Saturday, June 23, 2012

The Other Money Question

After the "how much will it cost?" question, the next money question people usually ask is "how will you finance this?".  Well, the truth of the matter is that we aren't quite sure.

While I like to call this my retirement plan, the truth is that neither of us will be able to completely retire.  So, the real goal here is to not spend 50 weeks of our lives each year sitting in a box just for a 2 week vacation.  So, assuming we will fall under the "moderate" category in the Beth and Evans Cost of Cruising example, the question is how we will be able to generate $20,000 a year while living on a boat.

One thought we had was to purchase some property that we could then rent.  With the sale of most everything we own plus some savings that we have, we might be able to purchase some property in addition to the boat.  If we can find the right market, either long term or vacation rental may provide some income.  Of course, the question is where...

Another option we have considered is doing what the couple that sparked this crazy idea in us was doing...chartering.  We could make some money taking people on dinner cruises or maybe even overnight excursions.  This option, of course would require licensing...and since we don't have much sailing experience yet, this is probably more of a longer term option than one we could do starting on day one.

My wife and I both have skills that could translate into contract work.  So if we need to, I think we could probably pick up some short term contract work that would be sufficient to pay the bills.  The key here would be to not make it a full time job, even for a short term.  I will not go back to sitting behind a computer 40+ hours a week.

The last obvious option is finding local part-time work.  I'm reasonably good with electronics and electrical systems, maybe helping out a boatyard with upgrade and refit work would be an idea.  Or I'm sure there are other odd jobs around a boatyard.  If not, I'm sure we can find part-time work elsewhere in various ports, even if it is simple retail.

In the end, we are talking $10,000 each per year.  That's just not all that much so I have confidence that we will be able to do it.  If you have any ideas, feel free to leave a comment

I can do better than this...maybe they'll need part-time help.


  1. Another option is a combination.

    Don't look to any one solution. A rental property (or two or three) could be a somewhat steady source of base income. Then while out sailing you could tackle contracts. When you come into port, see if there are any odd jobs you could handle.

    Or something like that.

    Look to find and expand upon all that you can. Have many avenues.

    - Hsoi

    1. Yep, that was essentially the idea. No doubt it will be a combination of sources in the end. Just need to figure out all the possible options that are available while living "on the hook".