How big was your pile of cash when you left the dock? - Page 2 - SailNet Community
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post #11 of 92 Old 02-10-2016
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Re: How big was your pile of cash when you left the dock?

We have retired recently and are starting our cruising in earnest this year. Plan was to leave for Fiji in May but a few days ago discovered that we cannot arrive there with our dog having had rabies innoculation just the other day so now we're probably leaving early July. Mmmmm.

We have our boat fully paid and we're spending about $20k in the next few months bringing her up to spec. We have our home fully paid for and only have basic running expenses (rates, utilities and garden service while we're away). we have a small nest egg in term deposit earning small potatoes in interest. And we have a pension that pays us enough to live on.

Our plan is NZ winters in the tropics and NZ summers at home so "how much did we leave with" is probably a little different to some. We'll probably have a working capital of about $10k but will try to not spend more than we earn (pension) for the first few years. We think this is achievable but the working capital and maybe some boat insurance are available if we're wrong.

I'm always surprised to hear the comments like "We don't have a home, will probably never need one". Are these folks going to live on their boats till they die? We love boats and sailing but I could never imagine being a frail old person living on a boat. Getting on and off, getting in and out, all these things represent a huge challenge for a 90yo. And we're all going to get frail - the other alternative is not as attractive. All I can say is good luck to you. Me? I'll be in my house when the boat becomes too onerous to live on.
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post #12 of 92 Old 02-10-2016
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Re: How big was your pile of cash when you left the dock?

+1 on this thread. Very inspirational what you folks are doing. Takes away apprehensions and makes it "realistically" possible. Not just fantasy.

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post #13 of 92 Old 02-11-2016
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Re: How big was your pile of cash when you left the dock?

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Originally Posted by Omatako View Post
.

I'm always surprised to hear the comments like "We don't have a home, will probably never need one". Are these folks going to live on their boats till they die? We love boats and sailing but I could never imagine being a frail old person living on a boat. Getting on and off, getting in and out, all these things represent a huge challenge for a 90yo. And we're all going to get frail - the other alternative is not as attractive. All I can say is good luck to you. Me? I'll be in my house when the boat becomes too onerous to live on.
interesting comment -- but let's say you sold your house. Would you buy another one? We did sell our house as we are 24/7/365 liveaboards and could not see maintaining 2 properties that you only use part time and I have had a house in one part of the usa and lived in another and it was a nightmare - quickly got rid of it.

We know we will have to get off the boat some day - that is a given. But why buy a house? why do buy a house in the first place- generally for financial reasons called appreciation - Let's say I sail another 5 years and then sell the boat and buy a house - any idea what the financial consequences would be - a disaster - I would get very little appreciation, I do not need the tax advantage or do I want to do the upkeep. it simply in our opinion does not make good financial sense.

On the other hand we really like it over here. We have joked about the time when we sell the boat and rent fully furnished apts in say Albania for 3 months then say Italy for 3 months then to Turkey for say 6 months then perhaps Portugal for 3 months then ?? you get the idea. Interesting concept I must say - doable no idea but interesting concept to think about

Our other option is a campervan to continue our travels on land for a while.

Someday all those will also go to the wayside and we will eventually have to settle down but hopefully at a very old age in a fully furnished apt until the Good Lord comes calling.

for us it is simple economics -

Just our thoughts and opinion
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post #14 of 92 Old 02-11-2016
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Re: How big was your pile of cash when you left the dock?

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......I'm always surprised to hear the comments like "We don't have a home, will probably never need one". Are these folks going to live on their boats till they die?.......
I agree. Having seen more than I can count that made the effort, unless you die unexpectedly aboard (which has happened once to someone I knew), you will move back ashore. For many, the next stop after the sailboat is a trawler. Easier to walk on and off, without climbing into a cockpit and up and down a companionway. In fact, I can't see a trawler and not wonder if its a retirement home for an old sailor.

Even if you're loaded, this is an inevitability. We had a 90yr old nearby recently. He was a lifelong sailor (did many Newport-Bermuda races), but now summered aboard a 70 ft stinkpot with a liveaboard captain, since it was about all he could manage. He would hang over the deck rail and talk to all the sailors nearby. Great stories, but you better have had the time to talk. Anyway, he eventually couldn't pull that off either. 90 ain't bad, but if he couldn't have afforded that full time captain and the huge floating condo, he would have been retired from the water a long time ago. I don't think he's passed, but he's dirt bound now.
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post #15 of 92 Old 02-11-2016
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Re: How big was your pile of cash when you left the dock?

I don't understand why I will need to have a house while cruising in order to have a place to "land on" sometime in the future. Is that saying that there will be no places to "land on" in the future? I'm 100% sure that when I can not live on the boat anymore that there will still be land places to live on. Plus when it is time to return to land living who says it has to be where you started?
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post #16 of 92 Old 02-11-2016
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Re: How big was your pile of cash when you left the dock?

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post #17 of 92 Old 02-11-2016
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Re: How big was your pile of cash when you left the dock?

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I don't understand why I will need to have a house while cruising in order to have a place to "land on" sometime in the future. Is that saying that there will be no places to "land on" in the future? I'm 100% sure that when I can not live on the boat anymore that there will still be land places to live on. Plus when it is time to return to land living who says it has to be where you started?
Exactly. We're definitely selling our house before we go. Being a long-distance landlord doesn't appeal to us, and the property taxes alone would eat up most of the rental income anyway.

We know that at some point we won't be able to live on a boat any more, but that's what rentals are for (apartment, condo, house, whatever). Whenever we travel we always think, "Could we live here?". We figure we'll have a plethora of places to choose from when we return to living on land. Two things are certain, however - we won't be buying a house, and we won't be returning to the northeast.

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post #18 of 92 Old 02-11-2016
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Re: How big was your pile of cash when you left the dock?

If you rent out your primary home while you are cruising, that might save it for you. Personally I will probably put an accessory rental apartment in the house before we leave.

We wont have a lot of cash after putting our kids through college but I am due a pretty large pension at age 56 so I am glad to hear that monthly income is what you need.

I suppose ( in denial here) we will probably inherit a couple hundred thousand once her mom and my dad pass.

Selling the house is the big question for us. It seems to me that solves the financial issues for us.

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Last edited by Sal Paradise; 02-11-2016 at 09:50 AM.
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post #19 of 92 Old 02-11-2016
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Re: How big was your pile of cash when you left the dock?

Have not done it yet (I'm 2 years away from casting off), but in a realistic estimate I will be leaving the dock with a decently outfitted 30-34 foot boat and about 40-50K to last me 5 years until social security kicks in.

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post #20 of 92 Old 02-11-2016
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Re: How big was your pile of cash when you left the dock?

Those that keep there homes..do they rent..do they have house sitters..etc. to watch over there property?
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