Your Survival Guy

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How to Buy a Boat: Part II

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By Leonardo Schiavone @ Shutterstock.com

Once you decide you want a boat you need to decide what kind of boat: Power or Sail.

I have a ton of memories from sailing as a kid. One that stands out is a re-occurring daydream I’d have. It would often happen while we were sailing out in what felt like the middle of nowhere—not a single boat in sight, a light breeze, barely moving. And I would think: How cool would it be to have a powerboat!

Don’t get me wrong. Becky and I love sailing, especially on my parent’s boat Sunset. It’s moored in Mattapoisett—an idyllic location for cruising to the Elizabeth Islands and Martha’s Vineyard. Put up the sails, set your course on a starboard tack for 165 degrees and you’re in Woods Hole in less than two hours. Check the tidal current in the Hole. If the current is favorable continue sailing on through Vineyard Sound and before you know it you’re on the Vineyard. Or, if the current is against you, wait it out on the anchor in Hadley’s Harbor, have lunch, go for a swim, or spend the night there.

But Newport, RI is our home-port and Martha’s Vineyard is a long sail from here. And every time Becky and I are sailing my parent’s boat with our kids they say: How cool would it be to have a powerboat! Or they jump on my brother-in-law Jason’s powerboat and leave us behind—oh, the tears of joy.

OK, so we decided on a powerboat to keep here in Newport, RI.

Next we needed to figure out the type and the size. We knew we wanted something we could fish off of and we didn’t need a big cabin because we weren’t going to be sleeping on it. In terms of length we had 30-feet in mind for a couple of reasons: 1) the waves in this area can be steep, choppy, rolling, and unpredictable. 2) If the weatherman says it’s going to blow 15 knots, it’s a good rule of thumb to add at least ten knots to his forecast. It gets windy here. I wanted a sturdy boat. I remember Dick Young telling me about a conversation he had years ago with a long-time local fisherman who said: “Around here, you want something over 30 feet.”

Next up: Time to find a boatyard and more important, someone I can work with who is an expert on all things boats. Lucky for me, I found just the guy. Stay tuned.

Read the entire series here.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.