Hello,
I’ve joined the forum as part of my intent to learn as much as possible as I
work towards my dream of cruising.
I’m 37 years old and am married with twin 3.5 yr old twins. I’ll be retiring from the military in approx 4 years and am in the process of warming my wife up to the idea of transitioning to a cruising lifestyle.
While I think we are in a very good position to make it happen, there are many challenges. The initial financial expense of
purchasing and outfitting the right
boat has become the most complicated issue.
My wife is unwavering in her demand for a 45-50’
Catamaran. We are living on half our paycheck and saving as much as we can, but with savings and selling some investments I fear we will come short of what would be needed. I’m projecting we’ll have somewhere around 250k. From the browsing I’ve done i believe I’ll need more around the 400k for a 10-15yr old Cat if that description. I’m very fond of the
Leopard 45/47 types.
My
retirement income will be somewhere around 3.5k/month... but I’d really like to plan to have the
boat paid in full prior to setting sail and have that
money to live on and save for maintenance/upgrades.
I’m currently considering two options:
1.
Purchasing a vessel in two years with that down payment we’ve been able to come up with at that point and
live aboard for the last two years of my
service. That will most likely be in the Norfolk VA area. In this time we would put all our monies to attempting to pay it off. There are also 2 sub-options to choose from here... 1. Live on the boat while
on the hard 2. Spend a little more and get it in a wet slip.
On the hard would allow for more
money to be put toward the loan, but having it in the
water would allow for us to take it out on weekends and Holliday’s to get proficient (and
work towards getting my USCG license).
I’m currently leaning towards putting it on the hard (if we go with the option of
financing it in two years).
The second option would be for me to get a job for a few years after
retirement and work till we have enough to pay for it all up front. 5 years maybe.
I guess i could do a combination... buy the boat in two years and just plan on working ashore till i got it paid off.
Welcome to any thoughts anyone has on that.
There are also knowledge and skills I need to work towards. I’m
ASA 104 qualified and am well aware of my gaps. I need more education on
navigation,
weather,
Diesel engine repair, and just more time sailing in adverse conditions.
I’m also doing as much reading as i can... just finished “The Voyagers Handbook” and am working on Jimmy Cornell’s “World Cruising Routes” and “World Cruising Destinations”. I’ve got a list of
books to keep me occupied for a while (in addition to all the good stuff on this forum).
I greatly appreciate all the shared wisdom.
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