Suddenly boating isn't very important anymore

[Dave S]

I know many of us are affected by the disastrous consequences of what has happened world wide with the collapse of our markets, businesses, etc. There may be many of you who will be able to weather these tough times without major changes in your lives but there may be just as many of you who are literally in a life changing event. I am one of the latter since I am retired and therefore do not have a weekly paycheck but instead rely on my own investments and savings to pay my expenses. I am not here to whine and cry about my own situation but suffice it to say boating has to be pretty much put on the back burner for me for now. A boat is an expensive toy and it fits into the non-essential category at the moment. I am really going to have to wrestle with this one as I figure out if I can even afford the boat in the future even though my wife and I both love boating. In addition our son works for Wachovia here in Charlotte and in all likelihood he will be on the street in the not too distant future once Citi or Wells Fargo strike a final deal to buy them out so we are worried about that too and his two daughters that he is putting thru college. And talk is already eminating about the potential failures of large companies like Ford and GM due to the credit crunch and general market conditions. If we start loosing big companies like that then we are all in trouble whether we have jobs or not because the economy will slow to a trickle and many people wont have money to spend on anything but essential consumer goods.

Anyways I opened this thread not so we can argue about how to fix the economy or even what happened or who is to blame but to be realistic about how we all see this affecting us individually. So anyone that cares to share their thoughts please do so.

Dave

 

[chuck1]

Yes, it has been a very interesting 3 years now. :smt101

therefore do not have a weekly paycheck

Being a Realtor in a very rural second home market that peaked in October of 2005 I know first hand about not having a weekly income. :huh: Luckily we have not had the major foreclosures like other areas (Most of the places are vacation or future retirement places).
We just don't spend as much on non-essential items. We did not do any major trips this year. Keep the funds to pay for essential items like food, mortgage, kids college, etc.

 

[lorenbennett]

Dave I understand your pain. Myself, I am in a similar situation. A year ago I found out that my liver was failing due to a long term illness that went undetected for 30 years. The company I work for has both short and long term insurance on me, but my current income is 66% of a year ago and finishing up a divorce along with not being able to return to work due to illness has left me on a fixed income. One of the things I made up my mind to do is to remember is that God only promises today and I have made up my mind that despite everything going on around us, I really enjoy boating and its really the only pleasure in life that I have other than church. I can only live each day as if it's my last. I have no idea if a liver will come available so my future is as many is with no clear path. Thanks for starting this thread is helps me and I am sure others too know that they are not alone.

 

[67vetteal]

Dave, your pain is evident, as it is for so many people. Naturally, people start looking to place blame. As the politicians like to say, the blame is everyones, but mostly not thiers! Corrupt Political goals combined with a theology of Socialism where everyone shares the wealth without accountability of effort is killimg the American dream. A DAYS PAY FOR A DAYS WORK is gone! We are Taxed, Taxed, and Taxed to the breaking point. Earn money and your earnings are Taxed. Invest and earn and the Capital gains issue enters your pocket. Purchase and your penalized by a Tax.
Are we becoming a Socialist state? Al W.:huh::smt100

 

[seadogz]

you should not worry about it

 

[Turtlesboat]

Dave, lucky for you in these times that you have the option of putting the boat up on the hard when times get tough. If things don't get better by next year, maybe leaving your boat in storage is an option for a year. It'll be there when you can afford to put it back in the water and run it around.

 

[Dave S]

Loren..........I am very sorry to hear of your problems. It kind of makes all this other stuff irrelevant and our problems seem trivial compared to what you are facing. I wish you the best and I hope a liver donor becomes available for you soon.

Mike.........my boat will stay in the water for now because my slip fees are paid until next spring. However, next spring when I have to pay my slip fees for the year I will have to make a choice of whether I should continue in boating or get out. Right now I am more concerned about being able to help out my son his wife and my grand daughters who are both in college if (probably when) he loses his job at Wachovia. If the boat has to go it has to go.

67vetteal.........I agree with you but there is little that can be done about it right now. We are not a socialist state yet but it seems like we are getting closer and closer.

In the meantime I can still have fun discussing boating with all you folks here on CSR. :thumbsup:

 

[wetpaint]

It is amazing when we go back a year or two (even on this discussion board) how we the common folk hinted and/or discussed problems we might be having with the sub prime mortgages, corporate greed, the value of the dollar and the economy.....I don't think any of us ever, ever thought what we saved and earned in five years would be lost in two weeks though....The economy will rebound and recover to where we were a year ago. I am young enough, but for all the people living on a fixed income from investments, our government has failed you big time.....We the common folk knew this was coming, how didn't they? Maybe my boat was a good investment....Oh ya, I've lost 30% on that too!! I sit on my boat now for one last long weekend before she takes a long winter nap and I can only say, I'm glad I have a boat as an escape!

 

[tmhudson2]

In addition our son works for Wachovia here in Charlotte and in all likelihood he will be on the street in the not too distant future once Citi or Wells Fargo strike a final deal to buy them out so we are worried about that too and his two daughters that he is putting thru college.

Dave, I saw last night that Wells Fargo will be the acquiror of Wachovia, not Citibank. While Wells will certainly want to eliminate some duplication, from what I understand there is very little overlap between their two organizations except for the California mortgage company Wachovia recently acquired, and that Wells would need the majority of the Wachovia folks to run that banking operation in their traditional markets in the Southeast. Let's hope your son keeps his job, and who knows, he may even have a chance to shine and advance.

 

[chuck1]

In the meantime I can still have fun discussing boating with all you folks here on CSR. :thumbsup:

Big ditto:thumbsup:
Between this thread and a couple of the others like the one about desperation, I've been very proud to call myself a member of the this group. The outpouring of support I've seen has been 1st rate. Thanks all.:thumbsup:

 

[Sorrento 25]

Its only going to get worse as the rich keep siphoning profits at the expense of the middle class, and now that their spigot has been dialed back they will become even more vicious as they struggle for profit at our expense. My parents lived on one income, saved half of it, and lived well on the other half. Try that today. Boat as long as you can because pretty soon only the rich will be able to boat. I know I will be boating as much as possible especially while gas prices are down again for a bit. When the boating is over sit tight because it will be only a few more year until their payback comes due. The lessons of history have obviously been forgotten by the money-drunk power-mongers.

 

[MC1600]

Dave - this is starting to become so widespread, I can certainly understand your difficulties. But like the other have said, hang in there, buddy!!

I got a dose of reality yesterday when I went down to MM to pick-up a part. The place was seriously a MORGUE!! As I got talking to the service guys, they were saying they have not rigged a new boat in nearly SIX MONTHS!?! And haven't received a new boat from SR in over two months!? The guys are so desperate for work they've taken to calling passport customers to see if they might need anything done.

Sorry to get political, but the unfortunate part is that if we end-up in a situation where our taxes go up and the economy takes much more of a hit, we're going to end-up just like the Michigan and Ohio economies!?

 

[Sorrento 25]

It is very sad and I bet I'm even starting to sound like a liberal. Bottom line is I think its only going to get worse and we have to enjoy what we can while we can. Boat boat boat!!!

 

[Turtlesboat]

Dave, you're retired, you know a lot about boats, have a great interest in boats, why not make a little scratch on the side helping others on the lake with their boats? Maybe do some work at the marina part time for a free slip. some ideas.

 

[ghuskin]

Dave - this is starting to become so widespread, I can certainly understand your difficulties. But like the other have said, hang in there, buddy!!

I got a dose of reality yesterday when I went down to MM to pick-up a part. The place was seriously a MORGUE!! As I got talking to the service guys, they were saying they have not rigged a new boat in nearly SIX MONTHS!?! And haven't received a new boat from SR in over two months!? The guys are so desperate for work they've taken to calling passport customers to see if they might need anything done.

Sorry to get political, but the unfortunate part is that if we end-up in a situation where our taxes go up and the economy takes much more of a hit, we're going to end-up just like the Michigan and Ohio economies!?

And in Michigan we have had Democrats running the show. Is this the example we want for the country? Tax and spend, tax and spend, then tax some more until there is no business left and you have to rely on the gub-mint!

has anyone ever read "The Wealth of Nations" by Adam Smith? Anyone who hasn't should do so before they pull the lever!

my .02

Gregg

 

[Nehalennia]

Dave, Loren and Chuck
I hope that quickly things begin to improve for you guys. Having twins Mo and I had to severely cinch the belt when we learned we were having two and her going back to work after a few months wasn't going to happen. We had to adjust to my income alone. It was a very difficult and stressful time. The one thing we agreed kept our sanity was going out on the boat.We got rid of many creature comforts, downscaled our vehicles, very few dinners out, but kept the boat.

It was our stress cleanser and we were fortunate to be able to take short inexpensive trips. Much like today, We could pick up the boat 10 minutes from home, pack a cooler with sandwiches, sodas, water, wine and bee. Then grab a change of clothes and the Diaper bag and drive 15 minutes to the launch and a 30 minute boat ride later we were in a Small harbor on Whidbey Is(Langley, WA). We would sit there and relax spending very little $$$.

I'm not sure about your lake and if you have small close destinations like that, but I highly recommend it.

I'm with you guys and wish you the best.

 

[AndersonAcres]

I felt something like this meltdown was coming, and that was one of the main motivators of us selling the boat earlier this year. We were lucky that we did so. I'm sure happy we don't have that monthly payment. That said, we still have our sights on a 340 SD, but lately we've been seeing that purchase dwindle into the far horizon. It's almost like looking through binoculars backwards. The 340 is now that far away.

I really enjoy the perspective on the Great Depression contained in Michigan's Mackinac Center's "Myths of the Great Depression", which pulls together much valuable information into a small PDF available for free here http://www.mackinac.org/article.aspx?ID=4013. I highly recommend the essay. It clearly distinguishes Coolidge from Hoover & Roosevelt, and points to Roosevelt’s broken promises from his first campaign. (a harbinger for the 2008 election?)

I am definitely of the opinion that we are given tests as we go through life, and that we obviously either pass or fail those tests. As time continues to march on, we're re-presented with the tests we failed and once again given the chance to pass them. The current financial meltdown may just be revisiting the failed tests of the "Great Depression", and the chance to pass those tests, undoing (and not adding to) all the 'crap sandwiches' of the New Deal.

 

[mrsrobinson]

Great post and thank you for posting this. I have been asking myself how the folks who are retired and living off of their "Wall Street" investments are doing. And, I always say to myself and my wife "I hope the market is up when we retire".

We have made some adjustments in our lifestyle just to be cautious, and boating is one of them.

 

[Skip]

We have relatives who just lost their cars and house. They made poor choices that were sustainable only in optimal economic times. Now they live on food stamps.

America has overcome far worse. We have much to be thankful for. I just spent three days at the Association of the United States Army Fall Meeting. I saw many old friends. I also saw many wounded warriors.

A dear friend of mine, immortalized in Gary's Port Kinsale Post as the "bully" on my boat, is an Army Colonel with two tours in Iraq. Next week he will go to Walther Reed to get shrapnel removed from his head and neck, and his cervical spine fused-the result of an IED blowing his HMMWV in half. Nobody in the back of the vehicle survived.

Hardship is all relative.

Lost in all the economic turmoil is the fact that we have won the war in Iraq, and we will now get on with business in Afghanistan. When was the last time one of the lefty papers blathered on about Iraq casualties? The homeland has not been attacked in seven years.
Housing? One man's foreclosure tragedy is anther man's opportunity to buy a home for the first time.

So yup, we are in hard times. I do not mean to marginalize the very real hardship so many of us are enduring. But it is all relative.
Remember that Lee Greenwood song? Every material thing I own could go up in smoke today. Tomorrow, I would wake up an American, hug my wife and kids, and I would man up and start over. It is what we do. It is called American Exceptionalism.

Or we can become like the French. No, thanks.

Skip

 

[tobnpr]

Not criticizing, but I think that a lot of individuals who are retired, or near retirement, perhaps didn't follow basic investment principles by gradually moving their portfolio from stocks to bonds and cash as they neared retirement age... the same greed that drove the housing/mtge market into the ground... "It'll keep going up and up..."

My business is beginning to be affected (commercial construction), but not nearly so as much as the residential sector. But, it's coming...
My belief that it is coming (for me) makes me "pull back" on spending, of course. Pulling back on spending further drives the economy into the ground... a vicious cycle.

Our economy is driven by spending. Spend, spend, spend. Problem is, the spending that's been going on for so long has been funded by borrowed money- all those "easy money" home equity loans. Without credit flowing, spending slows/stops, people get more anxious and pull back on spending even more...

Gonna be a lousy Xmas season for the retailers (and many families)...