10 Things to Consider BEFORE You Purchase a RV [Podcast]
I bought a recreational vehicle (RV) seven years ago. Here it is, in all of its glory. . . untouched for two years.
It's spring and the desire to spend time outside with the family is blooming.
An RV, boat and other recreational vehicle can be great tool to help create great family experiences. In the dozen or so times we used our RV, our family had a blast. In fact, I was going to post a campfire picture, but it's been so long, I can't find any.
If you Google RV or boat you'll find plenty of reasons you should buy one. Owing an RV or boat taps into our desire to be in the great outdoors and spend time with our family. Indeed, these recreational vehicles can be a great way to create family memories. One thing you won't find in Google however are very many (if any) resources telling you the DOWNSIDE of owning an RV or boat.
In this podcast, I share my story of RV ownership and 10 things you should consider before you follow my path. My family had "RV fever" and did everything wrong. In my practice, I've seen the devastating effects an ill-advised purchase of an RV (boat, vacation home, etc.) can have on a families financial situation. Long after the dream of the great outdoors has faded, you're left with payments and bills without many options to rid yourself of the glorious albatross.
In addition to telling my RV story, I share 10 things you should consider before you purchase an RV.
- An RV is expensive.
- The opportunity cost of investing those monthly payments could cost you 10's of 1000's of dollars
- You'll have to pay to store your RV or boat EVERY year, whether you use it or not.
- You'll have to pay for insurance on your RV or boat EVERY year, whether use us it or not.
- You'll need a vehicle big enough to tow your RV or boat.
- You'll need to buy lots of "stuff" to keep in your RV. LOTS of stuff.
- The RV or boat will break, whether you use it or not.
- You won't use it as much as you think you will. Trust me, you won't.
- You can rent an RV or Boat anytime you want.
- You'll get hardly anything when you try to unload that useless RV or boat.
- BONUS: If you own an RV, you'll have to dump out the poop every time you use it.
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RESOURCES MENTIONED IN THIS EPISODE
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
3-video Series: 5 Minute Retirement Makeover
Roger’s Retirement Learning Center
The Retirement Answer Man Facebook Page