Join Date: Sep 2007
Location: Pasadena Md - Magothy side
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Re: My Escape Plan - Insights Wanted
I'm retired Navy, my monthly pension check is going to be our only sure source of income. Fortunately, we have planned for this for a decade and have reserves to augment it without hitting the principal on those reserves we figure to have 3 times what Eric is planning for income.
We'll also have medical care in just about any U.S. port - and help in most overseas places as well.
We really don't want to be 6 months in and have a engine crap out with no way to replace it. Frankly that's the thing I see wrong with the minimalist budget plan - no reserve.
Maybe we just need to get on the boat and go already.
ON the other hand, that bad word 'outfit' does need to happen on a a lot of boats, and it can indeed run to 30-40k. Boat bucks add up.
We bought a very gently used Irwin 38 CC, it has no auto pilot, no solar, no water maker - in short not a dang thing that wasn't on it when it slid into the water in 1987.
50K buys a GOOD hull, not a well outfitted boat with reliable gear.
That stuff adds up and some of it you can't do 'on the way'.
If someone out there has a surefire way of hitting 5% on investments with no risk, send me a PM.
Lessons learned are opportunities earned.