Which % of saving would you spend for your cat

[riki]

Originally Posted by carlosproa

The bigger the toy , the higher the costs. But do learn how to maintain a diesel, do learn about electrical, as well as haul out maintenance, and you can save $$. The more electrical toys, the more propensity to failure and replacement
Lifestyle will also dictate your cost. If you are used to your Porsche, most probably you like comfort, and being on the hook and mooring vs being on a dock may not be an appealing alternative; big difference in cost as you cruise around.
I have seen and read about people living with as little as $500 a month to over $4,000. You can search YouTube channels and see this difference. If you have an artistic flair and can do filming and editing, you can generate income from Patreons. In YouTube you can see the thrifty cruisers like UMA, sailing KITIWAKE, to cruising in style like GONE EITH THE WINNS

Yes Carlos, i like confort, as we do all i guess, but never been afraid about getting my hands dirty and i indeed plan to make a lot of maintainance on my boat myself, and it's not just amatter of saving. That said, i like the idea to be autonomous with what i make now, all what would eventually come out from a youtube channel or just taking tourists for a ride once a week would just be a plus.

[riki]

Originally Posted by jalmberg

Question: are you talking about retiring on a boat, or just buying a boat?


I originally thought you were talking about retiring on a boat and going cruising, since this is the Cruiser's Forum.


Nevertheless, I don't think we are disagreeing. If you have property producing $4K and $120K in liquid savings, then you are by no means a poor person. Let's say your net worth is $500K, then 10% would be $50K. That's a lot of money for a boat, unless you are going to live on it and go blue water cruising. Most 'average sailors' own boats that are more like $5K. I certainly never paid more than $5K for a boat until I started looking for a real blue water cruiser.



And yes, rich people can afford bigger toys than average people. That's life.

I am talking about buying a boat and liveaboard during winter and sailing in the med during summer, kinda retired....but not really.
To wrap it up, yes, 4k mo and 120k savings, this is the situation.
PS: the full refit i was talking about was the engine only.

[rabbi]

Originally Posted by riki

Can't agree instead with this one, we are talking about properties in EU, not Mexico or arabic countries: if we arrive at the point you talking about, maybe money would be the smallest of the problems.
Diversifing investments is ok if you are talking about stock market for example, but doesen't necessarly apply to real estate unless, as said, you are investing in very risky countries.
Greece had a very complicated situation, but i invested in the islands and, believe me, you can't imagine the difference compared to mainland, nothingandno one is broke here. And talking about real estate sales, they went up crazy this winter and now there are very few properties available and prices went up like 30/40% in no time.
Hey not trying to convince anyone about anything, this is just a "parallel chat".

To me Greece is a risky country.
Its a broke country with dysfunctional government, unabe to pay for itself and unable to get public financing. It doesn't take much to push Greece over the edge. Another bailout is unthinkable in the current political climate.

[riki]

Originally Posted by rabbi

To me Greece is a risky country.
Its a broke country with dysfunctional government, unabe to pay for itself and unable to get public financing. It doesn't take much to push Greece over the edge. Another bailout is unthinkable in the current political climate.

No interest doing that anymore: sad to say but all major greek assets belong to foreign companies/entities.

[chris mac]

I am approaching this from a slightly different angle. I set myself a time frame as to when we start boat shopping.(both kids finishing school) I also set a savings minimum. As in, how much money I wanted in investments to live off of interest only.
That amount is a personal choice, based on expected cost of living.
We are also continuing to save after we hit that minimum, since anything extra is the boat fund.
To me it is more important to establish the ability to live without outside income, than it is to have the most expensive boat.
I for one do not want to have to go back to work later.

[Cheechako]

25% ..

[belizesailor]

What % I think is mostly determined by invididual risk tolerance/personal financial philosophy. Its not uncommon I think, for cruising boats to be a significant % of owner's net worth...if not most of it. Me, Im uncomfortably putting much into a depreciating, non-income producing, high cost to carry asset (AKA BOAT). As a result, Ive never owned a boat that was over about 5% of my net worth.

[Cadence]

Originally Posted by valhalla360

You broke one of the most rudimentary rules of investing (stock market or any other investment). You put all your eggs in one basket...even worse, it's the same basket that held your job, so if the company goes under, not only do you lose your investment, you lose your job at the same time. But you blame the market.

Always surprises me how little time people put into learning about investing and retirement plans when it has such a huge impact on their lives.

In similar way, the OP's intent to spend the bulk of his savings and rely on non-diversified realestate investment plan is similarly risky.

I'll agree with you on breaking a rudimentary rule, today. Not 50 years age. I quit the same co. after 23yrs because I could see it going into the tubes, which it has. The way companies fold today chapter 11 is a household word.

[Epikur]

My experience with boat buying:
-I bought an old boat with good, solid substance (fully GRP, classic lines) for a really low price
- I spent the same amount in the first year for initial repairs and outfitting
- The boat has not been sailed in earnest before I bought it which resulted in the necessity to install a lot things you would expect on a cruiser
- I didn’t do a survey by a surveyor. This might have brought most of the shortcomings to light before the price was agreed (the price was that low that reducing the price would have been unfair...). To engage your OWN surveyor is worth the money.
- I don’t own the boat. The boat owns me. The work needed to sustain the boat is near to slavery. I assume that most of the work necessary on a small boat is specialized manual work which has to be done by good craftsmen. To get this done by paid workers would cost a fortune.
- I don’t spent money for my boat. I blast money onto it. (at least in the first years)
- The boat I bought is smaller than I initially intended to buy (I was looking for 35’ to 41’ and ended up with 30’). It fitts me like thight jogging trousers. I can only stand upright in two places (I’m 1.97 m tall...). But I’m glad that it’s not bigger! The costs rise with the cube of the length (l^3). Smaller boats are better controllable shorthanded. My advice: buy one size smaller than inteded while still an armchair sailor (applies only to armchair sailors as I have been before I bought my boat)

I don’t regret anything.

[FlyingScot]

Your poll should have more choices under 50%.

I agree that 10% is a good number to spend from you total net worth (not your savings).
15% would be the maximum I would spend.

[sailjumanji]

Poll should have answers less than 50%. Personally, I think the limit should be 5% of net worth. If it is a live-aboard and replaces a house, then 10%. And cash deal only - no financing!

[Cadence]

Go to a financial advisor. Not someone hawking investments.

[jalmberg]

Originally Posted by riki

I am talking about buying a boat and liveaboard during winter and sailing in the med during summer, kinda retired....but not really.
To wrap it up, yes, 4k mo and 120k savings, this is the situation.
PS: the full refit i was talking about was the engine only.

Since you have such fuzzy ideas, I think you should start with a sailing dinghy. Get some experience and see how it goes.

[rabbi]

Originally Posted by riki

No interest doing that anymore: sad to say but all major greek assets belong to foreign companies/entities.

*political*
Well, Greece overspent for decades and borrowed more money than they can ever pay back. There aren't enough "assets" in Greece for that amount unless they start to sell islands.
I'm not blaming Greece for this, but the EU and Euro group. The Greeks were smart enough to cheat their way in and exploit the system to the fullest. But, this does not build a sustainable economy, so they are doomed to fail as soon as the EU breaks up or cuts their spending.
*political off*

Still a nice country. With mostly nice people as everywhere.

[Paul Casey]

My comfort level is in the 5% area for all the reasons stated by earlier responders