Should I upgrade?

[Fgroce]

Have you ever heard of Dave Ramsey? You can call or email his show and he will give you money advice. By the way he likes Master Craft, don't hold that against him. He has some real down to earth ways to handle money. I don't recommend buying a 100K boat without owning a house. Just like it was said before, the boat will go down in value, the house should not. Enjoy the boat you have.

[Blamey]

perhaps I should note that the quarter mil has been saved over the last year

In my opinion that makes it worse. It shows no history of stability.

Wait a year, keep saving, have a great holiday season and if you have 500k in the bank next year, re-evaluate.

Follow the advice you are getting here, get a financial adviser. One that works on a flat fee (not commission). You sound like you don't know what to do with the money you are making and good advice now will go a long way. Good choices can make that money go two or three time further.

And don't buy a house unless you are ready to settle somewhere. It is best not to buy something you'll want to sell in 5 years or less.

[jjackkrash]

I viewed that as a worst case scenario, which is not very likely.

Yes, worst case scenario. I am not recommending leveraging an asset and walking away from it on purpose.

[jjackkrash]

Jack, you aren't seriously advising a young guy that leveraging an asset and later walking away, giving it to the bank, defaulting on the loan, is a good plan? Sorry, I think you are giving him awful advice.

No, I would not plan on doing that at all. But if the world comes apart like it did just after Bear St. went under in 2008, I would rather have the cash than a paid-for boat, all day, every day.

[Lake Mabel G21]

Read this. Give it some thought why many people here recommend a home purchase before the boat. https://www.nytimes.com/2017/05/09/m...nequality.html

[Cpan13]

Come on. You can't honestly be smart enough to run a $500k/year business and also be dumb enough to buy a $120k boat before a house?

[Paxdad]

Might want to post this on Wakeworld.com as I recall there are some fairly creative wealth advisors on that site.


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[swc5150]

I can't believe it took until page 2 for Dave Ramsey's name to be dropped In all seriousness, it's a lot of scratch to be tied up in a boat, but you can always sell it if times get tough. They don't depreciate that fast...it's not a car after all. After selling your current boat, what are looking at 2 months of income to buy your new boat? Maybe I'm a little crazy, but I don't mind a frivolous boat expenditure. Being frugal with money/investments is very, very important of course, but you have to live you life too...it's too short!

[t.franscioni]

For me personally one key thing that I always have to remind myself of is that the lure of a new expensive toy always ends up being a very temporary source of satisfaction and then the reality of the monthly payment sets in. It's only enjoyable long term if your certain beyond a doubt that you can swing the payment and not feel the burn. That's when you know your truely ballin! Maybe your there I do not know I'm just sharing my thoughts on this subject. Regardless, if your making 45k a month you probably should have a financial advisor no matter how savy you are with money. By the way I do plenty of stupid things with my money that I'm sure a financial advisor would tell me not to do so go figure.

[lucky7t]

Read your post and it brought back some memories . I too had an 03 SANTE and it was paid for . I've said many times here on the forum that it was our favorite boat we have owned . I sold that boat for $36k and paid the difference for an 07 SANTE. Kept it a year and sold it and made a 20% profit . Now with that being said it sounds great but profiting from a boat especially new or newer isn't easy , in fact I would say it's very hard . House on the other hand tends to be a much smarter investment . It finally came down to this ....
What's it worth to me to have a new shiny boat with a warranty ?

We now own a 15 model 210 and love it .


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[jjackkrash]

Boats that are not used in your business or profession to turn a profit, generate income, or provide some other sort of benefit like a tax benefit are pretty much always bad financial "investments." No financial advisor that I am aware is going to recommend buying a shiny new boat as a good "investment." So if you frame the question in terms of whether it makes financial sense, the answer is pretty much always going to be no, at any stage of your life or career.

[swc5150]

Well said jjackkrash. I've made some dumb financial decisions, but never regretted buying a boat. The fun, sun, exercise and family time on the water are worth every penny to me.

[bradw]

You only have to justify it to yourself, if you're really earning 45k less tax a month why not do it and enjoy it?

I stumped up for a g23 in my late 20's before owning a house every ones situation is different so its hard to judge with out know the fact my only regret is not buying a boat sooner! Fast forward a few years im now looking to order my thrid G and I own my place outright, living in a share house was cheap and gave me the flexibilty to move and follow work.

[nyryan2001]

If you're a pro wakeskater, and that's your chosen profession .... absolutely.

you could possibly use the tax laws to your advantage.... Jeff probrably knows more about that than anyone.

[kona.mtb]

No. Do not upgrade
If You're truly doing that well, invest in yourself and your business. I was in a very similar situation at 30, now 37. I would go into financials but if You're fortunate enough to have continued success, you will find it's tacky to talk money. Especially, to strangers on a forum. Get it while you can. At 30 you should be working to hard to enjoy a boat. Buy a nicer house, pay cash, save a ton on closing.