Reply With Quotehow you sleep at night.If you pay it off what are you doing with the 1900 extra a month?
I bought a new boat in June and borrowed $250k after only $20k down. Interest rate is 6.75% and the payment is $1,900. I love the boat and can afford the payment but I get so pissedddd when writing the check my hand shakes! I can sell some stocks and pay it off but it would take a big chunk of what this 44 year old has saved. In all of your never to be humble opinions, should I pay this thing off or grit my teeth and keep the loan? It is the only loan I have other than the house as I usually pay cash for things like cars and just bought a Tahoe. I just keep thinking I will make more on the investments in the long run than the interest costs on the loan.
how you sleep at night.If you pay it off what are you doing with the 1900 extra a month?
Yep, big problem................
Is your boat payment higher than your house payment? Is your income suitable for both? Do you enjoy your enough to justify the payment? What were you effin'thinking????
Boat payment is certainly higher than the house payment. Built the house 7 years ago, 2,800 sq. ft. with a 1,100 ft. garage next to a nine hole golf course. Paid $40,000 for the lot and $195,000 for the house to be built including lots of extras. Cheap area to live. I can say all this because I don't live in your area but really enjoy all of your boating and misc. knowledge. I make a good income and generally save right at $40,000 after tax dollars per year. If I paid off the boat I would certainly increase our saving rate by the $1,900 per month as all savings get transfered out of my checking acount automatically the first of every month. Keeps us from spending any more than we do. We live well and really have no business increasing our spending.
give the 1900 to a compton charity
I do write off all of the interest on the boat as it qualifies as a second home. Not really your type of boat but it is a new 38' Silverton Convertible with twin 8.1 Crusaders. Spent about 40 nights on it since late June. Perfect family boat as the kids are 11 and 7. We take one 700 mile round trip each summer over 15 days.
so the money to pay off the boat is in stocks?Which is making you money,thus making that 1900 payment easier???
I do write off all of the interest on the boat as it qualifies as a second home. Not really your type of boat but it is a new 38' Silverton Convertible with twin 8.1 Crusaders. Spent about 40 nights on it since late June. Perfect family boat as the kids are 11 and 7. We take one 700 mile round trip each summer over 15 days.
Sounds awesome. I spent a few nights on my parents old cabin cruiser. As a kid, it was some of the best times...Dana Point Harbor.....
so the money to pay off the boat is in stocks?Which is making you money,thus making that 1900 payment easier???
Oh no. Never spend any invested money unless it is a major purchase. I could increase my savings rate by $1,900 per month if the payment were gone.
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