Being financially irresponsible, responsibly.

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Quote

“Make decisions that your 80-year old self and 10-year-old self approve of.” - Sahil Bloom

Figured this went well with today’s post, let’s get into it. 🤝 

I Bought A Boat

In this post I’m going to get a bit personal and share a recent story about how I did a financially irresponsible thing, responsibly.

There will be things in life that don’t make perfect financial sense, yet make all the sense when it comes to your goals and happiness.

The hard part is knowing how to enjoy the things you have always wanted, without digging a financial hole that you will have to live in forever.

Personal finance is personal, so finding that line will be unique. As an example here is a breakdown of my boat purchase.

The Booga

Be hold “The Booga.” (thank my gf for the name)

Jack Sparrow might laugh but she’s 12 feet of pure aluminum that is a fish catching machine. As many of you know I grew up on the coast of Texas in a rural area. Thus, fishing is one of my favorite hobbies.

For the longest I fished out of a kayak, until I saw this boat for sale on Facebook marketplace. One test drive and motor start later I handed over $2,400 to Mr. Tony and drove off into the sunset with The Booga.

Toss in a few trips to Home Depot, a couple weekends sweating away in the barn, a six pack with my dad, and The Booga had a new custom deck complete with hatches and sea foam.

The rest is history….but what did it cost me?

What It Cost

Let’s take a quick look at the numbers so we can see what kind of dent this fine vessel made on the wallet.

• Boat, motor, trailer: $2,400

• Home Depot materials: $390

• Amazon deck foam: $270

• Registration: $260

• Total: $3,320

Not terrible. This was actually a fairly good deal as the motor was brand new and bought last year for $2,200 (according to title and purchase receipt). Knowing this I figured I can likely sell it for close to what I bought it for in a couple years.

But who knows, I might just keep The Booga forever.

The lesson here is that if you are going to break a money rule, do it in a way that doesn’t cause you to throw away your entire financial plan. I could have went and bought a $30k skiff, which likely would have came with a ~$400/month payment. Instead, The Booga is going to cost me less than the interest would have been on a “normal boat” loan.

Why It Was Worth It

While buying a boat is often considered dumb, it’s one of the best purchases I have made recently.

Why?

Well, my dad and I had one of our best fishing days of our lives the second time we took it out. It is a trip we probably talk about for years to come and a memory I will have forever (it was awesome, schooling reds everywhere). Hard to put a price tag on that.

I’ve also been able to go fishing with multiple friends, explore new places, and take out my girlfriend (when she wants to wake up).

Put those together, and it’s not hard to tell that it was money well spent.

Conclusion

So while we all know boat stands for “bust out another thousand” it looks like The Booga is going to be a relatively cheap option that will scratch my boating itch.

This is a personal example, but we all have those things we want that don’t make financial sense. Hopefully this piece gave you an idea of how you can be financially irresponsible, responsibly.

Build up an emergency fund, shoot to save and invest 25%+ of your income, and then have some fun.

I’ll see ya on the water. ~ Cade

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Nothing in this email is intended to serve as financial advice. Do your own research. Thanks for reading, if you have any questions, comments, suggestions, etc. about the email don’t hesitate to send me a reply.