|3/7/2023 10:04:49 AM FatStacks
|We just dropped our pre-tax 401k contributions down to the minimum (that still gets us our match). We're instead going to max out our Roth IRAs and pay down the HELOC since the rate has crept up, and I don't see it coming down for quite some time.
|3/27/2023 1:57:19 AM GetMeOutofWork
|We've dropped my spouses 401k contribution to 2% because there is no matching contribution at the moment. Hopefully that will change in the future. We are saving the rest of what he should be saving into his Roth IRA. I'm hoping the after tax growth will be a better deal in the future since we'll be in a higher tax bracket if all goes well.
|3/31/2023 11:55:38 AM FatStacks
|That’s a solid plan & definitely a smart move in my opinion!
|5/3/2023 1:05:16 AM GetMeOutofWork
|5/9/2023 4:45:37 PM mrw04c
|Do you regret purchasing your boat (financially speaking)?
|5/11/2023 9:28:26 AM FatStacks
|Yes during the off-season, but hell no during the summer :)
We got a great deal on it, and could easily sell it for more than we paid, so I don't have any regrets with *it* specifically.
2022 was our first year with it so we had a lot of up front 1-time expenses (lines, fenders, inflatable mat, trailer adjustment, new cover, etc.) that were quite costly.
The two large expenses I mentioned in our notes are cosmetic (it's older boat so we're redoing the interior/exterior), but it'll basically look like a brand new boat when we're done. They're definitely in the "nice-to-have" expense category, but we plan on keeping the boat for a long time and would like to have it look nice. Plus, if we ever did need to sell, we'd get a lot of that "upgrade" money back in the sale price.
|5/11/2023 9:30:41 AM FatStacks
|Ongoing costs that are definitely burdensome:
Insurance - Our old boat was $100/yr for liability only. This boat is about $1,800/yr for full coverage.
Cleaning/Maintenance - It's much larger than our last boat and has two motors, so it's twice the cost for oil/filters/winterizing/cleaning/etc. (I do all my own maintenance, so that keeps costs down, but it's a lot of time spent).
Fuel - Holy hell I don't even want to do the math. [I just sorta hand-wave this one away]
It's a fun toy (our only toy), and we go on several week-long vacations with it during the summer with friends & family (and their boats, their families, etc.). That's what allows me to justify the ongoing expenses. The 1-time stuff we just have to chalk it up to B.O.A.T. (Bust Out Another Thousand) :)
|5/11/2023 10:23:56 AM mrw04c
|Interesting - Thanks for those insights. Honestly, I have no idea what the typical ongoing costs like insurance are on a boat - and I've always heard the BringOutAnotherThousand acronym. That's really great that you are able to do your own maintenance. Good luck with it going forward, and glad you are getting alot of enjoyment out of it.