If you own a sportfishing boat...when did you pull the trigger?

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crockpotinvesting
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If you own a sportfishing boat...when did you pull the trigger?

Post by crockpotinvesting » Thu Jul 18, 2019 6:08 pm

I was curious to know if any boggleheads ( this is the most unbogglehead thing to do :sharebeer ) are into sport fishing, $100k-$2,000,000 boat. Thousands and thousands of dollars in equipment to chase tuna, shark, marlin, etc.

When did you feel like you were finaiclly ready to pull the trigger on all the toys?

MotoTrojan
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by MotoTrojan » Thu Jul 18, 2019 6:12 pm

crockpotinvesting wrote:
Thu Jul 18, 2019 6:08 pm
I was curious to know if any boggleheads ( this is the most unbogglehead thing to do :sharebeer ) are into sport fishing, $100k-$2,000,000 boat. Thousands and thousands of dollars in equipment to chase tuna, shark, marlin, etc.

When did you feel like you were finaiclly ready to pull the trigger on all the toys?
Curious your networth for even considering a $2M toy with recurring costs.

Topic Author
crockpotinvesting
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by crockpotinvesting » Thu Jul 18, 2019 6:24 pm

MotoTrojan wrote:
Thu Jul 18, 2019 6:12 pm
crockpotinvesting wrote:
Thu Jul 18, 2019 6:08 pm
I was curious to know if any boggleheads ( this is the most unbogglehead thing to do :sharebeer ) are into sport fishing, $100k-$2,000,000 boat. Thousands and thousands of dollars in equipment to chase tuna, shark, marlin, etc.

When did you feel like you were finaiclly ready to pull the trigger on all the toys?
Curious your networth for even considering a $2M toy with recurring costs.
[/quote

This is a very long term goal of mine and I’d be more on the $100k side of things. I’m curious to know others experience. To be clear, I CAN NOT afford a $2M toy right now.

Oakwood42
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by Oakwood42 » Thu Jul 18, 2019 6:28 pm

I would be interested to here some feedback - not sure if there will be any but interested nonetheless.

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DanMahowny
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by DanMahowny » Thu Jul 18, 2019 6:36 pm

Sorry OP, I can't provide any answers.

But I'd like to become best friends with the owner of a high end sport fishing boat.
Funding secured

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Sandtrap
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by Sandtrap » Thu Jul 18, 2019 6:42 pm

Being from Hawaii for nearly all but 8 years ago, I've met folks who own these "sportfishing beasts", capable of fishing in the Molokai Channel and beyond. The costs of a single rod and reel setup is staggering. Not to mention how much can be lost when a Marlin tears the entire rig and support off the "gunnel".
Annual maintenance, costs to replace engines, etc, can dwarf the original purchase price over time.

A longtime friend with a construction company had several deep sea sportfishers as his "hobby".
Ouch.
But, he did find it immensely rewarding.

IMHO it's far cheaper to fly out to Kona and rent a captain and boat for the day.

I've also known several "country club" types with "megabuck" high end cabin cruisers capable of interisland travel.
Impressive.
Though all of them had a very hard time selling the boats let alone getting a decent price when it came time to sell.

j
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Bigfish
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by Bigfish » Thu Jul 18, 2019 6:43 pm

I'm on a much smaller scale. I fish for striped bass and bluefish here in Maine. I have a very modest boat and every time I think of upgrading to a $20,000 boat I remind myself I can hire a guide for $350 for 4 hours (which I do 3-4 times a summer and have great fishing) and not have the expense and other issues of owning a larger boat. The saltwater fishing season is relatively short 4-5 months so making that kind of an investment for my situation is not practicable. As I grow older (I am 68) I plan to use a guide more.

alter
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by alter » Thu Jul 18, 2019 6:51 pm

Sounds like you have an optional side job figured out for retirement, charter boat fishing guide...

btenny
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by btenny » Thu Jul 18, 2019 7:20 pm

I have a friend who owned a 26 foot sport fisher. He fishes about 5 days or more a week all summer off the coast of northern California. He is an amazing fisherman. He goes out about 20-40 miles and fishes for 3-4 hours and catches the limits for those on his boat. He catches linc cod and rock cod and salmon and halibut. It is a blast to go fish with him for a day or two. From the conversation he has about $120K invested in his boat. His boat has sonar and radar and several radios and dual captains consoles and a full cabin and dual big outboards and a small kicker trolling motor. Plus he spends a ton on gas and supplies and dock fees and boat storage and other stuff. He had that boat for 6 years before it got wrecked. Now he owns a 25 foot boat with an I/O motor.

He also fishes in Cabo San Lucas with a charter captain for bigger fish. He owned a condo down there for years. He sold that due to over development. Now he is looking around for another location.

He and his family own several rental properties and he works a lot taking care of them. He also owns his home in Tahoe and a fish camp setup in Norcal. So I am pretty sure he can afford a nice fishing boat.

Good Luck.

Oakwood42
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by Oakwood42 » Thu Jul 18, 2019 7:20 pm

DanMahowny wrote:
Thu Jul 18, 2019 6:36 pm
Sorry OP, I can't provide any answers.

But I'd like to become best friends with the owner of a high end sport fishing boat.
lol

olliema
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by olliema » Fri Jul 19, 2019 7:26 am

TL;DR:
If you can pay for the boat for cash and you can cash flow $10K+ year for operating costs while maintaining your standard of living and investing, you might be able to afford a 25' sport fishing boat docked at a marina, presuming you spend 50 hours of your manual labor keeping the boat up. Multiply that 10K by 1% for every hour less than 50 you can spend working on the boat to hire experts.

If you have never owned a boat or you are operating off a vision you have yet to experience, spend a few years on boats first. Find a buddy with a boat, bring the bait, sandwiches and beer, stay an hour late to rinse the boat off, help them work on the boat a couple days a year, and you will have a friend for life and all the fishing you want.

You will learn that that owning a boat is a lifestyle - not of luxury - but of time, money, and labor. You will spend lots of time working on the boat, then you think / talk about your boat when you're not on it, and it will cut into other ways you can spend your free time. Married people, make sure you are on same page as your spouse - boats can and do cause relationship issues due to the time, attention & money commitments.

I grew up on boats. Many years back, I inherited a top-brand 25' sport fisherman boat, 2x200HP outboards, today's cost new about $200K. Kept it for 7 years, then sold it. Today, my only regret is not selling it sooner.

If I index-fund invested the operating costs I put into that boat, I would have $100-150K now. Instead I have some memories and a stack of pictures.

You'll spend $7000+ a year just to 'show up' - $500 insurance / reg, $3000 marina slip, $500 haul in/out of slip, $700 winter storage, $300 shrink wrap winter storage, $300 bottom paint (that's a solid 4-6 hours of brutal sanding), $1000 wax glasswork, detail bright work, refinish teak, powerhead / lower unit winterize / refresh (that's you doing the work - prepare to pay dearly for hired help otherwise). Set aside $1000 for a 'cool' emergency repair / refurbishment project once a year. Electronics, steering system, trim tabs, powerhead repair, electrical system, bilge pumps, upholstery, etc. That's you doing the work. If you are lucky you can do it off season and not ruin your boating season.

Now that you earned $-140/hr for your 50 hours of labor, you have a floating patio that doubles as a fishing boat once you start to use it, which will cost $25+ per hour, depending on your efficiency, how hard you run the boat, the sea / wind conditions. Gas at the fuel docks a lot more than what you pay to fill your car up btw.

fallingeggs
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by fallingeggs » Fri Jul 19, 2019 8:25 am

My head exploded when I learned that those 60+ foot sportfishers can burn 160 gallons per hour of diesel at cruising speed. :shock: :shock: :shock:

I spent two years sailing my boat through the Caribbean with my wife (where I used maybe 160 gallons of diesel over two years!), so feel I have a tad of info to share about the price of up keeping a sportfisher. It's more expensive than whatever you think it is. $10k a year on a $100k boat is minimum and, as pointed out above, is if you can do basic maintenance yourself and nothing horrible goes wrong (engine and running gear being the most costly). And this doesn't include fishing gear or electronics. If the boat is 10 year or older, you'll probably want new electronics. On my simple sailboat, that was $15k. Think double that for a full package, easily, on a modest sportfisher. I'd want to have the ability in the budget to absorb twice these costs (other than the purchase price) before pulling the trigger (with the hope that the costs are lower, of course).

But, if you have the $100k for the purchase + free cash flow of $30k for the first few years to blow, it is a fun time. Just go in thinking :moneybag :moneybag :moneybag

NativeTxn
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by NativeTxn » Fri Jul 19, 2019 5:11 pm

Boat = Break out another thousand

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snackdog
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by snackdog » Fri Jul 19, 2019 6:43 pm

I would treat the purchase like any other vehicle - total of all vehicles annually should not be more than 5% of annual post-tax income. So, if you are earning $2MM-40MM per annum you are in the ballpark for the boat you need. Be mindful, as others have said, of operating costs.

EddyB
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by EddyB » Fri Jul 19, 2019 8:04 pm

snackdog wrote:
Fri Jul 19, 2019 6:43 pm
I would treat the purchase like any other vehicle - total of all vehicles annually should not be more than 5% of annual post-tax income. So, if you are earning $2MM-40MM per annum you are in the ballpark for the boat you need. Be mindful, as others have said, of operating costs.
What does "total of all vehicles annually" mean in that context? I have never heard someone suggest that one must make $2,000,000 after taxes to buy a $100,000 car (or boat, as you seem to suggest). Perhaps you mean that the annual operating costs and depreciation should be less than 5% of post-tax income?

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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by Blueskies123 » Fri Jul 19, 2019 8:41 pm

NativeTxn wrote:
Fri Jul 19, 2019 5:11 pm
Boat = Break out another thousand
You realize you cannot fix anything on a million-dollar boat for a grand. To fill the gas tank is a thousand dollars. You need to budget 10% of the purchase price for maintenance such as insurance, doc fees, taxes, repairs etc...

and a grand every time you fill it up. I cannot imagine the cost to paint the bottom of the hull.

Wricha
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by Wricha » Fri Jul 19, 2019 10:03 pm

olliema wrote:
Fri Jul 19, 2019 7:26 am
TL;DR:
If you can pay for the boat for cash and you can cash flow $10K+ year for operating costs while maintaining your standard of living and investing, you might be able to afford a 25' sport fishing boat docked at a marina, presuming you spend 50 hours of your manual labor keeping the boat up. Multiply that 10K by 1% for every hour less than 50 you can spend working on the boat to hire experts.

If you have never owned a boat or you are operating off a vision you have yet to experience, spend a few years on boats first. Find a buddy with a boat, bring the bait, sandwiches and beer, stay an hour late to rinse the boat off, help them work on the boat a couple days a year, and you will have a friend for life and all the fishing you want.

You will learn that that owning a boat is a lifestyle - not of luxury - but of time, money, and labor. You will spend lots of time working on the boat, then you think / talk about your boat when you're not on it, and it will cut into other ways you can spend your free time. Married people, make sure you are on same page as your spouse - boats can and do cause relationship issues due to the time, attention & money commitments.

I grew up on boats. Many years back, I inherited a top-brand 25' sport fisherman boat, 2x200HP outboards, today's cost new about $200K. Kept it for 7 years, then sold it. Today, my only regret is not selling it sooner.

If I index-fund invested the operating costs I put into that boat, I would have $100-150K now. Instead I have some memories and a stack of pictures.

You'll spend $7000+ a year just to 'show up' - $500 insurance / reg, $3000 marina slip, $500 haul in/out of slip, $700 winter storage, $300 shrink wrap winter storage, $300 bottom paint (that's a solid 4-6 hours of brutal sanding), $1000 wax glasswork, detail bright work, refinish teak, powerhead / lower unit winterize / refresh (that's you doing the work - prepare to pay dearly for hired help otherwise). Set aside $1000 for a 'cool' emergency repair / refurbishment project once a year. Electronics, steering system, trim tabs, powerhead repair, electrical system, bilge pumps, upholstery, etc. That's you doing the work. If you are lucky you can do it off season and not ruin your boating season.

Now that you earned $-140/hr for your 50 hours of labor, you have a floating patio that doubles as a fishing boat once you start to use it, which will cost $25+ per hour, depending on your efficiency, how hard you run the boat, the sea / wind conditions. Gas at the fuel docks a lot more than what you pay to fill your car up btw.
I think $10k Maintance is low. I had a 32 foot Everglades with twin 350’s which I used often (300+ hours/yr) maintance/operating cost was $30k. I paid cash for the boat (new) and the $30k was funded from cash flow from investments not salary. Even new you are going to have capital cost of at least $5k minimum for something (air conditioning, electronics,lift, or new toy)s. Boat was keep in FL. I think $10k is light even if you don’t use the boat. Then bought a 55 foot Catamanran I will not even tell you that one.

NativeTxn
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by NativeTxn » Mon Jul 22, 2019 12:30 pm

Blueskies123 wrote:
Fri Jul 19, 2019 8:41 pm
NativeTxn wrote:
Fri Jul 19, 2019 5:11 pm
Boat = Break out another thousand
You realize you cannot fix anything on a million-dollar boat for a grand. To fill the gas tank is a thousand dollars. You need to budget 10% of the purchase price for maintenance such as insurance, doc fees, taxes, repairs etc...

and a grand every time you fill it up. I cannot imagine the cost to paint the bottom of the hull.
Maybe a better way of writing it would have been:

B.O.A.T. = Break Out Another Thousand

It was more just my way of saying boats (of any sort) are generally expensive (or at least more expensive than most people tend to realize before they get one).

Sort of like I've heard people say:

Ford = Fix or Repair Daily

smitcat
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Re: If you own a sportfishing boat...when did you pull the trigger?

Post by smitcat » Mon Jul 22, 2019 1:39 pm

crockpotinvesting wrote:
Thu Jul 18, 2019 6:08 pm
I was curious to know if any boggleheads ( this is the most unbogglehead thing to do :sharebeer ) are into sport fishing, $100k-$2,000,000 boat. Thousands and thousands of dollars in equipment to chase tuna, shark, marlin, etc.

When did you feel like you were finaiclly ready to pull the trigger on all the toys?
Never had a Sport fishing boat but a family cruising boat.
Fishing never would fill our time or goals so we had boats that could fish but were not fishing boats.
We used it 65 nights + each year for all kinds of trips and exploring with family and friends.
Tip...if you wait too long you will miss these times and experiences. If they were/are not important to you then no loss, if they are important they have an expiration date.

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