Ramit Sethi

[catherine]

I never heard of this guy until iris lilies mentioned him, and then I heard him on a Tim Ferriss podcast. I really, really like him. He has filled the gap for me since Dave Ramsey went into semi-retirement. I am at the moment watching him on Netflix, and I also get his newsletters in my inbox.

Right now I'm feeling so discouraged. Since the house sold I paid down a decent chunk in debt and also put the max into my Roth. I also put money into some individual stocks for fun--like Toyota, which is considered a good investment at the moment since they are so big on hybrids when people are not ready to jump into EVs. I also put money into a medical device firm, and a cannabis company. All those individual stocks I'm very conservative with but it's better than playing the VT lottery. I do my homework and am trying to pick solid undervalued stocks that I just have a gut feeling about.

Then DH drops the bomb that the boat needs a new ENGINE!!! We bought the boat new 7 years ago and apparently the engine is all messed up and the particular make and model type of engine is out of business. A new engine is costing $22,000. I am heartsick, and DH knows it. Anyone could say, wow, first world problem. You don't NEED a boat. And DH did say we could just dry dock it for a while without a motor. But our lifestyle has depended heavily on our time on the water and also DH truly is working towards starting this boat tour business which I do endorse because if anyone can be successful at that venture it's him. He is about halfway through his Coast Guard course, which is a requirement for this type of business.

So now I'm in the throes of depression over being back to square one, and the fact that we don't have money to throw around. This is serious. So I'm trying to get support and inspiration from the financial program I joined and from financial experts like Ramit Sethi. At the moment he's making me feel OK. So thanks for that IL.

This started out as a "review" of Ramit Sethi but ended up as a rant.

[Tybee]

Can DH write a business plan and get a bank loan for his charter boat business? That would seem a logical approach to this situation.

Or, can DH get a job on someone else's boat as a tour guide? We have them here, and they are not piloting the boat, just entertaining and instructing about what people are seeing.

[catherine]

Can DH write a business plan and get a bank loan for his charter boat business? That would seem a logical approach to this situation.

Or, can DH get a job on someone else's boat as a tour guide? We have them here, and they are not piloting the boat, just entertaining and instructing about what people are seeing.

He needs the boat fixed asap so he doesn't lose time on the water. Up here if you don't have the money in hand by and of March, you are waiting forever for your boat. I would think it would take at least 2 months to write a business plan and secure a loan. Plus, I do not want to go ONE MORE PENNY into debt. So DH has agreed that I can arrange for an automatic withdrawal from his SS to return to our bank account.

[Tybee]

How do you feel about that solution?

[catherine]

I am sad and scared.

But we have come a long way from when we were in a worse position, and I am trying to support DH in what has the potential to be a fulfilling venture for him and a lucrative one of both of us. But it's a risk.

[Tybee]

I am sad and scared.

But we have come a long way from when we were in a worse position, and I am trying to support DH in what has the potential to be a fulfilling venture for him and a lucrative one of both of us. But it's a risk.

I am sorry you feel sad and scared, that's not good. I was wondering how much somebody could make doing this and google found this article which you have probably seen but I am going to check it out because it looks relevant:
Want To Charter Your Boat To Make Some Money? Here Are Some Real Life Examples of How That Works (cruisingodyssey.com)

[Tybee]

Well I looked at the article and it doesn't really look that relevant because the guy charters out really big boats and it's super expensive to moor them, so probably not a very helpful article. sorry

[catherine]

I am sorry you feel sad and scared, that's not good. I was wondering how much somebody could make doing this and google found this article which you have probably seen but I am going to check it out because it looks relevant:
Want To Charter Your Boat To Make Some Money? Here Are Some Real Life Examples of How That Works (cruisingodyssey.com)

Thank for for the article! Very interesting. Our situation is differently. Slightly less risk in that it is a much smaller boat. Plus, DH would be the captain and host. It would be like one of those city bus tours on the water. He is a performer and already has a lot of historical information about the islands he would share.

And Tybee, he's really excited about your suggestions about doing burial at sea with with cremation ashes!

It is a very difficult situation.

[Tradd]

I have an idea from friends who have dive charter boats how much they are money pits, even though friends do a ton of their own work.

Did you ever look into the insurance?

[iris lilies]

Forget about Ramit, here’s what Dave Ramsey would say:

Time for DH to get a job so he can accumulate the $22,000 to pay for the boat engine. You don’t need to pay for that.

I had no idea your boat was that big. I had no idea it would require that kind of engine. It is too bad that your boat will be out of commission while your husband is earning the money to repair it. This is not your problem. This is his problem. Let him solve it