Thursday, May 15, 2008

Getting things in order.

The boat work goes on, but I’ve started a new focus as well. I still haven’t fully sorted out my personal business such as getting mail, arranging my finances for long term cruising, or figuring out how I’ll stay in communication.

I did take one giant step towards being ready this week. I paid off my boat! I had been hanging onto the loan both because it was a low interest rate and I needed the tax deduction. I also use ING to save the cruising kitty and was doing pretty well on the interest I was accruing until the past few interest rate reductions by the Fed. If you are saving money in a savings account that is only paying 1% check out the high yield checking account that is closer to 4%.

I took a hard look at my spending and cut out a few others luxuries like the gym I never go to. In about 3 hours work I saved myself over $450 in monthly payments I didn’t have to be making. It’s time to start spending like I am already cruising. My savings is going to have to last.

My next step is to find a real estate agent in Dallas who can sell a little condo I rehabbed up there right after grad school. I got a great buy on it, but the home owners association is making it impossible to keep it as an investment property. They are assessing so many fees they’ll effectively drain my kitty if I don’t get rid of it. Plus, I really don’t want to have to worry about managing business affairs here at home while I am out sailing. I think the extra work now to get clear of a few things will pay off in the long run.

I bailed out of the race to Veracruz. It would have required me to take two weeks off of work in June that I really can’t spare. That’s when I need to be closing business to pay for the rest of the repairs I still need to make. Instead, I am taking two weeks off in July when I can work uninterrupted on the boat. I can’t wait to be able to give it that kind of focus.

The TASS sailing club is running town to Freeport, TX over Memorial Day. I always come back from a trip rejuvenated about working on the boat. I think it’s time to give the old girl a kick and go sailing for a weekend. I got the old windlass torn down which is a story I’ll save for another post. This weekend is focusing on finally knocking out the radar and hopefully getting the windlass rebedded on deck. Cheers Everyone. Here’s to living life debt free!


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