Personal

One of My Biggest Money Mistakes

jetski

Yep, that is my money mistake

It’s Monday and I think I am going to go a little personal today.  The purpose of Debt Roundup is to show you that we are all human and we make mistakes.  We also have to learn from those mistakes and grow.  If we don’t, then we are going to make the same mistakes over and over again.  I don’t know about you, but I don’t like to repeat failure.  I only like to repeat my successes.  On that note, I want to share one of my biggest money mistakes.  I would say it is embarrassing, but stuff happens and I just learn how to deal with it.

Fresh Out of College and Big Paychecks

When I was fresh out of college, I already had a job lined up.  I got an internship prior to graduating and was offered a job when I got out.  That was awesome for me and I enjoyed that first job.  It taught me a lot about the professional world and how college really doesn’t get you ready for it.  Either way, I was really enjoying getting those steady paychecks.  The one problem is that this job only paid me once a month.  I had never been paid that way before, so it was new for me.  I never budgeted a day in my life and was never ready to deal with a monthly paycheck.

When you get out of college and you start getting four figure paychecks, your mind might start to wander. I know mine surely did and it ended up being one of my biggest money mistakes.

A Random Radio Ad and My Wandering Mind

One morning on my way to work, I heard a radio ad for a huge sale at a local motor sports dealership.  One dream of mine was to own a Jetski.  I have ridden a few in my years and loved being on the water and having the power.  Well, for some reason, this radio ad spoke to me.  You want to know why?  Of course you do…..

The only thing that I heard in the entire radio ad was the low monthly payment of only $69 and I could own a Jetski.  It would be mine and I could take it to the lake each and every weekend.  How exciting this could be?  This is what was going on in my head.  I mean, I was making big money right out of college, right?

When I got to work, I jumped online and started researching the deal and the Jetski that I wanted.  I probably didn’t work much that day, but it was a Friday.  I was super excited.  All of the cool bells and whistles for only $69!!  I was going to get my dream and only a month out of college.  Awesome!  I even called my wife and told her.   She really didn’t seem to care much, but she was a little hesitant.  Oh well, she would love it once I brought it home, right?

excitement when buying itemsThe Deal and the Excitement

I left work that day and drove over to the motor sports dealership.  I walked around in there for about an hour just admiring all of the toys. I was like a little kid in a candy store.  I love anything with an engine.  It has been this way for years and that is one reason why I have a project vehicle in my garage right now.

After the hour, I found the watercraft that I wanted to bring home with me.    The salesman approached to see if I needed help and of course I said yes.  Here comes the sales process.

The salesman was a really nice person and asked all of the right questions and I thought I had all of the right answers.  I knew how much I was making and knew that I could easily afford the $69 a month.  That was nothing in my eyes.  We started working on the paperwork and after an hour, I was ready to sign the paperwork.

$10,500

Do you see that number there?  Yeah, that is how much a new Jetski costs with a trailer.  But, does that matter when you only have to pay $69 a month?  Hell no, wait,  yes it does.  It makes all the difference in the world.  The salesman explained the deal to me and apparently I didn’t really want to listen.

The $69/month promo was only the minimum payment.  That is the least amount that they allowed you to pay on the loan.  This minimum payment was only good for 3 years.  Once that time was up, then you would be assessed a minimum payment that is calculated on how much you owe, kind of like a credit cards.  I was so excited about the Jetski that I didn’t want to listen to this man.  I knew that I could pay off the $10,000 in 3 years.  That was easy…..or so I thought!

The Hell

In the beginning of the purchase, I was loving my Jetski. I thought I was the cool kid on the block.  I was just out of college and had one of the coolest toys.  All of my friends wanted to go to the lake each weekend and ride it.  So cool….

I really enjoyed those times out on the lake and when we took it to the beach.  I had some good times on that Jetski.  That all ended when the 3 year promo deal expired.  The 3 years came and went and I only paid the $69 each and every month.  In the 3 years, I had only paid off $2,484.  Yep, I still owed over $7,500 after paying toward the loan for 3 years.  How depressing.

The next day of the 3 year mark, I received an email telling me that my promo was over.  Now, I was going to have to pay a larger minimum payment and interest on the loan.  Crap!  My minimum payment jumped to nearly $200 a month and I wasn’t prepared.  You remember that I wasn’t running a budget and it was catching up to me.  I had started racking up major charges on my credit card to fund my e-commerce business and I was only paying attention to the minimum payments.  Stupid, just plain stupid.

I was in trouble.

Another issue was that I slowly stopped using the Jetski.  I used it a lot during the first few years, but then that usage started to go down.  It sat in my garage and didn’t get turned on much.  I just didn’t have time because of my business.  I still owed money on the loan and I was getting tired of paying that money.

Time to Sell

I realized that time had come to sell the Jetski.  It just wasn’t a good investment and I needed to get the loan off of my back.  Luckily for me, I have a brother that lives down near the beach and that is a great place to sell a Jetski.  I called up my brother and asked him to help me.  He said he would be happy to.  I then took my Jetski down to the beach and just waited to hear back from my brother.

Months passed and I heard nothing.  Many people had looked at it, but no one wanted to purchase it.  I guess in 2009, it just wasn’t a good time to sell something like a personal watercraft.  Something with the economy or something ;).

I finally received a call from my brother when I was in West Virginia camping.  I couldn’t answer it because I didn’t have service, but he left a message.  I got it once we got to a place that had service.  He told me that the Jetski was not running properly.  It was broken.  Double Crap!

I told my brother to give it to a person he knew that was good with fixing this watercraft.  His buddy then passed it on to another person that was a specialist for my brand.  After hearing that it was going to cost $800 to fix the craft and I approved, I heard nothing else.  The person that had my watercraft kept it for well over a year.  He was one of those shifty business people that just takes money and doesn’t provide a service.  After emails and calls were exchanged, my brother and I drove to his business.  We knew we were going to be in for some trouble once we got there.  This man was just uneducated and created terrible stories about why he didn’t fix the problems.

This man was just terrible.  I asked him for a refund because he didn’t fix the problem and it appears the didn’t even work on the Jetski.  He just kept it outside, uncovered and let it rust.  He then blamed me for the rust problems and I told him sternly that I only kept it in the garage and my brother did as well.  Just more stories.  The man ended up forcing us to leave his property, but I made sure to take the Jetski with me.  It was still broken and there were parts missing.  It just ended poorly.

Long Story with a Crappy Ending

If you have stuck around to the end of this post, then I want to let you know what happened.  After trying unsuccessfully to sue the man and realizing that he had nothing to his name and his business wasn’t even licensed, I realized that I wasn’t getting my $800 back.  Now I have a broken and rusty Jetski that used to be worth thousands.  Now, it is worth nothing.  I was pissed and I still owed about $5,000 on the loan because of how long it took to get it back.  My only option after looking to see how much it would cost to fix was to sell it for what I could.

I put the Jetski up on Craigslist and had it sold in less than 4 hours.  Yes, just 4 hours and you know why?

I sold it for only $800!

Yep, I had multiple people ask about it and come see it in the same day that I posted it.  It was crazy, but people were only offering me about $300 for it.  I mean,it didn’t work and no one knew what the problem was.  It was also missing some key components.  Then a man came and offered me $700.  I told him that if he could do $800 and if so, then he could have it.  Done and Done!

The man took that huge money mistake off my hands and then I had to come to the realization that I would have to just pay off the loan over time and have nothing to show for it.  What a way to go.

I felt like an idiot after I sold my Jetski.  It was a purchase that never should have happened.  I saw money coming in and I was partaking in lifestyle inflation.  I was being a stupid consumer and the only thing I had to show for it was a bruised ego and a nice loan.  Terrible.  Buying the Jetski was one of my biggest money mistakes that I will always remember.  My wife and I still joke about it to this day.  She makes fun of me for getting it and I laugh, because that is all that I can do.

Well, thanks for sticking around for this huge post.  I just went through it on this one.  So, what is one of your biggest money mistakes?

Image courtesy of FreeDigitalPhotos.net


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Grayson Bell

Grayson Bell

I'm a business owner, blogger, father, and husband. I used credit cards too much and found myself in over $50,000 in debt. I paid it off, started this blog, and my financial life has changed. I now talk about fighting debt and growing wealth here. I run a blog management company, along with another blog. It is Empowered Shopper, which helps people get information about products they want to buy. You can also check out Eyes on the Dollar, which is a great blog that I co-own.

67 Comments

  1. August 19, 2013 at 5:50 am — Reply

    I saw the picture for this post and had to read it – I always use “buy a jet ski” as my go-to example of poor spending. I’ve never actually ridden one, but I know that I definitely wouldn’t get enough enjoyment out of it to justify the cost. At least selling it for $800 managed to recoup the cost of the ‘repairs’ so you weren’t even deeper in the red…

    • August 22, 2013 at 9:56 am — Reply

      Yeah, every time I see one now, I laugh a little. I wouldn’t buy one for $10, but I would probably take one if someone gave me one.

  2. August 19, 2013 at 6:58 am — Reply

    I think we’ve all had experiences like this, if not on this magnitude. We make a bad decision and end up compounding it with some more bad decisions made in haste. Just be glad that experience is well behind you.

    • August 22, 2013 at 9:56 am — Reply

      I learned a lot from this experience, but I won’t fall for promo offers again, I can say that with honesty!

  3. August 19, 2013 at 7:14 am — Reply

    Oh man that is quite the story. It’s really too bad you weren’t able to sell it for more. I can’t believe the guy had it for a year but didn’t fix it!

    Hmm not sure what my biggest money mistake was, but it was probably one of the trips to the casino where I rebought after losing at Poker. I really should have kept Poker money separate from my other money, but I didn’t and I had a couple nights where I lost quite a bit.

    • August 22, 2013 at 9:57 am — Reply

      There were a lot of mistakes made on our side. My brother was supposed to handle the repair contact, but that didn’t happen.

      Poker can get you and all you want to do is go back to and try to make more or recoup your loss. It can end poorly.

  4. August 19, 2013 at 8:22 am — Reply

    Wow, you really got taken by that one. Sorry to hear about that. But you live and you learn, and sometimes this is a hard lesson for people to take in.

    A few years ago my wife and I were at one of those crappy timeshare presentations in Myrtle Beach. She was all excited and wanted one. We didn’t end up buying it, but every now and again I check in on them. They sell for $1 on eBay now just so people can unload the associate dues commitment. There are just some things that work better for you on the resale market than others.

    • August 22, 2013 at 10:06 am — Reply

      Oh yeah, I did get taken, but I was younger and just had my eyes on spending. I learned a lot from this one.

      I have been to a few timeshare presentations, but just to get the gifts. I would never buy one of those.

  5. August 19, 2013 at 8:28 am — Reply

    We grew up relatively poor and new stuff almost never happened. Before I bought a new(ish) computer for college, I was using a PC that was nearly 10 years old. So, as can be expected, when I got to college and didn’t have any oversight on how I was spending my money, I got a little crazy. The worst was when the very first aluminum computer cases came onto the market. I spent $200 on this brushed aluminum monster that had also sorts of features that nobody did back then, like thumb screws and removeable bays. The old computer case that had come with the PC was perfectly functional, and since I didn’t do a lot of work internally, thumb screws and removable bays were just unneeded.
    And, of course, being an early adopter meant that I was paying through the nose. A similar case would cost $50 now. But the worst part, I only had that computer for another year!

    • August 22, 2013 at 10:08 am — Reply

      I agree that being an early adopter will usually cost you more and that is what it is about when you are in the beta test.

  6. August 19, 2013 at 8:39 am — Reply

    Ouch, that hurts just reading it. I made plenty of money mistakes in my past, most of them were smaller to medium ones that I was simply continuing to make. The absolute worst was going on two trips – one to Chicago and one to Vegas all on credit. They were fun places to go, so why not put it on credit. 😉 Of course, neither place is cheap and of course I wanted to enjoy my time while there. I can’t remember how much exactly I spent, but it wasn’t cheap by any means.

    • August 22, 2013 at 10:08 am — Reply

      It hurt writing it John. I have made some trips on credit before, but I learned that lesson quickly.

  7. August 19, 2013 at 8:52 am — Reply

    Ugh!

    Yeah, jet skis aren’t a great investment! Sorry you had to learn the hard way that time, Grayson!

    • August 22, 2013 at 10:09 am — Reply

      No they are not. I can attest to that.

  8. August 19, 2013 at 8:58 am — Reply

    A great lesson and thanks for sharing. I have certainly made a similar mistake with stereo equipment soon after getting out of basic training in the Army. That low, introductory monthly rate looked so appealing! Unfortunately, it is only later that you realize the real cost (the sales price + interest) of an item bought on credit.

    • August 22, 2013 at 10:10 am — Reply

      It really does look appealing. They are good at doing that, but it is the consumer that gets screwed in the end.

  9. August 19, 2013 at 9:04 am — Reply

    OUCH! Oh Grayson, I hate those kind of mistakes because it always leaves a person feeling like an idiot. We never made any one-shot purchase mistakes like that, but we sorely regret our many years of not budgeting and spend-tracking, because we wasted in the six digits, I’m quite sure. That’s a hard pill to swallow.

    • August 22, 2013 at 10:10 am — Reply

      I certainly did feel like an idiot. I am glad I learned my lesson from it.

  10. August 19, 2013 at 10:27 am — Reply

    I made a similar mistake of astronomical proportions on an intangible item by going to a for-profit school. Definitely the biggest mistake of my life.

    • August 22, 2013 at 10:15 am — Reply

      Ouch….I know of how much those cost and I think they are way over priced.

  11. August 19, 2013 at 11:39 am — Reply

    ACK! So expensive. W wants a jet ski and I will have to show him this post. I do not think they are worth the cost at all.

    • August 22, 2013 at 10:18 am — Reply

      Yes, please show him this post. You will rarely get the opportunity to use it as much as you would think. They also cost a lot per year to keep going with winterizing and then getting them ready for the season.

  12. August 19, 2013 at 11:46 am — Reply

    Wow, that is brutal. But we’ve all done similar I think. For me, it was a motorcycle. And I hadn’t even graduated yet. 🙂

    • August 22, 2013 at 10:19 am — Reply

      Brutal is a nice word Kurt. I know what you mean.

  13. August 19, 2013 at 11:49 am — Reply

    Thanks for sharing…man that really sucks! Your mistake was compounded by that shady guy who said he would fix it. Oh well, it’s in the past and you learn from your mistakes. And those promo deals really lure those who are young and naive…$69 a month! Sign me up! I almost bought a nicer car out of college looking only at the monthly payment…luckily I didn’t do it.

    • August 22, 2013 at 10:19 am — Reply

      Yes, it was compounded by this man. My wife told me that I had to have it taken care of by a certain date, so that is why I needed to sell it and get it done. Terrible money mistake for me.

  14. August 19, 2013 at 12:08 pm — Reply

    I paid for my personal training certification ($700) and never used it. You have to update it every few years which runs about $200 a pop. It would be worthwhile if I was making serious money training, but I never used it enough to pay off the initial investment. Well intentioned but stupid.

    • August 22, 2013 at 10:24 am — Reply

      At least you can use it if you wanted to though. Yes, you paid for it and didn’t use it, but you still have it. I paid a lot of money and now have nothing to show for it.

  15. Girl Meets Debt
    August 19, 2013 at 12:42 pm — Reply

    That’s too bad you couldn’t sell the JetSki for more! This was a story with a crappy ending but it doesn’t outshine your awesome story of paying off $50,000 in 4 years! 😉

    • August 22, 2013 at 10:25 am — Reply

      I wish I could as well, but it is what it is. Thanks GMD!

  16. August 19, 2013 at 12:51 pm — Reply

    Yikes! Mine was probably signing off on my Grad School loans without thinking about it. I don’t regret it because I love what I do and the program I chose led to me getting essentially a dream job, but in one year I added a whopping $35k to my student loans. I probably could have budgeted much better during that year and made that 35k closer to 30k or even less.

    • August 22, 2013 at 10:25 am — Reply

      Understood. At least you can use your degree for something. I have nothing to show for my stupidity, except for this post.

  17. August 19, 2013 at 1:00 pm — Reply

    When I read that you responded to a radio ad, I knew it would not be a happy ending because I was duped the same way. Wasn’t for as much as a jetski, but still a decent amount of money nonetheless. In my first year of college I heard a radio ad about a product called the See Clearly Method, which was a program that claimed to cure your vision so youll never have to wear glasses again. My siblings and I all wear glasses so I figured it would be cool to buy it and cure our vision together.

    After a few weeks we realized the “eye exercises” weren’t doing anything and I realized I had just wasted $250. Tried to call the company back and of course couldn’t get through to them, so we just threw it out. I actually found out the company got sued and went bankrupt thereafter. What a waste.

    And the kicker in all of this? I ended up becoming an eye doctor.

    • August 22, 2013 at 10:31 am — Reply

      Yeah, I am not sure what was going through my mind when I was driving to work. I was probably day dreaming and it just got me at the right moment.

  18. August 19, 2013 at 1:27 pm — Reply

    Ugh. A hard lesson to learn. Those advertisers were very crafty. $69 a month for a jetski sounds like a great deal and I could see why you’d be enticed. I think that’s one of the hardest lessons to learn when we first start earning steady paychecks. We live in the moment, thinking we are rich and forget to look at the big picture.

    • August 22, 2013 at 10:34 am — Reply

      It did sound like a great deal and especially since I was just starting to earn good money, I was loving the idea of a Jetski. Not anymore!

  19. August 19, 2013 at 2:13 pm — Reply

    Mine is buying a condo when I got my first real paycheck instead of waiting to save money and pay off debt first.

    • August 22, 2013 at 10:42 am — Reply

      Yeah, that is a big purchase. When we start making money, it really messes with the brain.

  20. August 19, 2013 at 8:02 pm — Reply

    Mine was a TV. A far cry from the 10k you had to pay- mine was only like 1600 but the worst part was that I had the money in my bank account but was talked into a 0% financing promo for a year. I could continue to save, it would be great! Actually, I spent the money I had used to save it and in a year when the promo was up I had no money…and the interest rate went up to 29%. I ended up paying over 2200 for the 1600 tv I could have paid cash for.

    • August 22, 2013 at 10:34 am — Reply

      Ouch. I have been there and this is the same thing as my story. You ended up paying less than me, but you learned the same lesson!

  21. August 19, 2013 at 9:58 pm — Reply

    Great lessons here Grayson on so many levels. I think we’ve all had one of these at some point in our lives. But Jetskis are way fun! I can see how you were enticed by them.

    • August 22, 2013 at 10:36 am — Reply

      Jetskis are way fun, but not when you have to pay for them.

  22. Brett @ wstreetstocks
    August 20, 2013 at 2:39 am — Reply

    Wow a jet ski? I guess sometimes the urge gets the best of us.

    • August 22, 2013 at 10:38 am — Reply

      That one certainly got the best of me and I paid the price!

  23. August 20, 2013 at 5:41 am — Reply

    It is better to make the mistakes in your 20s than later in life. Look on the bright side this bad investment didn’t bleed you for years.

    • August 22, 2013 at 10:38 am — Reply

      That is true. I am glad I made it early and was able to get it behind me.

  24. August 20, 2013 at 1:00 pm — Reply

    Wow — what an awful experience! My stomach hurt for you as I read about your exchange with the seedy repairman. I’m glad this purchase is now behind you!

    • August 22, 2013 at 10:39 am — Reply

      It was truly an awful experience. I can say that I won’t buy a Jetski again.

  25. MoneyAhoy.com
    August 20, 2013 at 2:24 pm — Reply

    Wow – that’s a crazy story. I sounds like you really learned a lesson there around the whole lean fiasco.

    I think that it’s good that you were able to learn the lesson and only lose ~$10,000. It could be much worse 🙂

    • August 22, 2013 at 10:40 am — Reply

      Well, losing $10k is nothing to be happy about. Yes it could have been worse, but losing that much when you are only 26 is a bad day.

  26. August 20, 2013 at 9:28 pm — Reply

    I didn’t realize those things cost $10k, but I guess I never had interest in being on the water like that. The closest I’ve come was simply water skiing.

    Anyway, the good thing is that you have learned from it. And, are passing this story on. So many people simply make excuses, but you’re not. I almost made a HUGE mistake, but somehow avoided it. This just might work as a part of a future post, now that I think of it…..

    • August 22, 2013 at 10:41 am — Reply

      They are not cheap, especially if you buy them new. I learned a lot from that lesson, but it was a biatch when I was going through it.

  27. Daniel
    August 23, 2013 at 10:19 am — Reply

    Great story Grayson, I had a very similar experience with my wife’s (used) Rolex. I spent $2k thinking I was getting the greatest deal in the world. Very soon after purchasing it (probably 3 years ago), the band had to be fixed and it stops working almost daily now. I’ve been told it needs to be “serviced” (around $250) and that I need to by a $200 pedistal for it to sit on when it’s not worn. My first thought was to take it to the pawn shop and cut my losses. Upon further reflection, I don’t think I’ll ever sell it because it’s a great reminder. Everytime I look at it, I get that sickish feeling. The one you get when you figure out you’ve made a bad decision that’s going to cost you some serious money. It’s a good reminder of what bad decisions can cost and, in the long term, keeping that kind of reminder around the house may save us a lot more than $2k!

    • August 23, 2013 at 1:17 pm — Reply

      I am glad you enjoyed it Daniel. I appreciate your comment and sorry that something like this has happened to you. I can’t imagine spending $2k on a watch, but then again, some would never spend $10k on a Jetski. I can understand your thinking about it being a good reminder of bad decisions, but if I didn’t get my Jetski away from the home, my wife would have killed me.

  28. jim
    August 23, 2013 at 10:58 am — Reply

    Oh man! I just started cringing as soon as I read the words “I heard a radio ad….” Major ouch! But, thank you for sharing this. I’m forwarding it on to my 20-something son. I’m sure he’ll learn that lesson much better having heard it from you.

    • August 26, 2013 at 10:08 am — Reply

      Thanks Jim. I hope this story helps out others thinking about spending money for crap that they don’t need. Lesson learned on my end.

  29. Suzie
    August 28, 2013 at 4:37 pm — Reply

    I have to admit this was a very entertaining story but am sorry to hear you gotten taken by the guy who was supposed to fix it. My most expensive lesson was leasing a car. It made sense at the time. The monthly payment was lower than if I had bought it. Towards the end of the leasing period the company I worked for moved further away. I ended up driving almost 100 miles a day round trip (hell in the winter time). Needless to say I owed a good chunk a change when I turned the car in because of the milage.

    • August 28, 2013 at 9:18 pm — Reply

      Thanks for stopping by SUzie. I guess you didn’t want to purchase your car after the lease? If you buy it out, then the mileage doesn’t matter, at least in most lease cases. Sorry to hear about it.

  30. September 2, 2013 at 12:43 am — Reply

    Grayson, OMG, this is a hell terrible mistake. But no worries, we all make them and unfortunately sometimes we even repeat them. So the best of this is to learn from it and never repeat it. Sometimes hard to do. If you want some kind words that you are not alone, go to my web site and read my story. Then we can both feel like idiots :)) Just click on my link at the head of my post.

    P.S. I can feel you pain from this story. Even my mistakes sometimes hurt for a long time.

  31. Matthew Trainor
    September 8, 2014 at 9:02 pm — Reply

    I know this article is old but I feel the need to comment. While these types of vehicles do depreciate quickly it does not mean it is a bad investment for every one. There were lots of mistakes made after the purchase that was the bigger problem like paying the 69 dollar min. Knowing you owed 10000 dollars that would make just about any thing you purchase for 10 grand a nightmare that has nothing to do with it being a jet ski. The whole mechanic thing and why did the jet ski have missing parts. It seems like this story is out right saying a jet ski is a bad investment. I race and ride mx dirt bikes and they also depreciate quickly but I believe the injoyment I get out of the hobby is money well spent. The bad experience you had with your jet ski would have Been the same with just about any other purchase if the same mistakes where made after the purchase. The enjoyment you had might not have been worth it to you but that is your personal opinion. I don’t agree to say across the board a jet is a bad invest meant is accurate. We don’t need 99 percent of the things we buy in this world.

    • September 8, 2014 at 9:47 pm — Reply

      Never said it was a bad investment for everyone. As this was title “One of My Biggest Money Mistakes,” this was an issue for me. It was a terrible investment for me. I made a ton of mistakes after the purchase of the Jetski, that is what the entire post is about. I didn’t need one, nor did I really have any further desire besides it looking cool. If you get enjoyment out of it and you think it is a good investment, then that is all that matters. I don’t know where I said all Jetskis are bad investments in this post. Yes, I did agree with another commentor that most of the time, they are not good investments. I consider a good investment something that enables me to grow my wealth in some form or fashion. The Jetski was not a good investment in my book. Also, this entire blog is my personal opinion. That is the great thing about running a blog, I can say what I want and have an opinion about anything I come across. I don’t have any issue that you disagree with me, but I can still think the Jetski was a terrible investment and probably is for many others.

  32. James @Jet Ski and Parasail
    January 1, 2015 at 12:52 am — Reply

    Like with every PWC you never know what you buy till you actually start to use it, glad you got it worked out how ever.

    • January 17, 2015 at 9:37 am — Reply

      It was fine when I used it. It’s when I stopped using it for some time and tried to sell it. That’s when it started falling apart.

  33. Jason
    June 9, 2015 at 8:46 am — Reply

    There are two mistakes here.
    1. Financing a waverunner. Buying one is fine.
    2. Not knowing how to work on it.

    I’ve been working on waverunners for years and own four. They were all bought cash and sold for cash. If they break…I fix them. The waverunner WAS NOT at fault here.

    • June 9, 2015 at 12:33 pm — Reply

      Oh, I wouldn’t finance another waverunner, ever! That’s true, I didn’t know how to work on it. When I first took it back to the dealer when the issue first arose, they couldn’t even diagnose the problem. The best part is when they flew in two Kawasaki Master mechanics, they couldn’t get the issue resolved either. The problem was on both. One, I shouldn’t have financed it and two, the waverunner was a lemon! I do appreciate your comment, but unless you know all the facts about it, then you can’t assume the waverunner wasn’t at fault. Last time I checked, the manufacturer’s master mechanics should know how to diagnose and fix their own products.

  34. Nate
    July 14, 2015 at 1:04 am — Reply

    I personally believe that wealth is time spent enjoying your life. I make good money and I can afford jet skis. I’ve considered the investment part it’s simply not a good money investment but however I live in Florida and my family loves them and enjoy time on the water. which spending the time I have available to me with them is the most important thing in my life. However I own my own business and could use that money to reinvest into my business and create more wealth but at the end of the day isn’t it about the ride up. Enjoy the ride up and you won’t be so depressed when you get there. I was told that by a wiseman. A rich wiseman. With lots of toys. Invest in what makes you happy and as long as your priorities are in order you’ll be fine… Financial support for the family is 1 and fun and loving, unforgettable lifetime memories with my family 2… Great story but I can see where the guy got the idea of you believing all jet skis are bad investments especially in some of your replies… Best of luck financially and for your family in the future brother.

    • July 14, 2015 at 9:36 am — Reply

      Wealth is different for every person. Some think wealth is just money, others think it’s experiences, and then some in between.

      If you get use out of your skis, then good. That’s what you should do. That still doesn’t make them a good monetary investment. Just like new cars, they depreciate quickly. They aren’t a good investment, unless you use them to generate cash flow.

      They can be a good emotional investment, which is what you are describing here. They provide you with time with your family and memories. There is nothing wrong with that.

      Best of luck to you as well Nate. Enjoy those skis and time with your family. Also, best of luck with your business, whatever it may be.

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