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Old 10-14-2019, 01:44 PM   #141
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Say what? I just read 7 pages of posts - I'm chiming in too.


I'm planning on retiring early. That's not happening if I have any debt (I'll just keep working). So to make my dreams come true - it took years of planning, investing and saving. I'm debt free, I own my boat.... not long now. I'm trying not to get too excited, so I don't stroke out and die before then.
Although we have been happy to use credit to buy what we want today vs waiting and saving, retirement is a different story.

My opinion is that a prudent person should plan on no debt through their retirement years. The time for buying things like boats IMO is while you are working and have the income from that work to spend on fitting out and paying for your boat.

It’s not that hard. Pick a retirement date, and structure any debt so that it is paid off prior to that date.
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Old 10-14-2019, 01:49 PM   #142
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Retired in 2015, financed my current boat (purchased Feb 2018) with 20 yr loan. Bank contacted me last month, offered to refinance it down to 3.65% with only a small fee and without rewriting the loan period!

Unlike many on this forum, I am single; my standard deduction is smaller therefore, and I will be able to write off interest for a lot longer. And yes, I am making more on my money than the interest rate :-)
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Old 10-14-2019, 03:01 PM   #143
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When your total debt is equal to 2% of your net worth, like Spinner, do you really have any debt? If you use Credit Cards and pay 30 days later, is that debt?
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Old 10-14-2019, 03:21 PM   #144
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When your total debt is equal to 2% of your net worth, like Spinner, do you really have any debt? If you use Credit Cards and pay 30 days later, is that debt?
DANG! I don't think I have enough to retire on now.

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Old 10-14-2019, 03:29 PM   #145
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DANG! I don't think I have enough to retire on now.

Todd2
Spinner is single!


Oops, it’s going to hurt when she catches up to me.
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Old 10-14-2019, 03:38 PM   #146
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So am I. And my "roomie" would hurt me, if I ever caught up with Spinner, fer sure. LOL

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Old 10-14-2019, 04:40 PM   #147
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Ha ha, very funny, Dave! Don’t I wish!!
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Old 10-14-2019, 04:41 PM   #148
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I know where you live Dave:-D
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Old 10-14-2019, 06:57 PM   #149
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DANG! I don't think I have enough to retire on now.

Todd2
We never have enough to retire on. We all just hope we die before we run out.
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Old 10-16-2019, 08:11 AM   #150
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Laon or cash

No one answer is correct. I agree it is better to use bank money at a low interest rate rather than take hard cash that can be better invested elsewhere.

Plus saving to get boat keeps you from having a boat. Look at it this way: Borrow money for boat. Use it 10 years sell boat and you've only tied up a small portion of your assets and gotten some back.
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Old 10-16-2019, 01:55 PM   #151
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No one answer is correct. I agree it is better to use bank money at a low interest rate rather than take hard cash that can be better invested elsewhere.

Plus saving to get boat keeps you from having a boat. Look at it this way: Borrow money for boat. Use it 10 years sell boat and you've only tied up a small portion of your assets and gotten some back.
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Old 10-16-2019, 02:23 PM   #152
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Originally Posted by Blazys View Post
No one answer is correct. I agree it is better to use bank money at a low interest rate rather than take hard cash that can be better invested elsewhere.

Plus saving to get boat keeps you from having a boat. Look at it this way: Borrow money for boat. Use it 10 years sell boat and you've only tied up a small portion of your assets and gotten some back.


Or... use CA$H - to get the best $$$ deal possible; while making sure you purchase a great boat that's in great shape. Then, when ready, shine her up really well and sell for as much or more than the purchase price.

$$'s saved on correctly dickering to get the best [lowest] initial purchase cost as well as the loan % intere$t saved on prolonged payment schedule is a tangible, recognizable, real dollar amount. Unlike the hoped for dollar expansion of "playing with capital"... where much could be lost or gained. Not to mention the potential for $$$ increase of selling the boat for more than you paid for it.

And, on top of all that, as long as an affordable to maintain and use boat was purchased... During time of ownership... you have next to no costs above dock space and fuel to super enjoy your floating "beach house" / "swim platform" / fishing machine" / "family and friend enjoyment toy" / and, last but not least... Love Vessel!



That's the way I read the cards!!
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Old 10-16-2019, 02:46 PM   #153
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Or... use CA$H - to get the best $$$ deal possible; while making sure you purchase a great boat that's in great shape. Then, when ready, shine her up really well and sell for as much or more than the purchase price.

$$'s saved on correctly dickering to get the best [lowest] initial purchase cost as well as the loan % intere$t saved on prolonged payment schedule is a tangible, recognizable, real dollar amount. Unlike the hoped for dollar expansion of "playing with capital"... where much could be lost or gained. Not to mention the potential for $$$ increase of selling the boat for more than you paid for it.

And, on top of all that, as long as an affordable to maintain and use boat was purchased... During time of ownership... you have next to no costs above dock space and fuel to super enjoy your floating "beach house" / "swim platform" / fishing machine" / "family and friend enjoyment toy" / and, last but not least... Love Vessel!



That's the way I read the cards!!
"Unlike the hoped for dollar expansion of "playing with capital"... where much could be lost or gained. Not to mention the potential for $$$ increase of selling the boat for more than you paid for it.'

None of this is 'potential" when it's in your rear view mirror - always worked for us whether or not we paid 'cash'.
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Old 10-16-2019, 04:14 PM   #154
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Boat Ownership - Ca$h Deal - or - Loaned $$$

Meh... deleted. Y’all wouldn’t appreciate the humor
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Old 10-16-2019, 04:36 PM   #155
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All cash does is allow quick transactions...whether home or boat...no waiting on financing and it's requirements (possibly).
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Old 10-16-2019, 04:40 PM   #156
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Tom, I think a lot of people have said it’s a personal decision. So whatever works for you, great. For people who decided to save and not use debt; I think it’s safe to say your analogy of pushing Benjamin’s to buy a Donkey for a good deal is an over simplification for many of us who thought through the process and the pros and cons involved. Again, it’s a personal decision that has a lot of varying factors.
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Old 10-16-2019, 04:54 PM   #157
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Scott. I also sleep better knowing I have no debt. I know if I crap out right now my heirs will have no problems, actually they will be better off.

I’m lucky, I retired (became unemployed) at 50 with no debt.
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Old 10-16-2019, 05:31 PM   #158
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Two guys... both 50 years old. Both dream of having a boat. Both will be set to retire at 60, due to all the other things they have going on in life.

One guy dreams of buying a boat at 50. He saves hard, and reads boating magazines, and goes to forums talking about boats, then he buys his boat at 60 and retires.

The other guy actually buys his dream boat at 50 on a 10 year loan, enjoys the heck out of his boat while he is working and then retires at 60.

Both die at the same age.

The guy that bought his boat earlier, abet on a loan got to use his boat a whole decade longer.

I want to be that guy. I want to be the guy that actually went boating, instead of dreaming about it.

I hope that I live a long healthy life, but if luck is not on my side I will die with the memories of fulfilling my dreams.

How tragic it would be to be the guy that dreamed, and scrimped, and saved, and never lived his dream.
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Old 10-16-2019, 05:53 PM   #159
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Started saving for boat at age 35. Bought boat at 40 outright and immediately started using for long weekends, 2-3 week trips every few months etc - working toward full time cruising by 45 is our goal. Boat has also undergone a significant retrofit to our goals.
I was always afraid that planning forever would mean My wife and I would miss out on so much time in the planning stage where we could be enjoying ourselves while both still working that taking the risk with our savings "young-er" would ensure more of our time on the water, even if not full time.
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Old 10-16-2019, 05:53 PM   #160
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Two guys... both 50 years old. Both dream of having a boat. Both will be set to retire at 60, due to all the other things they have going on in life.

One guy dreams of buying a boat at 50. He saves hard, and reads boating magazines, and goes to forums talking about boats, then he buys his boat at 60 and retires.

The other guy actually buys his dream boat at 50 on a 10 year loan, enjoys the heck out of his boat while he is working and then retires at 60.

Both die at the same age.

The guy that bought his boat earlier, abet on a loan got to use his boat a whole decade longer.

I want to be that guy. I want to be the guy that actually went boating, instead of dreaming about it.

I hope that I live a long healthy life, but if luck is not on my side I will die with the memories of fulfilling my dreams.

How tragic it would be to be the guy that dreamed, and scrimped, and saved, and never lived his dream.
This scenario is my fear...
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