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post #21 of 25 Old 02-11-2008
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Red face I may not be able to explain this in short.

I learned something very interesting years ago when I worked in Real-Estate. It is called "Cash"!

A lady I knew worked at a bank and in short explained to have credit a person need to be in Debit up to their neck. A person who pays cash does not have credit because, being in debit and paying the bills is what establish credit.

Credit and myself are enemies of years gone by. I have nothing to do with credit and in return, credit have nothing to do with me.

I learned to Budget when I worked as an Accountant. Ask a bank about "The Magic of Interest"? Well, I decided I wanted the magic to work for me, not for others to profit off of me. Buying on credit we insure the prosperity of others and not ourselves. We lose buying power in interest. Everyone should take a simple Business Math course (College Level, or better) to learn this simple math.

Saturday I bought me a 50cc Scooter. I have been wanting one for when I am at the boat to make quick runs to the store, etc. I had saved (Budgeted) money over the years for this and had around $1,000-1,500. I really wanted a deal and waited. Saturday I bought my Scooter for $650 Tax and all brand new at the Store. Cash!!!!

I laughed and told my woman that now I have money left from the Scooter budget to put toward my Sewing Machine for making my own Sails.

Had I bought the scooter on credit last year for $1,500. I would still be paying for it and I doubt I have money to put toward the sewing machine.

In short, by saving my money and paying cash when the "Deal" came along (Instead of buying the first thing for top price on credit). I "Own" my scooter and have cash now toward my sewing machine.

My woman says I am smart. I say; "No" anyone can learn to be patient and save money.

Do the math of what a Boat would cost you per month on credit. Then save that amount! That simple! Then all that "Magic" go into your pocket instead of the banks'. Once you break free from the Credit Vacuum. Start the Budgeting. You have an awesome amount of Buying "AND" Bargaining Power.

You be surprised what you can buy when you let Ben Franklin do the talking and not a Loan Originator at the Bank.

All the rivers run into the sea, yet the sea is not full.
Ecclesiastes, 1:7
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post #22 of 25 Old 02-11-2008
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Originally Posted by Jeff_H View Post
That's not true, my boat is 26 years old and its insured with BoatUS. Not only that but they just agreed to raise the agreed to value of the boat reflecting the improvements that I have made to the boat in the 5 years that I have owned her.

Try buying a boat NOW and insuring it with Boat US. My survey was top notch and they still denied coverage in MAINE where we hardly ever have hurricanes. I even tried to stay with my previous insurer Marsh/Hinckley and was denied..

Boat US has changed it's tune dramatically in the last two years. If your a new policy holder with them and have a boat over 20 good luck. I finally went with Amica after being denied by numerous companies on my 1979..

-Maine Sail / CS-36T

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post #23 of 25 Old 02-11-2008
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If your Pearson 26 keeps you awake at night think about places to go; projects to do, it's doing is's job. It's only human nature to think about the "next" boat, but I can assure you that with the "next" boat, you'll have BIGGER projects that may cause sleepless nights and chest pains. Boat ownership cost are exponential with size. I walk the docks on a regular basis looking at boats I'd like to own, but at the end of the day, I'm thankful that I can rig my boat and be on the water in 30 minutes, I can sail in and out of the slip, that I don't need crew, and the projects are relitively inexpensive and don't cut into my time on the water.
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post #24 of 25 Old 02-11-2008
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Bigger boats are exponentially more expensive. A few more feet costs A LOT more than you think. If you could finance the big boat, now you have to berth, maintain, insure, and upgrade. Bigger blocks, sails, line, gear overall is way more costly. If you had to replace a $50 block on the Pearson, that same block will be $90+ on a 30+foot boat. Your slip fees go up too.

It's 25+ years old? That means a lot of gear is on the way out or not up to todays ABYC and USCG standard. Think about the cost when the insurer says "replace those 6 gate valves with marine grade seacocks". Replacement is very costly. Let's say the boat costs 10K, but the engine was not well maintained. The engine dies next year or two years from now. Guess what a new Yanmar costs? Now you have a 10K boat with a 6K engine bill. Sails blown out, that'll be 4K.

Insurance companies question, "have you ever owned or operated a vessel of this size?". You answered no? That'll cost you $$$.

Big boats are big bucks aside from the initial purchase. When I bought my boat, I had to put down another 10K for gear and maint that hadn't been done by the POs. New running rigging, new standing rigging, a lot of engine work, new cutlass bearing, repair some rudder delam, replace plumbing, replaced aged wiring, replace old broken nav lights, etc. etc.

It's the age old question, buy an old boat and rehab her or just start fresh and new. Either way it'll cost ya. After all, sailing is a gentlemens sport that comes with gentlemens prices. Pearsons are great boats, keep enjoying her and save up a good stash, you'll need it.

Buying too big is a sure way to drive yourself into the poor house and out of sailing altogether. Reality sucks, but it beats filing bankruptcy.

Dictated, but not read.
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post #25 of 25 Old 02-11-2008
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Confused about insurance problems. Bought my 1980 Pearson 323 last Spring, got insurance through the Boat U.S. website cheap, no difficulty, hail from Mystic, Ct.

I love credit, use it all the time. Highly recommend it. If we all stopped using credit and lived within our means the U.S. economy would collapse, taking the world economy with it! Result: War, Famine, Death. We owe it to World Peace to live for instant gratification. Those who live in a financially conservative manner are in reality economic and social parasites, dependant upon the rest of us to keep the engine of industry humming so they can live safely in their smug frugality. So I say remortgage to the hilt and buy that boat now! Do it for your country, do it for the world, but mostly, do it for the children.

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