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View Full Version : How do you guys afford these expensive boats??



Boatjob26
04-29-2004, 03:18 PM
Next year around this time I will be graduating from a 4 year University with a B.A. in Business /Economics with emphasis in Accounting. I've been around boats all my life, my father has owned 3 Lavey Crafts, 3 DCB's. Having an investing background from accounting I just don't understand how so many of the members on here can afford these cats today. I mean even a Mach 26 with a 500EFI is $85,000+! How is it that everytime I go to Havasu I see these young guys, meaning 30-35 years old, driving boats in the 100k to 200k range? Seems like most people are settling into the range of 25Daytona/Mach/F-26's nowadays and these are not cheap! Figure most people put a TCM800 in it and your at 120k, how are you guys doing this? And to add something else, these people towing these boats don't just have ordinary trucks. They have Escalades, Denalis, etc. Seems like the only way I'd purchase an asset like these is if I'm not going to loose my @ss through debt repayment. So tell me the secret!!! Most people must be financing these boats over many many years, which to me is not worth it because it's only a toy. And above all this, at the rate a boat depreciates it seems that one would have to be crazy to fork over the $$ if he truley can't afford it
Let me know your thoughts
thanks

Dr. Eagle
04-29-2004, 03:19 PM
We are all self made millionaires......
You had to ask?;)

miller19j
04-29-2004, 03:22 PM
I have no idea I have an old little boat……… But I like it! :D

AZmike
04-29-2004, 03:23 PM
Just get five of your closest friends together and buy a new boat, and the trucks are a lease so sell the lift kit before you return to the dealer...
Thats the only thing i could come up with, but if there's truly a secret let me know;)

WILDERTHANU
04-29-2004, 03:25 PM
Originally posted by Boatjob26
Most people must be financing these boats over many many years, which to me is not worth it because it's only a toy. And above all this, at the rate a boat depreciates it seems that one would have to be crazy to fork over the $$ if he truley can't afford it
Let me know your thoughts
thanks
IF YOU GOT IT SPEND IT.....130+ IN A 40' SKATER(OR OTHER OFFSHORE RIG) IS QUITE A RUSH, I HIGHLY RECOMMEND IT, I'VE DONE IT. ALTHOUGH ID WAY WAY WAY RATHER GO 100+ IN 1000 FEET IN MY COLE, OR MASH THE PEDAL IN OUR 21' CRUISER (BOTH V-DRIVES), EVEN MORE FUN, AND WAY MORE DRIVING!!! AS FOR THE PEOPLE WHO FINANCE THE **** OUT OF A BIG BOAT JUST FOR PUSSY.....WELL, THATS COOL IF YOU NEED THE BIG BOAT TO GET IT......

mmered8299
04-29-2004, 03:39 PM
lie, cheet, steel:eek!:

Mrs. Bordsmnj
04-29-2004, 03:41 PM
Prostitution and drug dealing :D
(just kidding, we finance our little boat)

MudPumper
04-29-2004, 03:42 PM
Creative Financing!!!!!!!!
Oh, and a few drug deals on the side!!:D

Boozer
04-29-2004, 03:43 PM
Originally posted by mmered8299
lie, cheet, steel:eek!:
In California it's easy if you bought your house over 10 years ago. Take a Home equity loan and write the interest off on your taxes. Wait another 10 years and the house will have gained 5 times the equity you took out of it so technically the boat cost you nothing.
Otherwise, save your pennies and work your ass off.

Dave C
04-29-2004, 03:44 PM
f-it... its only money!

MudPumper
04-29-2004, 03:46 PM
Business write off!! Have to entertain clients somehow, and it just turns out that they love the water;)

Kilrtoy
04-29-2004, 03:47 PM
First,
Thanks for calling me young at 35.
Second,
A B.A. now a days, get you a job at TACO BELL.
Third,
You are assuming that they can afford it.
Fourth,
Refi your over priced house.

Jbb
04-29-2004, 03:47 PM
I sold my kidneys.....

HCS
04-29-2004, 03:49 PM
Get a 30 year loan. Like said up above. You only live once.
Just like beer. Drink it now, you can't take it with you.
Cheers.

MudPumper
04-29-2004, 03:49 PM
Many, Many donations to the sperm bank every week!!

eliminatedsprinter
04-29-2004, 03:50 PM
I haven't got a clue, I have a small old boat and it still keeps me broke.;)

HCS
04-29-2004, 03:50 PM
Originally posted by JETBOAT BRIAN
I sold my kidneys.....
You should have bought a new face.:D

rposton1
04-29-2004, 03:51 PM
Originally posted by JETBOAT BRIAN
I sold my kidneys.....
HAHAHAHAHA!

OutCole'd
04-29-2004, 03:53 PM
Originally posted by JETBOAT BRIAN
I sold my kidneys.....
LMAO !!!

Boatjob26
04-29-2004, 03:53 PM
Second,
A B.A. now a days, get you a job at TACO BELL.
Hard to believe buddy! I've already been offered full time positions for 55k/year from Pricewaterhousecoopers and KPMG......50k is a bit more then TACO BELL, and hell I'll only be 22 years old:D Good try though:yuk:

Boozer
04-29-2004, 04:01 PM
Originally posted by Boatjob26
Second,
A B.A. now a days, get you a job at TACO BELL.
Hard to believe buddy! I've already been offered full time positions for 55k/year from Pricewaterhousecoopers and KPMG......50k is a bit more then TACO BELL, and hell I'll only be 22 years old:D Good try though:yuk:
50K in Cali isnt much to be excited about.

PlaneNutz
04-29-2004, 04:02 PM
You mean I have to pay for this thing??? Damn, now I'm depressed.

GrapeApe
04-29-2004, 04:04 PM
I think most of the guys buying these Boats are in 2 Classifications..
- Either Self-Employed or making Over $150k a year, and make a great living and can afford Nice Toys, or
- Make decent money, Pay rent and are in Debt to there Ears..
Just my .02!!!:D
*** Grape Ape ***

BowTie Rick
04-29-2004, 04:04 PM
I saw this at the Miami Boat Show. Get a big ass yacht and hire some hookers. Get some clowns to pay for an adult fishing trip and go 3 miles off shore into international waters and BAM. You've got more cash than you ever imagined. :D

Boatjob26
04-29-2004, 04:05 PM
Originally posted by Boozer
50K in Cali isnt much to be excited about.
So you tell me at 22 you'd be upset with $55k....You have to be kidding!

ahhell
04-29-2004, 04:05 PM
Rich older woman helps...22y/o like yourself should go cruzin the nursing homes in the hoity toity areas, then again....:frown:

miller19j
04-29-2004, 04:06 PM
Originally posted by Boatjob26
So you tell me at 22 you'd be upset with $55k....You have to be kidding! That's what I was thinking

Kilrtoy
04-29-2004, 04:12 PM
So you tell me at 22 you'd be upset with $55k
Yeah I made that much at 22 also, that was 13 years ago.
WOW I thought that was alot of money , then a wife, kids and a house came,
DAMN I DON"T MAKE SHIT, that is why i own a 21'
BUT on the other hand, congrats on the good paying job, not many people are making that kind of money at that age

bohica
04-29-2004, 04:12 PM
Originally posted by Boatjob26
Second,
A B.A. now a days, get you a job at TACO BELL.
Hard to believe buddy! I've already been offered full time positions for 55k/year from Pricewaterhousecoopers and KPMG......50k is a bit more then TACO BELL, and hell I'll only be 22 years old:D Good try though:yuk:
55K is great money for an entry level staff position at a public accounting firm. My firm, about 100 accountants on staff, I'm starting an entry level person at around 38K plus 1.5 overtime. They really rack up the OT during tax season, probably 10-12K. You'll be stuck until you get certified, then sky's the limit.:D

Boozer
04-29-2004, 04:13 PM
Originally posted by Boatjob26
So you tell me at 22 you'd be upset with $55k....You have to be kidding!
At 22 i made more then 55K, No college degree and I live in a much more affordable place then California. However, my friends that live in Cali and the same age are making nothing even close to 55k and some even have BA's. So I'd say 22 and 55k is good money just not much money in that state these days.

Phat Matt
04-29-2004, 04:13 PM
I think you are looking at it from the wrong point of view. I don't think anybody buys a boat or a new truck to pull it from an investment standpoint. You buy it so when you're out at the river and the weather is perfect, and you're having a cold one with your friends and making new freinds every weekend, you can sit back and say, "This is why I work so hard during the week! This right now makes it all worth it!" And yeah, 15 year loans make it easy! :D

Boozer
04-29-2004, 04:17 PM
Originally posted by Phat Matt
I think you are looking at it from the wrong point of view. I don't think anybody buys a boat or a new truck to pull it from an investment standpoint. You buy it so when you're out at the river and the weather is perfect, and you're having a cold one with your friends and making new freinds every weekend, you can sit back and say, "This is why I work so hard during the week! This right now makes it all worth it!" And yeah, 15 year loans make it easy! :D
I could not agree with you more. Now I just need to buy a boat that takes a bigger chunk of my income so I can say that and really mean it. My boat payment right now is probably less then the monthly interest most of you guys are paying on your boats.

Boatjob26
04-29-2004, 04:17 PM
Originally posted by bohica
55K is great money for an entry level staff position at a public accounting firm. My firm, about 100 accountants on staff, I'm starting an entry level person at around 38K plus 1.5 overtime. They really rack up the OT during tax season, probably 10-12K. You'll be stuck until you get certified, then sky's the limit.:D
What firm is yours??

CAHotRodBoy
04-29-2004, 04:17 PM
Originally posted by Boatjob26
Most people must be financing these boats over many many years, which to me is not worth it because it's only a toy. And above all this, at the rate a boat depreciates it seems that one would have to be crazy to fork over the $$ if he truley can't afford it
Let me know your thoughts
thanks
I paid cash for mine. But you can never financially justify the purchase of "toys". You can't look at it like a bean counter. There is emotion involved. When you get older and start to realize that you have more money than time (left) you adjust your priorities. The toys help elevate the quality of life. Just like a Caribian vacation might do it for others.
Yes, a lot of people over spend, over extend themselves. And boats do depreciate. But you're right. I think we are all a little crazy around here!:D

hd&boatrider
04-29-2004, 04:20 PM
Originally posted by Boatjob26
Next year around this time I will be graduating from a 4 year University with a B.A. in Business /Economics with emphasis in Accounting.
You got the degree now put it to practical use and figure it all out :)

Phat Matt
04-29-2004, 04:20 PM
Originally posted by Boozer
I could not agree with you more. Now I just need to buy a boat that takes a bigger chunk of my income so I can say that and really mean it. My boat payment right now is probably less then the monthly interest most of you guys are paying on your boats.
Man, why did you have to remind me about the interest? :D

bohica
04-29-2004, 04:21 PM
Originally posted by Boatjob26
What firm is yours??
RBZ, LLP - Mid size W. Los Angeles firm.

Kilrtoy
04-29-2004, 04:24 PM
So how much did this 4 year degree cost you or who ever paid for it......

burtandnancy
04-29-2004, 04:26 PM
grape ape is getting closer, but 150K isn't there yet either. I guess I'm one of the lucky guys who came up thru the ranks and didn't get my first boat until I was about 35. Paid cash for every one of them, have had 26 so far, and am uncertain if there will be a 27th. Twenty-five were performance or race boats, had a Sundancer for a year but it bored me to death. My Very Last Boat is a 40 footer with too much power (is there ever too much power?).
I look around and see young people with high dollar homes, cars, toys and of course boats and wonder myself. I know what it takes and can't figure out how they do it. I hope the bubble never bursts.
One thing to consider; my generation is the richest ever. Our group has better retirement, benefits, savings, cash, and equity growth. You financial thinkers can explain it better, but thats my thots on some of the reasons why...

Tom Brown
04-29-2004, 04:31 PM
Originally posted by JETBOAT BRIAN
I sold my kidneys.....
... to RiverDave

bohica
04-29-2004, 04:31 PM
Originally posted by Kilrtoy
So how much did this 4 year degree cost you or who ever paid for it......
My kids are 8 and 11. By the time the enter college, I'm figuring it'll cost around 250-300K for a four year private education. I have a nephew at Stanford right now. Tuition and room & board is running 50K a year.:eek!:

Boozer
04-29-2004, 04:37 PM
Originally posted by bohica
My kids are 8 and 11. By the time the enter college, I'm figuring it'll cost around 250-300K for a four year private education. I have a nephew at Stanford right know. Tuition and room & board is running 50K a year.:eek!:
I don't doubt that. I'm starting school for cullinary degree in the fall with a minor in business. It's nowhere near the ranks of stanford and does not include my room and board tuition is going to set my employer back about 100k for 4 years.

Debbolas
04-29-2004, 04:38 PM
Originally posted by Phat Matt
Man, why did you have to remind me about the interest? :D
our boat has a potty (second home)
:)
and can't you write the interest off?
:D
We just outgrew our little boat. The kids got big, the dog got big, soon we couldn't fit anyone in the front bow. This boat is so big, we've had two families in it now problem. When you spend a lot of money on a boat, you want to make sure it doesn't sit in your garage....We have at least once a month commitment to taking our boat out.

Boozer
04-29-2004, 04:41 PM
Originally posted by Debbolas
our boat has a potty (second home)
:)
and can't you write the interest off?
:D
We just outgrew our little boat. The kids got big, the dog got big, soon we couldn't fit anyone in the front bow. This boat is so big, we've had two families in it now problem. When you spend a lot of money on a boat, you want to make sure it doesn't sit in your garage....We have at least once a month commitment to taking our boat out.
I have also found that you need a bigger boat with a bigger seat and console after a while because your ass and belly get big suckin down all those beers while you are on the water.

Tom Slick
04-29-2004, 04:42 PM
Originally posted by Boatjob26
Next year around this time I will be graduating from a 4 year University with a B.A. in Business /Economics with emphasis in Accounting. I've been around boats all my life, my father has owned 3 Lavey Crafts, 3 DCB's. Having an investing background from accounting I just don't understand how so many of the members on here can afford these cats today. I mean even a Mach 26 with a 500EFI is $85,000+! How is it that everytime I go to Havasu I see these young guys, meaning 30-35 years old, driving boats in the 100k to 200k range? Seems like most people are settling into the range of 25Daytona/Mach/F-26's nowadays and these are not cheap! Figure most people put a TCM800 in it and your at 120k, how are you guys doing this? And to add something else, these people towing these boats don't just have ordinary trucks. They have Escalades, Denalis, etc. Seems like the only way I'd purchase an asset like these is if I'm not going to loose my @ss through debt repayment. So tell me the secret!!! Most people must be financing these boats over many many years, which to me is not worth it because it's only a toy. And above all this, at the rate a boat depreciates it seems that one would have to be crazy to fork over the $$ if he truley can't afford it
Let me know your thoughts
thanks
"Seems like the only way I'd purchase an asset like these is if I'm not going to loose my @ss through debt repayment."
First of all, a boat is not an asset! In fact it is the furthest thing from it! A boat is nothing but a huge liability, as it is a money pit and you'll never get back what you put into it. Like the old saying goes, B.O.A.T. stands for Bring Out Another Thousand.
How do guys afford these expensive boats? I'll tell ya.
1. Long term financing. 15-20 years.
2. They get the boats by signing a finace agreement.
3. They make the payment by working real hard, or by having a double income with their spouse.
4. They still live at home with mommy and daddy.
5. They have real good jobs.
6. During the week they eat Top Roman soup.
7. They are very, very, very in debt.
9. Credit cards are maxed.
10. They owned a home and made a bundle in the recent real estate boom and refinanced and used the equity in their home to buy the new boat.
My dad says that owning a boat is like standing in a cold shower and tearing up 100 dollar bills and watching them go down the drain.
Why do people do it? Because it is some of the funnest times that you can have in life. Not only can you enjoy your friends and family, but you can haul ass without getting a ticket for speeding. Like the old saying goes, you can't take it with you when you die, so enjoy your money and life while you have the chance.
Bottom line, BOATING IS SUPER FUN. Everyone has their own price tag for FUN.
P.S. You want to buy my boat?

little rowe boat
04-29-2004, 04:45 PM
Originally posted by Phat Matt
I think you are looking at it from the wrong point of view. I don't think anybody buys a boat or a new truck to pull it from an investment standpoint. You buy it so when you're out at the river and the weather is perfect, and you're having a cold one with your friends and making new freinds every weekend, you can sit back and say, "This is why I work so hard during the week! This right now makes it all worth it!" And yeah, 15 year loans make it easy! :D
I don't know what people consider expensive,but I think the above statement says it all.:cool:

Tom Brown
04-29-2004, 04:45 PM
Originally posted by Mrs. Bordsmnj
Prostitution and drug dealing :D
Mrs. Bordsmnj, did you get that 300 bucks I sent?

Phat Matt
04-29-2004, 04:47 PM
BTW, I dropped out of college and still managed to do pretty well. Sometimes I have to give talks to the marketing students about my job and I think to myself, "You don't have to go to college to do this. You just have to be self motivated and a quick and observant learner." I want to tell them you could learn more by interning somewhere and shadowing them; and for a lot cheaper! But I don't want to discourage them for putting up with another 4 years of school. Well I gotta go home and mow my lawn because I can't afford a gardener because of all my toys. ;) :D

Boatjob26
04-29-2004, 04:51 PM
Originally posted by bohica
RBZ, LLP - Mid size W. Los Angeles firm.
Does your firm recruit from the UCSB Accouting program?? #1 recruiting school for the Big 4 and several other mid sized accouting firms.

Rexone
04-29-2004, 05:06 PM
many many many here in Ca anyway have taken low interest seconds or equity lines and bought boats, etc. it's cheap money. home values have at least doubled in the past decade.

Scream
04-29-2004, 05:09 PM
I don't know about you young whipper snappers, but us old guys (what am I sayin) deserve anything we want...
1. We've worked our assess off for 20 to 30 years
2. We've decided to have our midlife crisis while we can still enjoy it
3. Who cares what it costs. Life is a journey. As long as you set your kids up to succeed you get on with your bad self.
I decided I wanted my boat and I shopped for it and bit the bullet. I don't regret that decision.

Kilrtoy
04-29-2004, 05:16 PM
to RiverDave
That would be a LIVER
So how much did that eduate cost?????? still waiting

dicudmore
04-29-2004, 05:25 PM
Originally posted by Boozer
In California it's easy if you bought your house over 10 years ago. Take a Home equity loan and write the interest off on your taxes. Wait another 10 years and the house will have gained 5 times the equity you took out of it so technically the boat cost you nothing.
Otherwise, save your pennies and work your ass off.
bingo.....

dicudmore
04-29-2004, 05:28 PM
there's always a bigger, faster, louder stereo boat.
always some a-hole that makes more money.....
and a lot that make less.
I was making 50k at 22 w/a high school diploma, and ITS NOT a lot of money in california, with current real estate prices etc its tough tough tough

dicudmore
04-29-2004, 05:35 PM
and my house definitely bought my boat.....

FRENCHIE
04-29-2004, 05:45 PM
no debts, no credit cards, and have real estate assets = soon to be nice boat end of may!:D

Dave C
04-29-2004, 06:42 PM
boat = bad investment.
but, just remember one thing........ (boat+alcohol)=chicks.......

Garrddogg
04-29-2004, 06:45 PM
just quit smokin and drinkin you'll have enough in no time !:pigfly:

Garrddogg
04-29-2004, 06:49 PM
seriously I sold my sons for medical experiments.:eek:

FunOnTheWater
04-29-2004, 06:53 PM
I finished selling a kilo to buy a boat

PerfectionDtail
04-29-2004, 06:59 PM
I'm 25, 34' cat
I also have a Business/Economics degree
Low boat payment
Own your own business and make the right decisions in life.

Havasu_Dreamin
04-29-2004, 07:01 PM
I sell myself at Hollywood and Vine.

DeltaSigBoater
04-29-2004, 07:08 PM
1 out of 5 people sell drugs!

Kahuna
04-29-2004, 07:08 PM
Even if I could get a bigger boat I can't imagine paying for the gas bill. But I guess that is why all those big boats are beached in the channel. :p

Three Days Only
04-29-2004, 07:09 PM
1. You buy what you can afford and slowly climb the pole.
2. Live high on Mr. Credit and watch Mr. Repoman take it all away when you cant afford it anymore.
I prefer option #1.

hava life
04-29-2004, 07:21 PM
55k now can't buy you alot. when I made that 15 yrs. ago I was able to buy a house and have toys. Try that now with your 55k. Your only 22 don"t worry about how people buy toys you have to worry about paying your college bill. I didn"t have the chance to go to college I've been busting my ass for 30 yrs. and if I wanted a big bad boat I would go buy one. I enjoy sitting in the channel and looking at those boats,but I don't want one. My plan was to retire at 45 and thats what I will do if I got the boat of my dreams I would not be able to do that. Thats why it's good to have friends with fast boats;)

77charger
04-29-2004, 07:32 PM
Originally posted by Dave C
boat = bad investment.
but, just remember one thing........ (boat+alcohol)=chicks....... Or boat+alcohol=boatcop hotel:D

welk2party
04-29-2004, 07:36 PM
You mean I am supposed to send the bank a check? Now you tell me.

hoolign
04-29-2004, 07:43 PM
I think most people on here live on credit! so , it'll be 5 years before I can afford(outright) the one I want!

Three Days Only
04-29-2004, 07:49 PM
Let me tell you about owning one of these big expensive fast cats, it is fun, but it gets old repairing them constantly. Which ends up being a major drain on the fun. Having to pay for it everytime it breaks is one thing, but having to go back and forth to the shop all the time to fix one thing or another gets real old real fast. Then, never knowing when it is going to work, and when it is going to break, that sucks. They are $300K +++ pieces of junk. If they could build them as reliable as the cars we drive daily I would be happy as hell. You dont worry if your car is going to make it to work in the morning. But I worry wether or not some stupid $3.00 part is going to screw up my day every other couple of weekends. Im starting to think that BOAT should be spelled BOATT (Bust Out Another Ten Thousand). Dont get me wrong everyone should be so lucky to own the boat,of there dreams if they so choose to do so. I absoulelty love mine, theres nothing like going out in the ocean and running 100+ through true 3-5 seas or cruising across havasu on the roughest of days at 120 - 130. The gas and insurance is nothing compared to the repair bills. I try not to keep track anymore, and just enjoy it when it works, and try to calm the wife down when it breaks.
Jeff
Thats my .02

randy77zt
04-29-2004, 07:56 PM
i had my house paid for-but i took another small first out on my average house in tweeker land norcal to buy my boat.but the damn boat seems like it comes up with some kind of $500 repair bill every time i use it.so boat is getting sold and house will be paid off again.if you are going after a second loan on a house do it before this next election.i am betting interest rates will raise after the election.if i wanted a 2 year old dcb i could buy 1 -but i dont want to pay the insurence bill on it.i think the house will be sold for some kind of commercial property.when my accountant says i need a tax write off i will buy another boat.

LASERRAY
04-29-2004, 08:19 PM
Originally posted by Boatjob26
Next year around this time I will be graduating from a 4 year University with a B.A. in Business /Economics with emphasis in Accounting. I've been around boats all my life, my father has owned 3 Lavey Crafts, 3 DCB's. Having an investing background from accounting I just don't understand how so many of the members on here can afford these cats today. I mean even a Mach 26 with a 500EFI is $85,000+! How is it that everytime I go to Havasu I see these young guys, meaning 30-35 years old, driving boats in the 100k to 200k range? Seems like most people are settling into the range of 25Daytona/Mach/F-26's nowadays and these are not cheap! Figure most people put a TCM800 in it and your at 120k, how are you guys doing this? And to add something else, these people towing these boats don't just have ordinary trucks. They have Escalades, Denalis, etc. Seems like the only way I'd purchase an asset like these is if I'm not going to loose my @ss through debt repayment. So tell me the secret!!! Most people must be financing these boats over many many years, which to me is not worth it because it's only a toy. And above all this, at the rate a boat depreciates it seems that one would have to be crazy to fork over the $$ if he truley can't afford it
Let me know your thoughts
thanks Well, get a boat, don't sweat the payments( you have a job,right?) and enjoy life instead of worrying about the cost. EVERYTHING IS EXPENSIVE! Especially in Cali. Where there's a will there's a way. Invest wisely, own property, work hard, and play hard.:cool:

RiverPirate
04-29-2004, 08:28 PM
I don't own my boat the bank does. As long as I make the payments, the bank lets me use their boat. I have no intention of ever owning it myself, they can have it. However, I do like trading in the old one with the bank every so often so I can get a bigger one to safely navigate Havasu on a Holiday weekend. The water seems to get bigger every year so it only makes sense to ask the bank for a bigger boat. You can't imagine how disappointed the bank would be if I sunk their boat and couldn't make another payment on it. So keep rolling over that down payment, buy used, and you will be set for as long feel the need to be a Hot Boater. And so it goes.:D

Scream
04-29-2004, 08:43 PM
Sonny, when I was yer age...
I think at that age I was pullin close to 40K, bought my first house, had a brand new 300ZX and lived life high on the hog...
I didn't buy my first boat for a few years and then it was a 69 Glenco modified V whacker. No seats even, just an old rusty lawn chair, but the gas pedal was shaped like a foot and that was cool...
I'm on my 3rd boat and lovin every minute of it.

SoCalOffshore
04-29-2004, 08:52 PM
All it takes is sound investment managment and financial planning. If you want to learn more watch CNNfn tomorrow around 2 pm PST and I will be talking on this topic. :D

Havasu_Dreamin
04-29-2004, 08:55 PM
Originally posted by SoCalOffshore
All it takes is sound investment managment and financial planning. If you want to learn more watch CNNfn tomorrow around 2 pm PST and I will be talking on this topic. :D
COOL! Remind us about this tomorrow!

repo man
04-29-2004, 09:21 PM
become a street pharmasist:D

Kachina26
04-29-2004, 09:23 PM
Originally posted by repo man
become a street pharmasist:D
I preferred the term "freelance pharmacist"

Kilrtoy
04-29-2004, 09:46 PM
Dont you mean
"The people's doctor"

DaveA
04-29-2004, 09:53 PM
Originally posted by Boatjob26
snip...Seems like the only way I'd purchase an asset like these is if I'm not going to loose my @ss through debt repayment. So tell me the secret!!! Most people must be financing these boats over many many years, which to me is not worth it because it's only a toy. And above all this, at the rate a boat depreciates it seems that one would have to be crazy to fork over the $$ if he truley can't afford it
Let me know your thoughts
thanks
Well, sonny, the problem's obvious.
You're a trained bean-counter.
Bean counters have trouble seeing the intangibles of investment in recreational 'assets'. It's not your eyes. You've just been taught this in skool.
There's hope for you yet. Remove the following term from your 'recreational dialogue':
"at the rate a boat depreciates"
They don't depreciate. You make money with a boat. My boats make money every year. They may cost me, say, $5,000. to run and maintain thru the summer months, but I net $95,000 per year on them.
How?
I have $100,000. worth of fun.
Try it. You'll like it.
And always remember, if you ever get married :eek!: this logic may or may not work on your spouse. Mine keeps wanting to see the P&L statement.:mad:

LASERRAY
04-29-2004, 10:01 PM
Originally posted by DaveA
Well, sonny, the problem's obvious.
You're a trained bean-counter.
Bean counters have trouble seeing the intangibles of investment in recreational 'assets'. It's not your eyes. You've just been taught this in skool.
There's hope for you yet. Remove the following term from your 'recreational dialogue':
"at the rate a boat depreciates"
They don't depreciate. You make money with a boat. My boats make money every year. They may cost me, say, $5,000. to run and maintain thru the summer months, but I net $95,000 per year on them.
How?
I have $100,000. worth of fun.
Try it. You'll like it.
And always remember, if you ever get married :eek!: this logic may or may not work on your spouse. Mine keeps wanting to see the P&L statement.:mad: Very Nice!;) :cool:

Rev. Ronnie
04-29-2004, 10:09 PM
I just keep giving myself raises to accomodate my spending.
New house=$2200.00 per month raise..it's that easy.
It works the same way with toys except you don't take out a loan because the interest is non deductable. You pay cash for it with company money, write it off as a business expense and depreciate it, and when you get sick of it and sell it, you write off the loss!

SummerBreeze
04-29-2004, 10:16 PM
I am glad that you have gone to schcol for the education. But you have educated yourself for a job. That means working for money. The rich get richer by having ther money work for them.
A boat,car, motercycle, house, is not an asset. If they do not bring you income they are a liablities.
Education today is about the same as it was 30 years ago. The school systems teach you to work for money. (A slave)
In business and creating wealth one must learn how to think different than you were educated for a job.
The high dollor boats that you see. I bet you will find many of them with few hours on them because the owner must return to his job to pay the payment.
If you are wanting the big boat with no payment you must learn what the rich have learned in creating a cash flow into your pocket. Then take that cash and buy your boat.
Schools out...
:)

roln 20s
04-29-2004, 10:33 PM
Hey boatjob-
Good question- one I always asked too.
I just turned 23, bought a home outside of Phx a year ago and I've already made 60-80K in equity. I started in the 40s out of college just a year and a half ago. I am going to buy a boat this winter (howard 25 Bullet if you haven't been on the boards lately :D).
My key- bought a house, but have two roomies that pay my mortgage. Paycheck equals cash in my pocket. Put minimum of 10% down on a boat, and finance in the shortest time period possible. If you buy a premium level boat at a good price and put money down, you shouldn't be upside down--they will hold their own IMO. 55K in SoCal for a accounting firm is a good salary, and something to be happy for. I know we chatted a while back with regards to your dads job--there are many of him around here too.
Many people own their own business, bought a home in Cali many years back, bought a house in Havasu at the right time, invested in the right stocks in the 90s.
Speaking of stocks- how about the IPO of Google:D I'm in!
PM me with any questions! Get an offer in Phx and I'll hook u up with a place to live. Better standard of living.
Roln 20s

Rev. Ronnie
04-29-2004, 10:37 PM
Originally posted by SummerBreeze
The rich get richer by having ther money work for them.
A boat,car, motercycle, house, is not an asset. If they do not bring you income they are a liablities.
:)
I beg to differ on the house or property not being an asset. I have residential and commercial property that I lease out. I had occupied them untill I moved on and then rented them out to maintain a positive consistant cash flow. My retirement in 4 years will be helped out by income from rent or the sale of some property (I doubt) and the success of my business. I can also borrow money against the equity on a existing property to buy another investment property. this doesn't tie up any of my money..the possibilitys are endless. You don't need to be a genious or come from money, but rather work smart and make your expenses equitable.
I am 36 years old and I like to play like the next guy, but buying a commercial building when I was in my 20's was a better investment of my time and resources than working my ass of to make boat payments.
Now I get to play though....
Here's my newest house. Paid for by rental income, notice the size of the 1st workshop, right around 50 feet...hmmmmm

jbtrailerjim
04-30-2004, 05:21 AM
Originally posted by Three Days Only
1. You buy what you can afford and slowly climb the pole.
This is how I've been doing it. I'm 32 and on my 3rd. boat. You only live once and like several have said you can't take it with ya when you die. So, live life to fullest and enjoy why you can because none of us are gonna make it of this alive. Oh, and thank god for 15 year financing.;) :D

HavasuDreamin'
04-30-2004, 06:05 AM
Debt payments. :yuk:
$120,000 boat financed over 15 years at 6% is a little over a $1,000 per month. Not my cup of tea, but that is how it is done.

bohica
04-30-2004, 06:18 AM
Originally posted by Boatjob26
Does your firm recruit from the UCSB Accouting program?? #1 recruiting school for the Big 4 and several other mid sized accouting firms.
We recruit a lot from UCSB. The managing partner is an alumni.:D

Debbolas
04-30-2004, 06:19 AM
That sounds more like a house payment to me..........
The way it usually works is....you have a little boat payment, say $250 a month, but you hubby wants a bigger boat (midlife crisis), so he explains that it will only be $250 a month more for the boat, which we can totally afford.
BTW Is 30 years a long time to pay off a boat? (jk)
;)

Freak
04-30-2004, 06:23 AM
Originally posted by Rev. Ronnie
I beg to differ on the house or property not being an asset. I have residential and commercial property that I lease out. I had occupied them untill I moved on and then rented them out to maintain a positive consistant cash flow. My retirement in 4 years will be helped out by income from rent or the sale of some property (I doubt) and the success of my business. I can also borrow money against the equity on a existing property to buy another investment property. this doesn't tie up any of my money..the possibilitys are endless. You don't need to be a genious or come from money, but rather work smart and make your expenses equitable.
I am 36 years old and I like to play like the next guy, but buying a commercial building when I was in my 20's was a better investment of my time and resources than working my ass of to make boat payments.
Now I get to play though....
Here's my newest house. Paid for by rental income, notice the size of the 1st workshop, right around 50 feet...hmmmmm
Ron has is right. Buy a boat that will get the job done and does not cost a lot not. Invest your cash now to play hard a little later. That is something that takes some serious will power but it will pay 2 fold.

Chase
04-30-2004, 06:35 AM
I don't know if my boat fits into the catagory as mentioned in the first post, but it is quite expensive for the time that I can use it.
As mentioned several times above, you can't take it with you, so live it up while you can.
DOUBLE INCOME NO KIDS..We are D.I.N.K's
Some of the posts in here that I can really relate to are Matt's and Deb's, since I can't say that I am into selling the "stuff". I just work my ass off, and have everything to call myself secure...now why not bite the big one and buy something that will bring me/us hours of entertainment, create many new friends, cause liver disease, etc.......It is not something that is wise investment, but what the hell.
I liked what the one person here said when they said it generated 95000 in revenue, since it depreciated 5000, but brought in 100000 in fun....how true...

BarryMac
04-30-2004, 06:35 AM
Work hard Monday through Friday so you can enjoy a few long weekends at the river with your family and friends and you can start small, you don't have to start out with the biggest, badest boat on the water. Took me 7 years to get the boat I really wanted, not because I couldn't afford it because I knew my limits and I didn't want to spend all my money on payments, if you spend all your money on payments you wont have any money for beer and porkrinds. :D

beer hunter
04-30-2004, 06:39 AM
It's easy....just make lots of money. ;) :D

Debbolas
04-30-2004, 06:41 AM
........and the really cool thing is, when your kids are teenagers, and won't be seen with you (because you are so uncool) ...they will bring their friends to go to the river with you.
:D
For people that truely enjoy boats and the river, it's not about the payment or how big your boat is (well maybe for some)
, it is the good times you enjoy with your family and friends at the river........on your boat!
I love the river. I'm going to be one of those old lady's all wrinkled up, in a black bikini, driving my boat down the river with my grandkids!
:D ;)

THOR
04-30-2004, 06:45 AM
Originally posted by SoCalOffshore
All it takes is sound investment managment and financial planning. If you want to learn more watch CNNfn tomorrow around 2 pm PST and I will be talking on this topic. :D
What do you do SoCal? Really. CFP? Banker? Obviously something related to finance or planning.

Drunk tank
04-30-2004, 06:51 AM
My boat cost me nothing!!!! ....... and I've got about 300 invested in it so far.
I was like, "Dad... ya see that boat in the backyard?"
he's all, "Yep"
I'm all. "when was the last time you used it?"
he's all, "Dont know, about three years"
me, "You should really let me have it... then I can take it up to my college town and pull all sorts of tail with it. Plus, I'm the one who ever does anything with it"
He's all, "No ways, you'll kill yourself"
me, "You said that about my jeep when I lifted it up... hell, I dont even have sway bars and I rock the cashbah! Hell, you even said only 'those fawkin mexicans only do shit liek that to their cars!' I figure at least I can be a mexican towing a boat... should even out to a good shade of tan.... when was the last time you saw a mexican on a boat, unless they were getting deported? Mostly rich white guys have boats. Brown plus white... nice tan. Seein as we be spanish, it'll match the whole mediteranian thing. "
him, "That makes zero sense... youre a dumbass"
me, "I'll fight ya for it?"
him, "To hell with that... you can have the fawkin thing. I need a place to park my new tractor anyhow. Your mom hates that boat, says its too loud; she wants another bayliner."
me, "I know its loud... thats the cool part. You know how the fart cans on ricers are like a matting call for stupid bitches? Well the sound of a 455 on the lake is like the mating call for lake sluts... Most of whome are hot as hell.... I mean damn, when was the last time you saw a 300 lb chic at the lake... just doesnt happen. Swimsuit manufactures dont make their size just for that reason, its bad mojo."
Grandpa sittin off to side listening is all, "Best wrap ya pecker son, dont want no skanky on the hang down."
me, "I have good taste in dirty women... dont worry about me."
Dad *shaking head *

SoCalOffshore
04-30-2004, 06:59 AM
Originally posted by THOR
What do you do SoCal? Really. CFP? Banker? Obviously something related to finance or planning.
I am a CFP, certified financial planner. I will be dispensing free financial advice next weekend in Havasu at Mudsharks and/or Barley Brothers, while consuming my favorite malt beverage. :D

79 HUSTLER
04-30-2004, 07:05 AM
Originally posted by Boatjob26
Second,
A B.A. now a days, get you a job at TACO BELL.
Hard to believe buddy! I've already been offered full time positions for 55k/year from Pricewaterhousecoopers and KPMG......50k is a bit more then TACO BELL, and hell I'll only be 22 years old:D Good try though:yuk:
Sorry boatjob but unless you dont want anything else (house, truck etc) you may need a lil more than that. I was 22 when I got my 100k plus cat and had to make twice that amount... With no debt from college to add on top of that... KELLY

Debbolas
04-30-2004, 07:08 AM
Originally posted by SoCalOffshore
I am a CFP, certified financial planner. I will be dispensing free financial advice next weekend in Havasu at Mudsharks and/or Barley Brothers, while consuming my favorite malt beverage. :D
cool......
a motivational seminar!!
(that is tax deductable, right?)
:D

91nordic29
04-30-2004, 07:23 AM
Originally posted by Debbolas
........
For people that truely enjoy boats and the river, it's not about the payment or how big your boat is (well maybe for some)
, it is the good times you enjoy with your family and friends at the river........on your boat!
I love the river. I'm going to be one of those old lady's all wrinkled up, in a black bikini, driving my boat down the river with my grandkids!
:D ;)
that will be me. we are DINKS but we have neices and nephews that think we are okay.
to the question, we looked until we found a used boat with everything we wanted. it is a 1991, but to us it is really great.

Debbolas
04-30-2004, 07:31 AM
maybe we could start an "old wrinkled not-tatooed river chicks "
club....
did ya figure out the photo sig thing?

Dave C
04-30-2004, 07:39 AM
91,
DINKS.. hey thats not fair. you have an unfair advantage......
I never realized how expensive they were until I had one.
His daycare cost equals boat+insurance+car payments all wrapped into one. DANG!
BTW, Drunk tank... your a sick sick man.... keep up the good work!:D

Dave C
04-30-2004, 07:49 AM
I agree with some of you fawkers.
I am on my fourth boat. 1st was a cheap POS, next was slightly less cheap POS, next was a more expensive POS then came the really expensive not-so-POS. Fourth time was a charm! working on my fifth now!
BTW whoever said bean counters have a hard time understanding intangible wealth hit the nail on the head. I'm a trained bean counter and if I didn't know about intangible wealth before I went to college it would have taken me years to overcome the phobia against it. Its like it was hearsey or something.
My boss is like that. He would rather die with every penny he ever made in his pocket than, god forbid, have a good time!!!

THOR
04-30-2004, 07:58 AM
Originally posted by SoCalOffshore
I am a CFP, certified financial planner. I will be dispensing free financial advice next weekend in Havasu at Mudsharks and/or Barley Brothers, while consuming my favorite malt beverage. :D
You must have some awesome clients. I have some friends that are CFPs that are just starting and they are having a hard time finding their clients they need.
Will you be picking up the tab at Havasu for the beers as part of your expense account?
THOR <-- needs an expense account

jbtrailerjim
04-30-2004, 08:02 AM
Originally posted by Dave C
91,
DINKS.. hey thats not fair. you have an unfair advantage......
I never realized how expensive they were until I had one.
His daycare cost equals boat+insurance+car payments all wrapped into one. DANG!
BTW, Drunk tank... your a sick sick man.... keep up the good work!:D
No doubt about the child care. If I wasn't paying for child care for two kid's; I'd be driving a 28'-30' something by now. But kid's are definitely worth the sacrifice.

CustomCruiser
04-30-2004, 08:08 AM
Seems like most people are using 2nd mortgages to purchase their toys, and I don't see anything wrong with it as long as you still have a nice chunk of equity when it's all said and done. The Government wants you to be in mortgage debt. Just ask anyone who was forced to pay alternative minimum taxes these last two years.
Is it worth it? ABSOLUTELY! Boating is great fun and the people you meet who become life-long friends are more valuable than any investment I can think of.
So, 3 more hours, and I'm off to Havasu. Weather forecast calls for high nineties and calm wind. The boat has a fresh coat of wax, the engine is fresh, and the ice chest is packed. I love this country! :cool:

Steamin' Rice
04-30-2004, 03:26 PM
Originally posted by SoCalOffshore
All it takes is sound investment managment and financial planning. If you want to learn more watch CNNfn tomorrow around 2 pm PST and I will be talking on this topic. :D
I caught the last few minutes of you on TV today. Congrats on that! I didn't recognize you with a suit and tie on!! :D

rvrtoy
04-30-2004, 03:35 PM
:rolleyes: SSSHHHHHHHHH!!!!! Knock it OFF!!!!!! Don't tell them they can't afford it!!! What are you trying to do?:yuk: Don't you know I make my living by peddling these boats!!!!!:D

fourspeednup
04-30-2004, 03:37 PM
I just read your post Drunk Tank, that was funny!
:D :D :D

Kilrtoy
04-30-2004, 05:02 PM
I caught the last few minutes of you on TV today. Congrats on that! I didn't recognize you with a suit and tie on!!
What are you trying to say, you have never seen him with cloths on
Sorry SR, I just had too....

redneckgirl
04-30-2004, 07:10 PM
Originally posted by CustomCruiser
Seems like most people are using 2nd mortgages to purchase their toys, and I don't see anything wrong with it as long as you still have a nice chunk of equity when it's all said and done. The Government wants you to be in mortgage debt. Just ask anyone who was forced to pay alternative minimum taxes these last two years.
Is it worth it? ABSOLUTELY! Boating is great fun and the people you meet who become life-long friends are more valuable than any investment I can think of.
So, 3 more hours, and I'm off to Havasu. Weather forecast calls for high nineties and calm wind. The boat has a fresh coat of wax, the engine is fresh, and the ice chest is packed. I love this country! :cool:
Amen to that... We spent 2 years adding on/remodeling our house, doing it ourselves... We didn't have any subcontractors... the help we did have was paid by BBQing and Beer!!!! So we spend minimal $$$. If we would have hired subcontractors to do the work for us we would have spent about $70k... So our Baby 21' Shockwave Step Skier is our payment for doing our own work... Our SS wasn't even close to $70K. :D :D Our boat is also our vacation every year... we would rather spend the weekends at the lake than take a expensive vacation... just our .02
RNG

77charger
04-30-2004, 08:47 PM
If you bought a house a 3-5 of years ago.There is a lot of equity.I bought mine in 2000 and it has gone up 200k:confused: :) We have taken 50 k out so far and noe have the same payment when we first bought our house so that is good.My wife and i both make decent money and i bought the eliminator about a year and a half ago paid it off with the last refi as well as my streetbike,and toyhauler.
My boat is only a 21 w a 350 mag but i can take my family out in it and have a good time besides i have been plenty fast on water already so i aint got nothing to prove.
If i got rid of some toys i could trade the boat in on a bigger boat but choose not to.But i cant figure the ones who are very young sleep in everyday from the previuos nights party,have the new big lifted truck towing a 100k plus boat:confused: Must be alot of parents money floating around.I aint one for 30 year loans either since boats do depreciate alot ever look int the trader the past year there are a few that are still trying to sell.

Phat Matt
05-01-2004, 02:33 AM
boats arent' investments...

shueman
05-01-2004, 05:24 AM
It's a lifestyle choice for me.
Started boating as a family very young. Vacations, week-ends, group outings. Gets ya out of the house and away from the TV.
Our POS floating plastic box is the top of the line, in our books. It's not what you ride (necessarily), it's the experience. Good people and good fun.
Some people love golf. Pricey club memberships, flying here and there to drop serious cash chasing around a little white ball. Not my cup of tea, but a lifestyle choice for them.
Ya work to buy back the free-time in your life. Make the most of it.

Steamin' Rice
05-01-2004, 02:36 PM
Originally posted by Kilrtoy
I caught the last few minutes of you on TV today. Congrats on that! I didn't recognize you with a suit and tie on!!
What are you trying to say, you have never seen him with cloths on
Sorry SR, I just had too....
You're a sick mofo!!! I guess I set myself up for that one....
For the record, the only time I have seen socal offshore has been at the lake with a beer in his hand, fully clothed.. :D

91nordic29
05-03-2004, 06:39 AM
Originally posted by Debbolas
maybe we could start an "old wrinkled not-tatooed river chicks "
club....
did ya figure out the photo sig thing?
i do have a small daisy tatoo. i just got it a year ago. hopefully, that wont keep me out of the club.