Economy forcing you to sell your boat?!?

timinfla2 said:
... But don't lose sight that you are already well ahead of the wealth curve simply by owning your own car, home, and/or boat... It's a tragedy to have to chose between your boat and your mortgage if that is your predicament, but the silver lining is that this will be a bitter lesson learned and if you learn from it, it probably won't happen again as you'll commit to a less-expensive boat that you could afford to keep in a downturn.
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That's precisely where I'm at and am totally comfortable with it. I am well aware that I am blessed, and our Sea Ray was bought at a great price with money we could afford and not financed. I'm in no danger of losing my personal residence home to foreclosure and there will still be food on the table every day (probably too much LOL).

Next spring, if I'm still holding onto a huge mortgage payment on an investment house that I haven't flipped yet, then I'll let go of the boat.... I can always get another one next year, or after the house sells. I won't lose any sleep over it; only frustration at losing one of my favorite toys for awhile. I've survived many years of my life without a boat and can weather that loss again if need be. Now, if I had bought a boat that was 10ft bigger on a 20yr note that put me upside down, then yeah I'd be in a whole 'nuther worrisome frame of mind now.

In the meantime, I can try to assuage my need for relaxation on a toy by taking a weekend cruise on my Harley which burns fuel at 1/25th the rate my Sea Ray does. And then wait a year, and buy another Sea Ray that scratches the footitis itch I have with the one I own now :grin:
 
Four Suns said:
Can we put a thread in an "ignore list" so we don't have to see it?
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I wish i could put the job I lost on the ignore list. Ya known the job I showed up to early for every day.... the Job I worked hard for every day, the job's alot of the US see's Detroit being "Too lazy" for, being sent to mexico because jose' will do it for 4 bucks an hour. :smt009 and I've got a degree!

EDIT: The media's to blame really. Detroit lost its thunder because some jacka$$ with a magazine was getting like a half a mile per gallon better in his jap made piece of crap and wrote about it. ahhhhh I don't want to get into it here.... lol I could write a book!
 
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jitts3 said:
My father always told me you can cripple the economy by the media talking it down. Basicly if you tell people that their in trouble, they will believe you. Now I did NOT vote for Obama, but as a veteran and an American...he is the President, so don't take this as bashing him, but he was and is loved by the media. They have kisses his rear the whole election. It is no secret that the media HATED Bush, and to admit I am not thrilled with his 2nd term is an understatement.
The media took the economy under Bush's presidency and tried to make it look worse then it was. End result, it happened. Now the media will take a little bit of good news, again with January all but in the books, there will be some better news, they will hype it up for Obama's benifit. End result, it will get better. Trouble is, you can't "cook the books" that easy, but when people start to hear good news they will loosen the urse strings. I only hope that out new President realzes he must continue Pro-Growth policys and not assume that taxing me to get Crackheads food is a good idea.
Time will tell but I believe, as someone who hauls our economy, it will get better.:thumbsup:
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With this point I agree with you. It would seem our economy is really driven by fear or greet. Both of which the media will have a feeding frenzy on. Now that Obama is President how long will the media be able to use the Bush excuse. Oh sure they will say “it’s going to take time”, hell Obama himself is already making that excuse. I do believe that the economy is going to get better sooner rather than later just because of the fear factor will be down played by the media which is so in love with our new President. Either way, we still benefit. I’m holding out hope here, hell there is not much else.
 
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It's times like this when I'm really glad I bought an older used boat. I have a small payment on it - don't mind paying someone a little bit of interest to keep some of my money available. I really feel the economy is going to pick up - but I think our habits need to change as well. I hope things work out for all here!
 
Four Suns said:
...What a downer of a thread. Can we put a thread in an "ignore list" so we don't have to see it?...I'm sure it's less but keep your chin up. Fuel is cheep and boat selling/buying season is a few months away.
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This thread is a reflection of the current state of the economy. Some are completely unaffected, while others are having really tough times. My apologies to those who came here to read about happy times on the boat, and my sympathies to those who are faced with the loss of a job.
 
Kameroo said:
This thread is a reflection of the current state of the economy. Some are completely unaffected, while others are having really tough times. My apologies to those who came here to read about happy times on the boat, and my sympathies to those who are faced with the loss of a job.
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+1

I did not read this as "I wish I could sell my boat" thread, rather "I may have to make the difficult decision to sell my boat because I have to, not because I want to." Folks are having to make tough and difficult financial/lifestyle decisions and it's painful.

I hear all the comments about the market will improve and things will get better. I am an Economics major and it's my schooling that tells me it will.

However, I can tell you, things ARE different this time around. Things have happened that NOBODY ever thought would happen. Lehman Brothers filing for bankruptcy changed things forever. Nobody, and I mean nobody, ever expected something of this magnitude would ever happen.

In my industry I have seen BIG changes, lots of layoffs and lots of cutbacks. Companies are not spending money and I am hearing over and over "we are waiting".
 
jrirvine1 said:
You must be referring to the song Obama quoted from today!!

Nothings impossible I have found For when my chin
is on the ground I pick myself up, dust myself
off, start all over again.
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Or maybe quoting the racist inaugaration prayer asking only 'whites to embrace what is right'.

What a crock. This guy was supposed to transcend race and at his earliest opprtunity, he gives a platform to a racist preacher.

Just imagine the lack of class that took. Imagine if W had a preacher give his inagural prayer and plead that blacks embrace what's right, there'd be an outcry from the Sharpton types.

I need a 4 year coma right about now.
 
timinfla2 said:
Or maybe quoting the racist inaugaration prayer asking only 'whites to embrace what is right'.

What a crock. This guy was supposed to transcend race and at his earliest opprtunity, he gives a platform to a racist preacher.

Just imagine the lack of class that took. Imagine if W had a preacher give his inagural prayer and plead that blacks embrace what's right, there'd be an outcry from the Sharpton types.

I need a 4 year coma right about now.
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I have purposely ignored all TV and media about the events yesterday. Are you serious? He said this?
 
I was successful at skipping the madness as well .... here's the full quote:

“Lord, in the memory of all the saints who from their labors rest, and in the joy of a new beginning, we ask you to help us work for that day when black will not be asked to get in back, when brown can stick around… when the red man can get ahead, man; and when white will embrace what is right. That all those who do justice and love mercy say Amen. Say Amen...”

uh - WTF?
 
"help us work for that day when black will not be asked to get in back"

Wow, unbelievable....can this man give us an example of where this is occurring in present day society?

I am close to speechless hearing/reading this....
 
I watched it, I'm glad I did. I can now feel secure in my new years resolution to not watch the news this year. I'm stressed out watching the news, it's either blowing smoke up my butt or making feel like the world is ending. I don't get anything from it, so i'm not going to voluntarily subject myself to it. I will look for alternatives to get the information I need.
 
mrsrobinson said:
+1

I did not read this as "I wish I could sell my boat" thread, rather "I may have to make the difficult decision to sell my boat because I have to, not because I want to." Folks are having to make tough and difficult financial/lifestyle decisions and it's painful.

I hear all the comments about the market will improve and things will get better. I am an Economics major and it's my schooling that tells me it will.

However, I can tell you, things ARE different this time around. Things have happened that NOBODY ever thought would happen. Lehman Brothers filing for bankruptcy changed things forever. Nobody, and I mean nobody, ever expected something of this magnitude would ever happen.

In my industry I have seen BIG changes, lots of layoffs and lots of cutbacks. Companies are not spending money and I am hearing over and over "we are waiting".
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Greg,

There is no doubt the economy will get better. However, the question is WHEN? Economic reports I have seen all indicate not until at least 2010 and possible as late as early 2011. The president's economic plan is to grow government by 600K jobs and that is supposed to create wealth. As an Econ major and a self employed business man, you know the Government cannot create wealth. Only business can create wealth.
 
Having read this thread I am surprised that no one has brought up the next issue that is going to face us and that is inflation. There is only one way that the government can handle all of the debt that they are incurring and that is through inflation. I don't know how many of you were around for the days of Jimmy Carter when interest rates on home mortgage were 18% were not uncommon. Who benefits from this, the government. You have inflationary gains in stock--these false gains are taxed, salaries inflate in order to keep up with the cost of living---people are moved into higher marginal tax rates. During inflation it is good to hold hard assets. All of the lower income people will begin to pay taxes because tax rates are not indexed to inflation. A guy like Reagan comes along and "lowers" tax rates so everyone looks at him like a hero. He adjusted income taxes rates in line with inflation.

Sorry to be the bearer of bad news--but put it in the back of your mind.

Mr Salt
2001 540 CPMY
Caterpillar C-12s
Cape May, NJ
 
Mr Salt said:
Having read this thread I am surprised that no one has brought up the next issue that is going to face us and that is inflation. There is only one way that the government can handle all of the debt that they are incurring and that is through inflation. I don't know how many of you were around for the days of Jimmy Carter when interest rates on home mortgage were 18% were not uncommon. Who benefits from this, the government. You have inflationary gains in stock--these false gains are taxed, salaries inflate in order to keep up with the cost of living---people are moved into higher marginal tax rates. During inflation it is good to hold hard assets. All of the lower income people will begin to pay taxes because tax rates are not indexed to inflation. A guy like Reagan comes along and "lowers" tax rates so everyone looks at him like a hero. He adjusted income taxes rates in line with inflation.

Sorry to be the bearer of bad news--but put it in the back of your mind.

Mr Salt
2001 540 CPMY
Caterpillar C-12s
Cape May, NJ
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Great point

"you know the Government cannot create wealth"

Yup, they can only redistribute it.
 
Mr Salt said:
Having read this thread I am surprised that no one has brought up the next issue that is going to face us and that is inflation. There is only one way that the government can handle all of the debt that they are incurring and that is through inflation. I don't know how many of you were around for the days of Jimmy Carter when interest rates on home mortgage were 18% were not uncommon. Who benefits from this, the government. You have inflationary gains in stock--these false gains are taxed, salaries inflate in order to keep up with the cost of living---people are moved into higher marginal tax rates. During inflation it is good to hold hard assets. All of the lower income people will begin to pay taxes because tax rates are not indexed to inflation. A guy like Reagan comes along and "lowers" tax rates so everyone looks at him like a hero. He adjusted income taxes rates in line with inflation.

Sorry to be the bearer of bad news--but put it in the back of your mind.

Mr Salt
2001 540 CPMY
Caterpillar C-12s
Cape May, NJ
Click to expand...

yes, this is a great point. Right now I feel we are in a deflationary period. My money buys more now than it did last year. Cash is king, but all kings must die. So i'm going to spend mine now before it's worthless.
 
Oh, he said it all right. Something to the effect that now Barry is here, the redman can get aheadman, the yellow can be mellow, and white should embrace what is right.

What a prick. If not for white voters, Barry would've lost to McCain.

-T
 
I am one of the fortunate few that still has a good job in these rough times. That being said, if something did happen I would have to sell or give up my house before my boat. I could not make my house payments on unemployment + my wife's salary. We made the mistake of adding on to our house three years ago (instead of selling it for something bigger) and now have a first, second and a HELOC....the plan was to refinance as soon as the renovations were complete however with the downturn in the housing market, we can not refi. and are forced to pay all three payments. I can make the payments without issue now, but without my job we would be on the streets (or in an apartment).

What really pisses me off about the whole thing is that I have put so much work into my house to improve it's value and now all my work is for nothing. I have done 100% of the labor on the following:

Gut the Kitchen
Gut the 1st floor bath
Finish the master bedroom addition (23X13)
Turn a 1/2 bath and 10X10 bedroom into a master bath w/ steam shower, heated floors & jacuzzi
Finish the basement
Build a deck
New landscape

All this work with my own sweat and I don't have a dime of equity to show for it. If I am lucky, I may be able to sell my house for what I owe :(
 
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