Hi - Too old to be a FIRE, but seeking input.

[Coach Shoe]

At 77, may be too old to “RE’, but after lurking I find much wisdom on the site. I’m living a great life, sort of between “bucket list” and “blow the dough”.

DW & I are preparing to take off on a 2 year sailing trip from Texas towards Maine and then on to the BVI. I’m experienced- been a sailor for 45 years. Buying a new $500,000 boat for the adventure. All kind of questions and questionable logic pop up. I’m interested in your comments.

My financial position: NW approaching 9 mil. Cash 17% , Equities 12%, Fixed 12%, RE 22%, Note receivable 35% (from sale of company -secured by $20 mil company).
I have passive income of $180,000 / yr and a spending budget of $200,000. No debts. I’m 15 year’s clear, survivor of colon, lung and liver cancer. Health seems good. I see risks in my plan, but none of them seem to be financial. Agreed?

 

[corn18]

AGREED! Can we come with you?

 

[Sittinginthesun]

Congrats on kicking cancers ass and having amassed an enviable net worth! What kind of boat are you buying?

 

[Dtail]

Congrats Coach.
Great to hear of active lifestyles in your 70's.

 

[CaliKid]

Sounds like you are living life to the fullest. Keep up the good work!

 

[The Cosmic Avenger]

I was going to say it sounds like you have more money than you could spend...but then you mentioned a B.O.A.T.: Break Out Another Thousand!

(I need to think up an acronym like that for HORSE, as those are also money pits!)


If you're only drawing $20K from your assets each year, you will probably have more in your estate than you have right now. You could easily spend at least $350K per year and never run out of money.

 

[Franklin]

Well Coach that got my attention! Congrats on kicking cancers butt and having the confidence and freedom to do what we all dream of. If u need a deck hand give me a holler!! Well done, I wish u and DW the best. I live on the intercostal waterway and watch the boats cruise by daily. Keep us informed of the journey!

 

[HI Bill]

Agreed! You are way under-spending your potential! I'm not sure if it would work for you, but I'd consider hiring a younger crew member to help out on your voyage! Bon voyage!

 

[ckelly78z]

Very cool plan, do it while you are still able to. My bucket list item is doing the "Great Loop" in a trawler over a year's period. I probably won't be able to this financially, but it is still neat to dream about it, and take short day trips.

 

[ncbill]

Congrats on kicking cancers ass and having amassed an enviable net worth! What kind of boat are you buying?

Ditto!

Please post pics of our journeys so we can pretend we're you.

 

[Red Badger]

Ditto!

Please post pics of our journeys so we can pretend we're you.

Or even just sailing with you.

Enjoy and congrats!!

 

[Floridaman10]

Congrats Coach! Love to hear when people beat diseases such as cancer! And you have a great plan with more than ample funding to get there. What model boat are you buying?

 

[pb4uski]

Welcome Coach. Congratulations! Yes, agreed, no financial risks.

With that nestegg and income, I would consider getting a bigger boat and a crew to help with the physical tasks.

 

[Katiek]

Welcome and congrats both on being cancer free and starting such a great adventure. I hope you continue to post and share some of your experiences with us!

 

[RxMan]

Congrats Coach! Enjoy your trip. That sounds like an exciting plan.

 

[DanielD]

My initial hunch would be that renting a yacht would be a lot more cost-effective than buying - unless you plan to live the boat lifestyle long-term. Either way, it sounds like you could well afford either option.

 

[pacergal]

Congratulations to you.
Come back and share more of your story and pictures of your trip!

 

[StuckinCT]

Absolutely good to go enjoy.