Join Date: Nov 2012
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Re: My Escape Plan - Insights Wanted
Thanks Brian and Aaron! And thanks Christina for the long and informative email about the East Coast Moody's.
Since I'll just be supporting myself and the boat (at first anyway, never know who might end up joining), I'm assuming I can cut the numbers Brian spends by at least 2/3 since he's got 4 people (figuring in some economies of scale on his side).
It's those monthly fees that turn into the real deal killers, and insurance is looking to be an issue. $5000 a year is literally half my budget! For what amounts to nothing but the protection of some weak words on paper that apparently I'll need to get into a marina? Do I need that just to moore up overnight or is that more of a long-term thing?
Will have to check into that more closely. This could really push me to working & saving a couple more years, depleting savings and expecting to need to go back to work after a few years, or needing to work while I cruise, which isn't exactly part of my current dream, but I suppose sacrifices must be made. That comment about how earning just a few grand working is the equivalent of mass quantities of saved money was an interesting one.
Clearly I need to put some more thought into how I can generate cash. I know I could rent my house, but that would add risk and take some of the interest earnings away as well.
I speak w/ my financial advisor tomorrow, and I may find tapping my 401k will be a big hit to my numbers too.