Many years ago I worked in the banking industry. In my current business (telephone answering service) I have a lot of clients who are small entrepreneurs.
One of the fundamental things that I have learned is that many people get into big trouble because they don't understand the basics about money management.
I could easily exceed the max size limit for a single post just covering the basics - so instead I'll cover everything BUT getting an Airstream with a lick and a promise. Basically money is not magic, and comes in finite amounts. 50% of all lottery winners go bankrupt because their new spending habits exceed their new wealth - just like their old ones exceeded their former income. You can't have everything. No matter how much money you get you'll always need to know the difference between "WANT" and "NEED" and "REALLY NEED". You really need to have basic food, basic clothing and a safe place to sleep. Beyond that a way to pay for medical care and education is pretty darned important. Having a couple of thousand in the bank just for stuff that hits the fan, also vital.
It's very easy to get far too acquisitive. Do you have seven big screen TV's - thousands of dollars in sound systems, pay for Sirius when you could just plug in your Ipod in the car, have a $100,000 super kitchen and rarely cook in it, own more than 30 pairs of shoes, collect Rolexes and coins, and Japanese art, and and and and.... Uh. You've got too much stuff and an Airstream will add to the problem not cure it. (Unless of course you're selling off all but one of your collections to get the Airstream.)
IF you ARE financially responsible (not needing to be a raving miser, just not spending like the proverbial drunken sailor) you probably CAN afford an new(er) Airstream.
First, ask anyone who is waist deep in renovating one "how much do you spend every month on this project?" Have a box of Kleenex handy - the answer will bring tears to both your eyes. Next, while going into debt for something as "frivolous" as an Airstream seems borderline insane, third grade arithmetic could suggest that a $5000 downpayment for a new or newer Airstream, plus a monthly payment of $500 could... over at least the first two or three years.... be almost exactly what the out of pocket cost of getting into a renovation could cost. (Or if you're like Sergei and his famous Argosy cavalcade it could be far cheaper than doing a "Sistine Chapel" quality job.)
If you don't buy brand spanking new but get one that's a mere year old as I did, and you get bored, sick, over it, whatever... And you got something as popular as an Eddie Bauer, you should be able to unload it in a couple of years without taking a huge loss. And even with the down payment, monthly payments, loss upon sale... you'll still be likely to be at "break even" compared to doing a renovation yourself.
If you really can't afford a newish Airstream, could you get a job flipping burgers two nights a week and earn enough to pay for one? If you really don't LIKE to do renovation work or you aren't handy, this approach would actually be less work, however it would cut into your camping time too.
Of course, you'll be on the road from day one with a new(er) unit.
And if you DO count the cost of your labor into doing a reno... egad! Who really CAN afford to do a renovation. I personally think Colin does great work for reasonable prices, but I know having one done professionally is going to be like paying list for a new one at a dealer. The major benefit, custom work, high end finishes.
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On the other hand - If renovating an Airstream is a fun family project, that brings you closer to your spouse and children and/or it just gives you a "high" and a priceless feeling of accomplishment, then Happy Renovating! No one should rain on that parade.
The only worthwhile caution is look around and ask yourself how many half finished projects you've had in the past. Or how many projects have you finished at the cost of being sick and tired of having them (like my old house - the money pit). Renovating another old house? OK, yes I would IF I won a $100 million lottery and had to do nothing more strenuous than point my dainty little finger at the construction manager and say "I want it done this way."
Paula
One of the fundamental things that I have learned is that many people get into big trouble because they don't understand the basics about money management.
I could easily exceed the max size limit for a single post just covering the basics - so instead I'll cover everything BUT getting an Airstream with a lick and a promise. Basically money is not magic, and comes in finite amounts. 50% of all lottery winners go bankrupt because their new spending habits exceed their new wealth - just like their old ones exceeded their former income. You can't have everything. No matter how much money you get you'll always need to know the difference between "WANT" and "NEED" and "REALLY NEED". You really need to have basic food, basic clothing and a safe place to sleep. Beyond that a way to pay for medical care and education is pretty darned important. Having a couple of thousand in the bank just for stuff that hits the fan, also vital.
It's very easy to get far too acquisitive. Do you have seven big screen TV's - thousands of dollars in sound systems, pay for Sirius when you could just plug in your Ipod in the car, have a $100,000 super kitchen and rarely cook in it, own more than 30 pairs of shoes, collect Rolexes and coins, and Japanese art, and and and and.... Uh. You've got too much stuff and an Airstream will add to the problem not cure it. (Unless of course you're selling off all but one of your collections to get the Airstream.)
IF you ARE financially responsible (not needing to be a raving miser, just not spending like the proverbial drunken sailor) you probably CAN afford an new(er) Airstream.
First, ask anyone who is waist deep in renovating one "how much do you spend every month on this project?" Have a box of Kleenex handy - the answer will bring tears to both your eyes. Next, while going into debt for something as "frivolous" as an Airstream seems borderline insane, third grade arithmetic could suggest that a $5000 downpayment for a new or newer Airstream, plus a monthly payment of $500 could... over at least the first two or three years.... be almost exactly what the out of pocket cost of getting into a renovation could cost. (Or if you're like Sergei and his famous Argosy cavalcade it could be far cheaper than doing a "Sistine Chapel" quality job.)
If you don't buy brand spanking new but get one that's a mere year old as I did, and you get bored, sick, over it, whatever... And you got something as popular as an Eddie Bauer, you should be able to unload it in a couple of years without taking a huge loss. And even with the down payment, monthly payments, loss upon sale... you'll still be likely to be at "break even" compared to doing a renovation yourself.
If you really can't afford a newish Airstream, could you get a job flipping burgers two nights a week and earn enough to pay for one? If you really don't LIKE to do renovation work or you aren't handy, this approach would actually be less work, however it would cut into your camping time too.
Of course, you'll be on the road from day one with a new(er) unit.
And if you DO count the cost of your labor into doing a reno... egad! Who really CAN afford to do a renovation. I personally think Colin does great work for reasonable prices, but I know having one done professionally is going to be like paying list for a new one at a dealer. The major benefit, custom work, high end finishes.
------------------------------
On the other hand - If renovating an Airstream is a fun family project, that brings you closer to your spouse and children and/or it just gives you a "high" and a priceless feeling of accomplishment, then Happy Renovating! No one should rain on that parade.
The only worthwhile caution is look around and ask yourself how many half finished projects you've had in the past. Or how many projects have you finished at the cost of being sick and tired of having them (like my old house - the money pit). Renovating another old house? OK, yes I would IF I won a $100 million lottery and had to do nothing more strenuous than point my dainty little finger at the construction manager and say "I want it done this way."
Paula
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