Boat Paid Off!!

[Foxsea]

This is such an interesting topic. A neighbour was telling me that he and his wife were worried about affording their retirement so they are still working post age 65. They have a nice lifestyle now and don't live extravagantly.

He then volunteered that their house was paid for for , no other debt and 2.25 million saved in RRSPs and TFSAs., and another 500K in non RRSP funds

I told him that they were probably better off than most retirees and maybe they should think about hanging it up.

The problem is that some people just need to save even when they will never run out of money and could stop working.

I often think that there is fear of the unknown for some people and they are more comfortable working and saving and they can't mentally make the leap from saving their money to spending their money.

So true. My generation was programmed to work and save and to avoid debt. It does seem that being comfortable and having savings and a decent retirement income is still not enough to allow some to spend and enjoy life a little more. Leaving more for kids to spend.

 

[sly_karma]

A few years back my dad told me he and mum were had booked a skin tour. I was a little taken aback, guy is well into his seventies and now he's going to Thailand to check out the seedy highlights? And taking his wife along??? I asked hesitantly, "What do you mean by a skin tour?"
"It's an acronym; stands for Spend Kids' Inheritance Now."

 

[tubber]

We have no debt, a good monthly income, and a decent nest egg saved. Still, I'm happy with my little boat. I can manage ten Chinooks, my wife gets a few, plus we find some other stuff each season and pulling any boat over the Connector and Coq in winter is not going to happen, so at this point I can't see justifying something nicer.
Meanwhile due to considerable health needs, my mom and stepdad are paying $6500/month each at the care home (they need 2 rooms). It adds up fast.

 

[ab1752]

This is such an interesting topic. A neighbour was telling me that he and his wife were worried about affording their retirement so they are still working post age 65. They have a nice lifestyle now and don't live extravagantly.

He then volunteered that their house was paid for for , no other debt and 2.25 million saved in RRSPs and TFSAs., and another 500K in non RRSP funds

I told him that they were probably better off than most retirees and maybe they should think about hanging it up.

The problem is that some people just need to save even when they will never run out of money and could stop working.

I often think that there is fear of the unknown for some people and they are more comfortable working and saving and they can't mentally make the leap from saving their money to spending their money.

They're likely holding out until 71 when the rrsp become a rrif. Most folks in their situation are "saving it for the kids" types it seems. There's a huge upcommimg generational wealth transfer coming up so it is very important to plan your estate no matter how old you might be.

 

[Rain City]

They're likely holding out until 71 when the rrsp become a rrif. Most folks in their situation are "saving it for the kids" types it seems. There's a huge upcommimg generational wealth transfer coming up so it is very important to plan your estate no matter how old you might be.

I'm spending it all on diesel, anchovies and TP5s

 

[Gong Show]

Life is a struggle, suffering is optional.
I struggled, my daughters will struggle, they will not suffer.

Saving a nest egg is not the same these days, I am of the opinion that inflation is coming our way in a big way. Solves the government debt problem without massive tax increases.
Follow the government's lead, borrow some when rates are low, but only if your still have good income flow.

Took me many years to learn that it's really complicated trying to live a simple life.

 

[tightlines]

I'm spending it all on diesel, anchovies and TP5s

This is gold hahaha as my old lady just ok'd a golf simulator build out...I think it's a trick ... I'm a BXS guy haha

 

[happy hooker]

lol taking a loan on a massively depreciating asset? Bad idea

You’re on the wrong forum lol

 

[Rockfish]

So true. My generation was programmed to work and save and to avoid debt. /QUOTE]


That was drummed into me by my grandparents who survived the Great Depression. Everything is payed for with cash and interest is something you collect.

 

[banger17]

This is such an interesting topic. A neighbour was telling me that he and his wife were worried about affording their retirement so they are still working post age 65. They have a nice lifestyle now and don't live extravagantly.

He then volunteered that their house was paid for for , no other debt and 2.25 million saved in RRSPs and TFSAs., and another 500K in non RRSP funds

I told him that they were probably better off than most retirees and maybe they should think about hanging it up.

The problem is that some people just need to save even when they will never run out of money and could stop working.

I often think that there is fear of the unknown for some people and they are more comfortable working and saving and they can't mentally make the leap from saving their money to spending their money.

Ya, I’d say they are just fine.
Chances are, if you are their neighbour you are in like to be fine as well!

 

[Unreel]

A few years back my dad told me he and mum were had booked a skin tour. I was a little taken aback, guy is well into his seventies and now he's going to Thailand to check out the seedy highlights? And taking his wife along??? I asked hesitantly, "What do you mean by a skin tour?"
"It's an acronym; stands for Spend Kids' Inheritance Now."

Thats like in Seinfeld, where George wants his parents to be as far away from him as possible. Then when they decide to go on vacation he changes his mind because their spending his inheritance lol.

 

[Baxter]

I don't get all these thirty year olds with the big trucks and beautiful boats. Maybe they think there is no tomorrow. However with the state of things, I doubt I'd be any further behind now, financially if I'd of taken the plunge 30 years ago. At least I'd of had a boat. Who knows?

I almost resemble that, early 40's, nice new truck and nice new boat, but I have a few reasons for this.

My father died in his early 60's. My grandfather died in his early 60's also. Now I live a different life, so I SHOULD make it past that, but there is a real chance that genetics will kick me in the butt in 20 years.

My dad lived most of his life with plans to do the things he loved once he retired. When he retired he was too sick to do anything and never met any of his dreams.

So part of my decision making stems around a possible scenario where I won't get to do the things I love later, so best to do them now while I can.

Sure, I could have bought an older truck, and an older boat, but for me, that was not the dream. I grew up with our family vehicle being a major POS, and a crappy old boat that I am surprised never left us stranded and never sank. And since my boat payments are easily affordable with my income, I went that route. I want my kids to grow up differently than I did.


Everyone has their reasons for why they buy what they buy. Some make frivolous stupid choices, others have logic behind it. I am somewhere in between. Frivolous, yes, but still thought out.

 

[Trophy21]

He or she or it , who has the most fun in life.....wins

 

[Gham]

I’m one of those 30 year olds with a new truck and an expensive boat...I have 2 boats actually...... Why do I have a new $100,000 truck? It’s cheap money! 0% financing makes sense. I put my money to work and if I get more that 0.01% return I’m winning vs spending that money on a used truck. I had my first truck loan at 17 and paid it off as soon as I could. Same goes with boats. Finance at rates lower than what you can make on your money, your coming out ahead. Interest rates are lower than income tax rates. Why pay 50% tax on income to spend it on a boat, when you can finance and pay low interest? Maybe I’m an idiot...but so far it’s worked. I’m fortunate enough to have a skilled trade under my belt that makes me a comfortable wage. And I don’t waste money. I’ve got 3 kids, a modest house that I pay double my monthly mortgage payment on, a stay at home wife, a 17’ fishing boat and boat house to keep it in, and a 34’ cruiser to take the family away on weekends. What’s the point in scrimping and saving so that when you retire you can have all the things you wanted as a young buck? I want my wife and kids to have the best life they can while they can enjoy it. Life’s short....enjoy what you can while you have it. You never know what tomorrow will bring....

 

[gokart]

 

[Thunder21]

Mid 30's here also. I've lost a few family members way too young over the last few years( brother at 24, grandparents mid 60s) so I don't hesitate to buy toys or anything really. I don't owe anything on my boat but If I saw a boat I wanted more than my current one and had to borrow a bit of cash it wouldn't bother me. Steady income and as much passive income coming in on the side is the key I think. I started with a boat worth 20k and over the last 10 years continually upgraded as I had the cash until I eventually was able to afford my current boat. Family history tells me ill be lucky to hit 70 so in my opinion I've only got 25-35 summers left and I'm not going to go without a boat for any of them. I was told that if you cant afford to buy something twice or double up the payment you truly cant afford it. I think that's a decent way to budget.

 

[Gear'n'beer!]

I have been a cheap prick most of my life. Built my own houses. Have had 9 so far. I decided about 9 years ago why am I killing myself working all the time and not spending time with my kids? They are adults forever but only young for such a short span. So I went against the grain and started spending more time with my kids doing meaningful memory making things. Don't get me wrong I always had an RV and owned property on ssi but it was always with an eye to make money. I suppose I still consider that to be honest but you have to live and I think making memories makes kids well rounded appreciative adults. I kinda wish I wasn't such a money miser in my younger years for sure.

 

[Stizzla]

Another mid 30’s here.

I think it’s a balance. If you just buy everything you want when you want it, it will come back to bite you in the butt. Especially for those who aren’t in the housing market.

As far as vehiclesI bought a 2 year old $70k new truck for $40k and it still has 4 years of B2B warranty. It’s still a head turner. I let the other guy eat the $30k in those 2 years.
I sacrificed my boat earlier this year to use the money to invest in my future. It was the ***** not having it during the covid shutdown but I made it through that and then bought my newest one.
This 176 I have now will be all the boat I need for 10 years once I repower. I’ll be all in for $30k on it. The key to fishing in an amazing boat is to be hilarious and awesome on this fishing forum and then you get invited out in $250k rigs

Don’t get me wrong, it’s still important to treat yo self and of course I spoil my family but there’s a limit.

OP- Congratulations on paying off your tub. It’s a nice one!

 

[Rain City]

Another mid 30’s here.

I think it’s a balance. If you just buy everything you want when you want it, it will come back to bite you in the butt. Especially for those who aren’t in the housing market.

As far as vehiclesI bought a 2 year old $70k new truck for $40k and it still has 4 years of B2B warranty. It’s still a head turner. I let the other guy eat the $30k in those 2 years.
I sacrificed my boat earlier this year to use the money to invest in my future. It was the ***** not having it during the covid shutdown but I made it through that and then bought my newest one.
This 176 I have now will be all the boat I need for 10 years once I repower. I’ll be all in for $30k on it. The key to fishing in an amazing boat is to be hilarious and awesome on this fishing forum and then you get invited out in $250k rigs

Don’t get me wrong, it’s still important to treat yo self and of course I spoil my family but there’s a limit.

OP- Congratulations on paying off your tub. It’s a nice one!

I call BS. I've been hilarious and awesome for years and nobody invites me on their boats!!! Haven't I?

 

[noluck]

I call BS. I've been hilarious and awesome for years and nobody invites me on their boats!!! Haven't I?

liar, i invited you out when the bayliner was out of commision