Question... Are you working for your boat???

jdud133 said:

Are you working for your boat or are you working for everything else. I am retired and my wife is still working. We can live comfortably on our boat wintering in florida and summering in Rhode Island and cruising back and forth. If we want the big condo, new cars, travel to other places and all the other land based stuff she will work for a few more years. If we just want the boat we could do it now.

Click to expand...

I know many do it but I'd think it would be tough for one spouse to be retired with the other still working.

BandB said:

I know many do it but I'd think it would be tough for one spouse to be retired with the other still working.

Click to expand...

If my wife could retire, I would feel like I was on vacation. Just think of all the household chores that she would be able to do while I was at work? Now, life is hectic with us both working full time.

markpierce said:

Didn't purchase my boat until after (1) the kids' college expenses ended when they graduated, (2) paid off all debts including house mortgage, and (3) retired.

Click to expand...

Somebody got their priorities in order ... old world way ... good for you!

Well, I guess I'm the odd ball in the group. I'm 40 and definatly "working for the boat".....I work and pay cash for what were doing on the boat. I plan to have her finished this year. My son is 10 now and I think this time in his life is better to be crusing and fishing then later in life. Wife doesn't work so I plan on taking little weekend cruses and maybe a week or two a year to the keys or destin but staying in the gulf until I retire, which in my business people never do. Lots of old timers driving pilings.

I make no apologies... I am working for the boat in a big way and plan to for many years. With Alzheimers striking both sides of my family, I don't plan to wait around for "retirement" to enjoy the boating life and all it has to offer. Nor am I apologetic that the boat probably represents the income that should be put away for "retirement". At least when the memories start to fade, they will be awesome ones.

Well, of course we all worked for our boats at some point (unless they were an inheritance or a gift, and even then there are ongoing costs), but as I recall the original question was whether we're still working only to support the boat. In other words, if it weren't for the boat, could I be kicking back in leisure right now and not draging myself to the sweatshop every day. No.

BandB said:

I know many do it but I'd think it would be tough for one spouse to be retired with the other still working.

Click to expand...

I meant to say that if she stopped working we could cruise full time and enjoy the boat. We just could not afford the land life as well.

My wife and I are both still working at age 65 with no boat payment and we boat as time permits. But a lot of the earnings go to upkeep, fuel, insurance and updating so in that sense we are still working for the boat. We do plan to retire some day. Our money advisor gets it that the purpose of income, savings and retirement funds are so that you can live the life you chose including in retirement. Hopefully in retirement we will have the health to match the unrestricted time for boating.

Tom.B said:

I make no apologies... I am working for the boat in a big way and plan to for many years. With Alzheimers striking both sides of my family, I don't plan to wait around for "retirement" to enjoy the boating life and all it has to offer. Nor am I apologetic that the boat probably represents the income that should be put away for "retirement". At least when the memories start to fade, they will be awesome ones.

Click to expand...

How will you know? Ok, I'll shut up now...

Poach said:

Hopefully in retirement we will have the health to match the unrestricted time for boating.

Click to expand...

That is always the question. My Dad kept working part time because, 1) he enjoyed it, 2) he was financially conservative, 3) He wanted to plan for his future.

In retrospect, he should have retired earlier. He was still working three days/week when he had a massive stroke while anchored in Telegraph Harbor near the beginning of what was to be a 5 week trip to Desolation Sound and back. Mom has more money than she needs for all her activities. She probably wishes he would have retired earlier.

I am still working because 1) I enjoy it, 2) I am financially conservative, 3) I might not die suddenly at age 72 like my Dad did.

I "retired" at 42, 13 years ago. My wife was a nurse because she wanted to be and the $ she made was hers. She was never required to work to provide income from about age 17. I was raised poor and swore my family would not be, but I sure worked my butt off for lots of years. I started my own business at 30 as a hunting guide but then had to work summers as an electrician or diesel mechanic (did that befor) to make it work. Then sold my business to a bunch of attorneys. It worked out good. Excellent financial advice by people (AIG) that control that stuff. The boats are still exceedingly expensive.

dhays said:

That is always the question. My Dad kept working part time because, 1) he enjoyed it, 2) he was financially conservative, 3) He wanted to plan for his future.

In retrospect, he should have retired earlier. He was still working three days/week when he had a massive stroke while anchored in Telegraph Harbor near the beginning of what was to be a 5 week trip to Desolation Sound and back. Mom has more money than she needs for all her activities. She probably wishes he would have retired earlier.

I am still working because 1) I enjoy it, 2) I am financially conservative, 3) I might not die suddenly at age 72 like my Dad did.

Click to expand...

One never knows the what-if's. We don't get do-overs. That's probably best because I don't think things would work out as well. We'd really screw it up the second time. I just think everyone needs to do what makes them happy and feels right to them. I know a man who finally retired after two hip replacements and two knee replacements at 79 years old. He never adjusted to not working. That was how he valued himself. He felt he was doing nothing now. Plus being cooped up and having to listen to his wife constantly was a new horror. He solved that one by staying up all night while she slept and then he'd go to sleep and sleep all day. I'm serious. He loved her. However, he did not ever truly enjoy his life change. Given a choice he would have still been working.

My wife and I are of the "no regrets" school and don't look back. As to the future we have planned for it, but then not often focused on it. None of us has any idea what it will bring, but most none of how it will feel. Alzheimer's is more terrifying to me than any disease. However, I know a lady who is rather advanced. She's 86 years old. She can't remember what happened yesterday or what she's eaten today. Yet, she seems happy. We look at her and think of it as a miserable way to live but it doesn't seem to be for her. She's been hospitalized several times, the last time in real pain. I think she's fortunate she doesn't remember that or the 21 days of hell in ICU after heart surgery.

My wife and I attended a staff meeting this morning by Skype. We were somewhere east of Turks and Caicos at the time. For an hour or so we observed, listened and talked to our key employees. Were we working? Sure didn't feel like it. We'll probably actually go into the office a couple of days next week but we don't think of it as work. We look forward to seeing everyone.

My parents both died young. Father at 59, Mother at 68. Thing is, it doesn't scare me and I can't really relate because they both did things that I don't do and they contributed to their deaths.

I read with sympathies for you over the early death of your father. However, I don't know if a different choice would have changed anything for the better. That's one other thing for those with older parents. I'll promise you, they will do some things you think are stupid. But they've earned that right to make their own choices even if we'd disagree with them.

I don't know how to advise someone when to stop working or whether they should work so they can have a boat. I can't possibly know how it feels to them.

I can tell you how it feels to stay working just for the boat.

Some days, when work is going great, I feel like I'm only 53 and I'm glad to be making the trade.

Other days when work isn't going as well, or when we have a particularly profitable day at our business and my days labor seems insignificant, I question why I am here.

The problem is that I suspect that if I just quit my day job and focused more creative energies into my business I could grow it enough to get over the hump.

But... The day job is a sure thing, and I've always avoided the risk of failure, by having two sources of income. But, everybody that knows the complete picture tells me that if they were in my shoes they would quit work tomorrow.

ksanders said:

But, everybody that knows the complete picture tells me that if they were in my shoes they would quit work tomorrow.

Click to expand...

And the reality is that none of them know what they'd do in your shoes. It's easy to take chances with other person's lives or money.

BandB said:

And the reality is that none of them know what they'd do in your shoes. It's easy to take chances with other person's lives or money.

Click to expand...

So true!

Problem is my day job is in networking. If I left the field I'd become unemployable quickly, so it would be a one way change.

I just have to keep focused on the end goal, and not be in a hurry. I bought the boat at 49 knowing the tradeoff.

This is a good discussion, particularly since I'm 53 and just got my first notice that I'll be able to start drawing a retirement payment from one of the accounts I accumulated working for the state of Alaska in the 90's. I was in my 30's when I left and I was so busy I never thought of it, never had time to deal with it, so I left the account in place just by default -- and now it'll start kicking out payments. Boy that came as a shock, that I've gotten there already. I didn't even know or look at what the payout terms were. I have to say though, when I think of my life right now, my greatest dilemma isn't retirement and timing and income. Yes, those are issues, but when I step back my greatest dilemma in life is stuff. My wife and I are drowning in stuff. It's like a tidal wave. We go on a cleaning binge and jettison a mound of stuff and then more flows in. When I think of all the stuff we have I can barely breathe. It will take me years to dispose of stuff, and happily all my and my wife's parents are still around, so that's not even dealing with the generational transfer yet. I'm a prisoner of stuff, and we don't even have kids.

kthoennes said:

This is a good discussion, particularly since I'm 53 and just got my first notice that I'll be able to start drawing a retirement payment from one of the accounts I accumulated working for the state of Alaska in the 90's. I was in my 30's when I left and I was so busy I never thought of it, never had time to deal with it, so I left the account in place just by default -- and now it'll start kicking out payments. Boy that came as a shock, that I've gotten there already. I didn't even know or look at what the payout terms were. I have to say though, when I think of my life right now, my greatest dilemma isn't retirement and timing and income. Yes, those are issues, but when I step back my greatest dilemma in life is stuff. My wife and I are drowning in stuff. It's like a tidal wave. We go on a cleaning binge and jettison a mound of stuff and then more flows in. When I think of all the stuff we have I can barely breathe. It will take me years to dispose of stuff, and happily all my and my wife's parents are still around, so that's not even dealing with the generational transfer yet. I'm a prisoner of stuff, and we don't even have kids.

Click to expand...

I've been eliminating stuff for about4 years now. Probably over half way by now.

Spend some time living aboard away from home base. That helps focus the mind on what you actually need, and you will be surprised about how little it really is. But it still takes a lot of time to downsize.

kthoennes said:

This is a good discussion, particularly since I'm 53 and just got my first notice that I'll be able to start drawing a retirement payment from one of the accounts I accumulated working for the state of Alaska in the 90's. I was in my 30's when I left and I was so busy I never thought of it, never had time to deal with it, so I left the account in place just by default -- and now it'll start kicking out payments. Boy that came as a shock, that I've gotten there already. I didn't even know or look at what the payout terms were. I have to say though, when I think of my life right now, my greatest dilemma isn't retirement and timing and income. Yes, those are issues, but when I step back my greatest dilemma in life is stuff. My wife and I are drowning in stuff. It's like a tidal wave. We go on a cleaning binge and jettison a mound of stuff and then more flows in. When I think of all the stuff we have I can barely breathe. It will take me years to dispose of stuff, and happily all my and my wife's parents are still around, so that's not even dealing with the generational transfer yet. I'm a prisoner of stuff, and we don't even have kids.

Click to expand...

Estate Sale. Seriously, you take what you want and need and find a professional estate sales person and let them do it. Yes, you'll be disappointed at the price of some things. However, in total, they'll get you some money for things you really had nothing to do with plus they'll clean it all up.

BandB said:

Estate Sale. Seriously, you take what you want and need and find a professional estate sales person and let them do it. Yes, you'll be disappointed at the price of some things. However, in total, they'll get you some money for things you really had nothing to do with plus they'll clean it all up.

Click to expand...

But he needs it all, that why he still has it. It takes time to cure this problem. You just remove it in small lots periodically, starting with stuff you have not used in a long time and cannot see being used anytime soon. Use ebay or whatever, including charity shops, for the pieces that are too good to just go into the dumpster.

Relocating to a smaller house can give a good kick start, once started it gets easier.

Contemplating a bigger boat and a smaller house/apartment. Downsizing contents thoughts fill me with dread,"Brown" furniture may now be more valuable as firewood, but I`m loath to dispose of it. Maybe a larger apartment.

kthoennes said:

This is a good discussion, particularly since I'm 53 and just got my first notice that I'll be able to start drawing a retirement payment from one of the accounts I accumulated working for the state of Alaska in the 90's. I was in my 30's when I left and I was so busy I never thought of it, never had time to deal with it, so I left the account in place just by default -- and now it'll start kicking out payments. Boy that came as a shock, that I've gotten there already. I didn't even know or look at what the payout terms were. I have to say though, when I think of my life right now, my greatest dilemma isn't retirement and timing and income. Yes, those are issues, but when I step back my greatest dilemma in life is stuff. My wife and I are drowning in stuff. It's like a tidal wave. We go on a cleaning binge and jettison a mound of stuff and then more flows in. When I think of all the stuff we have I can barely breathe. It will take me years to dispose of stuff, and happily all my and my wife's parents are still around, so that's not even dealing with the generational transfer yet. I'm a prisoner of stuff, and we don't even have kids.

Click to expand...

Consumerism is a b***h! We downsized, stopped watching TV, stopped buying "stuff", even at xmas and birthdays, and still somehow have everything we need, plus more time and money for things we enjoy, like boating.

Absolutely. Consumerism is an addiction thats hard to break. Most will never do it. Hi, my name is bob.

Hi Bob!

kulas44 said:

Absolutely. Consumerism is an addiction thats hard to break. Most will never do it. Hi, my name is bob.

Click to expand...

Wifey B: And some of us have no desire to cure that addiction.

I know, I'm a bad bad bad girl.

However, if it was standing in the way of me doing what I needed to, I'd be passing on tons of things to others very rapidly.

George Carlin on "stuff" (those with dainty constitutions or sensitive ears are forewarned)

kthoennes said:

Yes, those are issues, but when I step back my greatest dilemma in life is stuff. My wife and I are drowning in stuff. It's like a tidal wave. We go on a cleaning binge and jettison a mound of stuff and then more flows in. When I think of all the stuff we have I can barely breathe. It will take me years to dispose of stuff, and happily all my and my wife's parents are still around, so that's not even dealing with the generational transfer yet. I'm a prisoner of stuff, and we don't even have kids.

Click to expand...

We are in the same situation, but we do have grown kids and we are still dealing with their stuff. It is a big issue for us and one that we are going to have to address.

One thought on those retirement payments, think about what you want to do with those. Add them to a 401k or IRA? Pay down debt? Come up with a plan or it could just get frittered away in your monthly budget.

Interesting thing. Most folks spend all the money they make, plus some, every month. At the first of the year, march, april, they're as giddy as a new bride about "gettin back" some. Is it just me or is that about the dumbest thing you ever heard or thought about, or in this case, never thought about.

kulas44 said:

Interesting thing. Most folks spend all the money they make, plus some, every month. At the first of the year, march, april, they're as giddy as a new bride about "gettin back" some. Is it just me or is that about the dumbest thing you ever heard or thought about, or in this case, never thought about.

Click to expand...

Looking at some of the boats represented here, I would assume that most TF participants don't handle there money than way. If they did, they wouldn't be able to afford the boats they currently have.

I spent a good part of this afternoon prepping a Financial Statement and supporting documents to give to my new financial adviser. For someone who has spent most of his adult life scrimping to get by on our incomes, it was a bit surprising to see how much money was left over at the end of the year. My own income didn't break $50k until I was over 46 years old. We always tried to save some money. To this day my wife still asks if we can afford for her to buy a new pair of shoes.

I bet that most here have achieved their boating goals by doing the same thing; not spending more than you make and saving judiciously.

dhays said:

I bet that most here have achieved their boating goals by doing the same thing; not spending more than you make and saving judiciously.

Click to expand...

Saving judiciously is great, but investing judiciously is a whole other world. Since I got out of school, I never saved "for" anything except to have money to invest. And I never invested "for" anything other than to have what I expected to be a great investment. Those investments dodn't always work out, but they don't all have to.

Good point. I guess by "save" I really mean invest.