View Poll Results: is ypour boat paid off or on a loan ?
totally paid off
200
51.55%
I have a loan somewhere that helps me have it.
188
48.45%
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is your boat paid off or on a loan ?

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Old 12-26-2006, 10:25 AM
  #81
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Default Re: is your boat paid off or on a loan ?

The way I look at is if you die with money in the bank you've lost .
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Old 12-26-2006, 08:32 PM
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Default Re: is your boat paid off or on a loan ?

Quote:
Originally Posted by articfriends
Heres another take on the is your boat paid off subject-lets say you paid 200G's for your boat BUT you owe 20,000 in unsecured credit,150,000 on your house and 30,000 on your truck,you still really owe 200,000$ because if you hadn't bought the boat you could have paid off all your other debt. If your income was substantially reduced you would sell your boat first as it is still a luxery. Now for the lucky few who owe nothing on other things your boat is truly,totally paid off. I still owe 21,000 on my boat but I write the interest off along with my mgt and home equity line of credit. Even in my case,I have pizzed away enough money in numerous upgrades I could have paid my house off by now if I didn't boat at all,but you gotta love the sound of a 950hp blower motor winging along at 5900 rpm's , Smitty
Looks like your boat is fast enough so that nobody can take a clear picture of you running! But that's a good thing!
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Old 12-26-2006, 08:34 PM
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Default Re: is your boat paid off or on a loan ?

Quote:
Originally Posted by articfriends
Heres another take on the is your boat paid off subject-lets say you paid 200G's for your boat BUT you owe 20,000 in unsecured credit,150,000 on your house and 30,000 on your truck,you still really owe 200,000$ because if you hadn't bought the boat you could have paid off all your other debt. If your income was substantially reduced you would sell your boat first as it is still a luxery. Now for the lucky few who owe nothing on other things your boat is truly,totally paid off. I still owe 21,000 on my boat but I write the interest off along with my mgt and home equity line of credit. Even in my case,I have pizzed away enough money in numerous upgrades I could have paid my house off by now if I didn't boat at all,but you gotta love the sound of a 950hp blower motor winging along at 5900 rpm's , Smitty
and by the way, as per your description, my boat is totally paid off... That's why sometimes I wonder if I should waste money on interest... but I never feel like it in the end...
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Old 01-03-2007, 08:41 AM
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Default Re: is your boat paid off or on a loan ?

No loans whatsoever, everything paid for and would never consider getting loans for toys.
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Old 01-03-2007, 10:05 AM
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Default Re: is your boat paid off or on a loan ?

I have never really understood the write off thing. If you can write it off the interest,and your in the 30% bracket your spending a dollar to save 30 cents. This is also how I feel about my mortgage. Doug

Last edited by outriggers; 01-03-2007 at 03:52 PM.
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Old 01-03-2007, 12:59 PM
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Default Re: is your boat paid off or on a loan ?

Outrigger...neither have I understood that...writing off something happens only when you use a companys money you have control over and that then...is a Crime.
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Old 01-03-2007, 06:46 PM
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Default Re: is your boat paid off or on a loan ?

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I have never really understood the write off thing. If you can write it off the interest,and your in the 30% bracket your spending a dollar to save 30 cents. This is also how I feel about my mortgage. Doug
IT is sort of like ...use it or loose it. You spend your 70 cents, and the 30 cents that you were gonna give the govn't anyway....you spend it on a toy....they give it to someone who dosen't work and they buy a color T.V...........
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Old 01-04-2007, 09:37 AM
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Default Re: is your boat paid off or on a loan ?

Here we go! Long story but I have no payments. I catch alot of flack for having an old outta date boat(79 scarab). I own everything I have. I ussually pay cash for everthing I want. At one time Iwas completely bankrupt and lost everything and never want to go back to that situation. I now can afford to buy just about any boat I desire and pay cash, I dont like to take money out of our investments because capital gains kills us. Brian
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Old 01-06-2007, 09:33 PM
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Default Re: is your boat paid off or on a loan ?

This topic amuses me everytime it comes up. Two things that I find most amusing are 1) The fact that it has been disussed at length about once a year since this board was started and 2) The "matter of fact' replies that the majority of people feel the need to voice. Or should I say the "my way is the only way" of thinking.

I too have a rule when it comes to purchasing toys at are house. I let you know what it is when I finish my reply.

We have to remember that everyone's financial situations are different. A person with the ability to pay cash for a boat or toy will never understand why everyone can't do the same thing. This thinking goes the other way too.

Unfortunately I can almost assure you that I will never in my lifetime have 50, 100, or even 200k in accessible cash to buy a boat with. NEVER.

Now, IF I did however come into a situation where I had that kind of liquid cash I wouldn't even consider spending it on a depreciating asset. I would invest the money in something else like Real Estate or something that will have a decent return. I would consider paying my house off, adding on to it, investing more in my business or somelike that. But I would never put it into a depreciating asset like a boat. Call it stupid if you want, but my investment broker tends to agree.

I can buy a boat "right" and own it for 2-3 years, write the interest off, and sell it for what I owe on it when I am done. If you amortize a boat loan over a 10-15 yr period and figure returns on 100k worth of investment over the same amount of time it's a no brainer for me which one I am taking....a payment.

For those of you that think the write off is a joke...fine. I wrote off $3,600 a year in interest on the last boat I owned. Were it not for that I couldn't have justified buying it.

Now, I could elect to start a goal for myself and put back a set amount of money to pay cash for a boat. It would take me a minumum of ten years to do it. By then my kids would be 19 and 16. They would care less about the time they spend with me by then and they wouldn't have any memories that we would have shared because I elected to go ahead and make a payment.

Now for my household "toy rule"......

Why wait until your 60+ to pay cash for something when I make payments on one and enjoy it now?

I'll be damned if I'm gonna sit by and watch everyone else enjoy life until I manage to put back 100k to pay cash for a boat.

We all have different scenerios to live with financially. Don't try and thrust your way on someone else just because their's is different.

I have a set amount of disposable income a month. If that amount allows me to make a payment and enjoy a boat now then I will do it. Don't belittle someone for going this route.

I'm going back to my trailer house now.....



Buck

Last edited by buck183; 01-06-2007 at 09:36 PM.
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Old 01-07-2007, 01:18 AM
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Default Re: is your boat paid off or on a loan ?

Quote:
Originally Posted by outriggers View Post
I have never really understood the write off thing. If you can write it off the interest,and your in the 30% bracket your spending a dollar to save 30 cents. This is also how I feel about my mortgage. Doug
Writing things of on your taxes is pretty easy to understand to me,if someones not able to pay cash for everything or has their money tied up in more important things,it might make the difference between having a 200,000 house and 60,000 boat or having a 300,000 house and a 90,000 boat,on the same amount of earnings,Smitty
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