Economy still booming...as are boat prices.

Looking back at my life over the last 65 years:
After getting out of the service in 1975 and coming home with nothing but my then 6 year old car and a couple of hundred bucks in my pocket, I accomplished whatever I was able to do financially by working as much as as I could to earn extra money, drove junkers to work, lived a bit below my means and invested wisely.
As a result:
Paid off mortgage almost 15 years ago, paid for my Daughter’s expensive private college in cash as she went, doing the same for my son right now, haven’t paid a penny in credit card interest since before it stopped being a write off, finished restoring my 68 GTO 20 years ago & never owed anyone a penny on it, paid cash for my C6 Corvette when it was brand new, paid cash for my dock property and can’t remember the last time I ever had a car loan, I’ve never had a boat loan.
After a lifetime of watching how I spent money, I’m still not willing to be totally foolish, but now my choices are:
If I can find more garage space I’m going to piss away more money on a C8 Corvette in a year or so after they work the kinks out.
Might be a dumb financial move, but I really don’t care.
I lease the two cars my wife and I drive daily and have been doing so for many years with 3 year leases because I don’t want to be bothered with repairs. Does it make sense financially?
Probably not, but I really don’t care.
I quit working at 62 to collect my social security after paying in to it for 46 years and thinking to myself “Why not”.
Sure, I could have kept working to earn more money and delayed social security to collect more monthly.
Continuing to work may have made financial sense, but I really don’t care.
We’ve been pissing away money on multiple vacations over the last few years. Again, I really don’t care.
Is it foolish for someone to buy themselves a brand new boat? Not necessarily!
Life is short, and of all the coffins I’ve said a prayer over I’ve never seen one with side pockets stuffed with cash.
 
Good job JVM. I like your closing comment about caskets. I've always said that I've never seen a casket with a luggage rack so I know you can't take it with you.
 
Looking back at my life over the last 65 years:
After getting out of the service in 1975 and coming home with nothing but my then 6 year old car and a couple of hundred bucks in my pocket, I accomplished whatever I was able to do financially by working as much as as I could to earn extra money, drove junkers to work, lived a bit below my means and invested wisely.
As a result:
Paid off mortgage almost 15 years ago, paid for my Daughter’s expensive private college in cash as she went, doing the same for my son right now, haven’t paid a penny in credit card interest since before it stopped being a write off, finished restoring my 68 GTO 20 years ago & never owed anyone a penny on it, paid cash for my C6 Corvette when it was brand new, paid cash for my dock property and can’t remember the last time I ever had a car loan, I’ve never had a boat loan.
After a lifetime of watching how I spent money, I’m still not willing to be totally foolish, but now my choices are:
If I can find more garage space I’m going to piss away more money on a C8 Corvette in a year or so after they work the kinks out.
Might be a dumb financial move, but I really don’t care.
I lease the two cars my wife and I drive daily and have been doing so for many years with 3 year leases because I don’t want to be bothered with repairs. Does it make sense financially?
Probably not, but I really don’t care.
I quit working at 62 to collect my social security after paying in to it for 46 years and thinking to myself “Why not”.
Sure, I could have kept working to earn more money and delayed social security to collect more monthly.
Continuing to work may have made financial sense, but I really don’t care.
We’ve been pissing away money on multiple vacations over the last few years. Again, I really don’t care.
Is it foolish for someone to buy themselves a brand new boat? Not necessarily!
Life is short, and of all the coffins I’ve said a prayer over I’ve never seen one with side pockets stuffed with cash.
I have lots of toys like everyone on here, all paid for along with house, the wife drives a 2019 GMC Denali but that's because I wanted her to have a new car. Me, I have 05 2500 Chevrolet diesel, 2008 corvette z06, and a 2005 buick , but I do have 3 boats if you count the dink. You think I can get them all in my casket? Seeing I do have another heart surgery next month......lol
 
I quit working at 62 to collect my social security after paying in to it for 46 years and thinking to myself “Why not”.

I agree with you on this. I'm 57, and am seriously thinking of taking SS at 62, even though myt FRA is 67. Take it early, take it often. That's my opinion.

Jaybeaux
 
I agree with you on this. I'm 57, and am seriously thinking of taking SS at 62, even though myt FRA is 67. Take it early, take it often. That's my opinion.

Jaybeaux
I waited till 70 - didn't need the money and wasn't sure what else I could do to make a guaranteed 8% per year increase! Susan is doing the same thing - she has 2 1/2 years to go. It is a roll of the dice - If you get T-boned at an intersection or get a terminal illness - you lost the bet.
 
I agree with you on this. I'm 57, and am seriously thinking of taking SS at 62, even though myt FRA is 67. Take it early, take it often. That's my opinion.

Jaybeaux
I had to go full disability @58, not by plan for sure but its working out good!!!
 
I agree with you on this. I'm 57, and am seriously thinking of taking SS at 62, even though myt FRA is 67. Take it early, take it often. That's my opinion.

Jaybeaux

It’s a numbers game and an individual decision with no right or wrong answer.
I lost about 25% by taking it at 62, but after much consideration about finances and past health scares I grabbed it.
If you love what you do, aren’t satisfied with where your retirement plan is yet or need to keep working then hold off.
When I really thought about it, none of those applied to me.
My biggest problem is that my wife, who is 3 years younger, works 4 days a week and refuses to quit.
She works just enough to interfere with my vacations, but not enough to add to them.
I’ve thought about traveling without her, but too much risk of me having to give her half my stuff if I do that so I grin and bear it and spend more time on my boat.
 
New boat prices are insane - as are most everything. I've got a new 60k pickup in the driveway but we could easily afford more house, more boat, or more car. But there is no need. Love the house, neighbors, schools - it is more than enough for us. We owe more on the boat than on our house.

As my MIL passed away suddenly at 49....you can't take it with you hits home more with us. Why be the richest old guy in the retirement home, or your body give out and you can't enjoy it. Just have to find that happy middle ground. It has been nice reading everyone thought's on the subject.
 
In January of 07 when we bought our boat they took 33.5% off the sticker price. The used 05s and 06s were actually higher in price than what we were able to buy new for. It is my understanding that 25% was the norm in discounts - I am far from a master negotiator. I had placed a contract on a used 340 and went into the dealer and let them know I was sending my deposit check. They asked for 1 more shot. The same model (320 - 2019) stickers for $382k and back in 07 it stickered for $250k. So the MSRP is 50% more. The new in 2007 was $499 and the new one in 2019 (Basic) is 40% more. The thing that has killed the boating industry is no more scale.
 
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Comin up on the big 6-oh in couple weeks. These days I find myself reflecting more than ever.

I’m in great health. I lift 3 days a week, go as hard as possible, end up w at least 3 bent-over-searching-for-oxygen during my 60 minutes. Do it all, squats, deadlifts, snatches, presses. It’s my personal health care plan.

I worked hard for my family and put them first always. Nice houses, wife drove new cars, wife rarely worked, private schools for 3 kids.

But I’ll admit that at this time I’m starting to feel like I deserve a little “me time” as I come in on the final approach in my career.

Planning on moving back to Florida from these last 17 years in Chicago. Spend more time w the grand kids, go to the beach, get back into a little fishing, head out to the Keys, drink more gumbai smash ( coconut rum and mango juice), hang out at the sandbars, smoke my cigars, observe all the new styles of bikinis- I love how they keep getting smaller like spaghetti strings, and chase my wife around the house.

Hanging up the corporate cleats in 3-4 more years and just drift the rest of the way in.
 
“I want to go out the same way I came in...broke and naked”. -my Dad

I had been wanting to get back into boating for several years, but never seemed like the right time, new jobs, moving kids...

My dad passed a couple years ago. Owning a boat was on his bucket list, and he never did own one. I decided that my time was worth more to me than my money, and once I viewed it in those terms, it has been an easy decision to own the boat.

I work hard, pay myself and save first, and live comfortably on the rest.

I intend to follow my dads advice.
 
Comin up on the big 6-oh in couple weeks. These days I find myself reflecting more than ever.

I’m in great health. I lift 3 days a week, go as hard as possible, end up w at least 3 bent-over-searching-for-oxygen during my 60 minutes. Do it all, squats, deadlifts, snatches, presses. It’s my personal health care plan.

I worked hard for my family and put them first always. Nice houses, wife drove new cars, wife rarely worked, private schools for 3 kids.

But I’ll admit that at this time I’m starting to feel like I deserve a little “me time” as I come in on the final approach in my career.

Planning on moving back to Florida from these last 17 years in Chicago. Spend more time w the grand kids, go to the beach, get back into a little fishing, head out to the Keys, drink more gumbai smash ( coconut rum and mango juice), hang out at the sandbars, smoke my cigars, observe all the new styles of bikinis- I love how they keep getting smaller like spaghetti strings, and chase my wife around the house.

Hanging up the corporate cleats in 3-4 more years and just drift the rest of the way in.
I did exactly what you are describing at 55.(except the gym thing)... Retired... I lasted 1 year 3 months ... We had a great time but then I got bored... I ended up buying a small business... It keeps me out of the bars... And keeps me challenged but still affords me a lot of freedom to come and go...and take time off ...for me it was a great decision
 

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