Avoid Drowning in Debt: Why Boat Sharing May Be the Best Option for You

I want a boat. No, it’s more than that – I need a boat! Now, my wife reminds me that with a house, the last remnants of law school loans, and saving for our retirement and college for our three kids, there isn’t a lot left over for, “a hole in the water in which one throws money.” The real trouble is that the actual process of buying a boat might be one of the least expensive parts of boat ownership. There are maintenance, repairs, insurance and registration expenses.  Then you have storage in the winter and perhaps a slip in the summer. Of course you can’t have a boat and not have boat toys – skis, tubes, fishing gear, a diving board for the pontoon (made right here in traverse city – www.lillipaddivingboards.com).  And gas. Lots and lots of gas……

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Written By: Timothy Wright of Smith Haughey Rice & Roegge

August 20, 2015 In: Financial Planning Perspectives Comments (None)