A recent friend of mine recently asked me what do you think about buying a yacht if you got the money?
Short Answer I would never spend a majority of my money on something that will decrease in value a few years down the road
Long Story and Long Answer
A majority of people look to spend the money they just made for example I make passive income every month and say instead of putting that money back into making more money I go out and buy myself a nice car after all i deserve it I worked very hard for it for many years building company’s
but the truth is that its not over after you buy a luxury car like that there is also hidden cost assosiated to that purchase you dont know
since I wish to buy a new car there will be some serious depretiation right after I drive the car right off the lot of a dealership so say I bought a car for 100k after I drive off the lot the car may now be worth 90-95k now so thats 5k just for driving it off the lot
and I didnt even spin out or anything
I just drove it off the lot
next it has to constantly look good a luxury car is not really a luxury car if its all beaten up and brused so you have to take expetional care of it with the proper equipent as well meaning you have to wax the car every 3 months, do an oil change every so many miles or months, keep the leather in shape and clean it after any major spills
there is many things you have to worry about, gas will probably more expensice since you are running a sports engine with higher compression you will need more stable gas so higher octane gas is needed for your rig and not to mention the price tag along with it even though it cost 5 bucks more I cant compaine its worth it
Now I am just diving int the negitives of owning something nice
here is the positives a new car has defenetly less problems then say a used car and will probably be more fun to drive since it is new with that new car smell
the speed and fun is more or less what makes owning a nice car
so back to the yacht
so say you bought a yacht you spend a measly 3 million to aquire a nice 100 foot yacht so now you are faced with new problems like
were would you store it
when would you use it?
why do you need it?
What will you tell your wife?
so there is just some of the larger problems each yacht owner faces when he acquires a decent sized yacht
so enough with the negative, I hate negatives
but there comes a freedom to go anywhere you want say your boat is stationed in Miami and you and your wife would like to take a short vacation in the Bahamas you could do that. Since it doesn’t take much to get there from Miami and plus the experience of yachting is more then worth it since you can sail almost anywhere your hearts desire as long there is a place to store your boat and the seas are not to harsh on your boat
but my soul advice to anyone looking into buying a yacht or anything expensive in that matter is it should not be your greatest investment other wise your in trouble because it will drown you since you have most of your money sunk into this toy its not going to do you or anyone around you any good because to keep this ship afloat it needs money to move
so if you would like to try it out before you buy it check out a yacht rental before you do anything