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Involved discussion on finances and plans to purchase boats

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Old 07-18-2002, 10:55 PM
  #41
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In my case i got into powerboating(always have had a boat in my family) when my father passed away. Not the way I would have liked to do it but you can only go with the hand your dealt. I also agree with not buying a new boat, I have a 01' powerquest that I bought used, the guy put large down payment on it and still ended up in trouble with it. Like what was said earlier, it was the first thing to go and I was there.
You also need to plan for the future, I invested a LARGE portion, and set myself a "budget" that I will not go over. A few advantages I think I have is that im single, no kids, and young(26). I plan on being one of those people with the 38 footer with twins(triples?), but know it will not be next year or possibly in 10 years... But it WILL happen. I do work for a large wireless company and have for 5 years now, but I am also looking into rental properties to help grow my net wealth as well.
The biggest thing I have seen so far is NEVER NEVER NEVER buy new, that goes for cars, boats, motorcycles, whatever... you will never gat your money back out of it.

OK thats my $.03
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Old 07-19-2002, 02:04 AM
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In order to own the 300K+++ boats, I think the most important factor here is to own your own business, and work hard building it. Working for someone else (corporations, etc.) will most likely go nowhere fast. This I know firsthand. If working for someone is a must, then the Medical, Legal, or Computer industries are probably the best bets, none of which, unfortunately, I'm in. Looking at your profile, at least you were smart enough to enter one of these career choices.

Also, reading what you currently have, be extremely happy with it, some people have much less and aren't going to get anything anytime soon. Most of the people I've seen who have the large Cigs, etc. are in their 50's and self-employed, meaning that once you get to be around that age, you'll probably be able to buy one as well, just give it time to build equity and, of course, an excellent credit rating .

I do agree that New-Used is the best way to go, what with the outrageous prices of new boats.

I'd love to have a boat now, but it's impossible. I'm recently married with a house payment, 2 car payments, and the sheisters who sold us all the wedding services really ripped us (as I thought - since the bride has to have everything right ). Once these (cars, wedding) are paid then who knows, there probably will be something else to pay. I just need the guts to go into business for myself...
 
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Old 07-19-2002, 09:27 AM
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Cool, great input guys (and ladies)
Yeah I bailed out of nursing cause when your in a business where they tell you what you make in comparison to building your skills and getting the $ you think your worth, that was it for me.
nursing while very fufilling, was financially a dead end.
Went back to skool after that and been doing network engineering and DBA work since (anyone hiring? Need bigger boat!!!! )
Actually I have a plan for a new business but I dont have the guts to do it either just yet anyway.
There are alot of good financial advice here and I plan to take it all in and make a punch list and hang it on the fridge.
and to all that say be happy with what you have, oh no doubt I am other than the fact it has not been out yet this year.
But I am sitting on 1000 HP and when she runs she sounds wicked bad ass.
Also these are the sides of the coin you dont hear of that much, guys in their 50's and such buying these.
Slingshot is not that old either and he has a 38 hustler (or is that your fathers? Friend told me it was your dads or both of yours I dont remember)
even still if that is how he did it and split the cost with his dad, thats cool too.
Great ideas here to set some goals and stop monkeying around in the driveway. Time to get the beast out there and have some fun this year.
Im going to enjoy this 30 footer and think about moving up in a couple of years, new/used is how im going to go and I think I have to alter a few things at the home front in order to do it but I dont believe I will have to sacrifice my "way of life" or my wife's either.
Honey your driving a hunday, im gettin a cig LOL
never would I do that!!!!
okay ladies and gents, thanks for all of this, great advice and great topic and great discussion.
Jason

ITS TIME TO BUZZ THE TOWER!!!!
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Old 07-19-2002, 09:40 AM
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Some things I have been mulling over.

My F311 is fully paid for and owned by myself, not the company.

In Canada, as far as I know, there is no tax break for interest on a second home (rv or boat)

Now, if you own your own business and need the cash for a boat, as I did, you take a huge hit on taxes when you remove it from the company. Personal tax wise anything over 60k per year is 29% federal and 11% provincial (that a whopping 40% right off of the top). Now if you save over a number of years building retained earning in a corporation and take it out little by little at a lower tax bracket (say 30 60k per year you only get hit with a 34.5% tax rate). However, any retained earnings are taxed at a corporate rate of about 21% so where is the benefit here of waiting to get the cash? Uncle Sam takes 21% if you keep it in the company, then another 34.5% later when you want the funds. I certainly cannot make since of this.

So for you entrepreneurs out there, do you personally own your boat, OR does the COMPANY own it. Lets say you keep excess funds in the corporation and let the retained earning grow a small amount each year. Then when enough for a sizable down payment is acquired let the COMPANY buy the boat. I know this is definitely not a tax deduction say like computer equipment, but maintenance, some fuel (for potential customer events) etc. would be. But you have the boat, with the least amount of taxation damage. Im attempting to do this as legally as possible. I am not in cash only business, everything is on the books.

But you see my point, I have the boat, via the corporation, the least amount of taxes possible have been paid and all is well. It's either 40% via the personal ownership way or 21% via the corporation ownership way. Anyone see any issues with this. Aka Miss 283 Check??

Last edited by Wild Horses; 07-19-2002 at 09:45 AM.
 
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Old 07-19-2002, 09:46 AM
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Well I think some of these things are owned by business's but some probably dont care about their books.
Also cash only business's can hide alot no question.
but also marketing budgets can go to this as a business expense as well. On the one paper NOREASTER from the chesapeake bay area (friend brought it up for me this past Monday)
there is "Thunder on the Chesapeake" right on the front cover.
tons of sonics, a few cigs and right in the middle an outer limits
If you look at the outer limits it has a business website right on the deck of the boat on both sides.
Ill bet that is the entire marketing budget for the next 5 years but hey, may pay off may not.
Just a thought, Im sure Mrs 283 Check can answer that better than me though
Jason
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Old 07-19-2002, 09:48 AM
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I own my boat however my business is set up as a DBA (doing business as). I can write off just about all the work I do on it as my business luckly is one that I actually work on boats from time to time. Since I put in stereo's in boats I make sure that the stereo in my boat rocks and all that is a write off. Also all the wireing that I redid was a write off. All the engine work to make it look nice... the paint.... everything but the gas, even the gas if I take out a customer I do what I can to keep the money I work so hard for. I work for it I keep it!!!!!

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Old 07-19-2002, 10:22 AM
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Like Shooter said check out national liquidators there are a lot of bad a$$ boat out there like what you are describing that sell for pennies compared to what they are worth you just have to be patient and take your time and know where to look, bank repo sales are a good place to start
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Old 07-19-2002, 10:25 AM
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Default CLARIFICATION NEEDED HERE!

" A FRIEND SAID IT WAS MY DAD'S".....NOW THATS A NEW ONE.

THAT REALLY STEAMS ME BECAUSE I WORK VERY HARD FOR MY TOYS. VERY HARD I OWN A BUSINESS WITH MY BROTHER THAT WE STARTED FROM SCRATCH AS A HOBBY( I ACTUALLY WAS GOING TO COLLEGE MAJORING IN FINANCE BUT STOPPED BECAUSE WORK GOT REALLY BUSY)


FYI: THE HUSTLER IS MINE
MY BROTHER HAS 39' EXPRESS CAT WITH 975'S AND ARNESONS
AND FOR THE BIG CLOSER "MY FATHER" HAS A 40' FOUNTAIN WITH 600'S.


I HATE WHEN PEOPLE ASSUME, I GUESS WHEN YOUR YOUNG(24) THAT HAPPENS
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Old 07-19-2002, 10:34 AM
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Jason,

I could not afford to purchase my boat through the business. A business purchase implies commercial use. Insurance costs go through the roof. Loan interest rates are higher too.

Greg
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Old 07-19-2002, 10:35 AM
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Hey Slingshot dude relax
So it is a misunderstanding, Chill bro, nothing bad was meant by that.
Damn Youngins, Damn whiperschnappers, Ill have to chase you down with my walker and beat you with my cane if you keep it up sonny LOL

That is a good point too, National Liquidators, Dave P from NJPPC got his outer limits there for pennies (no engines) but whole boat was rigged and sound and beautiful
Just need 2 engines, and he was jamming
I think he got it for around 80-90 grand
and we all know a stiletto for that is something to jump out of a moving car for!!!

So if you take all the advice here, and add it all up and pull it into your personal situation, then Ill bet all of us can go to our cig dealers and beat em up cause we know whats up and we can do this!!!
Lets all go at once, have about 80 people walk into like lipship and say yeah i want this one and i want that one ect
Well if he is paying 57 thou less than MSRP so am I, well I want 10 thou less than him cause his wife is a hottie and I need to get a ring for a girl at some point LOL
Okay enough
Thanks guys
Im pumped
Start the savings account !!!!!!!!!!!
Jason
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