OT: Financial rant

Pappy Jack · August 04, 2008, 12:27:18 AM

Adam,

Kiyosaki says that a home is a liability because it takes money out of your pocket even if it's payed for. You still have to pay for taxes, insurance, up keep, etc. It becomes an asset when you sell it for a profit. A lot of people have found out that there homes have lost much of there value over the last year which tells us that there are no guaranties...ever :'(. One just has to practice due diligence in finance, sailing or just life in general. You just have to remember to follow your bliss ;D.

Fair winds,

Pappy Jack

Frank · August 04, 2008, 08:20:03 AM

Pappy Jack.....I remember watching an interview with a wise and wealthy man.He stated that "you never truly own anything...even if it's paid for.You simply become a 'caretaker' of it"...how true that is.Taxs-insurance-upkeep etc.......simply a 'caretaker of stuff'...stuff ends up owning you :'(. Bottom line...have less stuff and only 'stuff you use and enjoy'

Pappy Jack · August 04, 2008, 02:05:21 PM

Amen,

Do we really own anything ???? If we fail to pay our realestate taxes, who will end up with it? The state. What happens to your stuff if you don't have a will or relatives to fight over it? The state, it's called "escheat". We do have control over our stuff but in the end, who really owns it? The state. Kind of makes you wonder, does it not ??? ????

Fair winds

Pappy Jack

P.S. All in all, the good ol' U.S.of A. is still a pretty good place to live.

Cmdr Pete · August 05, 2008, 11:19:15 AM

Still lots of big $$$ to be made on the Internet

Like money in the bank....

http://www.websiteoutlook.com/www.sailfar.net

Delezynski · September 01, 2008, 01:13:29 AM

Money for cruising, good debt, bad debt, and all the other talk....

I don't have a deep financial background but I can relate a few simple things that worked for me/us.

First, get a simple money program for your computer like Quicken, or something like that. Then, set it up AND USE IT! After 6 months or so making it all balance, to the penny, print out the reports and see were your money is going. If you have not done this, don't talk about where you spend money! It's a real eye opener!!!!! Don't ask how I know. Once you know EXACTLEY where you are bleeding cash, you can do something about it.

Second, as was already stated, DO NOT MAKE CAR payments! A car is a tool, not a status symbol!

Next, purchase a house. Put as much down as you can to make the monthly payments low.

Then, pay off your small boat to go cruising.

Rent out the house, at a profit to keep you cruising......

Worked for us!

Greg
PS... Send that lady to sailing school, some investments are intrinsic in nature, but the payback is awesome!

No Kin Jones · September 01, 2008, 01:11:59 PM

Where'd the money go???

I was lookin' at net worth thingy & when I pushed the update button,
2/3 of it went away !!!

Danny

CharlieJ · September 01, 2008, 01:35:14 PM

Hiding it from you ;D ;D

Howdy "no kin" how ya been- haven't seen your moniker on the boards for quite a while.

No Kin Jones · September 01, 2008, 07:44:20 PM

Sailing a %$&* Ford tractor around the ranch.

Got hydraulics laying all over the backyard now.
I think it ran aground.
Get any rain?

Danny

CharlieJ · September 01, 2008, 08:49:27 PM

Rain? What's that?

Actually we've had some in the last three weeks. Got 4 inches a couple weeks ago, but nothing from Gustav- we're too far away. Had north winds off of it today but the temps still hit 100.

Still have cracks in the ground here and there .

Tim · September 01, 2008, 08:58:36 PM

Rain? ??? I'm letting my one 10'X24' piece of lawn die back. Not because I don't have the water to irrigate, but because the d*#m cows from next door keep coming over to feed on it! I't so torn up now I have to start all over next year.

They are smart too and only come at night when it's dark. Caught one at twilight last night, but it ran so fast it was 50 yards away by the time I got the shotgun to my shoulder! ;D

Shipscarver · September 01, 2008, 09:51:31 PM

Shotgun? Hmmmmm, you must have been on a steak out. ;D

Frank · September 02, 2008, 08:27:52 AM

Tim......that sure sounds like a "redneck rant" ;D

Tim · September 02, 2008, 09:22:48 AM

True, a little "thread rustlin'" but replacing the lawn IS going to cut into my boat budget ;)

Frank · September 02, 2008, 12:11:26 PM

Save the lawn and feed the family....can't be all bad ;)

nowell · November 04, 2008, 01:55:18 PM

Some pretty good information in this thread. Unfortunately, it seems that credit is forced upon us at a young age. Consider the debt young people have just getting a decent education. The government and business will make sure to get theirs at any cost. It doesn't help that your credit scores and such, are based off of you carrying debt.

Ultimately, its all just willpower. You have to have the ability to throw those offer letters in the trash. Unfortunately in life, we all face those times we just aren't prepared for. You can never have a plan for every situation. You might need to open a card for the unforseen large car repairs, or hospital bills, etc. The challange is WAITING until that time to take out the line of debt.

Anyway, someone mentioned Quicken and such. I use this to help out, and ITS FREE!

http://www.mint.com

Lets also not forget, its always a good thing to invest! Especially right now when the market is down. I personally have my company 401k as well as a few IRA's and a few mutual funds. Nothing crazy, but enought spread around that when I do get to retirement age, I should have plenty to continue my cruising (granted im also saving now, and plan to retire no later than age 45!).

s/v Faith · January 15, 2009, 11:45:29 PM

Was driving past the local 'Marine Max' franchise today. I was thinking about just how glad I am not to have the kind of debt that the big power boaters regularly got into to purchase those boats......

... Gotta love a small boat. Gotta love a small SAIL boat. ;D

Tim · January 16, 2009, 12:46:59 AM

Similar thoughts for me today. I sit and stare a the long list of work ahead of me on the Ariel I am so glad that it is small enough that it can sit on a trailer next to my shop to be worked on however and whenever I choose. The only problems is I keep coming up with more to do.

I believe I have caught "Ebbitis" (Kurt, Tony and Craig will understand) :)

CapnK · January 16, 2009, 11:00:32 AM

Quote from: Tim on January 16, 2009, 12:46:59 AM
I believe I have caught "Ebbitis" (Kurt, Tony and Craig will understand) :)

Remember the cure:

"Perfection is the enemy of Good Enough."

;D ;D :D ;D ;D

Besides, Capt Tony & Ebb, the work they do... I dunno if you can put me in that category. I'm a duffer, compared to those pro's! :)

They are Charlie Jones-level boat makers... ;D

Tim · January 16, 2009, 11:06:13 AM

:) It is not just the quality of work (I know I can't match the Likes of Tony and Charlie) but also the endless list of projects that won't allow the boat to feel water for a number of years :)

Captain Smollett · January 16, 2009, 11:34:02 AM

Met a power cruiser here the other day that was proud of his 30 gallon per hour fuel consumption rate. :o :o

Another told me that at 8 kts, he's at 4 gal per hr. If he throttles back to 6 kts, he can drop it to 3 gal per hour. Funny, in decent wind, my boat will go 6-ish knots (not always "made good" ;D ) and use 0 gal per hour.

Different strokes, I guess.

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OT: Financial rant