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  #21  
Old 02-12-2008
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That annuity of 2000 a month is simply wrong. It ignores inflation and tax and assumes a high rate of return, even allowing for the fact that an annuity is calculated on the basis that all the capital is used up by the end.

The TSP is apparently a fund that provides annuities for US government and service personnel. Their calculator gives the following.

On $180000 the monthly income at a fixed rate starting at ages 30, 45, 60 is 826, 918, 1122.

For inflation adjusted payments the rates are 458, 571, 793 respectively. None of these approach $2000 a month.

I would assume the person is closer to 30 than 60. If so then taking the flat payment would mean that by 60 it would have lost 3/4 of its value. The only way to look at an annuity is in the inflation adjusted payments it produces. Even that is hazardous if official inflation is understated. I don't know local rules but assume an annuity is non-taxable.

A better alternative for a young person with a capital sum, which it is, would be to buy a modest residence of some sort. Although the market may well decline further a cash buyer may well do ok. The money which could otherwise be used for rent could be saved, while boating experience was acquired. After some years there would be enough to buy a boat and live basically on the rental income, while longterm the capital is preserved. There are other ways which could be considered but with more risk and temptation to raid the piggybank.

I doubt the original poster would be drawn to this, as his background hints at having learned to grab whatever satisfaction he can, and changing that pattern would require substantial change in thinking and behavioral patterns.

The alternative of buying a modest capable boat and living on the capital would mean that in about 6-7 years it would all be gone, boat included. That might be a tempting option, but at the end unless he has work and personal skills he would be starting from scratch again.
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  #22  
Old 04-29-2008
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I've taken a another step.

Hello everyone,

I have completed my first sailing lessons, and have gotten my keel boat
certificate.

NOW.

I need more advise please oh please. Sasha you there?

For four years I have lived in a RV traveling around the USA, Mexico, and Canada. I owe 40k on the RV. (owing money makes me sick)
I still have the 180k in an Beneficiary IRA. Which means I don't have a 10 percent penalty. I also own 6.5 acres of rural land in Texas.

I have thought of selling the RV, getting back to the grind, and taking Sasha's
advice.

Every time I get started on this I get the feeling of hopelessness and
become despondent. I really seem to have a problem with being apart
of this "American Dream".

I really want to do the right thing, and not end up old and broke.
I am a great salesman, but that is my only skill. I am very good
at starting businesses that pay me enough to get by.
I have a habit of doing what is required and nothing more.

All this is leading somewhere.

I seem to want to be anything but the person that buys things he doesn't
need to impress people he doesn't like. Which would cause me to be a
slave to the credit companies, and the government.

I have thought of building a small home on my land, growing my own food,
and living a different way.

The real estate market is really promising for buyers right now,
and I have thought of buying a duplex.

I LOVE sailing. Even after the lessons which were hard on me, but a good kind of hard. (I'm 49 and a little out of shape.) The thought of buying a boat
and living on it seems hard but it seems like real life.
I have thought of buying a boat and living on it, and starting another business.

Right now I just want to live, do something that will get me in shape, improve my outlook, and make me happy.

Sasha's advice is great and I'm trying to follow it.

With this new information maybe you guys could better help me move on from this RV.

I'm STUCK, but I think I'm in a great place and need to make a move.

Please help me. Don't feel you have to be kind, be tough on me and help me better know the path.


CatalinaFan
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  #23  
Old 04-29-2008
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Rumour has it, a mod on here wants an RV, he has a boat to sell..........

The rest, you need to figure out what you like to do, if selling works, if you can make it as real estate agent in this market, you're doing good, sell cars, or what ever. All of us that own business's, while I do not like to call myself a sale person, that is what I have to do, sell myself as an excellent contractor that you want to hire.

In the mean time, I will not give you what to do with the property or the RV, other than the above somewhat in jest comment, but a true one at that, ie trade RV for boat!
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  #24  
Old 04-29-2008
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Well Im not Sasha...nor the brightest bulb in the box...

But congratulate yourself !!! for still having the 180K....Was it a internal battle to keep it locked away for this long?...If it was, then you havent kept it locked away long enough...you have to be able to almost forget about it...next comes the stage of not wanting to part with it ( Almost hording but not quite. dont ever get there).

I to have run into people looking to trade a Motor Home for a Boat..Place a few ads around (Craigs list ) and flyer's at marinas maybe in a few local sailing rags.

As far as your work ethic...you are a little on the lazy side from what I gather and or lake of motivation...money will do that to some people lack of money will do that to some others...

Sasha warned you about not checking out and adopting the doomsday life will end soon, the world will collapse soon mentality....but to embrace what talents and gifts you were given and run with them...Get off your butt and do it...use what talents you have...Go sell something!!...You told us not to hold back... ..Growing your own food and camping out on your property is not going to get you your cruising lifestyle...it's an ok lifestyle in and of itself dont get me wrong...but thats not why your here asking questions on what to do on a sailing forum now is it..

I have several friends who sell...they make 100k + per year...one now bought a partnership in the co. and is headed for millionaire row...He is still a humble and conservative guy..He has a office in Phoenix and sells manufactured joist systems..and needs salesmen now and again PM me if you are interested and not BSing about being a good salesman..

PS: now I've got to get up off my lazy butt and go get something done today..

Last edited by Stillraining; 04-29-2008 at 12:56 PM.
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  #25  
Old 05-13-2008
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Quote:
Originally Posted by CatalinaFan View Post
Hello everyone,

I am a great salesman, but that is my only skill. I am very good
at starting businesses that pay me enough to get by.
I have a habit of doing what is required and nothing more.

The real estate market is really promising for buyers right now,
and I have thought of buying a duplex.

I LOVE sailing.
Okay, three things struck me about this post. You seem to have a couple options. Start build and sell one or more businesses to build your Kitty (while that 180k is building interest), or you could buy a couple income properties and use the profit to build your Kitty. If you really love sailing you will find a way.

BTW I hate to say this, but being lazy(ish) is not all bad. The saying goes "necessity is the mother of all invention". I say it is "laziness is the mother of all invention", as in, I am to lazy to get up of my butt to change the channel, hence the remote. The question is are you too lazy to fail? I am, I am SO lazy that I know if I fail to achieve what I really want easily, I may have to actually work hard to get my way. So, I work just hard enough to ensure I get everything I want the first time around, and I am VERY successful at getting what I want.

Good luck and enjoy every minute.
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Last edited by Greenman; 05-13-2008 at 09:08 PM.
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  #26  
Old 05-14-2008
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I might be off with this advice, but I might be on target. I just picked up a book that was popular some years ago called Feel the Fear and Do It Anyway. The chapter that I opened to talks about all paths being good. I suppose there's a lesson to be learned from any taken. What I believe helpful is to gather the info, dream a bit, sleep on it, take counsel of your dreams and don't bother looking back. Any choice in life means a rejection of a thousand others. They're all good. Follow your heart and your head. Where the two align is the path you're meant to take. Look ahead from there. As long as there's life there's hope.
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  #27  
Old 05-14-2008
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All paths are different but they may not be good. The presumption of that book and its ilk is that you don't know the outcome so who knows it will be good in the long run. Just as logically it may be bad. Who knows pay your money and make your choice.
Rejecting materialism may have some appeal.
Using the raw material you have also has some intuitive appeal.
Doesn't mean you have to become a .......... and a slave to the dollar but equally growing cabbages is hard work and likely unrewarding.
At 48 if my memory is correct you have an established pattern. We all do. Your's may serve you well or not.
If you need to change it go ahead.
If the sea is an escapist fantasy of palm trees and bikinis and rum then you will find being sea sick, broke, and unable to fix your motor is an antidote.
It ain't better, it ain't worse, just different.
Still it is your life and up to you to make the best you can of it. You will find however that the sea doesnt listen to excuses.
I kind of see it this way. At sea there is just you and "the force". To be in harmony with the force requires you to be in harmony with yourself, others, and the force. Maybe they all interrelate. I can't see one without the others.
Maybe it will help you grow but it isn't an escape route or an easy option.
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  #28  
Old 05-14-2008
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It seems to me that owing $40k on the RV means you have 140k "in the bank" with a bit of unsaleable rural land + whatever you can get for the RV after waiting a while for it to sell...probably a third of what you paid for it if you got it new. Clearly not enough to buy a boat and leave you with enough funds to cruise indefinitely.
It seems to me that you have to make a choice between living the cruising dream on a modest boat for a limited period of time...or going to work until you have saved enough to buy the boat you want with enough reserves to cruise indefinitely.
You are WAY ahead of the vast majority of people with that money in the bank and if you can sell...you can make as much as you put into it. That's the positive.
On the negative side, you seem to have low self esteem and be a "woe is me" type of guy...neither of which bode well for the demands of single handed cruising. (I am not saying this is true...just how your posts come across on line. You will have to decide if there is truth in that.)

Good luck with your decision making.
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  #29  
Old 05-14-2008
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No Plan

Catalina Fan,

You are getting some great advice!

My sense is that your problem is that you have no plan. You don't know what you want to do. Until you decide what that is, money is not the issue....your lack of a plan is.

You should consider writing down what you really want to do....then figure out how much it would cost....and how you would get it.

The inheritance should be invested conservitavly until you decide how you will need the money...when and how much....over what period.

Best of luck and once you come up with a plan, I for one would like to see it!

121 Guy
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  #30  
Old 05-14-2008
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Have you ever lived off the land? What is your farming/ranching experience?

I have land out in east Texas (and am a Catalina Lover too... smile).

We can run about 4:1, with rotation or you will have to supplement. 61/2 acres? That is maybe two head, and probably supplement. Cattle don't like to run independent. Where will you slaughter or will you do it yourself? No cattle, then you buy food from the store.

You can grow your own veggies, etc... but it is not easy and a truck garden (which is about all you will get out of 6.5 acres) still requires a lot of machinery. My John Deere costs 25k with implements - but it cannot run a round bailer, only square. You will need a disc, tiller, probably a post hole digger, pull behind sprayer, brush hog, probably a box blade, forks, and a bucket. That is just to get you by. If you plan on trying to supplement and cut some of your own grass for supplement for the winter (as out here in East Texas, it grows quick in spring and slower in summer/fall), you will also need a cutter, rake, and bailer. A round bailer is many tens of thousands of dollars. You will also need a very good trailer and a truck capable of pulling in excess of 7000 lbs, with 12000 even better. Where am I going with this?

Land is a 150% commitment. Unless you have lived it or are really good at it, the reality versus the perception of living off of your land is a farce. To keep up acerage and a large garden verges on a f/t job itself. Have you grown up in the country? DO you have a lot of support and help? I really do not think one man can do it by himself - at least not to the standards I keep. Don't even get me going on the reality of disease, flooding/drought, FREAKING MOLES AND GRASSHOPERS, deer, rabbits, etc. It is NOT easy, it is not cheap, and it is VERY labor intensive... but quiet, rewarding, and worth it. But it is a uphill swing not to lose a lot of money on selling crops (except large commercial operations).

Living in the country is also a very different lifestyle. Homedepot is an all day drive (and affair), out to eat all but dissapears, you will most likely not have the internet, you can get cable from satellite but not cable, you will be on septic and may/may not have water to your property. Drilling a well is many thousands of dollars.

If it sounds like I am trying to push you away from that, I am. It is a committment and a committment for the right reasons.

It does not sound to me like you need something to do, it sounds to me like you are looking for a change of life. Cruising and boating can be that - but like farming and rural living, the reality is different that the perception (read some of Hoffalives threads for a great example).

You only live once... that is it. No second chances. Take a deep breath in a quiet place and look inside. What do you want to do? What is your PASSION!?? Therein lies your answer. Once you know what your passion is (whether farming, cruising, RV'ing, selling, whatever), you will know which direction to head. And from there, you will make it happen.

- CD
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