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Involved discussion on finances and plans to purchase boats

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Old 07-19-2002, 10:47 AM
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JAY........IF YOU HAVE AN IDEA GO FOR IT!

1. WORK HARD AT WHATEVER YOU DO, IT WILL PAYOFF
2. NEVER TAKE THINGS FOR GRANTED
3. KEEP IT ALL LEGIT (IT MAY BE EASY TO GO THE OTHER WAY BUT HOW BAD IS IT GONNA SUCK WHEN YOUR BRAND NEW TOY GETS PLUCKED FROM YOU FOR DOING THE ILLEGIT THING)
4. NEVER JUDGE SOMEONE BY THE AMOUNT OF MONEY THEY HAVE
5. HAVE FUN!
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Old 07-19-2002, 10:53 AM
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Jay,
I am 32 years old and her is my philosophy. I can tell you that it takes a lot of hard work and a definete financial plan. My boat was the last toy that I bought. I first took care of some other investments that would help to secure my long term future. I have a great deal of equity in my house, we purchased a shore home that is a great investment as it's value appriciates ever year, I currently max out my 401k contribution, as well as make other investments. I can assure you that my current salary is less than what you and your wife make. It is all about priorities. We do not go out to eat, we take one vacation a year and we are very careful with our money. We did use other funds to pay for the boat, proceeds from the sale of my business but we live off of my salary. I agree with what a lot of what has already been said. I can tell you that my philospohy is that I only pay cash for my toys. I built up my business that I started from scratch seven years ago and sold it to a larger competitor two years ago. But in those 5 years or so I worked 7 days per week 18 hours a day from April to September. As my children got older, I have a 5 and 7 year old it became much more important to spend my time and weekends with my family. In my opinion being self employed is what got me to where I am right now. But, there is a lot of blood sweat and tears, and many worries that go into owning your own business. As you can tell by my childrens ages I started my busainess when my wife was pregnant with our first child. I had a very secure job at a large bank but wanted more. Was it a huge risk, yes. If you have a great idea for a new business, see if you can get it started while you have a secure job somewhere else. Work on your business at night until it gets going.
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Old 07-19-2002, 10:57 AM
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Lot's of interesting comments. I also would recommend the book "The Millionaire Next Door". There are some very interesting things to consider in that book.

My personal opinion is that it's very easy to only look up and see that view of the upper class as being common and normal. If that's all you look for, that all you see, then that's all you know. It's easy to think that "I'm not as successful as that, and so I've failed somewhere because I haven't kept up with the Jones's."

This rarefied level of income and spending is not common and is not the norm related to American society. I just looked at the census bureau website to try and find the average income in the US. Too much to filter through but from what I saw it's WAY less that you think and WAYYYYY less that the incomes implied in the previous comments.

So, my point here is that you, me, and probably anybody else with even a modest offshore boat lies in the top percentile of earnings in the US. Be thankful for what you've done, and don't waste that blessing by beating yourself up because you ain't got blown triples. Boats, cars and bikes are things; your family, your beliefs, priciples, and integrity are more valuable that any "thing" on a trailer or in your garage.
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Old 07-19-2002, 11:20 AM
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This is a really interesting thread. I can certainly appreciate all the comments about priorities - we just did a major reassessment ourselves in the last year.

Quick background - I'm 34, wife is 29, we were the original DINKs for the first 2.5 years we were married. Bought everything and anything on impulse, never saved for anything. Pair of brand new Arctic Cat sleds? Check. New Ford Expedition (Eddie Bauer, of course)? Check. Bought a 23' Searay to see if we wanted to be boaters. Sold it six months later, bought a brand new Powerquest 280. Enjoyed the hell out of it for 2 years, then....

We decided to start a family. Now we have a wonderful 6 month old daughter, we've sold the boat, and we're down to one income - my wife is hard at work as a stay at home mom. Do we miss boating? You bet! But we needed to change our priorities a bit; we elected to sell the boat, remodel our kitchen rather than look at buying a new house, etc. Now we're thinking about a new (to us) boat, possibly next year. It certainly won't be new - probably an older 28-30 foot boat. We don't live on the water, and I don't want to feel obligated to use the boat just because I'm paying X dollars a month for it.

Sound advice from all on this thread - I think I'm going to pick up that book on the way home tonight.

----------------

On a related note, for those of you that have or have had a business, what is the best place to find businesses for sale? My wife and I have talked about doing this a number of times, especially when the young'n is a bit older. Any tips/thoughts/advice?

Much obliged!
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Old 07-19-2002, 11:31 AM
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Default What Dockrocker said!

I know that there are alot of small business owners out there. I have kicked the idea around many times. Actually when Miss 283 was about to graduate I drove by a resturant that had failed(I really like to cook)and made the comment to a co-worker that that would be a great location for a Quizno's(sandwich joint). Well guess what was there 6 months later.....yep a Quizno's. But we weren't the owners and the business is doing great. This could be a topic of a new thread, but I would like to know how some of you took the plung and possibly know where you found the help to do so..

Thanks
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Old 07-19-2002, 11:34 AM
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Isn't the book called the wealthy barber?
I was told a while ago to get that and could not find it
Maybe amazon has it?
Have to see. In the mean time, these are the kinds of ideas and helpful hints I needed to try and clear the slate and reconfigure my stuff to get it to work for me and not just be spent on bills and stuff.
I spoke to my mortgage company and in my contract I cant make an extra payment or pay it off for 3 full years from date of inception. That leaves me about 2 years left on that one.
As that gets closer, Maybe I can refi the house from 8% to something less and free up some cash per month, and since my present baja is owned by the home equity line of credit we got on the house to consolidate and get our house modified the way we wanted it (I redid the kitchen, bathrooms, family room, living room, foyer, lawn, decks, sheet rocked the family room ect all myself, no contractors)
Only contracted job I did on house was roof
Going to get some other small BS paid off during the 2 year wait I have to make extra payments on principal on the house (student loan from college is now about 4 grand left)
get out of some BS debt and get as much consolidated and then concentrate on getting equity on the house, refi the house in the 2 years left and hopefully be able to free up some more money per month to put away for my bigger boat for the future, but for now the baja being 30 feet is definately a decent size rig.
I also think im going to sell the trans am that I dont really drive anymore. Just sits in the garage collecting dust.
Prices on them is jumping through the roof cause they are stopping production so I might pay that off (have 2 yrs left on it)
Car = equity position
take that funding and pay off other dumb stuff and get planted and start working towards it.
Ladies and Gents, Thanks all for the input and advice and tips I can do to join the heavier hitting crowds of HP boaters
WOOHOO Im looking forward to all of this in the few years to come.
will be nice to sign for a nice huge boat with MONSTER motors in it.
Jason
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Old 07-19-2002, 11:55 AM
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Jay-
I'd have Miss 283 chime in here but she is off work today away from computers. But rethink some of the debt you pay off, that student loan I belive has some tax breaks associated with it. That I guess could be considered good debt. Get rid of the debt(bad)that you don't get any breaks off of first.

I'll make sure that Cyndi(Miss 283)Checks(pun intended)out this post on monday for anymore of her taxing advice
 
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Old 07-19-2002, 12:51 PM
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You know,

I recall being down at Lake Cumberland last summer, sitting at the marina pumping that $2.00/gallon gas into my boat. I was feeling sorry for myself as I watched the meter spin rapidly past the $100 mark. Then I looked across the dock at the guy pumping fuel into his 42' Fountain. $400, $500, $600... and still counting! It was then that reality smacked me square in the face: A boat like that could just drop into my back yard, scot-free, and I STILL couldn't afford it!
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Old 07-19-2002, 12:57 PM
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Amen Budman amen!

It's funny how some folks have no clue just how much one of these things really costs! One time my brother came out for a day of boating, and he slips my wife a $10.00 "for gas" - I asked him if he wanted me to start it and let it idle for 3 minutes, 'cause he just about covered that much Needless to say, he thinks I'm out of my mind for spending so much on a toy that we can only use 4-5 months out of the year.

Some folks just don't understand....
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Old 07-19-2002, 12:59 PM
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Hell, I'm usually grateful just to get that!
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