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  #601  
Old 06-28-2013
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Wink Re: The future of the sailing world. Why are there so few young people cruising??

Quote:
Originally Posted by abrahamx View Post
uuuuuh, most young folk dont have that kind of time or money. I'm in my fourtys and with halfway decent job making around 70k I barely have enough cash to get a 40 year old boat.
And forget about crusing. I might be able to afford a week or two off. How does one even acess their money while crusing. Or pay their bills for that matter?
The only way I can imagine that you are spending 70k without enough left over for a boat, is because you have an expensive car and/or expensive house or even other huge debts. Or possibly just a lot of frivilous expenditures, like fast-food, restaurants, parties, consumerist goods etc.
Typically for world-cruising and things people just have their boat, and at most some cheap land-base somewhere, with minimial to more likely no debt at all.

Paying bills is easy enough with online payments. Accessing money is similarly easy, though any ABM can give you cash if needed.

If you were really serious about cruising, then you'd get a portable income.

Quote:
I'd have to somehow make a grand a week and get it back into my direct deposits so the bills get paid. Not an easy thing to do for most of us. If you are well off enough to do the cruising thing you are luckier than you think. Throw a million bucks in my bank and I'm there.
me my spouse and child somehow have more than enough money, making much less than half of what you make a year.
So it's really not about how much you have, it's about how you use it... as many things in life ;-).
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Last edited by elspru; 06-28-2013 at 09:38 AM.
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  #602  
Old 06-28-2013
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Re: The future of the sailing world. Why are there so few young people cruising??

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Originally Posted by elspru View Post
The only way I can imagine that you are spending 70k without enough left over for a boat, is because you have an expensive car and/or expensive house or even other huge debts. Or possibly just a lot of frivilous expenditures, like fast-food, restaurants, parties, consumerist goods etc.
Typically for world-cruising and things people just have their boat, and at most some cheap land-base somewhere, with minimial to more likely no debt at all.

Paying bills is easy enough with online payments. Accessing money is similarly easy, though any ABM can give you cash if needed.

If you were really serious about cruising, then you'd get a portable income.


me my spouse and child somehow have more than enough money, making much less than half of what you make a year.
So it's really not about how much you have, it's about how you use it... as many things in life ;-).

Nah I at first thought that too- but what if he is a father of three kids and putting them through college? There goes 30-40K right there.
Or he could be taking care of his elderly mother and so having to pay RN's to come in two or three times a week to provide care.
Perhaps he or a family member has a medical condition or disease- You know how expensive medical care is in the US even with insurance.

We should not judge what we do not know.

If however none of these scenarios apply THEN perhaps he should lower his expenses and focus on better ways to stretch that 70K which to me seems like a million bucks from my 15-20 k on average income.
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  #603  
Old 06-28-2013
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Re: The future of the sailing world. Why are there so few young people cruising??

On banking while cruising. What you do is set up one bank account as your main account, you set up two other accounts, one with a Visa debit card and one with a MasterCard debit card, you will need both of these because depending on where you go one or the other will not be accepted. You manage your money via online banking from your main account funneling money by transfers in lumpsums into the others as needed. The reason you do this is to protect your main account from possible fraud, and to have funds available on both the others.

Personally what I have done in the past was to buy some travellers cheques and use them in some cases and the debit cards as needed for paying clearance fees, customs, zarpes, and so forth. I used travellers cheques whenever I was paying marina fees and to exchange for local currency in banks. You will have to declare any cash or travellers cheques you have on board in your safe, and you need to be VERY careful about not allowing people to see you pulling out cash. Also, be aware that in many countries there are highly skilled pickpockets, some are small children, they come up and are extremely friendly, and when they hug you or brush up against you they take your wallet. Some of them can take your Rolex off of your arm so skillfully that you will not notice it until you go to look at the time...by which time it is too late.

Having said that, you will also meet many wonderful people and you will see many beautiful places, just make sure you are friendly but vigilant at all time. Not every child you meet is a pickpocket, not every person who motors close to you in a skiff is a pirate or scouting for pirates who will come later. Some are, and you need to keep your belongings secured at all times, try not to be one of those morons who is flashing his wealth in a place where your watch is worth more than most people earn in several years time. Awareness of your surroundings at all times is not just for while sailing, it is good practice and common sense on land or at sea. Plus that once you train yourself to be alert and aware you will be amazed at how much in life you have missed, simply because you were not paying attention.

I wish you all good fortune and pleasant hours of peaceful sailing and memories of the places you visit.

Mark
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  #604  
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Re: The future of the sailing world. Why are there so few young people cruising??

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Originally Posted by elspru View Post
The only way I can imagine that you are spending 70k without enough left over for a boat, is because you have an expensive car and/or expensive house or even other huge debts. Or possibly just a lot of frivilous expenditures, like fast-food, restaurants, parties, consumerist goods etc.
You don't really know anything about his situation, or how he lives.

70K in the Metro DC are will get you an apartment in the ghetto and just enough to pay back your student loans in 15 years.

I don't know where he lives in Michigan, but 70K might just be squeaking by. The point is you don't know either.

Maybe he could do things differently, maybe not.

I know it costs a **** ton for me to live in the DC area, but it beats being unemployed somewhere else. I am young (27) and the only reason I can sail on a half way decent boat is because I went in half with my dad. Otherwise, I wouldn't be sailing in something big enough for my family to enjoy.
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  #605  
Old 06-28-2013
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Re: The future of the sailing world. Why are there so few young people cruising??

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Originally Posted by Harborless View Post
Elspru what an awesome mentality. We have much in common. I will pm you later to find more about you.

Aberahamx, you make plenty of money sir. I think you just choose to have too many expenses. House, cars, tvs, eating out perhaps? Ive never made more then 25ki in my life until this year and let me tell you if i spent two years making 70 i would have no debt, a nice boat, a new vespa scooter, and be taking vacations to india, burma, costa rica, thailand ect where my dollars stretched like warm plastic.

Perhaps instead of focusing on your investments you should focus on expenses?

For all i know yo putting three kids through college and supporting a wife in chemo which would make you a saint. I know nothing of your personal situation. I just know the more stuff we buy the less freedom we have. Good luck to you sir.

Capt. Aaron well done truly. My boat is basic but it does have gps and an inboard diesel and a solar panal and three batteries and an inverted.

This is why i moved to new smyrna beach where my world class sailing uncle and semi world grandfatjer live. Yesterday i got my first real grip on dead reckoning. After my college astronomy class i will learn from them my sextant and celestial nav although i wonder if really irs worth it since light pollution is taking away all the stars.

However by next summer my gps will be a knot reader only. I want to be able to navigate and chart by hand and instrument only.

Your right about the bahamas. When i was a boy most the boats were under thirty five feet now they are all forty five or up with older ppl on board. Thats why i plan to head south past exuma to the out islands. Self sufficency is my goal. Right now i moved, or motored here, two weeks ago. Tonight i start work a t the best restraunt in town as a server from four to ten and monday i start for century mngt as a maintenace man pulling sixteen per hour. So im looking at about forty five k atleast this year. Thats twenty more than ive ever had. So exciting because i only need six or seven hunrded a month to cover all expenses so i should be able to save over twenty this year alone. Good thing i already have my passport!

If you work hard and give effort good thingd will come. If you sit around waiting for oppurtunity to find you expect to be there awhile. Where do you live now capt. Aaron?
Well right now I live in Guanaja, Honduras and work as merchant marine out of Miami. I fly back and forth every two weeks. 2 on, 2 off. I just sailed my engineless boat down there for the ump-teenth time and plan on leaving it down there for while. When I'm not living in Honduras, I'm based out of key West. Which is where I spent a lot of my 20's, working for a few months as a boat captain, barback or painter or all three at once sometimes, and then cruising the western Carib. and Central America the rest of the year. I did that pretty much from 18 til 35. As I aproached my 40's ( I'm 42 and 1/2 now) I sought out more permanent emplyment in the commercial side of boating, now I''m working the Tugs. That's me in a Nut Shell. Basically I live 1/2 my life on an old tug boat, and the other half where ever the wife is. Right now it's the Bay Islands.
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  #606  
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Re: The future of the sailing world. Why are there so few young people cruising??

Quote:
Originally Posted by elspru View Post
The only way I can imagine that you are spending 70k without enough left over for a boat, is because you have an expensive car and/or expensive house or even other huge debts. Or possibly just a lot of frivilous expenditures, like fast-food, restaurants, parties, consumerist goods etc.
Typically for world-cruising and things people just have their boat, and at most some cheap land-base somewhere, with minimial to more likely no debt at all.
I think to a future looking personality type that is a trailer sailor budget. To a live for the moment personality type, it is easily a long distance boat budget.

Are any of you young cruisers saving for retirement? Are you middle aged cruisers with kids saving for your kids college education? I believe these costs have changed a bit since the 70s.

There are few pensions available for young people these days. The equivalent of a $40k/yr cola pension that was common for retirees only a decade ago is $1M in a 401k. I'm in my mid-30s I personally expect enough inflation over the next 30-50 years that I don't see $40k/yr being a luxurious retirement when I get there. I also hope to get a full social security payout, but I don't think I can count on the full amount so far in the future. So I want more than $1M when the time comes.

Start with a 70k salary. Subtract 20k in social security, medicare, federal income, state income, and local property taxes.

Lets say I plan to enjoy retirement and save 12k/yr between a 401k and Roth IRA.

Lets say I plan to pay for my kids college education like my parents did for me. In state tuition for state universities is up to an average of $22k/year and increasing about 7% every year. That means $550k to send my kids (2 and 7) to a typical in-state state university. Lets hope for 20% in scholarships and 8% return on 529 plans. I still need to save 7k per year per child for state university.

Subtract $3k for employee contributions to health insurance

Subtract $1k for liability insurance

So 70k - 15k taxes - 12k retirement - 14k college savings - 3k health insurance - 1k liability insurance = $25k net spending money

Even if someone owns a modest home and car outright and doesn't spend a lot on fast-food, restaurants, parties, consumerist goods etc, I can easily picture a long distance cruising boat and its ongoing costs beyond the budget of someone with a $70k/yr salary ... IF they are thinking about the future.
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Re: The future of the sailing world. Why are there so few young people cruising??

I hear a lot of people who say they are planning for the future, and that is great, but the future has a way of slipping up on us and catching us and we still have not accomplished much of what we set out to do in life. If you plan on being a millionaire at retirement and having paid for your children's extremely expensive education that most of them will not use, then fine, that is great. Just do not postpone living your life in the present for a life you are not promised in the future. It would be a tragedy to live out a life of hard work in preparation for the future and then croak about the time you are ready to spend the money and start living for the present.
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  #608  
Old 06-29-2013
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Re: The future of the sailing world. Why are there so few young people cruising??

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Originally Posted by Harborless View Post
Nah I at first thought that too- but what if he is a father of three kids and putting them through college? There goes 30-40K right there.
Or he could be taking care of his elderly mother and so having to pay RN's to come in two or three times a week to provide care.
Perhaps he or a family member has a medical condition or disease- You know how expensive medical care is in the US even with insurance.

We should not judge what we do not know.

If however none of these scenarios apply THEN perhaps he should lower his expenses and focus on better ways to stretch that 70K which to me seems like a million bucks from my 15-20 k on average income.
As things are now my income is barely enough for me to squeak by in the Pacific Northwest (weather dictates I keep my boat in a marina most of the year)....but I can support two living very comfortably in another country on my 10Knincome.
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Last edited by wolfenzee; 06-29-2013 at 12:05 PM.
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Re: The future of the sailing world. Why are there so few young people cruising??

Which is why in 3-5 I will be moving to India. $7000 USD is over $420,000 of their money. and rooms go for under $110 per night there money, and I will have much more than 7 K USD. Oh yea baby.
Add all my degrees and skill sets and that money will really streeeeeettttcccccch. Cannot wait!
Plus ill marry some indian or Asian hotty that is not obsessed with all the crap these chicks are that I just run through like months on my calendar. Sure they are a good time but a good investment? hahahahahahahaha
wait not done,
hahahahahahahaha
AMerican girls? Nah. Im not rich enough. Even if I was they would cheat with the pool boy when I start to sag. and microwave dinners are not my idea of a home cooked meal.
You guys can havem.
hahahahahaha- okay that was the last one.
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Re: The future of the sailing world. Why are there so few young people cruising??

I moved to Central America when I was 19 for the same reasons. The Financial ones, I'm fine with the women in the states. I like Girls who I can carry a conversation with, same humor and basic back ground, language. But have found keeping my boat is more affordable, and my American earned money, as little that I earn, puts me in good way down there. That is another reason key West has been a home base. It's a few day's sail from Central America. An easy commute. Work in the states, save some money and sail back down. Now as a Merchant Marine, I think I've found the perfect ballance of work and sail. 10 day's ago, I was sailing around the one of the pretty'est Caribbean Islands I've ever been to. In 4 Day's I'll be back down there doing it again....with my American girl.
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Last edited by Capt.aaron; 06-29-2013 at 03:22 PM.
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