1/ How much cold hard cash can you front up with????

I decided, in my typical under-realistic dreamer way, to go against all my well thought out plans and instead bought a boat I fell in love with, that wasn't on my radar, and was bigger than I'd decided I could afford. I subscribe to the 10% rule: 10% deposit and borrow the rest! Well, not really but I did borrow to buy the boat.

I have no assets and basically no debt. I just spend what I earn. People die. I will die. I'm living as fully as possible until I'm wrenched from this wonderful world. I had 2 kids I couldn't afford by the age of 23. I did three degrees that took thousands of hours and dollars for the joy and the journey (and as an investment, but I would have been better off if I'd been a plumber, I reckon). I took a year off five years ago and backpacking for a year with my wife, blowing $70K. I'm broke but I'm living as best I can.

2/ How much cold hard cash can you continue to fork out along the way?????

When I was looking at buying a boat some very experienced people on this forum gave great advice about how much it costs to run a boat, right down to categorised dollars and cents. One person just exclaimed, "Everything I earn". I was horrified, but in the end that's been my experience over the first two years. I've repowered her, rerigged her, and am on the long journey of replacing pretty much every pipe, bolt, screw, cable, chain and piece of cloth around her 30-year old bones.

3/ How much cold hard cash can you afford to drop at the end of the day??????

I can't - that's why I can't sell her! I have to keep taking wonderful, 'free' holidays to make all the expenses earn their keep. Maybe one day I'll sell and move on from sailing or (more likely) move up to a bigger boat I also won't be able to afford.

But that's just me.

FWIW I would have been better off waiting, saving, and buying a 60 or 70K boat instead of a 23K neglected boat. But I didn't have the enough knowledge in this area at the time. At the time, I would never have made that decision because that would have been 'too much money'!!!

McNaughtical said..
Good points to consider Cisco. I'm a little perturbed by the negative sentiments towards the female species. Seems this mermaid might be sailing solo and the crusty old sailors might be doing the same for a wile to come.

Contrary to popular belief, yachts and sailing are not the last bastion of male chauvinism. It can be found just about anywhere you look. Seems to be particularly rife in middle eastern countries.

Let it be water off a duck's back, Ducky.

Dr rig
To me your boat is far better than a 70 k boat
You know every square inch of her
And how she's wire ,rigged , seacocks the list goes on
Mines the same bought a cheaper h28

So I can out my own mark on her
And all going well by the time I retire she will be ready and will only need up keep from there on in

I think we are getting down to the bones of the matter now. If you actually had to start putting accounting numbers to any of it you are not ready and should keep dreaming. It seems like the answer from all of those (excepting dear old Cisco) who own a boat is that our return on "investment" cannot be quantified and we enjoy a wealth that money cannot buy. There does also seem to be a pretty strong correlation between the harder you have to scrape to get that evil cash the greater the personal wealth of the individual.

My first boat was in a syndicate with three others who I didn't know.
It worked out very well, we had a roster and regularly sailed together, shared costs and had maintenance weekends.

When I purchased my own boat the plan was to sell shares and start another syndicate.
Six years later I still haven't got around to it.

I think syndicates of 3 or 4 people are the way to go as it keeps costs down and gives you someone to sail with.
But I accept it may not work for everyone.

If anybody is interested in being involved in a syndicate in the Brisbane area to sail on Moreton Bay send me a message.

I am of the rational mind. I have many interests, sailing is one of them. I am happily married to my wife of 36 years. Wife and kids don't like boats.
I know exactly what my boat has cost and how much I spend on it.
Being broke so I can have a boat is not my idea of fun. If I believe the opportunity cost of the boat exceeds what I can get out of it versus another interest (travel, sports cars, historic car racing, flying) then I will sell and move on.
I am looking at selling Morning Bird but only if it makes sense with my other interests. MB is now finished for what I want, an offshore cruising boat. I can afford to keep her but she has to provide a return more than another interest.

I think FreeRadical is in a very fortunate situation with their syndicate. He is getting to do many things (such as the trip over the top) that would be beyond the reach of most individual yacht owners.