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-   -   How much money do you need to make to....? (http://www.wakeworld.com/forum/showthread.php?t=682833)

lfxstar 03-30-2009 1:48 PM

Purchase your own new boat? Not that I make any money right now as I am a full time student, but in a couple years, I will be earning a paycheck, and am curious what it takes to be able to purchase your own NEW wakeboard boat. To further limit MY personal choices, it would only be a 210, 230, X-1 or X-Star but obviously I am interested in the payments and price range involved. This topic has nothing to do with persuasion because my mind definitely will not be changed and I don't want to get into arguments about why those are my only 4 choices. <BR> <BR>Here would be my living situation that I would be willing to be in and have the boat on top of: condo/apartment on a lake or with lake access, or rented house (small) on a lake or with lake access in Florida, no loans, 40k+ a year for 4-5 years then substantially higher salary, and willing to build a little debt to own the boat of my dreams in my 20s before the big dollars start rolling in. <BR> <BR>So there is the criteria that I can think of off the top of my head, obviously if you have any questions to make a better guess for me go ahead and ask. This thread is more for everyone in their early 20s (or whatever age) however that want to own their own dream boat in a few years though.

eubanks01 03-30-2009 1:55 PM

I guess it depends. How much money do you want to put down? How much debt are you willing to take on a depreciating asset like a boat at 23?

lfxstar 03-30-2009 2:01 PM

That's what I'm asking, I really have no idea. If I'm lucky enough, I'll be allowed to use the 210 as a trade in even though its my parents, but 99% chance they would let me trade it in and use the money towards a new boat. Lets say I wanted a decked out X-Star as my number one choice, which it is. How much of my salary do I need to put towards it if i'm at the 40-50k range to still be able to go out to a restaurant and not have to eat Raman noodles every night?

wake1823 03-30-2009 2:06 PM

IMO the credit markets are changing, expect things like boats (luxury items) to have very tight credit terms...whcih in yoru case will require some sizeable money down.

psudy 03-30-2009 2:08 PM

Depends on your overall debt. Do you want to own a home? Do you have a car payment? Will you? At 40-50K, You really shouldn't be looking at a new boat unless you saved half its cost. <BR> <BR>Say you buy a brand new 80K boat and finance 100% over 15years(which is dumb). Your payment would be $719/month.60K at the same level is $539/month, 50K=$449, 30K=269. So you have an idea. Don't forget Taxes, insurance and storage on top of it.

eubanks01 03-30-2009 2:09 PM

If it were me I would work backwards into it by doing a line item budget. Work out a budget of your income and your non-avoidable expenses (rent, utilities, food, insurance, etc.) and see what you have left over each month. From there you can see what type of monthly payment you can truly afford...and by monthly payment you'll want to consider all the costs of boat ownership including loan payments, maintenance, storage, insurance, gas, repairs etc. <BR> <BR>In my opinion this is a much safer way for you to decide what boat bests fits your situation. There is nothing wrong with buying used Dude. If your folks pitch in their ride though obviously that will open up some options for you as far as newer boats go.

spin2win 03-30-2009 2:09 PM

Kyle I like your style.. I a 26 and have owned a boat for 2 years. My suggestion is to stay in school until you can land a 6 figure job. 40k is not that bad but the bank wants to see like 30% down.

eubanks01 03-30-2009 2:12 PM

Here is something that can get you started with your budget. Filling one out could really set you up to be in a good financial situation. <BR> <BR><!--attachment: Budget-682836.unk*attachment_icon.gif*application/octet-stream*67.1*Upload*Budget%2exls --><center><table border=1><tr><td><img src="http://www.wakeworld.com/MB/Discus/icons/attachment_icon.gif" align=left alt="application/octet-stream">Upload<br><a href="http://www.wakeworld.com/MB/Discus/messages/65919/Budget-682836.unk" target="_blank"><b>Budget.xls</b></a> (67.1 k)</td></tr></table></center><!--/attachment-->

zach2orjack 03-30-2009 2:17 PM

kyle, check out this site. I use it for all sorts of stuff. It's <a href="http://www.bankrate.com" target="_blank">http://www.bankrate.com</a> You can figure house payments, car payments, home equity and much much more for free. <BR> <BR>You can figure your boat payment here <a href="http://www.bankrate.com/brm/auto-loan-calculator.asp" target="_blank">http://www.bankrate.com/brm/auto-loan-calculator.asp</a>

zach2orjack 03-30-2009 2:20 PM

Oh and check out the table at the bottom, it will let you figure things like paying extra towards your payment and how much you will owe at the end of every month and year

lfxstar 03-30-2009 2:23 PM

Spin, i'm in med school right now, so basically the 40k will be from whatever residency I'm in. For what I'm looking into, it will be 4-5 years and then afterwards I should be looking at a nice 6 figure salary, hopefully starting around the 150-200 mark and working up from there. That's why I don't really care about building some debt for the 4 years i'm in the residency program. <BR>Paul, that's exactly what I was looking for, thanks. Honestly, I am not looking to settle down until I am at least 30. I have put way to much into school and basically "the best years of my life" into the library and not going out. Call it immature but I want to actually be able to use the "I'm a surgeon" line for a few years to get my moneys worth out of med school lol. So most likely, I will leasing a car thats too expensive, leasing a home thats too expensive, and paying for the boat that I can't afford, not really concerned with saving for the first few years I'm out. <BR> <BR>(Message edited by lfxstar on March 30, 2009)

flattirenotube 03-30-2009 2:44 PM

Eubanks, <BR> <BR>Could you e-mail me that excel file? I can't get it to download.

eubanks01 03-30-2009 2:44 PM

Surely.

malibuboats4 03-30-2009 4:41 PM

not to be the debbie downer, but isn't this how our economy got to the place its at now. people bought stuff that they could "pay off later". i understand you will be a doctor, but what happens if things dont workout? but hey, im like you, i want my own boat the moment i have the chance to, so go for it...

trdon 03-30-2009 4:50 PM

I believe the phrase goes, If you have to ask, you cant afford it<img src="http://www.wakeworld.com/MB/Discus/clipart/lame.gif" border=0> <BR> <BR>Seriously, you have potentially rent, car payments, insurance, maintenence on everything you own, school loans, ect,ect. I am not trying to tell you what to do, but maybe a better move would be buy a used boat you can easily afford and sell easily later (weather it be a DD open bow or V drive). I have done that and am working my way up with the equity I have after it is paid off. Trade up to something better and the payments stay the same (in my case) and I get something new and shiny. In your case, you could get something cheap(er), have your fun for a few years, and when you start raking in the bux, buy what you want and use the one you have for a trade or outright sell it. <BR> <BR>Just another option for ya.

spin2win 03-30-2009 4:56 PM

stop drinking the HATE-OR-ADE.. Half of the people on here wonder about their parents making payments. Having goals is the only reason to work hard anyways. I dont know about everyone one else but I can assume that we all work to play. At least he's not mooching and has a great plan. <BR> <BR>Kyle you will be able to get a great deal. There is a 2007 210 bank repo for 39K right now on auto trader.

kko13 03-30-2009 5:01 PM

IMPO i dont think you can swing a loaded X-star on 40k with all of the other bills that are must haves. home,car,food,insurance student loans. Im not trying to crush your dreams but i think you should BUY a house get that squared away wait make sure your bigger income you are counting on kicks in THEN get the boat of your dreams.again just my thoughts and good luck to you. <BR> <BR>(Message edited by kko13 on March 30, 2009)

liquidmx 03-30-2009 5:32 PM

Kyle, I am 26 years old and was in a similar spot a few year's ago. I am going to assume you Love the sport more than the toys. If that is the case and you prefer to be on the water I would buy something around the 01-03 (used) range instead of new and here is why. <BR> <BR>Your young, you need to have fun. Having a lot of debt puts stress on you and makes work an even higher priority. <BR> <BR>You love to wakeboard not work. Dont buy the nicest boat you can just so your friends can use it while your at work. Basically reduce your debt so you can work less and use the boat more. You could either: Buy a brand new x-star and put maybe 30-50 hours a year on it OR buy a 01 210 and put 150+ hours a year on it. (and really, do you have THAT much more fun on a brand new X-star than an 01 boat?) <BR> <BR>Toys brings responsibility. When your friends call you and say "dude, lets hit the bar, its ladies night". You will want to go, but cant if you gotta pay that $1,000 monthly boat payment. <BR> <BR>As far as numbers are concerned. I took out a 25k loan on a 00 vlx for a 5 yr period. My monthly is $500 on that payment with ab a 6% rate. Plus about $500 a year for boat insurance. Add gas, maintenance, fluids and upkeep and it gets expensive quickly. <BR> <BR>Good luck, keep your priorities straight and keep us posted.

monkey 03-30-2009 6:26 PM

Kyle, you obviously want us to talk you out of this potentially bad decision, otherwise you wouldn't have posted... So, here goes another attempt. <b>Don't finance anything that's going to depreciate, period. Don't even think about it. Why would you put a potentially lucrative future career on the line for a boat? Why would you do that to yourself?</b> What kind of ladies do you expect to attract with this "look at my new boat.. I'm a surgeon" stuff? Gold diggers perhaps? If the right one comes along, how are you going to know that she's not just after your "money"? Is that a question you're really prepared to be asking at your age? <BR> <BR>Take the advice of someone who's been through all of this before. Stay humble, surround yourself with good people, follow you career ambitions, save your money, buy only what you can really afford, and invest wisely. Your life will turn out better that way, I promise.

formfunction 03-30-2009 6:38 PM

Ride on someone elses coat tails and buy something that has already depreciated a little. <BR>Besides new boats are only fun for about five minutes till you realize its not much different than your old one.

dakid 03-30-2009 6:39 PM

kyle, in a couple of years, you won't have time to use a boat. you'll be "living" at the hospital!

johnsvt 03-30-2009 6:48 PM

kyle I know a few "new" doctors that aren't making 150-200k...don't worry about getting a new boat right away. I too would get something used and build from there.

spin2win 03-30-2009 6:49 PM

Joe you bring up a good point. When I started selling devices and live on a pager my wakeboarding went to crap. No time anymore! However if he works for a group such as Keiser like we have in ca, thoses guys get 6 weeks of vacation.

lfxstar 03-30-2009 6:58 PM

Joe, I HATE YOU!!! HAHAHAHA <IMG SRC="http://www.wakeworld.com/MB/Discus/clipart/happy.gif" ALT=":-)" BORDER=0> <BR> <BR>M-Dizzle, I have an 04 210 with only 150 hours on it right now. Well I mean technically its my dads, but it is mine. I've just been dreaming for years of building this custom X-Star when I graduate as first thing I do. My plans were literally to live in the worst apartment possible just so I could build the boat hahaha. I know the economy is horrible right now, but it is just something I haven't stopped thinking about for a couple years. But you are totally right about loving to ride and not wanting to not enjoy riding because I am worried about paying the boat off, and that is my personality. So maybe it will be "custom used" x-star that I end up getting. I don't know what my obsession is with X-Stars by the way, but it is serious. I mean there really isn't a better wake that i've ridden then my 210 wake being that it has the max amount of possible weight you can put in it and I have truly mastered weighting it.

lfxstar 03-30-2009 7:01 PM

Ewing, i want to do orthopedics or ophthalmology and I definitely have a very good shot at both, so the 150-200 range is definitely right on, maybe even a little low. <BR> <BR>Tim, honestly the wakeboard boat has NOTHING TO DO with getting chicks on my boat. But you are right on with your advice, and I appreciate it. My friends know that when we go out on the boat, it is riding time. There really is no room for anyone to sit because of all of the weight and it is definitely isn't conducive to a party atmosphere. It is just a few of us getting together and trying to push ourselves.

joe_crawley 03-30-2009 7:08 PM

kyle- haters always hate. I bought a new X1 at 23 making 40-50 a year and I lived so cheaply it was like a family man making 150. Put together 15% for the down payment and try to budget a 1K a month payment. Get a used truck that will pull it so you don't have car payments to worry about unless you already have one. My X1 was mid 40s loaded and you can probably find a similar or better deal. Nautiques are nice, but they are for the rich man as a 210 was a 10k premium. BTW payments will be about 400/month if you put 15% down- but if you are like me you should be living cheaply enough to double that.

wakebrdr38 03-30-2009 7:49 PM

I dreamed about a 03 210 for years. Then I graduate and am trying to find a job in this crap. I have decided I am cool with my 86 2001 for now lol. I know how the bank systems and loans work since I sold boats all last summer. It use to be easy to get a loan for a boat whether you had or could make the money or not. Now its not that easy. I probably have a couple years till I buy a boat and even then I will buy used. It about finding the right used boat though too, and that takes time as well.

onthewatermo 03-30-2009 8:15 PM

Four years out of law school and this is a pic from my taking the neighborhood boat to pick up lunch the other day: <BR><img src="http://www.wakeworld.com/MB/Discus/messages/65919/682964.jpg" alt="Upload"> <BR> <BR>Go listen to Cat Steven's (its cool, he had a song in retrospect) "Father and Son"...that being said, my buddy who was recently accepted to med school talks about his plans to fly his yet to be purchased private aircraft between two practices in two states (one of them being the "Show Me" state)...

johnsvt 03-30-2009 8:19 PM

kyle...you sound determined and good luck my friend. 150K should easily get you an xstar.

bmartin 03-31-2009 6:14 AM

I work at a medical center and residents have almost no time to ride, but understand that when you do have those few days off you do not want to be at the mercy of finding a pull from someone else. A gross rule of thumb is the max annual debt (payments) to income is 36%. You can use that ratio, and budget and payment calculators to estimate if this is even possible. If this seems possible after that, talk to dealers and credit unions or banks to see if a loan could actually be had, which is growing increasingly difficult for a $70K boat without a hefty down payment, even if you use the "I'll be a surgeon" line. <BR> <BR>If your parents have a 210 that you can use, that seems the most logical choice while you are a resident with little free time. They will still be making X-stars or even better rides when you are through with your residency.

joeshmoe 03-31-2009 7:14 AM

"kyle- haters always hate. I bought a new X1" <BR>no, its about buying the same product for 2/3rd of the price

reinle 03-31-2009 7:17 AM

My two cents would be not to worry about it right now. Work your butt off through school and focus on landing a solid job. Markets have been changing exponentially over the last few years. Some the top economists (Gregory Mankiw) and others are all predicting the economy starting to recover sometime next year. That is only a prediction (for all those wanting to hate on that comment, Economics is simply more of a control function rather than a prediction function) but my research is wanting to agree with them. So, the economy, financial markets, and boating markets are most likely going to be completely different by the time you and I graduate college. So, it is extremely difficult to predict down payments, interest rates and other factors in determining your leverage and purchasing power in the future. <BR> <BR>Just ride out these last few years and enjoy them. I know I would love to own a boat someday, but I'm not trying to plan for one anytime soon.

aarond0083 03-31-2009 7:43 AM

Some really good advice here already but here is my two cents as well. <BR> <BR>I bought my first boat at 21. I had been working a full year in my established job. I really wanted a new boat but went for a used 2004 210 instead because I didn't want a boat payment above $275. Now that I have advanced in my career I have been fortunate enough to buy two new 210s since. <BR> <BR>My advice is do not worry about it until you are ready to make a purchase. Worry about school and then finding a solid job, then you can start thinking about upgrading the boat. You have a 210 to use now at no cost so you are lucky already. <BR> <BR>Boats are luxury items and credit is getting tighter and tighter. 15%-20% down is a must so with financing 80%-85% I think a monthly payment on a item such as a boat should be no more than 10% of your net monthly pay. 40K-50K a year isn't enough for a new boat IMO. <BR> <BR>(Message edited by aarond0083 on March 31, 2009)

lfxstar 03-31-2009 8:01 AM

Aaron, you have bought 2 new 210s in the past 2 years at 25 years old?!? Ahhhhhhh I hate you. It sucks how long it takes before you start making money as a doctor. I will be 30 when I finally start practicing on my own. That sounds so weird to me.

yager97 03-31-2009 8:41 AM

you have an 04 210 at your disposal, a sick boat most people only dream of owning, and your main concern in life right now is to buy a new x-star and take on a massive debt load??? no wonder our sport gets the rep its only for spoiled little rich kids....

absoluteboarder 03-31-2009 9:06 AM

.......fulfill your dreams.....you never know where life takes you. Be smart, but take calculated risks......that way when you get to an older age you wont have any regrets about your life. In the end if you learned a lesson then thats cool too. We all have to learn our own lessons. <BR> <BR>My 40,000 dollar boat right now costs me 53 dollars a month interest only...I never intend of paying it off. However I do own a house and have large equity. <BR> <BR>if I can give my 2 cents worth You are still young and have lots of time for your dream.....with home prices so low now....maybe thats what you should get first. After that everything falls into place.

lfxstar 03-31-2009 9:32 AM

Michael, thanks for the advice and good call. <BR> <BR>Andrew, umm apparently you didn't read any of the posts. Yes I have a 210 at my disposal, but it is not mine, it is my parents. I am only child and my dad has been on the boat maybe twice so theoretically it is mine, but I want to buy my own boat with my own money that i will make. I don't see what the problem is with that nor how that has anything to do with being spoiled. I wasn't planning on asking for any money for my boat from my parents, but like I said, knowing my dad, he will tell me to use the 210 as a trade in. This will be my boat though with my name on it and my bills, not theirs.

lfxstar 03-31-2009 9:37 AM

Oh and Andrew, if I wanted to be a spoiled little rich kid, I would just ask my dad to buy this new boat because he would, guaranteed 100% and it wouldn't effect him in the least bit financially. I want this as my first real purchase that I have made on my own without their help. It is something I have wanted to do for a few years, and despite the consequences I most likely am going to pull the trigger.

yager97 03-31-2009 9:42 AM

sorry I'm in a bad mood dont mean to flame ya. Thats great you want to pay for it on your own, good for you. However your dad GIVING you a 210 to trade in for an even nicer boat is the same as them giving you money, and lots of it. my advice, buy a ton of fat sacs, load that 210 down, and use all your money for gas. Your shiny new X-star will be waiting for you when you eventually do make the money to own one, and you are over the hill and actually will need the boat and doctor line to impress the ladies....

yager97 03-31-2009 9:43 AM

wow, props to you on having a rich dad, i'm happy for ya

yager97 03-31-2009 9:47 AM

there are no consequences when your proclaimed rich daddy will be there to bail you out when you fall......so just do it and you don't need our advice then. thread done

aarond0083 03-31-2009 9:49 AM

"I want this as my first real purchase that I have made on my own without their help. It is something I have wanted to do for a few years, and despite the consequences I most likely am going to pull the trigger." <BR> <BR>I would suggest making your first big purchase your home instead of a new boat. That is unless you may be moving anytime soon.

sidekicknicholas 03-31-2009 10:02 AM

I'm 21, on my second boat.... no help from mom and dad, but I did go half-half with a friend.... everyone on here usually advises against it, but honestly it was the best thing I ever did. <BR> <BR>I took my 10k (older d-drive budget) and made it 20k.... now have a 'SAN' (supersport) and couldn't be happier making my payments, even in the winter.

fatsac 03-31-2009 10:05 AM

Do whatever you want, mang! After all those years of studying, a few years of having fun is well deserved. Don't let anyone tell you how to spend your money. It's sounds like your going to deserve every penny. <BR>There is nothing wrong with going about life slightly different from the rest or how other's think you should live it. You already are for the most part. I would milk the surgeon line too. LOL <BR>Don't let bitter bettys p-ss on the parade.

eubanks01 03-31-2009 10:41 AM

Nobody is raining on his parade...just trying to provide sound financial advice to put him in a good situation for the future. Making financial decisions off of what we think we deserve instead of what we make is what gets so many into trouble!

etakk7 03-31-2009 11:19 AM

I don't understand why you feel the need to buy a new boat just to make a point that it's your money. As said before, the boat you have, many would dream about, and is probably just as good for your riding progression as anything. You've said it's basically at your disposal. That said, couldn't you make the same point to your parents (that you have your own money) but gain even more of their respect by investing in real estate in a down market rather than in a luxury, depreciating asset?

liquidmx 03-31-2009 12:20 PM

"Do whatever you want, mang! After all those years of studying, a few years of having fun is well deserved. Don't let anyone tell you how to spend your money. It's sounds like your going to deserve every penny." <BR> <BR>Take note folks...here is lies the problems to our current economic issues...entitlement. Yes, he went to school and did something that is difficult...but how does that warrant spending his money carelessly, because he worked hard for it? There is no logic there.

derek23 03-31-2009 1:05 PM

I am in a similar situation that you just described. The biggest things are your other bills. Do you have to pay for all of your college through loans (I do)? Do you have a car that is payed for or will you have car payments? Credit cards to pay off? How mcuh will your rent be? <BR> <BR>If you have to pay all of these things, you will not have much at the end of the month for a boat. <BR> <BR>If you make 40K a year, you will take home about $1200 bi-weekly. I am assuming a new boat like that the payemnts would be 3-4 hundred a month. <BR> <BR>Good luck.

justinh 03-31-2009 1:13 PM

M-Dizzle = Gold Star. <BR> <BR>The notion of entitlement is deadly. <BR> <BR>I spent 7 years in a closed-bow Malibu Skier, 4 years behind a late model sport nautique and only recently bought my first new boat. It took more than a decade, but I am in the boat I always wanted--and then some. <BR> <BR>Use a little restraint, buy a boat that fits your budget and trust me--you will enjoy it more. The money you save in payments you can spend in gas!!!

psudy 03-31-2009 1:35 PM

"Oh and Andrew, if I wanted to be a spoiled little rich kid, I would just ask my dad to buy this new boat because he would, guaranteed 100% and it wouldn't effect him in the least bit financially. I want this as my first real purchase that I have made on my own without their help. It is something I have wanted to do for a few years, and despite the consequences I most likely am going to pull the trigger" <BR> <BR>If your dad is rich,fu$5 it, buy it. If things get tough he can bail you out. <BR> <BR> <BR>That is one of the problems with our sport. You are in your prime to do your best in your teens and twenties, unfortunatley most people have to wait until their 50s to afford the most important piece of equipment!

fatsac 03-31-2009 1:35 PM

This is funny. Where in my post does it say "go bury yourself in debt you're unable to pay" or "go buy a house, leverage the equity for a boat and put the system on a credit card"? I don't see it. <BR>Having fun and doing what you want could be anything from a used streetbike to a new X-star. <BR>There's an old saying I learned in school about assumption. <BR>You've worked your arse off and are entitled to have fun however; my opinion is no more valuable than anyone else on here.

cpboarder 03-31-2009 2:27 PM

"I want to buy my own boat with my own money that i will make. I don't see what the problem is with that nor how that has anything to do with being spoiled. I wasn't planning on asking for any money for my boat from my parents, but like I said, knowing my dad, he will tell me to use the 210 as a trade in. This will be my boat though with my name on it and my bills, not theirs." <BR> <BR>Why don't you just "buy" the 210 from your dad for a really cheap price, since money isn't a problem for him, and enjoy that boat for a few more years until you land a solid job and income. So instead of your dad GIVING you the boat to trade in for your new x-star, just buy it from him so it is in your name, you own it, and you pay the bills.

clayton191 03-31-2009 3:08 PM

First off, I suggest everyone read dave ramsey... <BR> <BR>That being said, I took a loan out when I "young and dumb" at 25. Everyone talks about boats being depreciating... well, truth is - if you find a desperate person, you can make it a psuedo investment. Granted, you'll never do that with a new boat! I found an 04 for a great price. A price so good that even in this economy I am getting people offering what I paid for it 3 years ago. <BR> <BR>If your going to be an idiot and finance something - be smart about it. Yeah, i'm still paying interest, etc - but the cost of that is probably worth the fun i've had on it. <BR> <BR>Btw - i've taken a dramatic jump in salary. One thing to consider. When you cross that 100k line, expect to be working a lot more and wakeboarding a lot less!

joeshmoe 03-31-2009 3:21 PM

"Take note folks...here is lies the problems to our current economic issues...entitlement. Yes, he went to school and did something that is difficult...but how does that warrant spending his money carelessly, because he worked hard for it? There is no logic there." <BR>I see no problem here with this purchase, this is helping the economy(not hurting it) if he buys new, he can afford it(might have to room with other scrubs)

kana12 03-31-2009 3:27 PM

y get reid of a 04 210 with only 150 on it. dude.. when you hit like 800 you should get another boat.. wait for a while. you obviously dont ride enough to justify buying a 80 k boat. lol im serious.. i mean i put over 150 hours on my boat in the last season alone like bought the boat in jan with 67 hours on it and started the season in march and by thanksgiving had 220.

bmromfo 04-01-2009 6:00 AM

I'd pull the trigger if I were in your situation. It would be a different story if you made 40k and your income wasn't going up dramatically in a few yrs. There's a lot of idiots I've seen that took out home equity lines to pay for their boats with the justification that they can write off the interest. Meanwhile the house and the boat payments ate up over 75% of their income. In your situation whats another 60-70k of debt on top of the hundreds you'll have after residency? If you can swing a good deal most likely you'll be able to dump the boat after a few years for nearly what you owe on it.

liquidmx 04-01-2009 8:24 AM

This concept of "income going dramatically up" is a scary one to hedge your bets on. Its basically the same situation as the mortgage crisis. Everyone bought thinking...well the value will go up so I will be fine. <BR> <BR>What happens if your pay doesnt go up? What if you cannot get a job? What if you decide you hate the profession? Far too big of an assumption IMHO to be making this early in the game. Especially with this potential "government run healthcare" on the table.

srh00z 04-01-2009 9:59 AM

The financial aspect has been argued to a great extent. I will make my comments from a different perspective. I am a fourth year med student and I looked pretty hard at Ortho and did several months of Ortho rotations. In the programs that I looked into, the residents worked very hard and very long hours. I worked longer hours and more weekends with Ortho than on Gen Surg rotations. It would have been very hard to write the check on a depreciating asset that was sitting on a boat lift while I was at the hospital all the time. You will have a better feel for whether or not this is worth it if you do any Ortho rotations affiliated with a residency program. Private practice/non-academic Ortho rotations may give you a skewed view of the hours you will be working, so take that into account. Ophtho may be a different story. I worked in Ophtho about 8 years prior to medical school and their hours are better, but they still work hard. This varies of course between programs. You will be limited in both however in regards to the number of programs in Florida. <BR>I understand that you are just discussing it at this point, but I think you will have a better feel for what is possible after you do some elective rotations in your fourth year. I personally wouldn't buy until you have finished your intern year. Also, consider the fact that you will have to have somebody to ride with. As a resident, the off time you do wind up having can be at odd times of the day and you may not have anybody to hit the water with to get a pull. <BR> <BR>After reading my post, I thought I should add this. I realize that when you work hard at whatever you do, you want to maximize your off time, however little time off you may have. That is why I bought another boat last year, even though it made little sense for me to do so. I wanted to make sure I was able to enjoy what little time I did get on the water. I weighed all my options and bought used and something that I could afford easily. That was what was right for me at the time. You will have to decide financially what will work for you in your situation. <BR> <BR>(Message edited by srh00z on April 01, 2009)

j_dub 04-01-2009 10:37 AM

If you have to ask you can't afford it!


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