Call me Ishmael
Join Date: Sep 2007
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Re: Financing a Family Circumnavigation
Originally Posted by engineer_sailor
Thanks for the details chall03, those are the kind of details I am trying to understand. I picked those parameters as rough guesses. I also didn't intend to over constrain to circumnavigating, perhaps sabbatical is a better term.
Yearly costs: $35k
Is still a solid $250k one had to come up with.
I could see that being in reach for retiring boomers with pensions or houses that appreciated during the housing boom. Might be tough for someone in their 30's today to get to
I like a combination of the scenarios above (assuming you are a typical engineer with a house and a little savings): Buy the boat while you're working. If you already own a home, what extra can you pull from it by renting it while you're gone? Even if the rental of you house only nets you 1K / month, you then only need 80K for a 4 year trip (on that 35K budget). Can you burn your IRA? Tell the kids that a year cruising is gonna pretty much it for the idea of college savings (who is gonna be able to afford college when they get there anyway, right?)? Maybe just take a 2nd on the house for that extra cash. It all depends on how much it means to you and what you're willing to give up (you realize you'll have to do something illogical . . . right? :-)).
A 3 year tour of the Caribbean might only require 50K to buy and outfit a boat . . ..
If you are hand to mouth on land, and you really want / need to cruise, you'll probably have to re-conceptualize what cruising means to you . . . as you say maybe something other than a circumnavigation. Kids who grow up on a boat probably take away an awful lot regardless of the cruising grounds.
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