Like most things in life, to each their own.
I chose law enforcement and the military (reserves) as career options. Not a great money makers, but very rewarding in so many other ways.
I now own one very cash flow intensive-non-maritime related-business, and a maritime related startup (coming up on 2 years), so cash flow is limited at best at the moment. I've managed to keep my businesses debt free for the most part, but it's always a struggle.
As for pulling the trigger on a boat loan, I have a
LOT of regrets not making a vessel purchase while my kids were young. When utilized properly, a boat and the water can be a great teacher of "life lessons", and can go a long way toward keeping kids out of trouble.
My business associate and I use our marine related business and his 23' Proline CC for various youth and charity related events throughout the year. I will assure you that, as long as my health allows, Trawler or not, I will
ALWAYS have a small boat available for such operations.
The magic that comes out of these events is unequivocably amazing!!
My granddaughter lives with us and has since birth. At 7, she already has her "papa's" love for the water, can tie several knots quick as you can bat an eye, and hops on a boat at the drop of a hat!
So yes, when the "right" boat comes along, I'll pull the trigger. Will I be able to drop cash? Who knows? Depends on too many factors. But
I'll not let another child's lifetime slip away while I "wait" for the "right time."
I agree with the percentages stated previously for luxury purchases.
And I do believe in having an emergency fund, and being prepared for retirement, but I also know for a fact, that you can't take it with you.
Thus, the HELOC or Home loan.
First,
INSURE the loan!
If something happens to me, the loan's paid and the wife is taken care of by our other savings, retirement and investment.
It also allows us to continue investing and saving, while getting things done that need to be done, and getting a small benefit on our taxes each year.
The same would hold true for a vessel purchase.
If you have the equity, use it to get what you want to enjoy life (*yes, this is a luxury purchase, and no, Dave Ramsey would not agree
).
Insure it and take the tax deduction!
Mark mentioned business ventures.
Hell, start a business related to it, get a top flight accountant, and reduce your tax burden as much as you can. Maximize the purchase, or as my CPA says, you beat the IRS with their own rules.
If something happens to you or the vessel, since both
should be insured, the loans are paid off. If something happens to you, your other half has options. Either way, the lending institution (or your money market account) is now made whole, and your spouse has the vessel, and options. Keep it and continue to live life to it's fullest, or sell.
Back to the OP's question, I'd seek out a credit union (first), or a small local/regional bank (second). I'll bet you'll feel more at home with them than most of these POS mega banks.
BTW-Rick, what are the "3 f's"?
I know what they are in my world, but I'm guessing we're talking two separate languages
OD