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Am I nuts?
Old 07-31-2012, 03:42 AM   #1
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Am I nuts?

Forced into taking early retirement @55. Laid off @ 60. Now I work part time in retail for pin money. DH is being slowly forced out of his job but is 65 so not too upset. We have modest pensions and sold our condo for good profit and moved to a great co-op Mobile Home Park with low pad rent. We have no debts. We looked at a used boat today and are going to buy it but I wonder if we are nuts to do this or should we go for it. The price id the boat is 15k which is a lot for us but we have the money to pay cash. But that money is a little bit of our house sale profit and a part of me says we should keep all that money for the future. But,on the other hand, what is the point of being retired or nearly retired if you have nothing to do that you can enjoy together. My DH is mobility challenged so we can't go for walks, sight see or even shop at the mall together. We both love to fish and it is something we can do together in a boat while he is seated. We have had small boats but they are actually more difficult to get in and out of the water than a boat that is big enough to require a trailer. The bigger boat will also enable us to fish on a nearby large lake and river instead of traveling a long way to use our small boat on a small lake which would also entail finding babysitting for our cats and leaving my 90 year old mother with out support while we are away. So I have all this going around in my head and I know that I want to go for it so that we can enjoy our life, have fun and store up memories for when we can no longer get out and about. But writing a cheque of that size for something that is for pleasure is tough to do. Am I nuts to buy the boat or am I nuts for hesitating to buy the boat.
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Old 07-31-2012, 05:23 AM   #2
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With the situation you describe I doubt holding on to that $15k will make a big difference in your future financial security. If it were me I would buy the boat and go fishing.
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Old 07-31-2012, 06:25 AM   #3
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With the situation you describe I doubt holding on to that $15k will make a big difference in your future financial security. If it were me I would buy the boat and go fishing.
This is good advice. Just don't forget to bring some beer.
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Old 07-31-2012, 06:37 AM   #4
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This is good advice. Just don't forget to bring some beer.
How could anyone forget their med's?

I agree, go for it. Your not getting any younger and this is something you two can do together. Enjoy.........
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Old 07-31-2012, 06:45 AM   #5
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Do it, if only for the therapeutic value of being together on a nice quiet lake.
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Old 07-31-2012, 07:01 AM   #6
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I agree with everyone else...get the boat. Assuming it's for a fair price, if life throws you a curve ball you can always sell it to recoup most of your cost. Meanwhile, you can be enjoying something to make retirement what it should be.
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Old 07-31-2012, 08:05 AM   #7
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Give a man a fish, and you'll feed him for a day. Teach a man to fish and he'll sit in a boat and drink beer all day.
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Old 07-31-2012, 08:13 AM   #8
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...I know that I want to go for it so that we can enjoy our life, have fun and store up memories for when we can no longer get out and about.
I think you answered your own question ...

Our biggest annual expense before/after retirement was/is travel. Is it a necessity? Of course not.

But we'll have the memories well after the time that we can no longer travel the world and will have no regrets later on. It's not like we're living "on the edge" nor shirking our financial responsibilities - far from it.

Go for it ...
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Old 07-31-2012, 08:56 AM   #9
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+1 with the others. Buy the boat. Since it is "previously owned" even if you find it wasn't a good fit you'll take a smaller loss, if any, when you sell it. So the risk of losing a lot of money is small.

From your post it looks to me like the positives outweigh the small risk of negatives.
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Old 07-31-2012, 09:08 AM   #10
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Sounds like you both enjoy fishing. Trust me from experience, a nice boat makes ALL the difference if you are out fishing a lot. Don't be penny wise and pound foolish...........
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Old 07-31-2012, 09:15 AM   #11
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Touches a nerve.
We were in the same position when we retired. Mobile Home community. Not sure about whether the money would last... Big decision to buy the boat. 20 ft. I/O Starcraft runabout... 40 mph.
Did it... Second happiest day of my life.

Just about every day... Loved every minute of it. After 6 years of fun, and just about the time it was getting harder and more expensive to maintain, hit an alligator, and destroyed the outdrive... it was time... Sold the boat for $5 to a neighbor's son, and enjoyed the Happiest day of my life!

The $$$ is a toughie... we turned down a $12,000 pontoon, for the $6000 runabout. Understand the worry. but I'd agree... better boat probably less worries and more comfortable... 'specially if your're not a fixit person.

Good Luck... Enjoy

Ya only go round this life once, and it's a long time dead.
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Old 07-31-2012, 09:27 AM   #12
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Check the price out on NADA... it will tell you if the price is in line...

Also, it would not be a bad idea to have it checked out... We bought a boat early this year and have had two tires blow out and it is in the shop right now having an impellor and other things fixed for overheating... boats are not cheap to maintain... as my BIL says, BOAT stands for Break Out Another Thousand....

However, we have enjoyed being out on the lake and look forward to more good times out there...

I would also agree with FinanceDude.... do not be pennywise and pound foolish... get the size boat you want and can handle...
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Old 07-31-2012, 10:24 AM   #13
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I have had a few boats and currently have a fishing boat that i love. word of caution...used boats are hard to sell.....remember this when making a offer on a used boat...you are in the driver seat even being interested in this boat. years ago i had a boat that i finally donated to a chatity for the tax deduction as i could not get anyone to even come see it.
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Old 07-31-2012, 10:33 AM   #14
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Midpack,
keep in mind trailer boats are way cheaper.
Our "direct" annual sailboat expenses are in $300 range and would be even cheaper, if my kids stopped breaking spreaders
Insurance with sufficient limits to have the umbrella covered ($300k liability) is $108+$24 for BoatUS membership, boat registration is $15 every 5 years, trailer is $15 annual, no fuel costs to speak of (maybe $1 worth of electricity for the trolling motor). Instead of haul-out costs, I have annual use pass for US Corps of Engineers lakes ($30) and Annual State Park pass ($50) to use their boat ramps.

I agree with your closing sentence - it's frequently best to sail on Other People's Boats
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Old 07-31-2012, 11:18 AM   #15
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Well the $15,000 left invested will grow but a $15,000 boat purchase will just lose money and since that is a large chunk of your savings I would say proceed with caution . Plus can your budget stretch to include all the additional costs of maintaining and fueling this boat .
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Old 07-31-2012, 11:26 AM   #16
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Buy the boat and truly, completely enjoy it. Don't allow yourself a second of buyer's remorse either.
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Old 07-31-2012, 12:22 PM   #17
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How often will you use the boat? How much will it cost you each time to use it (gas, supplies, etc.)? How much will you realistically get for it when it's time to sell it?

I now try to break the cost of things down to the per use basis to see if I'd really be getting what I think is value for the money.
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Old 07-31-2012, 12:27 PM   #18
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Buy the boat and enjoy this phase of your retirement. No need to feel guilty.
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Old 07-31-2012, 12:34 PM   #19
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Do it and enjoy!
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Old 07-31-2012, 02:07 PM   #20
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I had a similar dilemma recently. Except it was a motorcycle, not a boat. Had the previous bike since 1994, 128.000 miles on it.

Found a used 2009 model with 3400 miles on Craigslist. All the bells and whistles.

I agonized on the decision a couple nights. Couldn't sleep.

I love the new bike. If money can buy you happiness, go for it. As we get older, there are more and more things that money won't buy.
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