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Posting a reply to: Re: What would you do?

Muskie Fishing -> Muskie Boats and Motors

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PSAGuy

Posted 9/8/2015 10:16 PM (#783725 - in reply to #783572)
Subject: Re: What would you do?

Posts: 194

Location: Lake Elmo, MN

Paul S - 9/8/2015 5:36 AM

I second this,

Young anglers and anglers in general are 1) spending way more than they need to on boats to catch fish 2) Taking loans out on boats !

Don't take a loan out for a boat !

I agree with this in theory but a small loan for a used boat is not unreasonable as long as the payoff is fast (2-3 years tops). If it is the difference between having a boat for a season versus sticking to the shore or hoping to fish with friends all season, then take the loan. And I am thinking along the lines of a 20-something year old that has a steady job that is buying a 10K boat and has to take out a small loan. Thankfully, my father gave me loans for my first couple trucks and boats and now I pay cash for trucks and toys. But the OP has 15K so he is good to go.

The fact that he has $15k saved is terrific ! Now....he can purchase a depreciating asset with that money, OR invest it and let the money work for him. Don't get me wrong....I love to fish. But a young man today that saves money needs to think to the future. It's coming like a freight train !! Once that $15k is dropped on that boat, it's value drops by 20%. I am assuming here this is a young guy. If he for example rents a home, he should be putting that $15k into a home...and reaping the rewards of the tax savings. Unless this young man is making $150k/yr, my advice to him is forgo the boat and spend some money on building your future. I know it's a tough decision....but financial security is priceless. A 50" muskie cannot compare !!!