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Bristol 45.5 - AiniA
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4,525 Posts
Discussion Starter · #1 ·
Our original plan was for the admiral to keep working until Aug 2010 and then we would take off south and likely to Europe the following summer. That was the plan until the middle of last week. June was working in an IT job for a large international financial company in the NYC and ... well you can guess the rest. Three of the nine people in her department were laid off without warning - I just got a call asking me to pick her up outside the office. She was called to HR and then asked to immediately leave the property. Someone at the marina said he was not sure whether it was appropriate to say they were sorry or to congratulate us. I think that I will pick the latter although money will be tighter in the longer term.

I thought I had 18 months to finish the refit of the boat but now it looks like a month. We are at Liberty Landing Marina and the summer contract starts on April 15th. They have been very decent and said that they will let us out of the contract ($9500/yr) if they can fill our dock and it appears they can. They also said we can stay until May 1st. Lots to do, ranging from installing the new chart plotter to replacing the nav lights with LED to taking a wilderness first aid course.

We are thinking of heading to the Chesapeake for May and then heading to Bermuda to continue our shakedown process (the Bristol is a lot more boat than the others I have taken to Bermuda). After we get back from Bermuda in the third week in June we will head up to New England for the summer before heading south in the fall. We will likely do the Caribbean 1500 to the BVIs.
 

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Telstar 28
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992 Posts
Congrats... When you're up in Massachusetts waters, let me know, I'd love to show you a few sights... :) Ask Gui... I'm a pretty good tour guide.
 

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4,503 Posts
The adventure begins, Fair winds.
 

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S/V Pearl Bristol 45.5
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6 Posts
Good luck Killarney with your new life. Have fun cruising in Maine and stop by our marina on the way to the 1500.

BTW I put Lopo lights on Pearl (deck level), beautiful pieces of gear, and rock solid - used on Volvo boats. I'd like to get the mast head unit (when I can afford it) as it will shave off about 6" from my mast height.
 

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STARBOARD!!
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1,662 Posts
Invest some money in growth funds; the market is starting to show signs of recovery. When it tops out in a few years you will have more than made up the difference between the early lay-off and the early-retirement!
 

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Bristol 45.5 - AiniA
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4,525 Posts
Discussion Starter · #12 ·
Long term finances should be fine

Invest some money in growth funds; the market is starting to show signs of recovery. When it tops out in a few years you will have more than made up the difference between the early lay-off and the early-retirement!
Obviously our retirement investments have taken a hit but we do not need that money to go cruising (he said hopefully!). I have an indexed pension and income from book royalties that should keep us going. The investments should have recovered before we need them. Still have about $10k to spend on the boat I think to have everything really sorted out. I hope to be able to do the upgrades as we go.
 

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5,491 Posts
Nice one, Bruce. One step at a time should do it, especially if you focus first on the jobs that keep the water on the outside of the boat. Yes, you'll be transient for a while, but you may find jobs and gear a little cheaper as you go, as the people who work on boats will be that much hungrier for a while.

Also (and this is a digression), don't discount a likely significant drop in the U.S. dollar, a reason to keep part of your funds in Canadian or "other". About my best move in the last three years was to start a U.S. dollar account when the Canuck buck briefly hit $1.08 (I bought at $1.07). When I exchanged back when the Cdn. dollar went to .80 U.S. a few months back, I more than covered my losses in my RSP (I switched to fixed income and lowered my equities position to about 12% in early 2008), and basically gave the cruising kitty a free year of travel, or three radars, two barbeques and an SSB...heh.

Anyway, that's my unsolicited advice: Move out of the U.S. dollar in part, and soon. Cruisers need to focus on capital preservation. If you've read a bunch of 1950s post-war cruising stories, they seem to write a lot about the British pound, currency restrictions, and trying to predict big swings. Those times are returning.

Lastly, think of it this way: the pair of you are sailing away a year and a half younger than you anticipated!
 

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STARBOARD!!
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1,662 Posts
Obviously our retirement investments have taken a hit but we do not need that money to go cruising (he said hopefully!). I have an indexed pension and income from book royalties that should keep us going. The investments should have recovered before we need them. Still have about $10k to spend on the boat I think to have everything really sorted out. I hope to be able to do the upgrades as we go.
Right; I assumed that you had retirement money in a portfolio of funds. My comment was that if you could invest some extra cash now it would grow more quickly. Your long term investments are in "recovery" right now, not growth. If you re-invest in some mid-cap growth funds now you will recoup your short term loss much more quickly. For the "side investment" buy low (now), sell high (when the market has fully recovered)...
 
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