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

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[QUOTE]Paul S - 9/9/2015  5:15 AM

[QUOTE]PSAGuy - 9/8/2015  10:16 PM

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 !!![/QUOTE]

I agree.  Obviously, a fella should take care of other financial commitments before buying a boat.  But I do think someone in their 20s can be fiscally responsible and still own a boat.[/QUOTE]

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Paul S

Posted 9/9/2015 5:15 AM (#783735 - in reply to #783725)
Subject: Re: What would you do?

Posts: 228

Location: Tinley Park, IL

PSAGuy - 9/8/2015 10:16 PM

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 !!!

I agree. Obviously, a fella should take care of other financial commitments before buying a boat. But I do think someone in their 20s can be fiscally responsible and still own a boat.