[Bill_R]

The more you wait it seems the more that you wait. We were going to dump our house last year but decided to wait and see if the market got better, which it hasn't, so now we are selling anyway just to keep forward momentum. We won't walk away with anything, and sure we could try waiting another year, and another and another...

You can't predict the future, inflation may go up, it may go down. Housing prices might boom, they might bust. All you can do is control your own course.

Another thought on getting more money and growing the kitty is that you will probably just end up spending more in the long run as you'll be able to afford a bigger boat, more systems. You might even start to think that you could wait another year and grow it by XX%, then after that year you could grow it again by XX%. Go small, go now.