Ramit Sethi

[iris lilies]

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….

sorry, I do not think this is a logical approach at all. I do not think it’s a logical thing to take out a loan on a business like this. This is a hobby business. It’s a funsie, make-a-little-money-to-fund-the-boat business.

I am astonished that this boat costs that much. I figured it was a used boat, a family boat, it was maybe $10,000 -$15,000.

But If the motor is $22,000 I can’t imagine how much the entire thing is. I do not want to know. I’m just saying: no money goes to the boat and certainly no LOANS. Meaning, no interest is paid to the boat. Ever.

[catherine]

sorry, I do not think this is a logical approach at all. I do not think it’s a logical thing to take out a loan on a business like this. This is a hobby business. It’s a funsie, make-a-little-money-to-fund-the-boat business.

I am astonished that this boat costs that much. I figured it was a used boat, a family boat, it was maybe $10,000 -$15,000.

But If the motor is $22,000 I can’t imagine how much the entire thing is. I do not want to know. I’m just saying: no money goes to the boat and certainly no LOANS. Meaning, no interest is paid to the boat. Ever.

The boat is not a huge boat--its a 22 ft. pontoon boat. When you buy these boats, the engines alone are half the value of the boat. This particular engine is a particular kind that apparently only lasts for 600 hours. It's ridiculous. The company is now out of business.

Anyway, I agree with you that I am not going into debt for this thing.

[Tybee]

I thought of another one, Champy Cruises!

[happystuff]

So sorry that you are depressed and saddened by the current circumstances, catherine. Personally, I like that you are still supportive of your dh and the future business plans, as it does sound very viable to me. No advice about the engine and its cost. I am someone who normally saves for big purchases and am willing to wait so that no debt or loans are needed. I find it hard to believe that only ONE brand of engine will work for the boat - so is there any way for dh to put out feelers for a used motor/engine that would work?

[iris lilies]

to circle back to the topic Ramit
sethi:

I have been listening to/watching Ramit and he certainly does have a different style from Dave Ramsey.

I will confess to liking the episodes that make me go “what the actual fk!” when delving into a couple’s finances.

There was a recent one where the husband had made giant tons of money sporadically. They had no savings. They had several children. The wife is a part time massage therapist so she’s not going to earn all that much. They recently sold a piece of property and are now renting their home. They put all of their financial gain into a venture capital oil operation. That made Ramit actually sputter.

That kind of financial recklessness would scare the beejesus out of me.

[Tybee]

I will try out an episode, but so far, what I have read from him has not grabbed me or supported me the way the Dave Ramsey stuff has. I really like being out of non-mortgage debt and hope to get back to no mortgage soon, but I guess we will see. Waiting to see how DH comes through all the heart stuff testing and hip replacement to see what he feels like tackling in his new state of health.
I second what happystuff says about supporting our spouses and having them support us--I tend to be way more risk averse than my DH and have probably shut down opportunities for him that I should not have. But I am so security oriented, and wish to never go back to that place in time when I had to sell my engagement ring to buy groceries for my children. It's hard to not want to build a very big wall between me and that kind of experience.

[catherine]

I second what happystuff says about supporting our spouses and having them support us--I tend to be way more risk averse than my DH and have probably shut down opportunities for him that I should not have. But I am so security oriented, and wish to never go back to that place in time when I had to sell my engagement ring to buy groceries for my children. It's hard to not want to build a very big wall between me and that kind of experience.

I get that...

Also, thanks happystuff and Tybee. I admit to having been supportive when I shouldn't have, so that makes my decision here very difficult. I don't want to get burned. OTOH, I see this situation as very different from the other.

BTW, I love the name "Champs Boat Cruises" but we are looking for a name that will come up high in an SEO. We have good ideas, but I don't want to post them here out of respect for DH's privacy at this point. Maybe later.

[iris lilies]

“ support” comes in many flavors. Catherine probably made a good compromise to use an existing income stream to fix the boat, I mean good for her situation. It would not be good for me if I had any debt and I would not allow my spouse to get me into debt for something that is not essential.

I think she held her boundary of “no more loans “and that’s very very important at her (and our) stage of life. I remember there was a time when Catherine was paying off his old business debt, and I don’t need to know if that is still happening, but that is something that formed my opinion in this matter.

[Tradd]

Catherine, I just cringed when I read your original post. You have my sympathy. I hope DH gives up the business idea, to be honest.

[Tybee]

I hadn't thought about Champs like Champions! Cool coincidence. I was thinking about tours looking for Champy, the Lake Champlain version of the Loch Ness Monster. . .