Finding Some Good In My Worst Financial Decisions: Part 2

November 02, 2015

Last week, I started a series of blog posts discussing some of my personal financial mistakes and the lessons that I’ve learned from them. I don’t know what has gotten into me lately but I am really starting to make a habit out of picking on my own money mistakes. Last month, I wrote in Forbes about some of the things that I have been spending money on in The Last 10 Things That I Bought and was able to identify just how easy it is to get off track with our spending plans.

But isn’t money supposed to be a taboo topic to discuss in a public forum? Well, I used to think so in my former life as a “financial avoidance specialist.” However, after seeing the light in my role as a financial educator, I realized just how important it is to break down that imaginary boundary that often exists between our most important life goals and better financial decisions.

My second biggest financial mistake was that I bought a boat. Actually, I technically bought three. (I’ll explain more in just a bit).

They say the best days of a boater’s life are the day they buy a boat and the day they eventually sell it. Well, I consider myself fortunate to live near the coast and have always felt the gravitational forces pulling me closer to saltwater. Eventually, those forces influenced me to finally purchase that 19 foot Sea Hunt center console that I’d been considering for years. I even had the audacity to justify the purchase by pointing out all of the business deals that would get closed on the boat and the countless fish that I would catch (of course decreasing our need to go to the fish market). Those bonus features were nothing compared to the family memories that would be created.

After the purchase, we used that boat regularly for cruising and some light inshore fishing. But after our second child was born, my crew preferred to stay anchored closer to home and our priorities shifted as a family. This meant there was very little free time to enjoy boating. In addition, our financial goals also changed and I started my own financial planning firm and began doctoral studies around the same time. Even though we paid cash for the boat, those pesky maintenance expenses, dry stack fees, insurance, and taxes start to add up over time.

I admit that at times I miss having my own boat. But now when I have a strong desire to get out on the water, I take my kayak out and get some exercise in the process. I also bribe friends to take me out on their boat for a nominal fee, which usually includes fuel, lunch, and/or cold beverages. Sites like Boatbound provide another pretty cool option to enjoy boating in the new sharing economy by renting other people’s boats for a fee. Now the old boat is a perfect reminder of the need for delayed gratification in my financial life.

So back to those other two boats that I mentioned at the beginning. Our old boat, the Cara Leena, was actually the third boat in our lives. The first two were His & Her kayaks purchased by yours truly with nothing but good intentions. With my wife a few months pregnant at the time (in her version of the story it was 8 months but that is smoke and mirrors), I decided that since I was rocking ‘n rolling in my career, I “deserved” to treat myself to an 11 foot Liquid Logic kayak. To prove this was no selfish endeavor, it only made sense to me (and only me at the time) that a second kayak would help us romantically paddle into the sunset together on a regular basis.

Now, I don’t need any nasty grams in my inbox or comments to tell me just how big of a mistake this purchase was. It wasn’t because I couldn’t afford it. The mistake was made when I didn’t include my partner in such a major purchase. (I’m not the only guilty party here because she’s had her own moments of spending glory.)

The big lesson that has helped us in the aftermath of my crazy kayak spending spree was that it opened up a discussion about spending with a plan, trust, and teamwork. We now have a spending limit that we agree upon where we always consult the other person. After years of this routine, we really don’t need that anymore because we are on the same page and having regular financial talks.

With all of the stress that boating has created for us in the past, I remain confident that one day I will have another boat to call my own. But purchasing a boat is definitely a long-term goal because it doesn’t rank high enough on the family priority list. Until then, I’m always up for meeting new friends that happen to own a boat so I am openly accepting invitations if you happen to be boating near Charleston harbor!

Author’s Note: Sometimes the process of writing, talking and reading about personal finances can be boring without a little music involved! Today’s playlist to assist with my boat themed message included the following: “If I Had a Boat” by Lyle Lovett, “Where the Boat Leaves From” by Zac Brown Band, “Something ‘Bout a Boat” by Jimmy Buffett, “Optimistic Soul” by Buju Banton, and “My Lighthouse” by Rend Collective.