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  #1  
Old 02-09-2008
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I'll have one of those sailing lives please sir.

Wow Fellows,

Let me tell you a tell of indecision and fear; in hopes that someone can give
me some good counsel.

In 2004 my Mother died leaving me about 250k.
I had never had any money of my own and lived week to week.

Life seemed so futile after she died. I wanted to find something that would fulfill me and made me happy.

For years I had planned just what I would do if I had money. Make more money. When it got right down to I just couldn't see myself in a house, or buying and sell homes.

I thought about RVs. No, not really for me. Then I thought about something a friend of mine in West Texas had showed me 30 years ago.

It was a Chapmans, and he had lots of Sailing magazines.

Well a light when on and I decided to purchase a Sailboat.
I took a sailing lesson, then a seminar. I was hooked.

Well, I sold EVERYTHING I own and bought a little RV to see
where I would like to Sail. I looked up and down both coast.
Looking for the right place and the right boat.

Made a friend in Miami and sailed to and from Isla Mujeras
with him on his Catalina 42.

Here it is 4 years later and I have made 3 offers on sailboats.
A Catalina 390, a Island Packet 35, and a Beneteau 373.

EVERY TIME I couldn't even get to the sea trail stage.

Now the money has become 180k, and I am about to freak!
If I wait any longer I will miss the boat!

I have this little RV that I feel stuck in and the money is running out.
I am so feeling so stuck and I don't know why.

ANY positive advice?

Twenty years from now...


Thanks.
CatalinaFan
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  #2  
Old 02-09-2008
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Your doing something wrong. based on your post, likely several somethings. It is a common poroblem for people that have no experience of dealing with largish lumps of money.They do not have a grasp on either its scope or limitations. 250K seems like a lot...but is just enough to get you into serious trouble and not out again....And it can trickle away to nothing faster then you can imagine (even without any of the traditional hobbies conducive to burning money).

Honestly, the thing to have done in the first place would have been to take $20-25K for travel, training and mad money and lock the rest away in a term deposit for two years.

Do a sailing course or two and then buy a cheap old sailboat (under $5K), by the time you have spent two years sailing it every weekend or more based on what your job allowed (oh yeah, you have to keep employed), you would be in a better place all-round. You would have gained:

Sailing skills and experience,
boat ownership experience that gave you a feel for how much a boat really costs day-to-day.
boat maintenance skills and MOST IMPORTANTLY what you really wanted and needed fom a boat and what you thought was a deal breaker..

You would also have had a chance to get used to the lump of money sitting in a high interest bearing investment account...and begin to learn what it could do and generate in terms of growth...You would come to own it and think of it as yours. get an appreciation of ow big a tool it was and what its real limitations were.
This sounds simplistic, but it is completely true that peoepl without experience in large sums of money are incapable of holding onto large sums if they suddenly come their way....Think lottery winners that are brokethree years after winning $10M... They often end up with less then they started with.

So the question is what to do NOW. Well, take a look at the above advice...And substitute $180K for $250K...deduct less money from it in order to do your courses and buy your cheap boat...You may be looking at four years instead of two in order to let it resuscitate a bit more in the investment account...But that is okay...Because the view and experience on a cheap sailboat si exactly the same as the one off and expensive one.... Just do your thing and bide your time. By the time it all clicks, you will either have worked the sailing bug notion out of your system and be glad you did not saddle yourself with a white elephant expensive boat, or you will be in a position to approach the big boat purchase knowing everything ou curse about not knowing now...You will be the type of buyer that makes brokers tremble instead of rubbing their hands in anticipation.
(No offense to the decent brokers here, you know the type I am describing).

That's the bitter little pill of advice. You've been doing things ass backwards and the only thing that could make it worse is to keep doing the same thing till all the money and the opportunity it offers is gone.

Sasha

....when the hell did I ever grow up so that I could offer advice like this???? When, how, huh? Oh god, I've been struck by maturity!.. And I think I might actually be okay with it.
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Old 02-09-2008
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Stillraining is a jewel in the rough Stillraining is a jewel in the rough Stillraining is a jewel in the rough
Sasha...Ya!!

And where were you in my life!!...

Great advice nothing to add.
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Old 02-09-2008
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bestfriend is a jewel in the rough bestfriend is a jewel in the rough bestfriend is a jewel in the rough
I think sasha just about has it. I don't think anyone of us here that has owned a boat, especially one of a larger scale, would say take the lump and buy the boat of your dreams. With no experience and no idea of what to expect, you are asking for disaster and heartbreak. Take your time, get some financial help from someone you trust. Start small, the prize will come.
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Old 02-09-2008
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EEEEeeekkkk! NO NO NO and NO again. Do NOT get financial help from "Someone you trust". Get it from a certified solid investment planner. Sonmeone you need only be involved with professionally, someone with a track record and dealing in blue chip and coservative investment portfolios. Look at fixed rate interest term deposits and such. The interest is not as high and they are not "sexy", but the dioea is to gaurantee that you have a bigger lump of money at the end of a few years then at the start. You are not doing this as an excercise in gambling. Maybe someday you will have the resources to spare and lose, if it happens to roll around that way, to play the market directly or through a high risk investment portfolio being touted as a high interest account. Right now you are after a "christmas club" type term deposit of rock solid safety and assured returns.

Going to a friend you trust is a great way to lose both the money and the friend.

Here endeth the rant.
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Old 02-09-2008
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Easy there sash! Thats what I meant, a professional you can trust, not a friend, good lord no.
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Old 02-09-2008
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Stillraining is a jewel in the rough Stillraining is a jewel in the rough Stillraining is a jewel in the rough
Cool Well.....

In that case come to me...

Just kidding......
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Old 02-09-2008
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And do some research to find out what services these professionals provide and how they are compensated. Some "financial advisors" are really salesmen with a product they want to sell. Naturally their advice tends be "buy what I'm selling".

You'd probably be better served by a financial advsior than works by the hour or works with you to develop a plan for a fixed fee.
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Old 02-09-2008
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uspirate has a spectacular aura about uspirate has a spectacular aura about uspirate has a spectacular aura about
man-o-man, a high yield money market even with the latest fed cuts could get you around $500 per month interest. dont sit on it. not doing any good there. i tried to tell my bud the same thing when his mom gave him one mill back in 2001. he kept on saying he was going to invest it but kept putting it off. now as of six months ago the poor bastard is broke and has to have a crappy job just to make ends meet. his money went like
house=400k
autos=220k
boats 60k
motorcycles=55k
toys& electronics 85k
all equals=820k
and that doesn't count the living expenses incurred throughout the last 6 years, i.e. property taxes, utilities, food, all the digital cable channels and highest speed internet connection, fuel, insurance RUM! get the idea? he thought the cool mill he got would last a lifetime. dont put yourself in his shoes. do the right thing and make your money work for you while you still have some.
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Last edited by uspirate; 02-09-2008 at 11:02 PM.
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Old 02-10-2008
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Wow great advice!

Thanks Sasha for the advice. Made me tear up, when I thought what screwup I am.
Guess the best thing to do, is to get another job, or start another business.
Buy a cheap boat to learn and live on, and keep the money in the beneIRA.

My thought pattern is that the world is not a safe place and I should enjoy life
while I can. I guess maybe that is why I have never delayed gratification.

The winners like you guys seem to see the world as a safe place.
Guess I have heaps to learn. Now I'm tearing up again.

Thanks,

CatalinaFan
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