Good Advice is Gold!

The Captain and I were fortunate some time ago to engage the services of a  financial adviser to assist with our dream of sailing away.

 

Our most pressing questions to Tim have always been:

1. Can we afford to buy a boat and sail away
2. What would our budget be for the boat
3. What would our budget be to live on
4. We want to go sooner than later but is that time frame realistic
5. The Australia dollar compared to the rest of the world and how it will impact us

Good advice may be gold but you still have to listen to it, agree to it and then act accordingly. (Many a time my parents gave me great advice only to see it ignored and now my teenagers complete the circle)

I like Tim and I like to listen to him as he does seem a sensible chap, but I also like to push the boundaries of what he says by wanting to change our game plan and buy a new boat no less!

Below is the email correspondence between Tim and I as we were making the big decision to stretch our budget to buy new instead of buying second hand. I think it sums up the thought process fairly well and may give an insight as to why we are flying to Queensland to test sail a new Catana….

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Hi Tim,

Thanks heaps for your considered response, also thank you for not screaming “Don’t be so ridiculous!” in your email. I felt it was an option or even the use of the word crazy…

Gaz and I are actually considering this for real. I will answer your question as they seem very wise and will help us to clarify to our thoughts.  Our next step is to do a total costing of the new boat, considering the dollar to euro and go for a test sale. (This final step is fraught with emotional danger)

Answers to Your 5 Questions

1 Yes we are both very comfortable spending lots of money on this boat – for us we are buying a moving home. We have decided life is shorter than we first thought

2 Yes to selling the boat on return, you either have a home or a boat not both. We may choose to live aboard even…
3 Yes we think buying new as we are we will be able to sell the boat at good price on our return. However I did give up my job of crystal gazing a few years ago…
4 Yes these boats are hard to find on the market unless you go to older models built in the 1990’s mind you this may change. My research tells me that the price is excellent and resale would be favourable if we get her to Australia to sell.  See point 3. about giving up my clairvoyant night job 

5 Yes to moving into our rental property once we return – we have always thought that we would and presume any one would be suitable especially after moving off a 42 foot cat.

Questions We Are Considering, That You Haven’t Asked 

1.If you spend this much money on the initial outlay  can we really afford to live for the next four years or do we need to sell something? We will presumably spend less on maintenance with a new boat but I think the budget should stay the same to live for each year.

2 .Can we get insurance on this boat. Not a silly question and am trying to find out. Experience is very important when completing the documentation.

3. Are we being blinded by the shiny new thing and has good reason left us. Your comment re moving away from our earlier budget is loud and large in my thoughts.

4. Buying now locks in the Euro for sale and build of boat. Considering earlier comments to us this seems quite important.

5. Is this one of those opportunities where fortune favours the brave?

 

So many questions! I look forward to catching up soon and over the next few days we will consider carefully the options and whether this is a plausible idea.

 

Talk soon
M

PS  I hope you have other clients that may seem slightly mad and keen to have an adventure

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