£100k

N

nimbusgb

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A long way from my boat! :(
www.umfundi.com
How long could we eke out £100k or so? 38' yacht currently in the Med, Greece. Boat has new everything except motor. 2 adults 2 kids ( would need home schooling ). I could earn some income through skippering, repairs etc and I am hoping to get some secondary income from some web businesses I am getting going. But ignoring that how long would the 100k stretch?
 
How long is a piece of string? One year or 10 years or more.

How much do you need to spend?
What sort of lifestyle do you need?
Where are you going to be?
How old are the kids?

IMO 100K the boat and no debts then you could last forever if you go somewhere cheap abd work a bit. BUT that may not allow you to educate the kids or then again it may.

There is no easy answer. Exchange rates have a big impact when spending but you can't plan for them too much.

In our case we plan on £10K per year fro 2 plus boat (we treat the boat as an extra person in terms of costs) /forums/images/graemlins/smirk.gif
 
Kids 17 ( needs to do A levels then off to Uni or distance learning, bright lass) and 13. Boat paid for. Would be in a position to set up a comprehensive workshop ashore somewhere with tools in a place like Greece or perhaps Turkey but that would involve rent, still an option.

Lifestyle? a nightly bottle of red and a good book and the occasional TV movie good for us. I can write software for fun!

Location, wherever there are a few English speakers about and some damn sunshine!
 
Whenever a question is asked on this forum the answer is always how long is apiece of string. Well I don’t have an answer to the first question but a piece of string is four foot three and a half inches, I know because I just measured it.
Also the only way a £100K would last for ever is if you didn’t spend any money, I’ve never found anywhere that cheap.
 
Assuming you arent running a home in the UK, and you dont eat out a lot, and you dont use marinas from at least April to October, I would guess at 4 years, maybe 5 years.
 
Went off sailing in the early 90’s then came back. Went off again in 2001 with an 18yo. His bigger sister had already done UNI and moved out. He went off to UNI the following year.

IMO the biggest issue was the life style we wanted was not the one a teenager wanted who had not grown up sailing. I would think the 13YO will take it in his stride the younger you start them the better. But teenagers will cost you more.

As for setting up a business ashore – then you are competing with others and all that entails.

Still better to go and come back just before you run out of money. That’s exactly what we did and are now planning to go off again. It was to be this year but is now next as I can’t sell the dam house…………….

Just go for it. You are a long time dead and have more funds than many
/forums/images/graemlins/smirk.gif
 
In 2001 we had 1 teenager, boat, no house, no debts and about 100K in the bank. Managed to do some deliveries and found the money was running out after 4 years.

Would probably have lasted no longer if we were not in the MED but not that much longer……
/forums/images/graemlins/smirk.gif
 
If we leave out the kids, on what you want to do - ie a book & a bottle of Red, you should be able to get by on around say 1000 per month on food booze etc.
Depending on your ability to do DIY on your Yacht, say around 5 grand for bits, insurance, diesel.
So around 15k costs with no luxury's per Annum.

unfortunately you are not going to get much interest on your 100k so reckon on 5 to 6 years befor the dosh gets tight. You could go to the Pacific & live a lot cheaper.

GFI

poter
 
In Greece last season we (two people) spent a total of £600 on fuel and berthing between May and October. Plus £130 on Corinth Canal transit. Total distance covered 1300 miles.

Our total outgoings for our period away, includes driving out and back but not ferries, were 6000 Euros including the above.

Food costs were virtually the same as back in UK, with Euro to Pound better for us then than now. Tavernas at least twice per week, sometimes more.

Free winter berthing is quite possible if you are aboard.
 
What A levels? Most would not be easy at a distance, particularly half way through a course. Exams have to be sat in approved centres. Education 13 - 18 is not impossible aboard but it is not easy if good results are important. I was a teacher but still did not fancy educating my kids in isolation. Students gain a lot by discussing things with others on the course. It is hard to provide this, it is much harder to teach a class of 3 than a class of 12. We left UK as soon as second went to uni. If you base yourself in one place and send your children to a fee paying International School then your 100k would not last long.
 
Their is <u>no</u> answer (here) to your question.

£100k onshore or afloat ain't gonna last forever but will last at least 2 years (unless you have addictions to online gambling and crack cocaine) and by then you will know your own answer(s).....IMO £100k is a good start in life - whether onshore or afloat, aged 21 or 51........it's simply a matter of what you then do with it / your life - and the answer to that one varies from person to person in motivation and capabilities........IMO if someone is willing to mix up sitting on their backside with some money making no fundamental reason why yer can't come back after 5 years wiv yer £100k pretty much intact, even if it has been up and down over that time.......always opportunities in life. Simply a matter of recognising and then doing something about them. Same onshore as afloat.......

Bon Chance /forums/images/graemlins/smile.gif
 
I am broadly in agreement with the other posts. It can be done in comfort, but without too many luxuries on £12-15k per annum, providing you stay out of marinas in the high season.

One additional point is that you say the boat gear is all new except for engine. You don't mention if it is equipped for liveaboard life? I am thinking of solar panels, increasing house battery capacity and so on. If not in already that will need to be in the budget.

So the bottom line is probably that your £100k will yield £4k and you will need to find another £10k from work or other sources.

What's stopping you? /forums/images/graemlins/grin.gif
 
[ QUOTE ]
So the bottom line is probably that your £100k will yield £4k and you will need to find another £10k from work or other sources.

[/ QUOTE ]

How does £100k yield £4k, whilst leaving the capital accessible?
 
errr ummm I think you have got me there /forums/images/graemlins/blush.gif

Hang on a minute, ..........where did I say we needed to make the capital accessible?

Your making rules up as your going along like SWMBO does.... and we know that's not fair, don't we?
 
[ QUOTE ]
errr ummm I think you have got me there /forums/images/graemlins/blush.gif

Hang on a minute, ..........where did I say we needed to make the capital accessible?

Your making rules up as your going along like SWMBO does.... and we know that's not fair, don't we?

[/ QUOTE ]

/forums/images/graemlins/smile.gif

Arent we going to spend some of it each year, (I suppose you could put some in a current account, some in a 1 year account, and so on..... which I guess is what you mean?
 
"So the bottom line is probably that your £100k will yield £4k and you will need to find another £10k from work or other sources."

RTFM!!! So we're not going to spend any of it.... my question should have been... "Any thoughts as to how we are going to earn the other £10K?"

Sorry /forums/images/graemlins/smile.gif
 
Now how to earn money thats the tricky one? Every port I have been in has had an established "Mafia Network" of liveaboards, that can provide every conceivable yachty service, already stitched up.

Unless you are an electronics engineer or brain surgeon or something out of the ordinary, then the outlook is bleak - although there always seems to be work for really good diesel engineers or anybody that can fix and Eberspacher, which can go wrong every ten mins and are as reliable as the RBS (allegedly).

Course, estate agents are always in demand for laboratory experiments I hear- so there could be money there!

Apparently they have three advantages over laboratory rats: -

1. They are more numerous
2. They don't bled when cut.
3. The lab assistants don't get attached to em like they do to rats /forums/images/graemlins/grin.gif

There now that should win me a few new friends!
 
In a community, if I had a particular skill, I would have difficulty not doing jobs for free, just like others have done for me - you usually find that what goes around comes around.

Just to put the record straight - I am no longer an estate agent!! /forums/images/graemlins/smile.gif The last time I was an estate agent was in April 2004, and a lot of water has passed under the bridge since then.

The free work I'm doing for my mate is more to get me used to being in an office again, and to the discipline of 9-5 work.... just in case. Also - if I'm in the environment I can watch some numbers and see the market moving, one way or the other, before joe public notices. Although it will be a while before it moves the right way for me to think about getting involved, any more than I am.

And I will have no problem telling all of you when I think that time has come.
 
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