My Sunday Washington Post Business Section column is out. This morning, we look at why buying a boat may — or may not — be a good or bad financial decision.
Its really an excuse to look at the Department of No — the advice which says “Never Do XXXX” is often just blind risk-avoidance without real analysis behind it. The idea is you will never have a loss if you never invest — but you also will never have a gain.
Here’s an excerpt from the column:
“My advice for people considering buying a boat are to recognize four key issues: knowledge, costs, skill and psychology. For our wannabe boater, or anyone making a major purchase, it looks something like this:
• Understand what you are getting into.
• Carefully consider all of the costs of ownership.
• Only buy what you can afford.
• Make an intelligent decision about using your limited time and money.
Not surprisingly, you can apply the same approach to all manner of financial situations. Consider assessing an investment:
One last thought omitted form the column: There are 12 million boats registered in the United States. Is there a possibility they know something that the “Just say No” crowd has not figured out?
‘Never buy a boat’ and other rash financial advice
Washington Post, September 27 2015