What is your favorite hobby? Do you like building those little ships in the bottle or collecting dolls? Maybe you're a baseball card collector or you like to buy cheap items at garage sales and fix them up for resale? Maybe your hobby seems like it takes a lot of your money, but it's likely cheap compared to some of the most expensive hobbies. Calculating costs can be difficult since it is highly dependent on the person's level of immersion in his or her hobby, but what is for certain is that if you're going to make these your after-work passions, it's going to take some giant-sized funds.
You may have seen the hit TV series "Dancing with the Stars" which has brought awareness to competitive ballroom dancing, but did you know that a dress alone can cost a few hundred all the way to a few thousand? Add to that competition fees, dance lessons, transportation, lodging, and other associated expenses and you may spend more than $10,000 in just one year. For those who are recreational instead of competitive, the costs are much lower.
The cost of obtaining your private pilot's license may be $5,000 or less depending on a variety of factors, but that's just the start of the investment. Purchasing a plane will likely cost $100,000 or more causing most pilots to join a flying club where they rent a plane for a specified period of time. Along with club membership, hourly rental may cost $80 per hour or more. There are many variables that affect the price, but one thing is for certain: flying is expensive.
Paying $150 to $250 for a single dive may not be expensive, but when you consider that the actual jump is only about one minute, the price is exceedingly high. The best way to drop the price is to become certified, experts say. Certification can cost as little as $1,500 and may drop the per jump price to $20.
Not only is mountain climbing physically dangerous, but it's financially dangerous as well. Climbing Mount Everest will cost between $8,000 and $13,000 depending on the type of camping and climbing gear you choose to purchase. Add to that guide fees, permits, and other associated costs and you have an expensive adventure.
The cost of equipment is a modest $500, and certification is another $300 to $500. For those who are serious about their scuba, only the most picturesque, exotic locations will do. If you're able to avoid the $1,500 or more plane ticket to get you to such sites like the Great Barrier Reef, your scuba hobby may not be as budget-busting as it could, but how long will the local lakes be enough?
These hobbies are very expensive, but that hasn't stopped people from taking part in them. Some enthusiasts invest thousands and thousands of dollars into these pastimes.
Personal FinanceDoes your budget not allow you to have expensive hobbies? Here are six great ideas for occupying your free time without spending money.
Personal FinanceNot every hobby requires you to dig deep into your pockets, but some pursuits are far more expensive than others. Here are five hobbies that can cost a lot.
Managing WealthHere are some ways to turn what you love to do for fun into your job.
RetirementOne in three Americans haven’t saved anything for retirement, let alone $50K. Here’s a dozen things that you can do to help shore up your finances.
RetirementHaving fun is key to being happy during retirement. Here are five tips on how to act responsibly for retirees who want to continue their trading hobby.
RetirementLiving on a fixed income is easier said than done; even well-prepared retirees are surprised at how challenging it can be. Here are five things to watch.
Personal FinanceSome jobs – even hobbies – can put you on a high-risk list and make it tough to get life insurance. How to lower your rates without giving up scuba diving.
RetirementIf you're like most Americans, you don't have enough put aside for retirement. Here are a half dozen ways to increase your savings by cutting costs.
Personal FinanceSaving your first $100,000 requires the discipline to put money away and control your spending. But just remember – the savings get bigger as you go.