CHAPTER ONE - NOT A POT TO PISS IN
Ever since last October (two months before making my purchase), I’ve been pondering this question. At the time, “Why am I choosing to live aboard a boat?” and I’ve wanted to address this to my friends because a lot of you seem to have a lot of questions.
Hopefully this will answer some of them. I’m hoping it may give you a perspective you have not even considered. For others, you may approach this with a simple shrug of the shoulders and go right back to what you were doing. However, I am writing this for the segment of my friends that may be in a similar situation to myself. The group that doesn’t feel like they have a pot to piss in and that honestly, don’t know how they will ever change that dynamic. You are the group I am speaking to mainly. How you got here is not important, whether from a bad divorce, or lack of a job (or simply a lack of income compared to what you were making 10 years ago, I know this is many of us).
For a second group, you could benefit from this knowledge as well. Unfortunately, I am not part of this group, but or my goals may be slightly different. The second group, you are “getting it done”. You have the house. You are “living the American dream” - 3 bed, 2 bath, possibly bigger, three cars and maybe even a fishing boat, but definitely some fun toys. You are doing your part to keep up with the Joneses, but at some point, every month ends in an argument as the money seems to run out a few days before the month ends and you have to apply triage to your remaining bills, paying each by priority, which ultimately leaves you with that minimum payment on the high interest credit card that you know will have a higher balance next month, despite your payment.
You may not be a captain of industry, but you are definitely a lieutenant and you are respected by your friends and neighbors who laughingly, some would even be envious of you. Little do they know, your credit cards are nearly maxed - You still owe on all three cars and the fishing boat is nearing a repo. That’s not to say you are broke (though not far from it). I mean, you've got nearly $200k tied up in the equity in your home and you’ve resisted borrowing against it, but suppose that might be the answer, but you've already been paying on the last home equity loan now for over eight years and know if you asked for a new one, they’d probably want you to pay off the last one before they’d allow it. That would only leave you like $160k and then you wouldn't have any wiggle room as you might end up “house poor”. Even then, after paying off the cars and the boat... the credit cards. Man, your “fortunes” are dwindling. Its enough to make you want to simplify. “Do we really need all of this stuff?!?!”
This is ultimately the question people from both groups have to ask themselves and if the honest answer is “No”, then you may find yourselves on a path to a simpler, less expensive existence. . .
Whether you are coming to this article from the first group or the second, is immaterial. What does matter in either case is that you have some savings or spendable capital to negotiate your deal on your boat. Banks will typically not loan on a boat and those that will, you will get no where near the interest rate, or term-length you are used to on a home.
Cash is still king when buying a boat, and the more of it you have the more boat you can buy, but you may be surprised by how little you need to buy your first. That may seem a bit confusing or truly. like a “Captain Obvious” kind of statement, but the simple truth of boat buying is these things can be had for a small percentage of their asking price in many situations and the more cash you have on hand, the more leverage you have to buy much more boat that you may otherwise be able to obtain.
TO BE CONTINUED TOMORROW. . . Look for CHAPTER TWO - CASH TALKS AND BULL... WALKS
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Chapter Two: Cash Talks, Bulls... Walks
https://steemit.com/boats/@buckethats/why-i-decided-to-live-on-a-boat-chapter-two-cash-talks-bulls-walks
Chapter Three: Slip Fees and the Zombie Apocalypse
https://steemit.com/boats/@buckethats/why-i-decided-to-live-on-a-boat-chapter-3-slip-fees-and-the-zombie-apocalypse
Chapter Four: Pride of Ownership vs. Rent, Hiphop (and Section 8 Neighbors)
https://steemit.com/boat/@buckethats/why-i-decided-to-live-on-a-boat-chapter-4-pride-of-ownership-vs-rent-hip-hop-and-section-8-neighbors