Financing a "large" tank.

To me, being able to afford a big tank is mostly about priorities. What do I want to spend my money on? Do I buy a new car or a used car? Do I drop 12k on a new snowmobile or live without? I make far from 6 figures and have a very nice 180 sps tank and am in the planning/purchasing equipment stages on a 280g tank. I have no problems affording keeping a thriving tank going. I don't run top of the line equipment or lighting, but still have a healthy tank. It also depends on how much effort you want to put into the tank. If you want to have everything automated, then it will cost you more. If you don't mind doing weekly chores on the tank religiously, it will cost less. Don't get me wrong, up front cost for a large tank with proper equipment isn't cheap, but monthly upkeep isn't anymore than a lot of people spend at the tavern. Just my 2 cents
 
A fish tank is the same as a boat- Bust Out Another Thousand. You only run a tank you can afford and by that it depends on what exactly is important to you. I work with/for a group of people that all own 5-10 million dollar sport fishing vessels and none of those were financed- all cash. I think the same goes for the guys building these crazy big fish tanks and rooms. Some people maintain their own tanks and most hire people(obviously not the ones on this forum) I would never put anything on a credit card or take out a loan for anything that involves saltwater. Just my 2cents
 
I do believe cost of living in specific areas contribute to how much of a tank one can afford at the time. Making 80k in a low cost of living area allows for more disposal income then someone making 80k in NYC. The $40 box of salt is going to be the same price regardless of where you live, but what % of your disposable income is going to change. So all factors contribute to the equation, but the most important is priorities and discipline to not outspend your means.
 
TravelinLight said:
A fish tank is the same as a boat- Bust Out Another Thousand. You only run a tank you can afford and by that it depends on what exactly is important to you. I work with/for a group of people that all own 5-10 million dollar sport fishing vessels and none of those were financed- all cash. I think the same goes for the guys building these crazy big fish tanks and rooms. Some people maintain their own tanks and most hire people(obviously not the ones on this forum) I would never put anything on a credit card or take out a loan for anything that involves saltwater. Just my 2cents
Click to expand...

LOL, reason why I sold my wakeboard boat three years ago and probably the best thing I ever did. :bounce1:

I am currently setting up a 280 gallon tank. I have been saving enough money for 3 years to purchase the big stuff (tank, pumps, radion lights to name a few) that I don't trust people on craigslist to purchase from. That is because a majority of craigslist sellers won't tell you everything (example: did you use copper in my main DT? Has the tank ever leaked?) However, there will be some craigslist purchase here soon.
 
We're talking apples and organs here ... Or is it coral and fish?


No offense but I don't consider a 220 a large tank ... Hell, my system is 200g and is not in the same universe as the guys doing the 400-500g systems (and I bought top of the line everything ... 300g RO skimmer, 3AI Sols, GeoReef 618 CaRx, 2 Gold Dart pumps, 2 Vortech MP 40s and on and on.)

The cost to purchase the proper systems is not linear nor is the monthly ops costs as the size of your tank grows.

And while I agree that $500k/yr is probably not required to do a 400-500g system I still maintain that $80k/yr ain't the right answer either. BTW, my assumption about household income includes that you are putting away 15-20% a year for retirement ... If you don't you may well be able to afford 'bigger' things but for me I'm a whole lot happier being retired at 54 then spending money when I was young and having to work until I'm 65-70 or more .... Not trying to give financial advice but there is always a lot more going on then meets the eye in these types of things ...
 
I have a 300g that I bought bc it was too good a deal to pass on. It's unclear if I will ever get it setup- certainly not for several years (though I'm considering doing backyard aquaponics with it and a tilapia fish fry party this fall). I look for deals and pick things up cheap when available. For now my 100g will suffice and I get items that I believe will serve the 100g now and the 300g later too.

If this hobby is about patience, then setting up a large tank affordably is the ultimate test to see that you are ready for it on e you actually get it setup.
 
I used credit to pay for the big upfront costs. But Only so I could defer the cost over a couple paychecks. I hate being cash poor, and don't keep much liquid assets because it doesn't make me money.
 
I'm doing a 180g reef with basement sump and separate QT-frag setup. I'm keeping a detailed cost list. I'm fast approaching 5k with getting some excellent prices on my equipment doing comparison shopping. DT hasn't even seen water yet...

The key has been buying stuff over time. I'm going into month 7 on the build...
 
It's not really a matter of how much you make in a year. It's a matter of disposable income - how much you can (or are willing to) invest in a reef system. I'm single, do not have any children and don't have significant debt. In short, I probably have more disposable income than some folks who might be making way more money than me.

A few years ago, I was able to swing a fully loaded 130g system with high-end equipment within a year while making roughly $50-55k. Probably could have gotten a much bigger system but it would have taken a lot more time to save up that kind of money.
 
I spent a year doing my build, hitting all the sales.
I have a decent job but am still pretty careful with how and how fast I spend my money.
 
Black Friday sales have really helped out for me.... other than that, I tell myself its a wedding gift to myself!! :-D

I've been setting up a 300 gallon system since last November.... between tank, sump, lights, pumps, powerheads, salt, sand, rock, etc I'm in 6k-8k on the equipment. I've saved a bit by doing my own woodwork finishing.

Livestock wise, I buy only frags and go to frag swaps.... most of my SPS frags have been transferred from my old 75 gallon system... fish wise I've purchased an emperor angel, regal angel, flame angel to go with my existing clown pair, goby, and tailspot blenny... so maybe $400 worth of fish added in with those 3 angels

My wife and I probably have a household income to the higher side of numbers quoted, but with that being said, you still do feel the sticker shock when being quoted $300 for some new fangled chalice... (which leads to it NOT being purchased)

in terms of money, big sales and a close relation with the LFS have helped.... in terms of home harmony, the wife enjoys the hobby to, so having mutual hobbies and enjoyment does keep things peaceful!
 
I acquired all of the pieces over about a 3 year period before I added water to the system. This works well on large systems. Don't borrow for this because you will never catch up. The equipment has to be replaced very regularly so on my 400 gallon system, the budget is about $3000 a year on equipment on the high side and never lower than $1000. The total original system cost was around $15000 including $3000 for floor modifications to the house and believe me I am cheap so there are no extravagant pieces. This does not include the animals.
 
And no matter how careful we are things still happen. Got some very disappointing news from a friend I SD my blonde naso tang to. He has a med. tank, 250g, bit during a power outage hear in Toronto for 7 days he lost everything. Corals fish, estimated loss of 10000. He even has a generator but it was so freaking cold here he couldn't keep the heat up. I had that fish for 5 years and sold it because my 90g was getting a not to small. I know I did the right thing bit it still sucks.
 
You'll be surprised how much more income you can use for your hobby when u stop eating! Like other posters said before, i would not borrow anything for the hobby. It's just not worth it IMO. When I was in college, I admit to putting a lot of fish stuff on my card. It was easy to see something you want and just card it lol. Took awhile to pay it off and was jut a waste of money in interest.
 
Not sure what the OP meant by "large setup", I have a 220g and that is small (IMO) my next tank has to break the 700g mark or it won't be large enough for the next tank
 
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