"Buying Time" Makes People Happy
Recently, studies indicate that people who actually “buy time” are happier than those who don’t. We all know we have limited time and the older we get, the less time we have left. But there is a way to buy some of this time back.
How?
Simply by paying other people to do tasks that you consider onerous, such as cutting the grass, cleaning the house, doing your taxes, picking stocks to invest in and the like. Does anyone even consider changing the oil in their car themselves anymore?
For boaters, this is where the Sovereign Boat Club (SBC) comes in. SBC saves our club members about 100 hours a year vs. owning a boat.
Perhaps no recreation requires more pre- and post-activity work than does boating. Even the purchase of a boat these days requires a lot of work just to find one available.
Despite rising incomes, Americans are feeling increasingly pressed for time. In fact, some studies show that wealthier people actually feel that they have less free time than those with lower incomes.
Outfitting
The first task is to find a place to put the boat, either in a slip or dry storage. Driving around to find the best spot — or increasingly any place at all — to store your boat is a daunting task requiring time to accomplish. Because marine services are in short supply, just finding someone to install new gear may take hours on the phone.
Once you locate a yard or technician to install your gear, in most cases you’ll have to wait two or three weeks to get the work done. All over the country, there is an abundance of boat work to perform and a scarcity of skilled people to do it. And, the boat may have to be moved to and from a location for the work to be done.
Insurance must be arranged for, as well as tow services, and maybe boat connectivity. All of this takes time. The boat must be registered, the numbers put on and the owner may want a name painted on the transom. With each detail, there are hoops to jump through. More time is involved.
Maintenance
Maintenance is not much talked about when it comes to boats because that’s not the fun part. If the boat is in a slip, bottom paint must be applied. Accessories must be purchased and installed. The gel coat must be ceramic-coated to protect it from oxidation and the engines must have their 20-hour and 100-hour maintenance, all of which is expensive and time-consuming.
How far is the dealer from your location? Set aside time to run there and back with larger boats or to trailer there with smaller ones. And you’ll need someone to pick you up and drop you off: their time counts, too! Boat dealers don’t supply drivers for this service. More time lost.
Post-Activity Clean Up
After each boat outing, the vessel must be washed down with soap and freshwater. The interior must be cleaned up — crumbs from lunch, spills of beverages and trash left around must all be Hoovered and cleaned by hand. The outboard engines must be flushed out, the holding tank must be pumped out and the boat refueled. All of these simple chores take time and most people don’t consider them fun.
Hurricane Plan
These days all marine insurance companies require a detailed hurricane plan of action for large boats, particularly on the east and gulf coasts of the U.S. In some cases, that may require that the boat be transported to a different, and safer location, by water or road. Researching the best plan and making arrangements in advance, takes time. Now, some locations are charging a thousand dollars or more, annually, simply for reserving emergency space.
General Worry About the Boat
Boats are probably the second most expensive things that many people own after their house. But, unlike the house, the boat is left alone most of the time in or near a harsh marine environment. Most boat owners we know have a constant low-grade concern in the back of their minds about their boat when they’re not on it. Is it ok? Better drive over and check on it. Getting peace of mind can be time-consuming.
How Much is Your Time Worth?
If you are a lawyer, an accountant, surgeon, or other professional that charges by the hour, you know exactly what your time is worth.
The average boat owner uses his/her boat 25 days a year, according to the NMMA, and we have found that with SBC boats, an hour of prep and two hours for clean-up, pump-out and refueling is the norm – about 3 hours per outing. Add to that the travel time to and from the dealer for the 20- and 100-hour outboard maintenance and time spent arranging for other services. Most people will have devoted over 100 hours per year just to keep the boat ready to operate.
What is 100 hours of your time worth each year? Most professionals we know charge way more than $50 per hour (more like $250 to $375), but even at that wage, the cost is $5,000 a year. But most owners of boats 27’ to 37’ ( 8.22 – 11.27 m) own their own small business, are professionals or a higher-level corporate officer. Their time is more likely worth $100 to $400 per hour, meaning that 100 hours of menial boat work, is worth $10,000 to $40,000 a year.
Sovereign Boat Club is the Solution
Virtually all of the time-consuming projects and situations mentioned above are handled by the Sovereign Yacht Club team. It is their job to have your boat ready when you are and to take care of it after you leave it. Over the course of a year, it will save you about 100 hours of your precious time.
All of that — and you get use of the boat, too!
To find out more, visit Sovereignboatclub.com.
Sovereign Boat Club is a division of BoatTEST.com