Dockrocker – I feel your pain bro. Damn, I feel your pain daily! But, and this is a big but – you’ve got to keep your priorities straight! All kidding aside, your top priority now is that kid. If you can afford the boat and the wife can stay home and raise your child – great. If not, your rationalizing on the priorities.
Probably only three priorities you need to deal with: the first one I don’t even want to touch on this board, the second is the kid(s), third is probably retirement. After that take on whatever debt you two feel comfortable with and live for the day.
In my opinion, if you rationalize the wife needing a job so you can have a boat, your screwing up. For perspective though, all the above sermonizing comes to you from one of the sickest guys on the board. Just ask Mrs. Toys.