Is the Boat I Want to Buy Too Expensive? (More Than 100% of My Annual Income)

Ramsey Everyday Millionaires

Ramsey Network

Investing, Careers, Business

4.6 • 3.6K Ratings

🗓️ 22 May 2026

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	This episode is brought to you by SmartVestor.
0:07.6	Connect with an investing pro near you at Ramsey Solutions.com slash SmartVester.
0:12.2	Paul's in Tampa.
0:15.1	Hey, Paul.
0:15.6	What's up?
0:16.6	Hi, sir.
0:17.6	Thank you, Jade.
0:18.4	And Dave, you're a blessing to our nation.
0:20.7	Really appreciate so much. Thank you, Dave. And Dave, you're a blessing to our nation. Really appreciate so much.
0:22.1	Thank you.
0:22.9	I have you. Thank you. I have a question I see to a couple principles that you've talked about are in opposition in my life.
0:31.1	I'm nearing retirement. I have the money to buy a boat in cash. We live near the water. It is going to be more than half of our
0:41.7	annual income in boats, motors, wheels, etc., which you say not to do. On the other hand,
0:49.4	we have the money in cash, and it was for the burn in the middle of our living room it wouldn't be the end of our
0:55.5	world so what's your net worth what's your net worth uh about four million and what's what
1:01.0	payment and so are you counting the income that that four million would be creating or just your
1:06.2	little you're just counting your 1k and real estate, and the boat money is separate.
1:12.3	No, that's not what I'm in.
1:14.6	He's saying to make the rule work.
1:16.6	Number one, you're right.
1:22.5	When you're in a no-income, low-income portion of retirement and a huge net worth, that rule does not apply.
1:23.8	The half of your income in boats and motors and wheels that does not rule does not apply so if you're
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