EscapeVelocity's Net Worth for March 2024

Assets Value Change ($) Change (%)
Stocks & Bonds $26,054,819 $836,533 3.32%
Retirement $1,865,163 $123,099 7.07%
Home $2,775,450 - -
Other Real Estate $561,920 - -
Cars $85,000 - -
Personal Property $0 - -
Business $0 - -
Sail Boat $405,000 - -
Power Boat $150,000 - -
$31,897,352 $959,632 3.10%
Debts Value Change ($) Change (%)
Home Mortgage(s) $0 - -
Other Mortgage(s) $0 - -
Student Loans $0 - -
Credit Cards $0 - -
Car Loans $0 - -
Other Debts $0 - -
Total Debts $0 - -
Net Worth $31,897,352 $959,632 3.10%
*All values shown in USD ($)
We've been enjoying the Caribbean again this season, but we have also decided to sell our sailboat. Not for a financial reason per se, but because our younger daughter, who has previously been all for online schooling, now wants to attend an in-person school it doesn't make sense to keep a boat that we cannot use and costs at least $60,000 per year just to keep and maintain.

This means we'll sail from the Windward Islands to Florida, passing through some amazing new anchorages. It also meant that I had to get started on hooking up with a good broker and taking stock of the vessel and its upgrades.

Happily, from what I've been told, it looks like I will be able to sell my sailboat for slightly more than I paid for her 6 years ago, which is kind of incredible and unexpected. So my FMV of $405,000 on here is actually about $100,000 more (this is, as always, net of transaction costs--which is quite expensive for boats), but I'm just leaving it be until a deal is done--especially since we won't even reach Florida until July.

I also suspect I'll purchase another sailboat in our home state.

Once you've been bitten by the sailing bug, there's no cure.

Otherwise, I'm continuing to slowly develop another web-based service that may generate additional income. It could be a lot, it could be nothing. Who knows? It's sort of a fun side project that keeps me engaged with old colleagues, lets some friends potentially make some additional money, and won't tie me down.

One last thing--this month will be the third anniversary of my decision to walk away from my law firm as well as active law practice. Maybe it's hard to relate to, but it was one of the most difficult and life-changing decisions I'd ever made. And, holy crap has time flown by!

I know there's a certain bias we have to justify our actions and tell ourselves we made the "best decision." I'm hardly immune, and I can't say there's never a day where I don't wonder "what if," a little like thinking of an ex-girlfriend. But then, you remember why you broke up and nod to yourself (saying, "dodged a bullet" or the like).

It's very similar.

I hated my old law partner. I hated being associated with him. I was not appreciated by him, despite having a wonderful reputation in my field as "one of the best," etc., and making us a lot of money.

I also couldn't trust him.

I guess, in retrospect, it was like an abusive relationship where you work hard to build something and your only choices are to keep going or destroy it (by walking away). I mean, the very fact that the thing immediately fell apart when I decided to leave is probably the best signal of what an important role I'd played in its success.

So I can't help but roll in that a little on this anniversary. How much more would my net worth be had I just stayed? I'd venture it would be around $40 million. Did I make the right decision? Would I give up the last two years of sailing and freedom for an extra $10 million or so? I know, for many, the answer would be "hell yes!" but for me it's hard to see how my life would be different. Also, since then, I have known of similarly situated people who have died, gotten sick, or are just simply unhappy.

So like an old girlfriend whom you think of from time to time, I'd say "bullet dodged."


3/1/2024 8:37:39 PM plasticsurgeryrox
Thanks for sharing your story. I took the other side of your coin flip and I have continued working and I often wonder myself about the "what if". I think happiness is a state of mind that is irrespective of wealth (past a certain point). The few extra pennies that you would have gotten by continuing to work would probably not change your life for the better in a significant way. It sounds like you made the right choice - enjoy!!!
3/2/2024 4:13:36 PM EscapeVelocity
A blast from the past! Good to hear from you. I certainly agree on happiness being a state of mind.