Now that is profound! Thank You - I'll use it.....That must be what Mommy and Daddy wanted.......
Tom
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Now that is profound! Thank You - I'll use it.....That must be what Mommy and Daddy wanted.......
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
Anyone who buys a new boat is a fool.
https://www.nytimes.com/2019/10/08/style/superyachts-billionaires.html?smid=nytcore-ios-share
Now we are talking yachts!
and of all the coffins I’ve said a prayer over I’ve never seen one with side pockets stuffed with cash.
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.
Indeed! And sometimes, it's nice when they captain it!There's always someone with a bigger boat.
We have always bought new and have done pretty well at the times to sell. As I read about all of the problems owners seem to have with their boats breaking just before going on vacation, and discovering issues missed by their surveyors, and the list goes on, I'm thankful we avoided those issues. We have enjoyed some of our boats more than others, but considering the use we got from them we never really got hosed on any of our new purchases. We enjoyed our last boat the most and I was frankly astounded by how easy it was to sell at a price that seemed almost ridiculously high. Had we bought it used, there would have been all kinds of expenses for things a previous owner might have deferred. Many of them would have likely happened at inconvenient times. I feel the same about cars. Once you start buying a new one every two years, the cash out the door is not that much different from lease payments.In my opinion. Anyone who buys a new boat is a fool. But somebody has to buy them so I have a nice selection of used boats to buy.
Agreed as well buying a vehicle or depreciating asset after the depreciation hits that sweet spot is where I’m at as well, again you have to be smart about your purchases and thorough before you pull the trigger on somebody else’s toy. I’ve watched friends buy brand new boats in the $200,000 plus range within five or six years those same boats were Depreciated by $80-$90,000 If the boat was fairly taken care of ,that’s a win win in my book you’d be hard-pressed to have to spend anywhere near that amount of money for deferred maintenance or neglect. Of the three boats that I have owned I have never lost money on buying Them , taking care of them and then selling them. I feel comfortable with my ability to find a worthwhile deal and take care of it but then again if people have the money to not ever have to worry about those things kudos to them as wellsbw1, there is a lot of wisdom in what you wrote and your plan works well for many. Thank heaven it does because folks like you are the source of almost-new boats, cars, trucks, etc.
I tend to look at it from a different angle: Never making payments on cars and trucks. I am making payments on my boat but I've already addressed that in this thread or another recent one about paying cash vs financing.
For cars and trucks, I think we all realize that they tend to lose about half of their value (MSRP) within the first 4-5 years. That's when I like to buy them. They're usually just out of warranty by a year or two, have moderate miles on them, but the best part is they have a TON of miles left on them.
After any depreciating asset is paid for (either at the time of purchase or at the end of a loan) is the cheapest part of owning a vehicle. You're not making monthlies, just the insurance, taxes, license fees and routine maintenance. It does not get any cheaper than that. Well, unless you can talk your rich uncle into paying those costs for you.