PS keep the boat!Test the waters not a good time to start a buisness!Slow horse wins the race!

If you can borrow against it and its a priority - do that.

If you have to sell it - sell it.

The priority is starting a business. (thats a period there..)

Business = Income.
Boat = expense+ liability

Wait till the top can pay for the bottom - then jump back in.


Uncle Dave

Uncle Dave is right. He has a habit of saying things I agree with :)
Starting the business is the priority. I was merely suggesting not to sell the boat and use venture capital instead.

Seems my opinion got this thread off topic a bit. I apologize to ryan450r, I didn't realize I was capable of stirring folks up like that :)

As for false equity, I was referring to those people in CA, NV, etc who really believed their homes were gaining 20%+ equity per year.

There's never a good or bad time to start a business. Only a good or bad type of business to start.

But hell, what would I know? :D

I agree 100 percent. I started my business several years ago. Ive had some good years, and some bad years. When things are good, you tend to think they will continue to be good. Then the bottom falls out.

Ive invested a ton of my own money into the business, which i probably never recoup. But, in order to keep the wheels turning, i had no choice.

Most types of business you get into on your own, will rack up debt. Whether it be credit lines, credit cards, equipment loans, etc. There are not a whole lot of banks looking to lend credit to a new corporation, so you will need to sign for stuff in your name, to help secure the credit.

Now, if the business takes off, this is not a problem, and over time, you can get equipment, credit lines, etc thru your corporation. However, if it doesnt take off, or you have some rough times, your personal credit can get WHACKED. Ive been thru some bad times, and have had this happen to me.

The problem in my scenerio is this. Business picks up, income is going good. BUT, after going thru a hard time, getting equipment loans to expand the business is almost impossible, and getting a boat loan is pretty much not going to happen any time soon. Currently, I bring home quite a bit more money than some of my buddies who have 9-5 jobs. However, they are sitting in much newer, more expensive, and more reliable boats. Mainly because i cannot walk into a bank and finance a 100k+ boat with equipment loans, and past credit issues on my credit, due to slow business and economy taking a dump. They know they can swing their boat payment based on their salary and budget. I, might be able to make that payment today, but who knows what tomorrow has in store.

Currently, i am on the fence about going to work for someone else, actually looking into becoming a police officer. Something i always wanted to do, but the salaries held me back years ago. Well reality is setting in now (30 years old). The thought of a check coming in every other week, paid vacation, good pension and healthcare is on my mind and appetizing. And its much easier to maintain a good credit standing when you know that in 6 months, there will be a paycheck still coming in.

One thing you will find out from talking to other self employed people is that it is not easy. Lots of hours, and lots of headaches. However, sometimes it pays off. My advice to you, is be sure its something you ENJOY, do as much homework as you can about whether it should take off or not, and keep the boat. I quit a pretty decent job to go on my own, and so far it hasnt come close to paying off. But this how it turned out so far for me. There are other businesses that i am sure can and will work better than what i got myself into. Sorry if this sounds negative, but I talked to several business owners when i was gonna start up, and they all tried to talk me out of it! Best of luck to you, hope it takes off like a rocket for ya!!

I would say no...for now. Very uncertain times. I'd give it until 2012 and see what happens.

You never know, Barry may take our boats and use the money to buy boats for people without jobs who are not as "lucky" as us and don't have boats...

[QUOTE=Scooter B;3212588]I would say no...for now. Very uncertain times. I'd give it until 2012 and see what happens.

QUOTE]Righto! :D I say keep it becuase you will work 24 7 and that will be it..The boat will force you to take time off. You , we need time off.. And if it is paid for, wouldn't it be smart to keep it. i mean how you gonna come up w cash to buy another one once you are self employed. ? . I will step off my soap box now. :)