Income and boat payments.........(long)
09-05-2002, 08:45 PM
#31
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Originally posted by DTH
My broker happened to be at loto with his kids the same time I did so I took him and some others for a ride. Stopped to fuel up and he about sh!t. I just told him that my boats have lost me a helluva lot less than he has the last few years.
My broker happened to be at loto with his kids the same time I did so I took him and some others for a ride. Stopped to fuel up and he about sh!t. I just told him that my boats have lost me a helluva lot less than he has the last few years.
09-05-2002, 08:55 PM
#32
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With me, the nature of my business (construction) makes me very leary of taking on a big long term debt. For instance, this year was dead until a month ago due to the 9/11 circumstances and the stock market, and 95% of my work is commercial.
I was going to go ahead and dive in anyway, hell the worst they could do is come and get the boat. Instead, we found a boat I could pay cash for. My live in girlfreind was all for me buying a new boat, she has as much or more passion for perfomance boating as I do. We live in a small house with a small mortgage, no kids, and probably could foot a fairly large boat payment, but I hate to worry about it. I try to keep enough cash in the bank that I could make it 6 months without a single job if I had to.
As far as the gas bill, like I always say, " Gas is the cheapest thing I ever have to buy for the boat". In reality, a whole weekends worth of fuel doesn't cost me as much as one good night out at the bar, and since I always want to go boating on the weekends, it keeps me out of the bars: a win-win situation.
I like the quote someone made on the board months ago. When he told them the price of his boat the other guy said "That's more than a house cost", he replied "Not in my neighborhood".
I was going to go ahead and dive in anyway, hell the worst they could do is come and get the boat. Instead, we found a boat I could pay cash for. My live in girlfreind was all for me buying a new boat, she has as much or more passion for perfomance boating as I do. We live in a small house with a small mortgage, no kids, and probably could foot a fairly large boat payment, but I hate to worry about it. I try to keep enough cash in the bank that I could make it 6 months without a single job if I had to.
As far as the gas bill, like I always say, " Gas is the cheapest thing I ever have to buy for the boat". In reality, a whole weekends worth of fuel doesn't cost me as much as one good night out at the bar, and since I always want to go boating on the weekends, it keeps me out of the bars: a win-win situation.
I like the quote someone made on the board months ago. When he told them the price of his boat the other guy said "That's more than a house cost", he replied "Not in my neighborhood".
09-05-2002, 09:19 PM
#33
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Great thread!
Places like this website can really screw with your sense of what is too expensive. I see guys on here all the time that are probably in the same income bracket as my wife and I but driving 6 figure boats. We paid $19,500 for our boat 3 years ago and I dont think it has depreciated much if any. With the price of new boats going up and the poor economy, more buyers, even if there are less of them, are looking for clean older boats. Its the cost of the other things that can kill you.
Dont take this the wrong way, but I can read some of the above threads and see people not only trying to justify the expense to others, but to themselves as well. I am guilty as well and probably shouldnt own a boat right now. Im lucky if it has seen 30 hours of use in the last two years. Figure the cost per hour even on an inexpensive boat like mine and its impossible to justify.
Having said that, I think I get 80% of the "go fast" boating experience at a reasonable price. No, I cant go out in 4 footers. But I just got back from a ride in my buddies Baja 38 Special on lake Michigan in 3-4s and we were getting beat pretty bad in that. He paid $100K for the boat and it was 3 years old. Even though he can afford it, he is having trouble justifying it.
Places like this website can really screw with your sense of what is too expensive. I see guys on here all the time that are probably in the same income bracket as my wife and I but driving 6 figure boats. We paid $19,500 for our boat 3 years ago and I dont think it has depreciated much if any. With the price of new boats going up and the poor economy, more buyers, even if there are less of them, are looking for clean older boats. Its the cost of the other things that can kill you.
Dont take this the wrong way, but I can read some of the above threads and see people not only trying to justify the expense to others, but to themselves as well. I am guilty as well and probably shouldnt own a boat right now. Im lucky if it has seen 30 hours of use in the last two years. Figure the cost per hour even on an inexpensive boat like mine and its impossible to justify.
Having said that, I think I get 80% of the "go fast" boating experience at a reasonable price. No, I cant go out in 4 footers. But I just got back from a ride in my buddies Baja 38 Special on lake Michigan in 3-4s and we were getting beat pretty bad in that. He paid $100K for the boat and it was 3 years old. Even though he can afford it, he is having trouble justifying it.
09-05-2002, 09:27 PM
#34
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Originally posted by Jana
Many of my co-workers don't how I could afford my toy either. I have to remind them that I'm single, no kids, I don't own a house and this is my big passion. Most of them have families and other pasttimes they spend their money on. I think if you feel comfortable paying for what you own, that's what's important. People who are not in this sport do not understand the costs involved or the amount of enjoyment we get from it.
Many of my co-workers don't how I could afford my toy either. I have to remind them that I'm single, no kids, I don't own a house and this is my big passion. Most of them have families and other pasttimes they spend their money on. I think if you feel comfortable paying for what you own, that's what's important. People who are not in this sport do not understand the costs involved or the amount of enjoyment we get from it.
pretty scarey
09-06-2002, 12:05 AM
#35
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I have a piture of my boat on my tool box. I didnt put it there to piss anyone of but rather than to give me motivation to work hard. When I got my boat it was really much more than I could afford. I worked very hard in the last 3 years to make more money and be able to afford what I have.
I get coworkers all the time (mostly new guys) who walk up see the pic and say "nice boat". "Whats that cost about 20 25K"
I reply by saying "Yea 25 K might buy the motor"I try not to let it get to me too much but I find it so rude to ask all these personal questions. People afford what they want to. We all have something we spend money on that we dont really need.
I get coworkers all the time (mostly new guys) who walk up see the pic and say "nice boat". "Whats that cost about 20 25K"
I reply by saying "Yea 25 K might buy the motor"I try not to let it get to me too much but I find it so rude to ask all these personal questions. People afford what they want to. We all have something we spend money on that we dont really need.
09-06-2002, 12:18 AM
#36
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This IS a good thread. I have had a number of people ask me the very same questions. They will come up to me on the dock and say something like "WOW, that must have cost alot" I have come up with the simplest reply I can think of.... "yeah"... Then go anout my buisness....
I get alot of very strange stares for people who dont know me when I am places like the gas station. filling up the boat and truck, you can read their minds.. .
"how can he afford THAT"
or
"He must be a drug dealer"
I have actually heard that one be said...
I hope that what it does is make people work harder at what they are doing in their life so they can get the things they want. But in reality I know all it does is make people jealous or even mad because they dont have the capability to do these things.
I get alot of very strange stares for people who dont know me when I am places like the gas station. filling up the boat and truck, you can read their minds.. .
"how can he afford THAT"
or
"He must be a drug dealer"
I have actually heard that one be said...
I hope that what it does is make people work harder at what they are doing in their life so they can get the things they want. But in reality I know all it does is make people jealous or even mad because they dont have the capability to do these things.
09-06-2002, 12:33 AM
#37
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I tell them It's an easy 7 step program...
5:30 AM Go to work
5:30 PM Stop at apartment. Eat newspaper sandwich.
5:31 PM Drive to college
9:30 PM Come home. Say hi to stranger(wife??)
9:31 Start studying
1:30 AM Drop to sleep
Repeat for about 3,500 days
Bulldog
5:30 AM Go to work
5:30 PM Stop at apartment. Eat newspaper sandwich.
5:31 PM Drive to college
9:30 PM Come home. Say hi to stranger(wife??)
9:31 Start studying
1:30 AM Drop to sleep
Repeat for about 3,500 days
Bulldog
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09-06-2002, 07:38 AM
#39
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Intolerant1,Cost per hour impossible to justify? Really? What does a good shrink cost per hour?
I can spen 10 minutes on my boat and all the stress of business ownership disappears,well,at least until I turn the key off again
I will never try to "justify" the cost of boat ownership to myself.I know what value it brings to my life.Its the same as spending 30 grand on a couple skidoos and a trailer for those times when the lake is just a little too dam hard to go boating(mainly december to april) around here.If I can spend just 10 minutes with my wife and daughter boating or sledding,its money WELL spent.
I can spen 10 minutes on my boat and all the stress of business ownership disappears,well,at least until I turn the key off again
I will never try to "justify" the cost of boat ownership to myself.I know what value it brings to my life.Its the same as spending 30 grand on a couple skidoos and a trailer for those times when the lake is just a little too dam hard to go boating(mainly december to april) around here.If I can spend just 10 minutes with my wife and daughter boating or sledding,its money WELL spent.
09-06-2002, 08:12 AM
#40
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Add me to the bologna sandwich club. Pack a lunch for work, don't go out for dinner. Save a buck where I can.
I don't mind a boat payment at all, and I am always thinking how can I afford a bigger payment?
My neighbors and friends think I have a big boat, I think it is small.
I don't mind a boat payment at all, and I am always thinking how can I afford a bigger payment?
My neighbors and friends think I have a big boat, I think it is small.
