39m. 1 million paid off rental house. 200k HYSA. No debt. 3 kids, youngest is 9. My partner and I are separating. We have an average income, not a ton of flexibility. We've been paying off debt and saving for years. I'm debating moving onto a boat due to HCOL. Considering a $40,000 boat with moorage at $1,000 / mo. It seems like a fun way to live near my kids. I'm an experienced boater and just enough of an idiot. My kids live in a very upscale neighborhood in a family trust home I do not own. Should I buy a boat 4 minutes away, or move into my rental 10 minutes away? I could fix the rental up. Booting my tenant out would cost me at least $1800/ mo. I like to tinker and work on things. I'm a bit sad I have to move out of a very luxurious home. A boat seemed like a fun adventure to keep spirits high. But moving into and fixing my rental up would probably be the better financial decision. I might stay financial partners with my ex. Would also appreciate if anyone has resources on collaboration after divorce. Most days we're staying good friends despite being separated.
TLDR: Do I fulfill a longtime dream to live on a boat? Or make my rental beautiful? I'm realizing this may be less of a financial decision and more of a lifestyle decision. It has occurred to me that investing my energy into the rental is just going to require me to pay my rich partner off even more.
Getting divorced so.. boat?
byu/davemathews2 infinancialindependence
Posted by davemathews2
9 Comments
It really sounds like you want to live on that boat. Whats the worst that can happen if you give it a go? You can always move again later?
You have a $1M asset that is only producing $1800/mo?
I mean, the boat thing sounds awesome and stupid and like just the thing for after a divorce. I’m not being sarcastic here. You will probably get so annoyed with living on a boat, but it will be a hilarious adventure and in the meantime will make you seem a lot more interesting than every other sad, recently divorced schmo.
That rental house doesn’t seem to be doing much for you. But honestly, I’d keep it for now because boat living is going to get old after a while and you’ll want to move in there.
You already know the answer. Sound like a good time to follow your dream
Seems like a fun way to spend your time and there’s little downside. Only thing that could be tough maybe would be if you wanted to have the kids spend the night. Financially it seems like a good idea.
You are going through a very tough time right now. Do the financially responsible thing. You can always buy a boat and rerent the place for even more when you fix it up.
I’ve heard that the two happiest days in a boat owners life is when he buys a boat and when he sells it.
That being said, do.the prudent thing now and when the dust settles you can reevaluate your boat idea with a clearer head.
Are you planning on the kids staying with you when you have split custody or……?
Lots of variables not being discussed here
Go for the boat.
Worse case scenario is you sell it to some other idiot for what you paid for it in a year or whatever.
And is the rental paid off but only making 1800/mo? In a high cost of living area? Can you raise rents?
Everyone who I know that owns a boat says unless you LOVE boating, don’t buy a boat. They are costly to maintain. Just go get some hookers and blow and maybe a sports car.
Will the boat be a problem for having custody of your kids? I’m assuming you want them more than just to say hi every week or so.