Bay of Islands is every bit as beautiful as Richard described it. I could happily cruise around here forever; it seems like there’s a decent sized cruising fraternity that is doing just that. We’ve both unwound in Samoa and recovered from our respective bugs, so now we can really just enjoy our time here.
So… what would need to happen?
I’d need to sell my boat; it’s not the right boat to go cruising on.
I’d need to sell at least one investment property, maybe two. I’m too heavily negatively geared, which is OK if I’m earning decent dollars but doesn’t work if I’m changing lifestyle.
I’d need to find a way to generate enough annual income to cover outgoings and continue to contribute to my Superannuation as if I was still here earning corporate dollars. The remaining properties would need to pay themselves off, not just cover the interest. If I can achieve that, I’d be in a better position financially by cruising around the world than if I stay here in a full time corporate job. I might be able to live on a boat for a fraction of my current outgoings, but I also need to plan for what will happen when I no longer want to, or am physically capable of living on a boat.
One step at a time; the Elliott will go on the market after the last women’s regatta in June. That’s a scary thought; letting go of the passion in my life for the short term. Not owning a boat. But it’s a short term sacrifice for a longer term gain. Property (or properties) will go on the market in Spring/Summer. If and when all of that happens, it will be time to decide if I’m going to Europe or staying around the Pacific, close to family. That will determine whether I buy a boat here or there. In the mean time I need to figure out how much I would need to cover outgoings, and how I’m going to generate that as smart/passive income from the back of a boat. Anyone got any ideas?
