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  #1  
Old 10-27-2010
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debt free!

Ok, first the disclaimer, this thread is mainly for me to brag.

A long time ago, I posted regularly here, tried to ask good questions, got a huge amount of really helpful feedback, and ran out of questions. I realized that if I was going to do what I wanted to do, the way I wanted to do it, I needed to get rid of over $80k in debt, save up some money, buy a boat, and go, so the plan meant very little play time. I spent a little bit of time on other peoples boats, and with a kayak to keep me from going insane, but mostly just paid down my debts.

Well, I'm debt free.
I've got a little in savings, but not quite enough to buy a boat I want, but hey, it's progress. I'm currently in Sri Lanka celebrating my debt-freeness in a vacation spot that costs me less to live in than being at home.

I'm really hoping I'll be able to post back here in about a year or two that I've bought a nice old plastic classic, am living on her and fixing her up at the same time, (yeah, I know, but I'd rather suffer the sounds and drafts than not be on the boat... at least I think this now, we'll see how the plan goes when I get the boat)

Anyway,

The process continues. See you guys all soon =)

How are you doing on your path to getting a boat and shoving off?

-- James
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Old 10-27-2010
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Sounds like you've earned the right to brag - CONGRATS!!!
Paul
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Old 10-27-2010
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Congrats!!!! You have every right to brag about such a milestone, and I'm about to do the same

I reached full, 100% debt-free status in March of this year, and bought my interim boat a couple of months ago. I'm sailing that and saving for the ~36-40 footer I really want. I absolutely refuse to go into any form of debt again, so that's going to take a year or two.. and another couple of years of fitting out and progressively longer trips before I shove off for good. I've given myself a 7 year timeline, and 2 years into it I'm bang on target. Even found myself a girl (I give the "I'll be leaving, but you're free to come" caveat emptor to every woman I've dated since I made the decision) that supports my dream and will join me when her son goes to college.

Keep the dream going James! It's tough sometimes, and takes sacrifice and discipline (not to mention skepticism thanks to countless people that say they will but never do, both in the sailing community and out), but so far I can attest that it is weeeeell worth it
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I can't imagine mastering the skills involved here without a clearer understanding of who's going to be impressed.
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Old 10-27-2010
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Quote:
Originally Posted by TintedChrome View Post

1. I reached full, 100% debt-free status in March of this year,

2. ......Even found myself a girl.

1. You the man + 1!

2. Uh Oh Say good bye to debt free!


...just kiddding.
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Old 10-27-2010
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Congrats James! It's a wonderful feeling, isn't it? You're not "bragging," you're "inspiring!" You're past the hardest part, we'll be looking forward to your future saga of moving aboard your classic plastic.

I think you're doing it in the right order - we cast the docklines off about a year ago - but in the process of getting the boat ready for cruising, went back into debt (yikes!) for all the upgrades we needed, and only a couple of months ago finished paying that off.
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Old 10-27-2010
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nemier -don't worry - she's been burnt so bad in a previous marriage that she absolutely does not want the joining of finances or anything of that nature to make sure nothing financially impedes her from taking care of her son.. For example, she'd like to buy a house, but neither of us want me associated with the title, mortgage, or anything of that nature. I'll still help out "rent" wise if I ever move in, but my debt free status is safe

In other words, she truly is diamond in the rough that one, and just as independent as I am.. Perfect complement to me personality wise, and a keeper for sure!

Ok, so now I've bragged about my lack of debt *and* my girl.. I'll stop now before the rest of you start gagging..
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TC and Eryka, Props.

Right now I need to remember to balance on this point. I know if I'm not careful, I can end up back in debt quick. I also lost my job, and quite frankly, I'm not sure if I want to go back into the same industry, so I might be starting some other career path, hopefully one which doesn't have me chained to a desk, but consequently something that probably won't let me make as much money as quickly.

I had a fair amount in savings, but after putting a fair bit into prep for a trip on someone elses boat, which feel through, and making some emergency loans to friends, and paying off all my debts, as being unemployed and debt free is a really easy situation, but being unemployed and in debt is an ulcer waiting to happen, well, I've got plenty to keep me on my feet till I decide what I'm doing and get a new job, etc etc etc... ok, now I'm just ranting.

I'm sorely tempted to go out and spend my last $5k on some cheap Catalina 27, and do the sneak-aboard thing, or just push off for Mexico, and find work telecommuting for not much money. I know people who've done that and made it work for them, but I like to think that if I force myself to keep my head down, save up some money, and come up with a real income stream, (not sure how yet) or at least a decent nest egg, then I'll be able to go sailing with much more comfort and self-confidence.

Go Small, Go now works. I've seen it.
But Go Small, go after getting a little saved up and have spent time sailing locally and fixing the boat up to suit seems so much nicer.

I think if I can get myself to the point where I'm living on the boat, and don't have an out, I'll make it happen, but I'm not going to do that until I'm ready to do it right.

I've quit looking for the perfect boat, and quit trying to decide what I need or don't need, or what dimensions I can live with etc, and have decided that when I've got a bit of cash saved up, I'll start looking, and the boat I find that's in good condition and fits, will fit. When you're buying on a budget, that seems to be how it happens anyway.

But enough ranting, here in Sri Lanka it's bedtime.

Happy hunting to the rest of you.

-- James
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Old 10-27-2010
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Great stuff,
Money is something you should never have to think about when cruising.

Doesnt mean things can go a little haywire whilst you are away, enjoying yourself.

We set up any bills to be automatically paid from teh credit card and the card to be paid off completely every month from teh savings acccount. One season a few years back, whilst blissfully away from 'anything', the credit card stopped paying out.. This meant nothing (inc mortgage)was paid and also resulted in cancelled insurances, registrations, etc. Big dramas when we got back and had to fix the problem from a remote location.

However, while you are cruising to beautiful places, what you dont know doesnt stress! So debt free is perfect.
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Old 10-27-2010
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Debt free is just another way of saying, "I haven't found the right boat yet."
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Old 10-27-2010
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Very happy for you. I'm also debt free, paid off the mortgage in August. I already have the boat, even if she's old and basic.
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