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Go Back   SailNet Community > General Interest > General Discussion (sailing related) > Your first boat
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Topic Review (Newest First)
12-17-2012 06:40 PM
Omatako
Re: Your first boat

Quote:
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.
12-17-2012 06:08 PM
wanttosail
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?
12-17-2012 03:32 PM
guitarguy56
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!
12-17-2012 03:18 PM
hellosailor
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?
12-17-2012 02:59 PM
jameswilson29
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?
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.
12-17-2012 11:59 AM
blutoyz
Re: Your first boat

Quote:
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
12-17-2012 11:49 AM
Smier
Re: Your first boat

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.
12-17-2012 11:04 AM
hellosailor
Re: Your first boat

Armani, if you are landlocked in Denver right now, when and where do you plan to go to college and live on a boat? Where is a big question.
12-17-2012 04:48 AM
klubko
Re: Your first boat

I haven't bought a boat using borrowed money (which might be a good idea if the boat saved you money, so make sure that you can dock/anchor for very little and have a good access to land), but I have lived on a boat (4.2 tonnes displacement) while writing my PhD thesis. I loved it, but the space is limited. If you need lots of books and materials, it might get quite tight. But now days you can have almost everything electronic, if you don't mind reading ebooks. You will be living close to the nature, so you will not do much studying and researching when it starts to blow hard. Generally you won't get much sleep in bad weather unless you find yourself well protected spot, but those are much to often expensive.
Ad buying the boat. You probably will buy cheap, that means the boat will need a lot of work. You might get away with simple refit in the beginning (leaks, electricity, living quarters, cooking, washing, toilet).
So my suggestion is: make a real good plan (find out how much the boat will cost including refit, find place where you can stay, find out about your access to land, where to get water, etc.) or be prepared to spend lots of very valuable time taking care of your basic needs like shelter and hygiene. If you are preparing for an intensive studying rather then just getting a degree, I wouldn't do it, unless you have plenty of time (6 months to 1 year) to get everything setup and get used to it.
12-16-2012 09:55 PM
IamJohnGalt
Re: Your first boat

As a fellow Canadian student I feel ya when you say its expensive to live and be a student.

Average student is supposed to work 20 hours a week, and somehow pay over 10 grand in tuition, 2 grand in books, manage to feed ourselves (estimate 200$/month) and shelter (roughly 450 a month in Ottawa slumming it)

annually, this is ~$20 000, or $365 a week, or $19.00 an hour. Good thing minimum wage is only half of that.

I work two bartending jobs, make slightly more, but have a few added costs: Student bank loans of an additional 2000$ a year in interest, cellphone (roughly 1000$).

they wonder why there is an increase of students dropping out or defaulting on their loans these days.
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