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Go Back   SailNet Community > General Interest > General Discussion (sailing related)
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  #11  
Old 12-17-2012
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Re: Your first boat

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Originally Posted by Smier View Post
My advice is don't do it. You will be essentially paying for that loan for 10 or 20 years or more? Boats are money pits... My personal advice is don't take out loans for your schooling, I know too many people with masters degrees who live at home with mom and dad working part time to make their loan payments. When I went to college, if I didn't have the money to pay for it, I took a semester off and worked multiple jobs until I could. I left school debt free, it was hard enough getting started on my own, I can't imagine having to pay student loans. None of my jobs have ever cared where my diploma came from, as a matter of fact, my first job was more impressed with the fact that I had worked my @ss off to get to that point.
Good advice here....
I don't know when a BA/BS became a requirement to earn a decent living. I know many above average earners (myself included) that never took the time to get their degree.

That said...find a way to get school done and then worry about a boat
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  #12  
Old 12-17-2012
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Re: Your first boat

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Originally Posted by ArmaniRG View Post
So I was reading through some other posts... I am wondering how many of you bought your first boat with a student loan... I have a few friends who did this and moved aboard instead of renting a place while they were at school. Any good stories or advice for those university students out there?
Yes, don't do it. Almost every student loan will never be dischargeable in bankruptcy under 11 U.S.C. Section 523(a)(8), unless not discharging it would impose an undue hardship, which practically requires a terminal illness prohibiting employment. I file bankruptcies for a lot of folks who still face repayment of support obligations and student loans, and they may be destined for a life of near poverty as a result.

Student loans are o.k. for financing an education and living expenses while studying, not o.k. for a luxury item.
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Old 12-17-2012
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Re: Your first boat

Guys, it seems that the OP is talking about buying a boat with money that would otherwise be spent on rent. Now, if he could put the money into a down payment on a house, would anyone object? Probably not. There is an argument to be made that rent money is simply money thrown away and gone, where buying a condo or home or boat would at least be leaving him with something solid after "the same" expense was made.

Assuming that one could buy, maintain, and berth the boat without it costing way more than dorm space does. I'd like to see that. Dorms have sure gone upscale in the last 40 years, along with their costs. But boats and berths...

Maybe if he's an art student and can put the boat in the campus fountain, and declare it to be an art project?
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Old 12-17-2012
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Re: Your first boat

I sailed small sailboats (lasers, cats, etc) during college and after I graduated went to work at Pratt & Whitney aircraft engines in West Palm Beach, FL... there I had a duplex on the Intracoastal Waterway... we had catemarans on Lake Worth that we could use (duplex complex owned) free of charge so we used them constantly... then I got married and we brought our first small sailboat a 19 footer with a small cabin and sailed her for quite some time... sold it and got our next larger boat up here in Seattle till 1995 then we moved to Savannah... there I was without a boat... my father in law had a sportfisherman and we would occasionally go out on that but my love was sailing... now I have one here in Seattle that I live on and sail during my assignment here... soon as it's done it's pack the boat and transport it to Savannah and hand it to my son... the idea is to get the sailboat after college and you have the means to afford the boat and it's fees... they aren't free and the fees seems to go up each year!

Last edited by guitarguy56; 12-17-2012 at 04:34 PM.
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Old 12-17-2012
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Re: Your first boat

Quote:
Originally Posted by ArmaniRG View Post
So I was reading through some other posts... I am wondering how many of you bought your first boat with a student loan... I have a few friends who did this and moved aboard instead of renting a place while they were at school. Any good stories or advice for those university students out there?
I'm currently land locked in Denver too but wanting to get a boat also. Do you do any sailing around here?
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  #16  
Old 12-17-2012
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Re: Your first boat

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Originally Posted by hellosailor View Post
Guys, it seems that the OP is talking about buying a boat with money that would otherwise be spent on rent. Now, if he could put the money into a down payment on a house, would anyone object? Probably not.
Yep I think I would. I didn't do a degree and it never did me much harm - I know several people who have degrees and haven't done that well financially. Degrees are not a guarantee for success.

I always considerable student loans to be for funding study and all other costs are covered by living with your folks and earning a buck after hours for your goodies. My daughter waitressed every night to pay for her clothes, car, entertainment, etc. while she was studying and when she had no money she stayed home.

Now I see kids go to university, get a great big student loan (which in NZ is interest free, subsidised by the government) and then buying a sportscar (or a boat) or simply pi$$ing it against a wall, fail dismally in their degree attempts and bail out of college and I, a tax payer, have to support their student loan for the next ten years. Thanks but no thanks.

Student loans should be managed by someone other than the student and school fees, books and anything to do with studying should be paid for from the loan and nothing else.

If you can't afford college, go do a trade - the world needs more tradesmen.
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