Originally Posted by DRFerron
My first thought with this financing plan is that you are somewhat counting on student loan money you have left over (it has to be repaid at SOME point) and currently hypothetical money coming in in the form of gifts to buy the boat. And making your budget fit the as-yet-seen money. That implies that there may not be a lot planned into repairs and maintenance. Unless you have knowledge of mechanics and carpentry, you may want to wait until your boat fund is a little more shored up.
You'll do what you want in the end, but be aware of how it will look to be an advanced degree Econ major broke and homeless because you didn't plan your finances better when buying your boat.
Just a thought.
Valid points! Wasn't going to go into details on my finances.... but since that seems to be important to the discussion, here goes. I will have around $20k to spend. The rest... the gifts, loan extras will amount to a very small portion of that... A few thousand at most. What I look at as extra money for updates and mods. In fact, one of the reasons I'm just going for it with a boat is so I can dump all that rent/mortgage money on my pile of loans and make it go away ASAP.
And I am a good electrician, solid carpenter, and fairly competent mechanic. Used to teach woodworking in a high school, freelanced as a lighting technician, and always do my own engine repairs.
Plus there are sailors in the family that are exceedingly competent at such things.
I am good with budgeting. And this degree has taught me a few things about opportunity cost!