Boat ='s what percentage of annual income?
04-25-2010, 07:14 AM
#41
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Hardly, (at least in this arena)....
up to 50k is low
50-150k is middle
150-300k is upper
300-500k is starting to live
500k+ now your talking-however now taxes and write-offs are an issue!
Also, you would be very surprised at how some at the 300-1mil. level will squander; probably pretty smart financially-not always the case. trust me....
up to 50k is low
50-150k is middle
150-300k is upper
300-500k is starting to live
500k+ now your talking-however now taxes and write-offs are an issue!
Also, you would be very surprised at how some at the 300-1mil. level will squander; probably pretty smart financially-not always the case. trust me....
I agree, in my area $400K buys you a nice 4 bdr house, (used to be 500K) so your not paying for that on a 50K income. to me it's all about priorites, i love boating but saving for retirement, living in a nice home with nice furniture and staying out of debt all take priority in my life, I wish I could live for today but that's not my style.
04-25-2010, 07:16 AM
#42
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About 30% of my current income (est gas, insurance, break downs, etc). But I wouldn't trade it in a heart beat. Throw in the truck that I have to own just to tow it and its about 36%. Financed it on 5 years though to get it paid off fast. An average month in gas for me is around 500 if I don't run any poker runs. Throw in a poker run and you can add another 2-300 per run on to that easy.
dude, that is not a sustainable financial plan, do you have a mortgage or rent to pay or do you live on the Sonic?
04-25-2010, 07:26 AM
#43
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enjoy today
I guess I did it different to most of you. Gross income around $200k, but went and bought an older boat for under $25k with the plan of spending at least $10 - $15k on it and probably never seeing the money back. But its only $10 - $15k...
No doubt I'll probably move on and into a $60 - $80k boat at some stage. But not until I decide to spend that and pay mostly (if not all) cash.
My point is, its really about cashflow, and the gaurantee of that. What you make now may not be what you make next year or in five years from now.
I've been quite wealthy, and also flat broke. Now I'm comfortable again. All in the last 15 years.
If you're the type to make above average income, chances are you see the world a bit different to the average guy. Most higher income earners are go for it types, and gamble a bit more than the average wage earner.
I have a lot of toys, race cars, Ducati's, Harleys, etc, but all paid for in full. The lesson I learned was to have as much fun as possible, but still be prepared to cash out and take a loss if you need to, in order to raise imeadiate cash if needed.
You can sit on your azz and do nothing and live in the safety zone like most people, or you can go for it and be one of the few who actually enjoy the hell out of life.
As long as you're willing to pay the price for that by cashing out at potentially the wrong time if you need greenbacks on short notice, I say go for it.
You only live once. Enjoy it. Or risk looking back and saying "Man, I wish I would have done that..."
I personally refuse to let the fear of the future change how I live today. Just be prepared that that choice can cost you some cash if you need to sell out quick for any reason.
Its only money. If you lose some, go make some more.
No doubt I'll probably move on and into a $60 - $80k boat at some stage. But not until I decide to spend that and pay mostly (if not all) cash.
My point is, its really about cashflow, and the gaurantee of that. What you make now may not be what you make next year or in five years from now.
I've been quite wealthy, and also flat broke. Now I'm comfortable again. All in the last 15 years.
If you're the type to make above average income, chances are you see the world a bit different to the average guy. Most higher income earners are go for it types, and gamble a bit more than the average wage earner.
I have a lot of toys, race cars, Ducati's, Harleys, etc, but all paid for in full. The lesson I learned was to have as much fun as possible, but still be prepared to cash out and take a loss if you need to, in order to raise imeadiate cash if needed.
You can sit on your azz and do nothing and live in the safety zone like most people, or you can go for it and be one of the few who actually enjoy the hell out of life.
As long as you're willing to pay the price for that by cashing out at potentially the wrong time if you need greenbacks on short notice, I say go for it.
You only live once. Enjoy it. Or risk looking back and saying "Man, I wish I would have done that..."
I personally refuse to let the fear of the future change how I live today. Just be prepared that that choice can cost you some cash if you need to sell out quick for any reason.
Its only money. If you lose some, go make some more.
04-25-2010, 07:29 AM
#44
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04-25-2010, 07:50 AM
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Dayum, there are just too many great posts in this thread to quote. But Nort pretty much summed it up in one sentence. 
I make a fraction of what the original poster makes, but I've been saving ever since my mom talked me into putting my paper route money into a savings account. Been hooked on savings ever since. Probably why my buddy BillR calls me Macinstien.
I'm ate up with this addiction. Been around boats since I was 2 years old. This is my tenth. Buy em, maintain the hell out of em and use the equity to pay on the next one.
It's an escape from reality that is priceless!
I make a fraction of what the original poster makes, but I've been saving ever since my mom talked me into putting my paper route money into a savings account. Been hooked on savings ever since. Probably why my buddy BillR calls me Macinstien.
I'm ate up with this addiction. Been around boats since I was 2 years old. This is my tenth. Buy em, maintain the hell out of em and use the equity to pay on the next one.
It's an escape from reality that is priceless!
04-25-2010, 07:50 AM
#46
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Are we all really going to want fast boats and motorcycles when we're 80, if we make it that far? I'd presume not.
So I think many of us make the correct choice in choosing to have our toys now, even if it isn't the 'smart' thing to do. No point having a bucket full of money at 80 if you can't use it - because you're 80 years old.
Besides, I'd like to think many people who are smart enough to figure out how to make above average income are smart enough to not end up at Walmart. They'll figure out another way of making money, even if they are 80
Just my twisted view of the world
Different strokes for different folks. I'll let you know if I was right or wrong when I'm 80
04-25-2010, 09:18 AM
#49
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This has turned into a great thread. Very interesting to see different opinions about disposable income and it's uses. I find myself jumping from the save, save, save side of the fence to the live for the now side daily, if not hourly. Damn this addiction!!!!
04-25-2010, 09:20 AM
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