Join Date: Oct 2002
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Message in a bottle
Hello again to all,
We are engaging in some very important subjects. It seems that no matter where we all fall within the process, we''re on the same page. There are many reasons that have fueled our desires, but one primary reason I have relates to health, and the strong desire to travel and experience this lifestyle whilst healthly. While my parents were in the midst of their cruising, my dad was undergoing interferon treatments for Hep C, amongst other things and mom was in menopause. Ick! Sounds miserable!
Stede, you and your wife are in my prayers!
As far as developing and undertaking a plan, since we are sharing some specifcs. Here''s our plan. Maybe some further ideas can be suggested and/or someone might be able to apply some of our plans in their own situation. that''s what this dialogue is all about right?
My husband and I have been boat centered for several years now. We purchased our Fairweather Mariner/ Westsail 39 about 2 years ago. Since we live close to the marina, we spend nearly every weekend at the boat either maintaining, upgrading, or playing. My husband knows the mechanical systems very well, and I am learning. We do all the regular maintenance, brightwork, enginework, everything ourselves (except cleaning the bottom),which creates a stronger knowledge base with each project. In fact the cruising upgrades have begun with the intention that by the time we cut the lines we will know how to run and have the bugs mostly worked out of the various systems. Yes, I can sew and I am a very good whipper and seizer!
Our financial plan is this.
We own an apartment building which nets $2-3000/month after expences, vacancy reserve, mortgage, etc. We feel relatively comfortable that a reasonable level of positive income can be produced even with a drop in rents, increase in interest rates, or change in market conditions. This is our crusing income.
Neither of us will receive retirement income from our careers, and because we do not want to have to jump back into the system afer cruise life, Our future land plan would be with the assumption that we will live somewhere other than US. It is just too expensive to live in the US near the ocean which is important to us.
We will maintain our current health insurance "Blue Shield" which will cover emergency situations outside of US and full coverage otherwise.
Savings wise, not including IRA''s etc. which are stuck in the fluctuating mutual fund market, & not that huge anyway after losing most of their value, our goal is to have a minimum of $250,000 cash, plus the equity in our home which we still might consider selling (apx $200K equity). This principal will sit untouched til life after cruising.
We rarely eat out (maybe 1-2X/month), don''t spend money on any new home stuff, drive well maintained 8 yr old cars, rarely buy new clothes. Yet to look at us, we do not appear lacking- just a matter of choices and priorities.
Relating back to Stormer''s message... Does this plan seem realistic and for life after cruising in "work optional" mode, outside of the US , do these reserves seem adequate.
I''ve figured that worst case if we had to come back to US we could reinvest our principal into multi-family property and create some additional income.
Our plan is to move aboard next summer after we sell our house and one of us quits work. As long as we both continue to work, it just too hard to have our big dog without a big yard!
So, I feel like I''ve seriously rambled here. But I guess I''m hoping that someone will say Yes, your plan is sound. GO FOR IT!
Thanks to all, i appreciate all of your input and great thoughts!