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Saving for Boat Purchase
Posted on 12/8/18 at 5:51 pm
Posted on 12/8/18 at 5:51 pm
I'm taking a new position at work soon. It'll be a nice raise and will allow me to start saving for a new boat. What's the best investment medium to use for this purpose? I'd like to start putting a payment in every month. Savings account? Money market? CDs?
I won't be one of those guys financing a $100K boat over a ten year period.
I won't be one of those guys financing a $100K boat over a ten year period.
7
Posted on 12/8/18 at 6:17 pm to Aubie Spr96
Somebody told me, “what you want is a friend with a boat.”
Then he said,”A boat is a hole in the water that you pour money into.”
However, if you are saving to buy something over a period of months, a money market account is a good option.
Then he said,”A boat is a hole in the water that you pour money into.”
However, if you are saving to buy something over a period of months, a money market account is a good option.
Posted on 12/8/18 at 6:18 pm to Aubie Spr96
I don’t know about saving for it but I really think the best advise I could give you is don’t buy a new boat. Start saving and research exactly which boat you want during that time. Once you start getting close, like 6 months out, start searching for the boat. If you don’t rush and keep looking you will find a barely used boat at a much, much lower price.
Posted on 12/8/18 at 8:33 pm to Aubie Spr96
Don’t let them talk you out of it. Owning a boat is awesome. Hell yeah it costs money, but frick it, you have a boat.
Posted on 12/8/18 at 8:42 pm to Aubie Spr96
You need to figure how many times a year you will be running it
If less than say 1 a month, or 12 trips a year, forget about it..........
12 trips a year is a lot for most
Yea over the summer you may run it say 6 times.. .then what
If less than say 1 a month, or 12 trips a year, forget about it..........
12 trips a year is a lot for most
Yea over the summer you may run it say 6 times.. .then what
Posted on 12/9/18 at 11:02 am to Aubie Spr96
Don't listen to the poor limp wrists above that can't afford a boat and can't turn a wrench when something inevitably goes wrong.
FWIW Ally has an online savings account with 2% APY.
FWIW Ally has an online savings account with 2% APY.
Posted on 12/9/18 at 10:12 pm to Aubie Spr96
I use Amex for our savings account. Apr is 2% right now.
Posted on 12/10/18 at 11:32 am to Aubie Spr96
Don't buy the boat, take half the money you would have spent buying the point, and send it to me, in five years you can send a card thanking me for the money you saved.
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