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Old 02-08-2018, 01:21 AM   #41
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Originally Posted by RT Firefly View Post
Greetings,
Mr. V. Welcome aboard. Good advice thus far.

Finding a nice little corner of paradise and sitting there for a month or two will probably be less $$ than cruising thither and yon. You still have to eat so that is pretty well fixed also. More cruising=more fuel and maintenance. More sitting=more dockage fees.

In the end, ANY formal calculations are guesses, at best. You can add, subtract and cypher to your heart's content but the bottom line is, are you having fun?

Hi,

RTF just like this, you did hear the deep problem in a small video.

the cat is wise and seldom mistaken, unlike a man who dreams of a new boat...

NBs
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Old 02-08-2018, 03:09 AM   #42
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I keep thinking if we had used all the boat money to buy, say a piece of property on Prudence Island in Narragansett Bay for retirement it would be paid off by now - but then we live 1500 miles from Rhode Island and as long as we're still working here we'd rarely see it. Would I trade all the quiet, red and gold sunset evenings on the water here for that piece of real estate that I'd see "someday," unless I keel over first? Trade off having a boat free and clear and prepared for the Trent Severn someday? Trade off trucking the boat to Duluth someday and sailing off to the world (or at least North America)? No, I guess not. Ah, trade offs, opportunity costs, choices, choices in life.
And if I hadn't bought those 2 beers and a bowl of noodles back in 2009 and bought bitcoin instead........

Hindsight is a wonderful thing...or a curse.
Deal with the hand that's dealt and move along.
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Old 02-08-2018, 12:08 PM   #43
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At a glance Alormaria... u may be correct. But I do not live my life that way with regards to major purchases... I research, plan, replan, ... fact is that Iím looking to hang up my boots in 10 yrs and sail off into the sunset... and Iím already budgeting for that now. It has been this attitude and action that has put me into a position to make this dream a reality.... I fully understand that boating is a tremendous waste of money and at times a royal PIA...but itís a lifestyle choice. And if made frivolously could break a lifetime of retirement savings... I, for one, am grateful that folks have taken the time to share their experiences that mostly confirm what I have learned through other channels... and to the new information that I had not taken into account.. the beauty of trawlers are that they havenít changed much in recent years.. and chances are that they wonít change much in the next 10... so the notes that Iím making now will still be relevant... props to the forum!!
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Old 02-08-2018, 12:28 PM   #44
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At a glance Alormaria... u may be correct. But I do not live my life that way with regards to major purchases... I research, plan, replan, ... fact is that Iím looking to hang up my boots in 10 yrs and sail off into the sunset... and Iím already budgeting for that now. It has been this attitude and action that has put me into a position to make this dream a reality.... I fully understand that boating is a tremendous waste of money and at times a royal PIA...but itís a lifestyle choice. And if made frivolously could break a lifetime of retirement savings... I, for one, am grateful that folks have taken the time to share their experiences that mostly confirm what I have learned through other channels... and to the new information that I had not taken into account.. the beauty of trawlers are that they havenít changed much in recent years.. and chances are that they wonít change much in the next 10... so the notes that Iím making now will still be relevant... props to the forum!!
I agree completely. I budget everything. It's not a matter of whether we can afford it or not. It's not a matter of whether it's financially justified or not. It's not a matter of logic. It's simply I prefer to know what I'm going to spend on and to estimate how much, then to track the actual.

We budgeted long ago and that included what we were saving for retirement. We had goals but never deprived ourselves to meet them. We had a great home on the lake and a nice boat. We did choose a $200,000 home instead of the million dollar or two million dollar homes others in our income level suggested, but we did so because we loved our home and because we were looking ahead to retirement. We never felt like we sacrificed anything. Simply made a choice.

To do our initial boat budgeting, we sat down with an experienced captain and got his input.
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Old 02-08-2018, 01:32 PM   #45
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A thought: your boat has to be somewhere, 365. If you are not underway, anchored out or in a slip you own, you are paying.
If it's in a slip you own, you should really include your cost in owning the slip. The money you are paying to buy it plus taxes, insurance and upkeep. And if you didn't borrow to buy it, count the potential earnings the money you spent on the slip would have otherwise earned you.
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Old 02-08-2018, 02:11 PM   #46
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"If it's in a slip you own, you should really include your cost in owning the slip."

Totally agree. I was just trying to keep it simple. One can also argue "the slip came with the house, so really no additional cost". Well....

My point is that mooring costs for coastal cruisers, given the relatively low cost of fuel these days, can easily exceed the cost of fuel. It does for us, and we prefer anchoring out.
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Old 02-08-2018, 05:09 PM   #47
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If it's in a slip you own, you should really include your cost in owning the slip. The money you are paying to buy it plus taxes, insurance and upkeep. And if you didn't borrow to buy it, count the potential earnings the money you spent on the slip would have otherwise earned you.
The potential investment return foregone on funds used to purchase the boat and or slip are often called "Opportunity Cost" here. Definitely an "expense" to be taken into account as part of boating cost.
That`s if you want to make the calculation, which I do not.
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Old 11-04-2018, 11:46 AM   #48
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Has anyone else said it?
If not then, "If you have to ask, you can't afford it".
That still about covers it.

In my digging through old threads as a new member; I wish I never saw this post.
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Old 11-04-2018, 07:04 PM   #49
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On a windless motor back from Vanuatu to NZ one of the crew asked the skipper how much it had cost him to own the yacht.
The skipper responded "you know I have kept every invoice, I suppose I could work it out"
He disappeared below to add it up but after 5 minutes or so he came back up and said "mate I'm not sure if I want to know"
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Old 11-04-2018, 07:46 PM   #50
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The cost of maintaining, berthing, and operation of my boat costs more than my land-based housing costs. Does that mean my priorities are correct?
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Old 11-04-2018, 08:26 PM   #51
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Has anyone else said it?
If not then, "If you have to ask, you can't afford it".
That still about covers it.
I first heard this quote as a Jr yacht club member taking sailing lessons. Never forgot it and it helped form the way I look at money. Still puts smile on my face but it never stopped me from asking.
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Old 11-04-2018, 08:50 PM   #52
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In fifty years of flying and sole ownership of four aircraft, I never calculated the costs...until last year, after selling the last one.

Yep selling was the correct decision. Now, don't ask me about the cost of boat ownership, I don't want to know...yet.
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Old 11-04-2018, 11:50 PM   #53
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Had just finished my spending analysis looking back 7 years when I saw this thread.


So, here it is:


Insurance: $11092
M&R: $56907
Misc: $3337
Moorage: $40638
Taxes: $6465
Major Upgrades: $39121


Total: $157560/7 = $22508/yr (16.7% of insured value per year)


Getting the boat to move: $41278/7 = $5897/yr


I realize that the 16.7% number is significantly above the common 10% advice, but it needs to be pointed out that this boat moves 3,000 miles with over 470 engine hours per year. I'm a big fan of preventative maintenance, so fix-when-it-breaks doesn't work for me.


Unexpected failures over the 7 years: two (sanitary hose clogged, and alternator mounting bolt broke). Took 3 hours to install a new sanitary hose (at Baranof Warm Springs), and 20 minutes for the alternator bolt (Petersburg).
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