Boat Owner's Question???

Ok bare with me.... I have a weird question.

I would like to know what all of you boat owners do for a living.
I want to know what I should do when I grow up, so that I can afford to support my wakeboarding habbit. How anyone can afford a 50-60K boat is beyond me. Please only those who actually own a boat, or I guess you could tell what daddy does for a living.
Thanks for humoring me.

Automotive master tech....Start early, learn as much as you can and pick a marque that pays (I chose BMW and Mercedes Benz). It's a great business and at 25 it has afforded me both a boat and a house, but like anything else, you have to put in your time. Good luck.

Evan has got it....work hard and smart. And it's all in where your priorities lie. If wakeboats are a priority other things(toys) may have to wait. And you can start less expensive boat and buy/trade your way up. Or if you have a very good friend or relative you could split the cost. Good Luck Red.

Or, just get a decent regular old ski boat and add a pylon and fat sacks. Think about it, you dont have to have the highest end wakeboat to get good. Then you will have cash for other hobbies. Plus if you live in an area where you have long winters, it would SUCK to have to make payments on a 50k boat that you are only using a few months out of the year. But that's just my perspective and although wakeboarding is a big part of my life, I have more hobbies then time allows. Oh yeah, I guess your original question was, what type of job to get. Well, I work in the computer software industry. Yeah it sucks to sit at a desk all day long. But it pay's well, and at least Im not to sore to wake board or whatever else I want to do, becuase Im busting my butt doing manaul labor all day long.
Good Luck!

Started out in general construction during and after college, tour with the Marines, about a decade in the USCG - learned environmental, now working as a professional environmentalist. Have a side board shop. Put in about 60 hours a week working. Have a great wife to support it all and help raise the kids. Got the cool boat at 39 yoa.

Choose well, work hard, be patient. Remember, your salary reflects your rarity in the supply/demand market. No skills or common skills - low wages. High level skills in demand coupled with a good work ethic - high compensation. Choose a career path well. I know a lot of guys who got the easy factory job with no responsibility and have been replaced by technology, outsourcing, or a complete change in market.

I'm a commercial construction project manager. But I don't think what you do is as important as making the right decisions. Don't be in a great big hurry to bury yourself in debt for recreation. Get an education, make your career choice, and stay out of frivalous, credit card debt! Yes, there are a few on this board who can afford to have it all at a young age, but if you check the majority of profiles I believe you'll find that most of us boat owners are at least late twenties, early thirties (if not older). Be patient and you'll be on the water before you know it! Good luck.......

Thanks for all your encouraging comments. I am currently going to college, and I do have a cheap crappy little ski boat. Got to start somewhere.
I guess my next question is....

At what age were you when you bought your first boat over 40K.

Also I'd still like more answers of everone's occupation.

You know what. How about even what age when you bought your first boat over 30,000 too.

Start Spamming...only kidding

Enron accountant

Martha Stewart's "partner in crime" sounds like a high paying job to me

Sales...work as much as you want - make as much as you want.

Med school baby.

web designer, although I don't own a boat over 30K...

If you really want to spend $50k on a boat, then the easiest way is to reduce spending elsewhere. Assuming a 5-year loan at 7%, you'd be set with $12000 per year (roughly $990 per month according to bankrate.com) to spend on the boat payment. That's a lot of money, but most there are a lot of jobs that pay more than that. In fact, working 40 hours per week on minimum wage pays $12000 per year. If you can cut out all the unnecessary expenses from your life then that $50000 boat doesn't look too unattainable.

For example, buy a house you can pay off in ten years, It might be small, but it would free up a lot of money when you're done. I know that my house is my biggest expense. You might even consider getting a decent mobile home on a 1/4 acre lot. That can be had for $45000 or so around here. Also, don't spend a lot on cars. Get yourself a cheap reliable nearly-new commuter car and a cheap old used truck for boat towing. Also, the one thing I always recommend to people tight on money is to ditch your cable, satellite, etc. Some people think this is the equivalent of killing their firstborn child, but it would free up $30 - $50 per month. Also how often do you go out to the movies, eat out instead of getting cheap food from the grocery store, etc. The little things really add up.

This probably isn't the answer you're looking for but I guess my point is that the $50000 boat isn't too far out of reach no matter what you do for a living as long as it's a high enough priority.

The biggest downside to all this pennypinching is that you'll probably start thinking that the $25000 three to five year old boat is looking a whole lot better than the $50000 new boat.

Dante Good Post! Your next post should be how to be a Millionaire when you retire

Thanks again for all the responses and the financial advise.
I'm almost done w/ school. I'm just hoping to make enough to support myself and my kids, and get out of an abusive marriage.

Maybe subliminally I'm looking for what occupation of guy I should date locally. I'm just going to have to marry money!

Seriously though, I'm still a little curious what everone does for a living that owns a boat.

it depends on your lifestyle, family size, living expenses, debt, earnings potential, etc. i have worked on wall street for 13 years making multiple 6 fig income. my wife pisses away 12 cents for every dime i make, so even if you make coin it's not the only factor. good luck red!

Oh hell, I didnt realize you were female. Well depending on your moral's there are plenty of ways to make enough to afford a $50k boat.

(redrockbaby,Im completely kidding by the way!)

Oops, I got so focused on my financial observations that I forgot to add that I'm a computer programmer. We don't make as much as people think we do. The average starting salary for programmers was only about $30000 per year last I looked. There are fields in the computer industry that pay more on average. I don't know exactly what my cousin makes per year but he can afford a nice house just off the lake, a new Jeep Grand Cherokee, and a 2000 Sport Nautique. He does computer data warehousing.

LOL Ryan, sure makes you think differently about "bare with me"...

I used to think it was fine to aspire to make as big a monthly salary as possible and figure out just how many monthly payments I could afford with that money-- mortgage, car, boat, more toys, more toys, etc. All part of the monthly rat race.

Then I got some sense knocked into my head and stopped trying to make more and more every year and rather start investing much more wisely.

I set my sights on a new ski boat (owned a 20yr. old I/O right after college) and used investment returns to pay cash for my Sanger as well as my suburban that tows it. Now this doesn't mean ANYTHING other than the fact that I don't make monthly payments on either of these two assets.

My point is that I manage my money and my investments differently than most who live in the monthly rat race, as I suspect many folks who own 30K,40K,or 50K+ boats do. To each their own, though.

What do I do for a monthly salary? Computer stuff. I do computer stuff because I still don't make enough from my investing to quit my day job. But it doesn't really matter WHAT I do compared to HOW I manage my money.

RedRockBaby- my advice to you is to pick something you LOVE to do. Hopefully it makes a decent salary but not necessarily a huge one. Then really learn how to invest your money so IT makes the money you want for the toys that your monthly salary can't afford.

Ok guys, I'm not really looking for a career choice. I've got mine chosen and I'm almost there. I'm mostly just interested in what people do.

As far as Ryan's idea. I might have to look into that. When you see me with a new SAN in a while, you might know why.

Here are a couple more tips.

If you have a buddy that is into wakeboarding as much as you, goes with you all the time, and is someone you can trust, look at going in with him as a partner. I did this and it can save you a ton of cash.

Second Dante mentioned the cost of a boat on a 5 year loan. You can actually amortize a boat out to 15 years and that drastically reduces your payments. Say you spend $60,000 at 9% for 15 years your monthly payments are $608.56 a month. Split that in half and it doesn't look as expensive. Now take a $40,000 boat at the same time frame and rate you are looking at $405.71 a month. Again split that in half and you are looking at $202.85 per month.

But you can always get a used wakeboard boat in good condition in the $20K range.

Hey Ryan
Will you be my pimp?\clipart{rofl}

Redrockbaby, I normally don't preach but don't you think before talking about a boat that you should get you and your kids into a safe environment? I mean if your in a abuse relationship, that should be your first priority.

Then I can think of a hundred things you will need to do before buying a boat. Why don't you start to network in your area and look for people close that you could ride with on a normal basis? That way you would only pay when you go out with them, instead of having a payment.

Oh and by the way to answer your original question: Software Sales

Go to college!!!
Get a Degree and it will open up more doors than it will close if you dont have one.
No offense to all in construction! But if you want to earn good money and not have to do LABOR work i.e. Construction, get a degree and go into sales or computers. You can never go wrong and there are always poeple who need people to Sell. Just my 2 cents.
By the way I am in Medical/Pharmaceutical Sales.

HEY REDRock, I don't think anybody asked what you are in college for...What's your degree in....Stay with something you love....Get away from you husband...and find someone who loves to do what you do....I work for the fire dept...and own my own business on the side....Chimney Sweep...good luck...god bless

Hey RedRock. I think College is great and you should put your best effort into it (and everything else you do for that matter). I, like many others who post on this sight never graduated from college but own my own business (Mortgage Planning). I've been very fortunate to make a good living while helping other people understand and choose the right home loan to fit in with their families short and long term financial goals.

Take Care
Mike

P.S. Read "Rich Dad Poor Dad" and learn how to make money work for U.

I've got a degree in Business Management.
Fact is:
I own my own business: General Contractor.
Did I need to go to college to do this? Yes, I did gain knowledge that has helped me greatly.
Did I need a 4 year degree to do this? No!!!
My point is: If your going to work for somebody else, then being able to write UNLV, BA Business Management on your resume is very impressive, and will get you farther than not. In fact I got recruited into a very good job right out of college, which did set me up to buy my first home, and start my business.
So at 26 years old I was able to start a business, buy a home, own my truck, and buy my wife a very nice car. At 27, I am just barley able to qualify for my boats $35k financing. I make enough money to take on a 15 year on whatever comp boat I want, but when you buy a luxury item, they look at your credit with a fine tooth comb. I can't put more emphasis on building and guarding your credit.
It might not seem like it now, (right out of college) but there will be a time in your life when buying a house will take precedence over everything else. When this happens, your going to really question whether a $40k boat, and a $30k car is worth it.
(All this is just something to chew on)
DK

Hey, if you need a pimp. Im your man redrockbaby. Although, my wife may not approve of that.

I agree that it sounds like you should get your priorities in order.

1. Get out of the abbusive relationship.

2. Don't look for a guy based on income, it will probably leave you in a new abusive relationship.

3. Stop coveting other's property, and learn to be happy with what you have now, and work for what you want, not what others have.

4. Learn to manage money so you have have what you want.

It is not so much what you do, but that you enjoy what you are doing. I would hate it if I made millions, but was miserable doing it.

Like I tell my wife when she gets stressed about problems, all the details don't matter as long as we are together through the details.

Hey Rob great advice.

Don't worry about trying to buy a new xstar or whatever, just manage you money so there is always cash for fuel, beer and chips and enjoy whatever you ride behind!

Sure I'd love an xstar but its not gonna happen for me unless I change my career path which I'd rather not do as I don't see the point of working my fingers to the bone doing a job I don't enjoy when I can just coast along and enjoy myself. I love my job (its computer related but not really technical) and whilst the wages are not great I can still afford my mastercraft, tow vehicle, house etc and not have to worry where the money for gas comes from!

Go to college, get the qualifications but dont work a 9-5 job you hate just to pay for a boat. Theres much more important stuff out there!

Should have known the "Redrock" was from Southern Utah. I love St. George and try and get down as much as possible.

I'm an attorney with my own law practice. My .02 is to live below your means as much as possible.

Ahh Southern Utah huh. Im heading there in Oct to do some mountain biking. Never been there, but Im looking forward to it. Oh, this has nothing to do with this post, sorry.

Redrock,

Are you LDS?
. You have all the signs.
Married young, have kids, live in St George.
Talk to your bishop about your husband. Get the hell out of St GEorge. Move to Vegas or So Cal where there is a big LDS population and get on with your life.

Thanks for all the lovely advice.

Ryan,
I'd hate to cause I prob w/ your wife, so I'll have to find me a new pimp Good choice to come to So. Utah. Great biking trails. Great snowboarding. A lot of great hiking in Zion!

Erik
You hit the nail, and I'm working on it. Only problem is I LOVE St. George. So much to do and close to family. Also got a great job and starting my own buisiness I work from home, and am starting to make a good living. Almost enough to leave now.
As far as wanting a new boat and all that. I know it is a dream for the future. I'm happy to just get out there for now.
And for all those who post financial advice. I'm very responsible. Have a 401K, stock plan, retirement plan, all of which I will be happy to split real soon

IMO teaching is the way to go - granted you don't make a ton of cash but three months off a year ain't bad! I love it and you can live anywhere you want. During the summer I wakeboard 7 days a week.

Here's what I do:

Don't use credit.
Pay cash for whatever you can and don't buy what you can't.
This method has allowed me to buy 2 boats in the past 2 years - paid cash for both and still own both (used - the only way to go).
My friend asked me how I can afford my boats the other day while she was buying something useless and putting it on here credit card. I told her "I don't know, just lucky I guess".

Redrock,
I hope all goes well for you. If you are ever down in SoCAL look me up and i will take you out to ride. I will be coming through St George 2 times in Sept. GOing to Lake Powell on Sept 1st and again on Sept 23. Best place ever to ride. St George is a neat little town but it is Small and in small towns everybody knows everybodys business. Good luck with your business and when you get your degree drop me a line and I can get you some interviews in my industry. And then you can buy any boat you want.
Erik

don't buy things on the internet because you tend to spend money quicker than you would if you paid cash.
check out people's profiles to see what they do for occupations.