FuelinAround

Short term sustainable not as much as long term. No I don;t live in the SOnic I live in a brand new 3 bedroom home with my girlfriend and one year old son. I also dump a couple hundred dollars into savings and 401k every month. Please remember that sustanability of the dollar is different in different areas. We both drive 05 vehicles that are about halfway paid for, go on trips when we wish, and eat out whenever we want and never ever use credit cards outside of emergencies. I am an accountant and financial planner so its all about budgeting. We live for 5 years "kinda tight" and then are cars and boats are paid for in cash. You have to look long term not short term. My goal was to pay off my toy while my son is younger. Also remember that those percentages only last about 6 months a year and I have a girlfriend who basically pays me like a rent every month which boost my income a few hundred bucks. Last few winters we have stuck back a couple hundred here and there into a savings account for boating. We then throw most of our taxes into that account also. Then around march we books hotel rooms for all the poker runs and budget out cash for gas for each one.

Interceptor

I'm into my second full year of not having to work anymore ( don't like saying retired ) and we're living off a 401 that's recovering very nicely and everyones contribution to social security. We sold two homes in a metropolitan area at huge losses and moved to a beautiful smaller area that's also a boating mecca.
Fortunatly I'm beyond wanting huge power or the rush of high speed poker runs so ownership costs are significantly lower then most.
Lifes great on one slow Fountain.

ed

Frequency

The thread originator was looking at a boat with a depreciating value that is currently 2/3 of his annual salary. His employment is in a volatile field where significant income swings are possible.

Do a search on the various boating websites for boats for sale due to the "current economic climate" and get back to me.

NKissau

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BowenCT

That's the most assinine statement I've read in a while. That "medical sales consultant" is in the OR standing next to the surgeon advising him as to what spine implants to use to put you back together after a devistating accident. And he is likely on-call 24-7. Personally if it were I, I'd like that person to be pretty dialed in on his product line. You get what you pay for.

Frequency

This is a thread about risk tolerance. If I were prholley and I was single with no kids I might spend the $190. If I died tomorrow, so what!

My current boat is 13 years older than my former. Not quite as fast in smooth water, but it is in fantastic shape for its age and it was a fair deal. I could have wrote a check for a new boat that cost many times what I paid for what I have now. The difference is I know that I will never be a financial burden on my children in my later years. Peace of mind.

We're all in a different boat, so to speak. This is a great thread with a solid message - think it through!

Snoworks

Great thread. I thought I would chime in with my perspective.

I have been out of the boating scene for about 15 years(I am 40 years old). I have had many boats(4) in the past and have been trying to get back into boating for a while. As like many others on this site, life, family and business have a way of playing tricks on you.

Over the course of my life I have had many good and bad years finacialy. When I was in my late 20's and early 30's I would always tell myself that I still had time to enjoy the finer things in life(whatever they might be). I have busted my ass for years, I have 7 kids, a great wife and a life most people would envy. Problems, no, mistakes, yes, I spent way to much time with work related issues and not enough quality time with family. Since I was 22 or so I have had a 10K plus nut(monthy) just to pay for business related equipment. I thought that I could count on the equipment paying me back for years to come. One bad year and it all had to be sold to pay the bills.

I made some drastic changes about 2 years ago. I found a job where I could work out of my home. It has allowed me to be home to send the kids to school and greet them when they get back. I used to say vacations will have to wait, now they are manditory!!! At least three a year. As I type I make a good living(200K+ a year) and have no problems purchasing a boat that would cost the same amount. Whats a $3,000k payment a month when I used to spend $10,000 for trucks, skid steers, etc., anything can happen at any time. In my opinion the decision is based on your personal perspective.

My brother in law purchased a 42 foot fountain and I took one ride and was hooked. I am finishing building my dream home and using the equity to by a "used" 47 foot fountain. I am not getting any younger, but my kids are getting older. I cant wait to spend quality time with the family traveling the country hitting every lake I can. Thats my dream!

BowenCT

Solid post.

Jupiter Sunsation

Top 1.5% of US households earn 250K or more.
Top 3% earn 200K+
Top 5% earn 166K+
Top 10% earn 118+
Top 15% earn 100K+

Top .01 % earns 1.6mm or more..........


I think your zip code can drastically affect your disposable income for boats. My sister built a brand new 2500 sq ft house in Kansas (husband is military stationed there) for 189K on a 1/2 acre lot. That same house in eastern Palm Beach County, FL would be 450-500K (the 1/2 acre part is tough to buy cheap!) Move that analogy to the California coast and it would cost 1mm.

There are lots of minimum wage earners out there at all ages and zip codes. Even at $14.50 an hour (double minimum wage) it is only 30K a year. The media reported in 2009 47% of Americans don't pay any federal income tax (due to low wages/income).

Pete280

I was joking about living in the Sonic, just seemed like you numbers were a little high. I think the younger guys (i'm 40) havent had "life" get in the way of boating yet, hopefully they never will. My wife and I just spent $42K on in vitro fertilization so that put a hurting on boating for this yr, but I sold the boat and have no debt so I'll be able to recover in no time, good news is that paybacks are hell and she owes me a nice boat after all this.