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Go Back   SailNet Community > General Interest > General Discussion (sailing related)
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  #11  
Old 12-10-2012
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Re: How did you get the money for your first sailboat?

This will sound like a bad idea, but it's what I did...

Maxed out my 401K contributions for a couple of years while I figured out what I wanted and then took a 401K loan. At the time it seemed that my tax deffered savings was better than a bank account or savings bond. Better than trying to finance and older boat that I could have only gotten a high interest personal loan against. It worked out for me.

I got lucky, took the loan when the market was in great overall shape and new sailboats where selling faster than they could make them. This was a trade in for a new Catalina and the dealer just wanted to get rid of it before they had to start paying winter storage/haul out. So I got what I consider a very good deal.

The market soon tanked and I paid most of it back through a recession. That is not to say that it will always work out that way.

Fast forward 11 years and I sell the 40 year old boat for about 80% of what I have into it (not bad for 11 years of fantastic sailing) and use the money to put down on something newer and shinier.

Plus I made some great friends in the process of selling it.

Like I said, a bad idea that worked out well for me, but there might be better ways to do it.
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  #12  
Old 12-10-2012
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Re: How did you get the money for your first sailboat?

Bought one I could afford...
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Old 12-10-2012
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Re: How did you get the money for your first sailboat?

In process of selling off assets of another expensive hobby to finance the new hole in the water. Have enuff now to make purchase, fund slip and store for next year and a grand'n'a half for immediate and necessary repairs and supplies. Still have 2/3 of THAT to get rid of and the rest of my 'junk' is on the block, too.
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Old 12-10-2012
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Re: How did you get the money for your first sailboat?

Hey,

In August of 2003 I paid $4000 for an old Catalina 22 in good condition. The boat was on a trailer (also in good condition) so I didn't need to pay for a slip. I sailed that boat all fall and then put her on a mooring the next spring.

That was a great first boat.

Sailing doesn't have to be expensive.

Barry
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Old 12-10-2012
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Re: How did you get the money for your first sailboat?

Worked my ass off, 7 days a week, found a 27 Catalina that was a derilict, picked it up for $2,000 from a charity organization, then dumped another $2,000 into it over a 5 year period. After 5 years of use, sold it for $4,000, and purchased my current boat, a 33-Morgan Out Island, 1973. The money for the Morgan was saved over the five years I owned the Catalina.

Good Luck,

Gary
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Old 12-10-2012
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Re: How did you get the money for your first sailboat?

sold my Lionel train collection.
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Old 12-10-2012
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Re: How did you get the money for your first sailboat?

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Originally Posted by IamJohnGalt View Post
How did you come to take ownership of your first boat....
On a warm summer's evenin' on a train bound for nowhere, I met up with the gambler; we were both too tired to sleep.
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Re: How did you get the money for your first sailboat?

I'm living on my boat. I work two full time jobs and go to university. I have no car, no TV, no Internet(except from my cell). I have had one evening out for two beers since the start of fall semester, with my boss, to talk about work some more. I parked my old travelling bike, and sold the fancy dual sport replacement I thought I'd ride around the world...
And I took out a loan.
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Old 12-11-2012
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Re: How did you get the money for your first sailboat?

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Originally Posted by Jgbrown View Post
I have no car, no TV, no Internet(except from my cell).
"Not a single luxury. Like Robinson Crusoe, he's primitive as can be..."
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Re: How did you get the money for your first sailboat?

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Originally Posted by bljones View Post
"Not a single luxury. Like Robinson Crusoe, he's primitive as can be..."
Geeze BL, thought you were more observant than that. Got the luxuries, I HAVE A BOAT And with tethering fo internet and a portable hard drive I don't need land based internet or TV.

just a little iffy on the basics, like clean water, a shower, refridgeration and lights...
Some day :-)
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