Author Topic: Friend with a new boat  (Read 9235 times)

mendoman

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Friend with a new boat
« on: May 04, 2015, 06:25:30 AM »
Just got a email from a friend with a picture attached of a new ski boat.  He makes good money as a doctor, but has a endless list of purchases.  New truck, taking a large group on a European cruise and now a boat.  Quick google search has this boat between $80- 110K.  Great guy, but is confused by my wife and I retirement in two years.  I told my wife, he just spent 3 years of our retirement.  Just a rant to the MMM'er out there.  Is it true that high earners have the hardest time retiring, because they are use to a large income?

Sibley

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Re: Friend with a new boat
« Reply #1 on: May 04, 2015, 08:54:09 AM »
If you're used to spraying money out like that, then yes I think it's a big change. Because they have to change their lifestyle and mindset.

Gone Fishing

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Re: Friend with a new boat
« Reply #2 on: May 04, 2015, 08:59:54 AM »
I can't worry about what others do.  I have friends that get it, and friends that don't.  I'm looking forward to hanging out with those who get it during the week, and those who don't on the weekend, hopefully on their boat:)

 

FatCat

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Re: Friend with a new boat
« Reply #3 on: May 04, 2015, 10:27:59 AM »
He probably would rather work until he's old (or dead) and spend money buying status symbols so he'll feel like he's "made it" than try to retire early. Perhaps people who want to spend big money are more motivated to seek out the high paying careers. If your whole motivation for getting the high paying career was so you can buy high dollar items then the idea of saving the money so you can retire wouldn't even be part of your considerations.

If he loves his job and has no desire to retire, he would have no real reason to save much for retirement.

mm1970

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Re: Friend with a new boat
« Reply #4 on: May 04, 2015, 10:30:33 AM »
BOAT = Bust Out Another Thousand

Syonyk

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Re: Friend with a new boat
« Reply #5 on: May 04, 2015, 10:32:07 AM »
Excellent! You now have a friend with a boat! This is radically better then owning a boat. :)

Midwest

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Re: Friend with a new boat
« Reply #6 on: May 04, 2015, 10:35:57 AM »
I love my paid for ski boat.  Boat costs me roughly $1000 a year in depreciation, maintenance and insurance.

We get the same enjoyment as the guy with the $70k brand new boat.

Midwest

MgoSam

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Re: Friend with a new boat
« Reply #7 on: May 04, 2015, 11:14:00 AM »
Yeah the problem many high earners have is that they spend a ton of money. While this is likely fine while they are working, but it can be hard for them after they retire if they haven't saved enough and have expensive tastes.

Excellent! You now have a friend with a boat! This is radically better then owning a boat. :)

Yup! I'm a huge fan of having friends that have fun toys.

hdatontodo

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Re: Friend with a new boat
« Reply #8 on: May 04, 2015, 11:26:00 AM »
I can't worry about what others do.  I have friends that get it, and friends that don't.  I'm looking forward to hanging out with those who get it during the week, and those who don't on the weekend, hopefully on their boat:)

ROFL !

MLKnits

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Re: Friend with a new boat
« Reply #9 on: May 04, 2015, 12:55:12 PM »
Well, it might not have been your call, but hey, now you have a friend with a boat! That seems like it could lead to some cheap enjoyment.

Geostache

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Re: Friend with a new boat
« Reply #10 on: May 04, 2015, 01:19:05 PM »
A friend in the medical industry is going back to school to get another degree 'to make more money.' The logic escapes me. How much of an increase is that degree going to get in salary versus the cost of the degree? I can't imagine that it's that great a return on their investment. But then again, their family budgets about 3x's as much per month for FOOD than my family consumes. So, there's that.

Avidconsumer

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Re: Friend with a new boat
« Reply #11 on: May 04, 2015, 01:52:03 PM »
As long as he enjoys his job, then who cares. He's living it up and doing something he loves. Some people are just driven to show off, and it gives them their happiness to buy stuff people can't. Some people are happy(mustashians) that they can buy their stuff, but choose not to.

MgoSam

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Re: Friend with a new boat
« Reply #12 on: May 04, 2015, 02:16:28 PM »
A friend in the medical industry is going back to school to get another degree 'to make more money.' The logic escapes me. How much of an increase is that degree going to get in salary versus the cost of the degree? I can't imagine that it's that great a return on their investment.

Your friend could be bored at their current position and this degree would enable him more opportunities? Or maybe they want the prestige that the degree and/or higher position would give them?

Elderwood17

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Re: Friend with a new boat
« Reply #13 on: May 04, 2015, 02:23:53 PM »
Excellent! You now have a friend with a boat! This is radically better then owning a boat. :)

Yep - I have a good friend who loves his boats, which he understands burn a lot of money but he can afford it and makes that choice - and it is great fun sending a weekend with them every year on the lake staying in their boat!  I couldn't imagine shelling out the money for it but a friend with a boat is awesome.  (We would be friends anyway!)

zephyr911

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Re: Friend with a new boat
« Reply #14 on: May 04, 2015, 02:40:49 PM »
Yeah the problem many high earners have is that they spend a ton of money. While this is likely fine while they are working, but it can be hard for them after they retire if they haven't saved enough and have expensive tastes.

Excellent! You now have a friend with a boat! This is radically better then owning a boat. :)

Yup! I'm a huge fan of having friends that have fun toys.
[/quote]
Boats, just like pools, are really great things to have access to. The only thing better than having one of your own is having a friend with one.
But I went super high end this year: in addition to my old plastic kayak, I bought a 14-foot above-ground pool... for $0. >.<

Forcus

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Re: Friend with a new boat
« Reply #15 on: May 04, 2015, 03:59:36 PM »
Someone has to buy the new (fill in the blank) so I can snap them up when they are fully depreciated (though, a boat rarely crosses my mind).

Fishingmn

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Re: Friend with a new boat
« Reply #16 on: May 04, 2015, 04:10:49 PM »
  Just a rant to the MMM'er out there.  Is it true that high earners have the hardest time retiring, because they are use to a large income?

Not at all. There's a whole forum full of early retiree's that are mostly professionals that had above average incomes - http://www.early-retirement.org/

Now most of them probably consider early retirement late 40's - late 50's which isn't exactly like MMM. I'm sure there are survey results showing their average net worth but it's not uncommon to see $2-8M portfolio's discussed (and asking whether they have enough).

SpicyMcHaggus

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Re: Friend with a new boat
« Reply #17 on: May 04, 2015, 05:11:59 PM »
You would need to be living pretty fat to need a $8M portfolio.

Fishingmn

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Re: Friend with a new boat
« Reply #18 on: May 04, 2015, 07:11:10 PM »
You would need to be living pretty fat to need a $8M portfolio.

Well, here's a recent write up of a 46 yo with a 5.2M portfolio that isn't sure if he has enough

Mustache Fatty

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Re: Friend with a new boat
« Reply #19 on: May 04, 2015, 07:33:31 PM »
As someone who owns a boat, keep in mind that while we enjoy taking friends out on it, we are not oblivious to the moochers who never offer to contribute to gas or spring for the occasional meal when we stop at a waterfront restaurant.  It may be mustachian to hitch a ride rather than purchase, just make sure you are also the one saying, "hey, man I appreciate this.  Here's some money for gas.  Thanks." That's all it takes....and you'll never have to buy your own boat! Just don't be cheap.

GetItRight

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Re: Friend with a new boat
« Reply #20 on: May 04, 2015, 11:42:34 PM »
I'm with Midwest. Old ski boat paid cash and mine has already depreciated to a stable value. I have less into my boat and truck than many here pay for a fancy new (<20 yrs) car. We all have our reasons for being frugal, a big part of mine is to enjoy being on the water and skiing. A boat, like most things, can be done as cheap or as expensive as you want.

LiveLean

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Re: Friend with a new boat
« Reply #21 on: May 05, 2015, 02:27:30 PM »
I like my paddleboards better than a boat. Much better on-water experience, quicker to launch, no maintenance, great workout, inexpensive, environmentally friendly, not obnoxious, and they (paddleboards) actually hold their resale value pretty well.

Bob W

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Re: Friend with a new boat
« Reply #22 on: May 05, 2015, 02:44:51 PM »
I took 3 of my 4 boats out this weekend.

The 3 kayaks I bought at Menards for $150 each over the last few years.   They came with paddles, carriers,  tie downs,  foot pegs, back rests,  and storage compartments.   We spent 5 hours on the river with kids and dog.  Had a great time!   Got some exercise too. 

My 7 year old will need his own boat soon. 


Did you know it is legal in our state of Missouri to paddle and drink beer!

Our 4th boat is a craigs list colemane scanoe.  ($100).

So yeah we got $450 into our boats but they are actually appreciating in value!

And we also took pictures when we bought them and sent to our river rat friends.

So yeah,  all boats are not evil.  I would even consider the purchase of a 7K pontoon or PWC if the price is right and probably will do so in the next few years.  We will likely use the pontoon 20-30 days per year and often camp on lake islands or campgrounds.   The cost will probably average out to $125 per use including taxes,  depreciation,  alternative use of capital,  gas, insurance,  dock fees,  repairs,  maintenance, etc..   We have lots of kids and grandkids, so the cost per person will likely average $20 per day of use.

But those are some pretty cheap vacation days if you're not paying for rooms and you're cooking your own food. 

We live at a lake and I see the stupid boat shit constantly. 

If you're buying a boat --- buy one that will be used a lot,  buy used in the off season,  buy under 10K and you won't be hurt too bad.   

Or better yet!   Have a friend with one and be sure to flip them a $100 for gas every time you go with.


MgoSam

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Re: Friend with a new boat
« Reply #23 on: May 06, 2015, 12:54:24 PM »
As someone who owns a boat, keep in mind that while we enjoy taking friends out on it, we are not oblivious to the moochers who never offer to contribute to gas or spring for the occasional meal when we stop at a waterfront restaurant.

Wait, people don't do that? I have a friend that lives on a lake an hour north of Chicago and each time I visit, I make a point to offer to buy beer and bring gifts for his dog, and if we go out for dinner I try to pay (they won't hear of it). I hate moochers, and would never try to mooch off someone.

zoltani

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Re: Friend with a new boat
« Reply #24 on: May 06, 2015, 01:35:50 PM »
Sounds like a good friend to me. I'd be buying a 12-pack of beer for a fun ski trip! Benefit of your friend buying it, you can use it without the costs. Sounds like a win to me. What other things can you convince this friend to buy?

fartface

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Re: Friend with a new boat
« Reply #25 on: May 06, 2015, 01:40:25 PM »
As someone who owns a boat, keep in mind that while we enjoy taking friends out on it, we are not oblivious to the moochers who never offer to contribute to gas or spring for the occasional meal when we stop at a waterfront restaurant.  It may be mustachian to hitch a ride rather than purchase, just make sure you are also the one saying, "hey, man I appreciate this.  Here's some money for gas.  Thanks." That's all it takes....and you'll never have to buy your own boat! Just don't be cheap.

Yes, I agree. We owned a boat for five years. Lots of friends always asking, "When can we take the boat out?"

We never, ever charged for gas; however, our truly good friends always brought lots of beer or paid for food when we stopped to eat on the docks.

Moochers...really can't think of too many...but if it happened, they weren't invited back on the boat again, no matter how much they asked!

MgoSam

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Re: Friend with a new boat
« Reply #26 on: May 06, 2015, 01:41:53 PM »
You would need to be living pretty fat to need a $8M portfolio.

Well, here's a recent write up of a 46 yo with a 5.2M portfolio that isn't sure if he has enough

Where in the Twin Cities do you live?

eljefe-speaks

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Re: Friend with a new boat
« Reply #27 on: May 07, 2015, 01:35:07 PM »
As long as he enjoys his job, then who cares.

The earth.

zoltani

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Re: Friend with a new boat
« Reply #28 on: May 07, 2015, 02:08:09 PM »
As long as he enjoys his job, then who cares.

The earth.

We may be fucked, but the earth will do just fine, I guarantee it.

stevedoug

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Re: Friend with a new boat
« Reply #29 on: May 07, 2015, 03:57:46 PM »
Excellent! You now have a friend with a boat! This is radically better then owning a boat. :)

120% this,
Boats, Dogs, and Kids.
I'd much rather my friend has one, that have one myself

eostache

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Re: Friend with a new boat
« Reply #30 on: May 07, 2015, 05:21:25 PM »
I love my paid for ski boat.  Boat costs me roughly $1000 a year in depreciation, maintenance and insurance.

We get the same enjoyment as the guy with the $70k brand new boat.

Midwest

My bf and I say that you can save a lot of money by being impressed by other people's stuff (and not buying it yourself.)


I have a friend whose husband bought a Tesla. He gave me a ride in it and I was afraid he was going to drive off the road because he was spending so much time showing me how the huge touchscreen panel on it worked. (I was "meh"). I don't know if he works, I think he just inherited a shitload of money (old money New England family).

eostache

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Re: Friend with a new boat
« Reply #31 on: May 07, 2015, 05:23:50 PM »
Excellent! You now have a friend with a boat! This is radically better then owning a boat. :)

120% this,
Boats, Dogs, and Kids.
I'd much rather my friend has one, that have one myself

.... delete, chose wrong post to reply to....

eostache

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Re: Friend with a new boat
« Reply #32 on: May 07, 2015, 05:24:57 PM »
As long as he enjoys his job, then who cares.

The earth.

We may be fucked, but the earth will do just fine, I guarantee it.


The earth has been through a lot worse stuff than an infestation of bipeds.
.....Says my geology degree (graduated debt free).

One Noisy Cat

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Re: Friend with a new boat
« Reply #33 on: May 08, 2015, 02:40:24 PM »
    Reminds me of the warrant officer I knew who bought a small sailboat saying "a boat owner has two happy days. The day he buys it and the day he sells it".