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Random Quote: I fish better with a lit cigar; some people fish better with talent.
I'm a boat yard dog, straight up, and my boat was $50,000. Like Sanchoco said, it's all about being smart. I eat a ton of ramen and have some holes in my fancy t-shirts, but my prioritys are different than others I guess....
Any toy I have is paid for with pocket change or I can't afford it in my mind, just the way I am. Unfortunately, I haven't looked at $100k as pocket change yet.
However, that said, I would buy a boat that cost $100k if I thought I could sell it in a year or two and make a profit on it. I buy, sell and broker used heavy equipment (my retirement gig).
Work two jobs for a long time, don't buy extravagant cars or homes, and save for twenty years before you buy.
Agree with the above - you don't have to have a quarter million annual income to afford a six figure plus boat - you just have to have a consistent savings rate for 10 - 15 years, and then the money you make on your savings can pay for the boat.
If you buy and hold your cars, don't throw money away on luxuries just to impress your neighbors, keep your housing expenses manageable (don't get into 100 sq foot-itis), you can manage to save 20%+ of your earned income, by the time you are thirty-five, you can get a great boat.
Sure you need to sacrifice some, but if you were not born with wealth, it's the surest path to financial independence.
Location: Morehead City, NC / Apex, NC / Jonas Ridge, NC
Posts: 154
No one wants to give you an answer damian 15. The answer is a private business owner, captain of an airline, dentist, doctor you sure are not going to do it on a 45,000 dollar a year salary.
im surprised kno one her is a doctor or like a lawyer or something along those lines
Business strategy/financial consulting - semi-retired. I didn't buy my first boat until I was 40, though I wanted to earlier. Bought a then 12 year old inboard 33' express for around 50k, but could have afforded more boat. Held onto it for eight years, and just bought a new and last boat for ten times more cost.
But my point is that regardless of income level, the smart play with boats, or with general strategy for family finances is that you need to 1) pick the items that are important for you and scrimp and save on the others and 2) find a way to save close to 20% of your income - it can be done 3) Hold off on treating yourself to the big luxuries in life until you have built up savings from point 2 above that is equivalent to around 3-4 times your annual income.
Point 3 will give you the cushion you need to put a downpayment on and finance your boat. Unless you have very high income potential or inherited wealth, if you don't get money working for you from savings, you will always be behind the curve.
World Traveler, Double Agent, Singer of Sentimental Ballads, Soft Shoe Dancer, Aviator Extraordinaire, Riverboat Gambler, Soldier of Fortune and last of the Big Spenders. In my spare time I like to Convert Virgins, Fight Wars, Start Revolutions, Ruin Governments, Fix Football Games, Destroy Bridges, Tame Tigers, Organize Orgies, Wreak Revenge and once in a while Neuter Dinosaurs.
__________________ "Most of my money was spent on Motorcycles, Boats, Women, and Whiskey...The rest I just wasted"
I am in consulting but I make serious money distributing blow and weed to my friends and neighbors....with that said, I stole the boat I currently run so money wasn't an issue.
This is an interesting topic and I often think about it as I walk down the long dock at my marina to get to my $15K boat. I wonder what these folks do for a living, how many of them are deep in debt and/or finanaced their boat, etc... It doesn't bother me to walk past a $100K boat at all. In fact, I sometimes feel like i'm the luckier person because I get to take my boat out on the water more often. Once you're out on the water and enjoying the life it really doesn't matter what boat you're on.
I own a $100k plus boat. The $ amount is only what is affordable to someone. A man with a 20k boat may be looked @ by someone with less income than him as a unobtainable possession. Just as the man w/ a $1,000,000.00 boat looks at envy at the man w/ a $5,000,000.00 boat. As for me my boat is paid for and run 200 plus hours a year. I pity the man who is in a boat he can not afford to have and can not use it for what it is and that to me is the pleasure of fishing, diving and time w/ friends and family. As far as what I do for a living , that in no way defines who I am as man.
I am a semi retired businessman, in the process of transferring the business to my son and daughter. Small business with 12 employees.
No inheritance, no lottery winnings, didn't come into it, had to earn it, just hard work for 40 years.
My boat was my retirement gift to ME !
Something I had wanted to do for 40 years but never had the time. By the time I got to 60 years old, it was too late to start with a 20 footer and work my way up to 60, so I went for the 60 footer right away. Bought and paid for, no debt and hired a captain to teach me how to operate it.
My reasoning was, I have wanted this for the last 40 years, at 60 if I wait another 10 years it will be too late.
The last two years we have been on a dozen 3 to 7 day cruises and we both love it, my wife is now as much into it as I am, always looking forward to the next cruise, which is great.
I now feel competent enough with it that next year we want to go from detroit to Quebec city, going up to Georgian Bay, down the Trent-Severn to lake ontario and on to Quebec City.
Lady's Travels: From Minnesota on Lake Superior to Nassau, to Charleston, SC., to Key West, Fl. & Return.
Charleston to Windsor, Ontario Canada
Now exploring the Great Lakes...
Last edited by RaySea Lady; 08-20-2009 at 01:43 PM.
