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Old 07-22-2012
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Re: Funding the sailing lifestyle

Originally Posted by ckmeans View Post
So, I'm fairly new to the forum and some of you may have seen my previous post about the Catalina 27 I was looking at...I can't help but get frustrated and I suppose a bit jealous of all the folks that have nicer boats than me...Although, all I really want is a moderate boat that gets me out on the water...sometimes I feel like I'll never make quite enough money to do this...even if I find the boat I want there are still mooring fees, storage, insurance, really adds up...

I'm only 28...currently working in IT project management and I feel like I'll never find a job that pays more and can afford me the boat I'm looking for...anybody hiring :-)

Seriously though, I am curious as to the best ways to make this happen, financially...

I started at 22 years old and with less income than you probably make, and things are looking good now from a boat and financial perspective. It can be done, but I believe it requires creativity.

Buying small undoubtedly decreases costs. Going as small as you can is REALLY going to help. We bought much bigger than we needed, and while we got a really good deal on the boat, we're paying for it's size every time we turn around.

Living aboard is really what made it possible for me. I wasn't paying rent AND moorage, AND boat payment. Once rent (and all the utilities) went away, it was really quite affordable.

Another idea to look into is buying your slip. We did this, and while it was difficult to come up with the down payment, and there are very few banks willing to lend on a slip, we made it work. We pay slightly more (maybe 15-20%) than we would if we were renting but in 10 years we'll have a slip that we own. With 15 year terms we'd be paying less than if we were renting.

We consider our slip to be the majority of our cruising kitty. It's always difficult to save money each month for sailing years down the road, but even on the months when we don't put any extra away, our slip payment DOES contribute equity to our cruising kitty. When we get ready to leave we'll sell the slip and have a good sized pile of cash to cruise with, and the money will have all come from money that would have been vaporized as moorage payments. I wish I'd done this 11 years ago when I got started. I would own the slip now and wouldn't be looking back on so many years of $$$ per month checks that I wrote to the marina.

"True, your boat will outperform mine to windward, but my boat will always outperform yours at anchor." --MedSailor
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Old 07-22-2012
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Re: Funding the sailing lifestyle

Originally Posted by peterchech View Post
not too many sailor types wear jordans my older friend

and buying a pair of ray bans isn't gonna kill someone's dream of owning a boat ... eating out will though that's true

I just hope this doesn't turn into another one of the generational drift threads
If that is your hope, then watch the "older friend' cracks. As the buddhists say, be the change you want to see.
Spending more on sunglasses won't kill a dream but it will delay it. Every dollar NOT spent on a boat is a dollar that you are further away from having a boat.
Delay a dream long enough and you might as well call it killed.
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Old 07-22-2012
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Re: Funding the sailing lifestyle

My bad.....I thought he already had a boat because he said something like " I can't help but get jealous of people that have nicer boats than mine" or something to that effect???

No, he can't follow anyone's advice wthout a boat!
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Old 08-06-2012
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Jumping in....

I am going to go ahead and chime in, even if only to echo what others have said. I was where you are and am about finished with my goal of restoring a boat to go cruising.
I believe determination is rarely taught. It's like jazz. If you have to ask you'll never know.
Don't listen to.the naysayers. Make your dreams happen even if it means pushing all else aside. Do it and do it now.
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