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post #11 of 90 Old 11-11-2012
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Re: My Escape Plan - Insights Wanted

I wish you well; Seriously. Just be careful. Although easier now than it used to be, it is still difficult to try to deal with financial matters from the other side of the world. If you have someone you REALLY, REALLY trust, consider leaving them with Power of Attorney.
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post #12 of 90 Old 11-12-2012
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Re: My Escape Plan - Insights Wanted

On a gut feel basis, I'd say your budget is light. Living on $500 a month means you're basically living in poverty...perhaps with a view. Also, dont forget to budget in regulatory fees and such. Entry/exit, visas, registration, etc.

Also, without insurance, you can likely forget about staying at a marina as a minimum of liability insurance is usually required to stay for any duration of time.

Can you save up another $100k and then go? $15k a year seems like its a lot more doable than $10k a year. Also, 5% return on AVERAGE means you'll have years where you'll lose money. If you lose money early in your investing cycle...your LONG TERM real returns will dramatically be lower.

Now, that being said...why do you need to preserve principal? If you're able to get 5% return and then also extract from the kitty, sure you may not have much at the end of your cruise, but you can work for the rest of your life!

Here's a couple that did it and their costs:

I'm a big fan of the way they did it...but you can see that they had some means.

S/V Jendai
Beneteau 343

Last edited by night0wl; 11-12-2012 at 12:52 AM.
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post #13 of 90 Old 11-12-2012
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Re: My Escape Plan - Insights Wanted

You are getting some good feedback so far. You could also work a bit to cover some expenses, but, that is up to you.

I just think it's nuts to not have insurance on your boat. IMHO, of course, YMMV.
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post #14 of 90 Old 11-12-2012
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Re: My Escape Plan - Insights Wanted

Originally Posted by eric-the-red View Post
That's good to hear. How much do you typically budget for a year of cruising?
I can cruise around the caribbean on $1000 a month like a king. I almost never go to a dock for more than a night every once in a great while, I have practically no sensitive systems that need repair and parts that I can't do with out. I can load up on a month's worth of food and booze for few hundred dollars. I spend $12,000 a year top's. That means if I had $200,000 cash in the bank, ( almost a 1/4 mil.) I could cruise for 20 years! I may spend as much as 3 months anchored in some off the grid lagoon in central America and not spend a dime. I may spend $500 in a weekend partying in town, and take off for another month loaded up with provisions and not spend a dime. For the gadget boat, marina to marina cruiser it's not possible. For the bare bones, singlehandler your budget is a dream. The initial cost is setting your self up for self sufficiancy, then you spend money when you want to, not because you need to. A lot of dudes don't get it. They need equipment and supply's that keep them tied to the dock with an imaginary ambilical chord. The acronym K.I.S.S. comes to mind. My boat is worth 5 grand top's. 1965 Soverel 28 with no engine. ( a small out board for close quarter hip towing) I have a handheld gps from a pawn shop and good used sails and gear, extra large ground tackle. I never manuever near other boats at I higher speed than I can fend off with a finger. My insurance is in my ability to handle my boat and deal with what ever the ocean cough's up. There are a lot of sailors out there that would be nut's to run with out insurance. 24 years of cruising and I've never come close to needing the false sense of security that extra cost woud supply. (I've sunk my boat twice by the way)

" Some are boat wise and some are other wise"

Last edited by Capt.aaron; 11-12-2012 at 01:20 PM.
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post #15 of 90 Old 11-12-2012
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Re: My Escape Plan - Insights Wanted

I did much the same thing when I was 43. best decision I ever made. 7 wonderful years before I went back to work.

Couple of thoughts.

The miles from Panama to the Eastern Caribbean will not be fun.

Refitting in Florida might be a better option. Stuff is generaly more expensive as soon as you leave the USA. There are exceptions though GRP work and paintwork is cheaper in Trinidad.
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post #16 of 90 Old 11-12-2012
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Re: My Escape Plan - Insights Wanted

The purchase budget on a Moody 376 seems tight. I tried to get one that I felt would cost $100k after purchase and basic refit (not including all the outfitting I felt I needed) but it wasn't going to happen. There aren't that many on this side of the pond and while they aren't well known over here, people still want a higher price for them. If you're considering looking at the ones on the east coast, I've seen them and would be happy to give you my impressions and experiences. There was one that sold for around 60k that I didn't get to see so it might be possible.

Glad someone else appreciates them too. If you're willing to go a little older, I did find a few Westerlys with similar layouts that were a little older and a little cheaper. None were close enough to see although I did check out a late 90s Oceanquest.

I haven't left yet, so I can't comment on cruising budget. It'll be a few years before we pull our cash together and head off. I would recommend The Voyagers Handbook for a thorough discussion of what you'll need to do and know.
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post #17 of 90 Old 11-12-2012 Thread Starter
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Re: My Escape Plan - Insights Wanted

Hey everyone, thanks for the great replies, thoughtful insights and links! Please keep them coming!

To answer some of the questions:

I could touch the principle, but every time I do it reduces my annual "income" and shortens how long I can get away with not working. Obviously I will do it when/if needed.

I could also work another year. And then another, and be 50 before I know it. Another year would basically see another $35-45k in savings, so that would still not get me to $15k/ year. Or I can go sooner and see how it goes. There's a slim chance I may wait an extra year anyway, it all depends on how well I pull off this last big project I'll be working on.

I'm certainly open to the occasional odd job to make ends meet. The concept of transporting boats or doing some chartering is very appealing, though I know I'll need a license to do so.

I'm not interested in living the life of a pauper w/ a great view, but I'm also not thinking I'll be tying up in a ton of marinas and eating at fancy restaurants. I like cooking and fishing.

As for the Moody's - yes, I'd be very interested to know what you've found on the east coast. I've seen them for about $80k and figured there's room to negotiate. I may also look at smaller, newer boats. But I do like the Moody's quite a bit.
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post #18 of 90 Old 11-12-2012
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Re: My Escape Plan - Insights Wanted

All through the 90's and early 2000's I sailed between the Caribbean and key West. I would work a few months in Key West in bar or as a house painter, save, supply and back to the Caribbean. I've never been a pauper or poor. If you told me I could have 200 grand in the bank and bring in 15 grand year! sh!t, that's more than living large. Even on my pittance of an income I've been eating out and drinking in the clubs, traveling to inland destinations etc. You are more than financially ready to start the cruising life my man.
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post #19 of 90 Old 11-12-2012
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Re: My Escape Plan - Insights Wanted


Frankly if you thought you could live on $1,000 a month, and you probably can. It would be best to have about 1,500 a month from interest. This way your principle grows faster than inflation, and you can keep ahead of the curve. Alternatively just a little bit coming in each year from paid work can really help add back to the principle.

Just 1,000 a year in paid work is the equivalent of having an additional 20,000 invested (at 5%) if you can pick up enough piece work to make even 5,000 a year, that's like having an additional 100,000 in the bank. Which would allow your principle to grow faster than inflation (this is the real key).
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post #20 of 90 Old 11-12-2012
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Re: My Escape Plan - Insights Wanted

I doubt the refitting costs are too high if you want to get it right before you set off.

Whether that is really necessary is debateable, refitting as you go along may well work provided of course boat is basically sound to begin with. OTOH, if you need new standing and running plus new sails and a major engine overhaul then that budget starts to look sensible.

While I would be prepared to head off without comprehensive insurance no way would I go without third party property and public liability.
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