Aahhhhh...What to do??

dnf777 · #1 (**permalink**) 01-29-2012

Winter time blues, cabin fever...good time to lay plans for the upcoming sailing season...Should we GO FOR IT and get a boat of our dreams while we can still enjoy it...don't want to look back from a hospital bed someday and say 'shoulda bought a boat back in '12.....on the other hand, must be "responsible" and feed the 403b and 529s.....

Aahhhh....What to do?

Does anyone have all the answers to life's simple little questions......

(notice, I'm asking a bunch of sailors...so guess what answers I want to hear?)

shifting winds,
Dave

chuck53 · #2 (**permalink**) 01-29-2012

No one can answer that question but you and maybe a financial advisor. Life is a series of choices and compromises. I'm sure you can find a way to balance both, maybe a little smaller boat than your dream boat and still be able to fund the retirement accounts. Look at your spending habits and I'm sure you can find some things you can easily cut back on to help finance a boat.

ftldiver · #3 (**permalink**) 01-29-2012

get a boat you can afford. have you looked at trailer sailors?

bljones · #4 (**permalink**) 01-29-2012

here's a rationalization for you- buying a boat right now would be the best use of your money. Look, you know you're going to buy that boat someday- There will probably never be a better time than now. Boats are never going to get cheaper, but the market IS going to get more stable next year. personally, I'd buy the boat and worry about the retirement plan next year.

Besides, estate planning just makes your widow a better prospect on the used market. Ask her whether she'd rather enjoy life with you now or win the jackpot when you're dirtnapping?

CorvetteGuy · #5 (**permalink**) 01-29-2012

I know of some folks that lived life backwards..They saved a bunch of money borrowed some and did whatever they wanted to for 8 or so years, while they were still young and could physically do these things. They then came home and are now working, same as myself but with a hell of a photo album and wicked memories. So do what you can, while you can....

Faster · #6 (**permalink**) 01-29-2012

I've often thought (only half joking) that we've got it backwards... once out of highschool we should be given 10 years 'play time', then be put to work until you die....

Was it Mark Twain who said you'll regret most the things you didn't do - or at least try?

Lately I'd say the end result of RSP savings and boat buying is similar.. they both lose value....

So here's what you wanted to hear, Professor... Go for it!

jameswilson29 · #7 (**permalink**) 01-29-2012

Quote:

Originally Posted by dnf777

...Should we GO FOR IT and get a boat of our dreams while we can still enjoy it...

No, you should not get the boat of your dreams now.

You should get the boat you can reasonably afford (i.e. cash only, out of your vacation/recreation budget) while you can still enjoy it, in preparation of the boat of your dreams, while remaining financially responsible.

JoeDiver · #8 (**permalink**) 01-29-2012

I fall back to my "Hit By A Bus" theory.

If I get hit by a bus tomorrow, do I want to say to myself:

1. Man, that was fun!

2. Man, I sure saved alot of money.

travlineasy · #9 (**permalink**) 01-29-2012

What are you gonna' do with all that money--LEAVE IT TO THE KIDS? Keep in mind that you only go around once in this world. If buying the boat of your dreams doesn't make you homeless, your kids shoeless and your wife hate you, DO IT! My kids were told a long time ago that when they left home they were on their own and COD (cash off'a dad) would end. Of course, once you are a parent, COD never seems to end, especially when you become a grandparent.

As stated above, buy the best boat you can afford. I might add to that, don't buy a new boat, especially in this economy. You can find some fantastic boat deals if you're willing to spend some time looking. kinda' like having your cake and eating it too.

Good Luck,

Gary

chuck53 · #10 (**permalink**) 01-29-2012

I hear what others are saying about "why save a bunch of money to end up giving to my kids?
Me...I want to save a bunch of money so I can enjoy my retirement and not have to worry about when my next social security check's coming in. Sure, I could die tomorrow, but chances are very good, I've got a long life ahead of me, well into my 80's and maybe my 90's. (There's a lot of longevity in my family)
As I said, I'm sure you can find some kind of happy balance between funding a retirement account and having a decent boat.