Lifetime License - Hurry Up!

[Scott M]

If you have been considering a Minnesota resident lifetime license, buy now or pay more later! Effective March 1, the new prices take effect. You can save some big bucks if you've been considering a lifetime license.

Lifetime Licenses

Don't say you weren't warned! There's about 3 weeks left! Use up that holiday money or your tax return!

[CAMAN]

What are they going up to?

[Portlis]

Got mine last year

It was a relatively painless process to sign up for, and an extremely easy process to get the yearly "free" license that you are still required to get.

I'm 30 years old so I figured it would pay for itself by the time I was around 48 or 49. With rates going up, it will pay for itself sooner!

[CrewJones]

I am going to stop by next week. I see myself moving in the next year or two so this is a no brainier.

now it seems I will have to buy my wife a license every though.

[Hawg]

How much are they or do they go by age?

[deerminator]

Aside from how much they go up, I personally would hold onto that $$$ and just buy one every year. Considering today's license prices, say you're 30 years old. Buying a single angler's license every year until you are 62 years of age is going to cost you $510. But you can buy a lifetime license now at $383, saving yourself $127 over that time span at today's license prices. And yes, I know you will save slightly more because the prices will go up on occassion. But, take that $383 and instead put it in your retirement account, and over the next 32 years, at a conservative 8 percent interest, you're looking at nearly $2,500. So you've won and the DNR wins because you're paying them more money in a more regular manner for a license in the long run. Sorry if I'm a geek for thinking about it this way but I've considered a lifetime license before and that's my reasoning for not getting one. Again, this is just my line of reasoning and no disrespect is intended. I think its great that they offer it as an option. The more options the better! For some it works. For others, not. Just something to consider.

[fishersofmen]

Good points......

[tisosy11]

Yeah, if you are in your 30's, it's likely not worth it. I got my kid one on his first birthday. Great gift imho.

[deerminator]

I agree. That is a great gift. Like I said, I think that it's a great option to have. Many years of happy fishing to him!!!

[Scott M]

What are they going up to?

Here's a couple comparisons

Old Price

New Price

[Might_B_A_Pike]

do we know how much it will be after next month?

[Lusid]

Current I think it's 17.00 + fees = 18

New looks like 22.00 + fees = 23.00

I wonder if I can renew my Fishing License for 3 years before the price hike for the next 3 years...

[Might_B_A_Pike]

do we know what the new lifetime one will cost? or is that going away. I hope they keep the conservatoin licence. as a pure C&R guy, I like having that option

[Scott M]

Aside from how much they go up, I personally would hold onto that $$$ and just buy one every year. Considering today's license prices, say you're 30 years old. Buying a single angler's license every year until you are 62 years of age is going to cost you $510. But you can buy a lifetime license now at $383, saving yourself $127 over that time span at today's license prices. And yes, I know you will save slightly more because the prices will go up on occassion. But, take that $383 and instead put it in your retirement account, and over the next 32 years, at a conservative 8 percent interest, you're looking at nearly $2,500. So you've won and the DNR wins because you're paying them more money in a more regular manner for a license in the long run. Sorry if I'm a geek for thinking about it this way but I've considered a lifetime license before and that's my reasoning for not getting one. Again, this is just my line of reasoning and no disrespect is intended. I think its great that they offer it as an option. The more options the better! For some it works. For others, not. Just something to consider.

You're right to examine the investment this way. Finite resources. Regarding the money, it's how people should look at all their savings. How much is it worth in the future. Unfortunately, most don't. It's the American way to spend on credit, look at the recession/credit/deficit to China. Like you said, it's a personal choice of how important it is to you. Case in point, I'm in the market for a snowmobile. I could take the money and invest it at 8% over 32 years and drag to all my spots during that time frame or buy the sled with a finite amount of trips to use it and be out the money. Similarly I can buy the lifetime license, forgo future fee increases including the impending one on March 1, and be set with fishing privileges for life.

A friend of mine is an economist for Delta Airlines. I had him crunch the numbers of net present value versus future worth of a lifetime MN fishing license, factoring in a conservative inflation value. It was some 'back of an envelope' calculations that I no longer have, but the take home message was it was definitely worth the investment, even for the 16-50 group. If the license cost continues to increase, staggered steps every 5-10 years (this has been the pattern to date), those numbers become more significant. One thing to point out - the investment doesn't depreciate as other purchases do. You are guaranteed fishing privileges for life. Unless you are terminally ill or worried about impending death, it should be a good investment across all age brackets. Not as good as dropping the same chunk of change into progressive investments for 32 years, but it all depends what you want out of the money, willingness to pay, and so on.

The thing is, the DNR is doing something similar to what deerminator is proposing individual license buyers do. They are taking the money, setting it into a fish and game endowment for the future, where it appreciates with modest gains to keep up with inflation and future budgetary needs. Also you are required to pick up a paper license each year so you are counted as a license buyer for federal aid reimbursement. This ensures that both modes of paying for fish and game work are available through lifetime licenses as they are with annual buyers.

deerminator is right on, it's all what works for you. If you can invest the money wisely, keep your own chunk of change and buy annually. If its your dollars that are dedicated to outdoor consumption and will be used otherwise instead of being put into savings, then maybe its a good investment for the future.

[BoxMN]

I got one a while back, a sportsman and my wife an angling. I like it for several reasons. The price is okay, but who knows if you live or die, and I got mine as 40 yo (give or take) so not getting the full "Advantage" of time. But it still pays for itself and then some if I just live to 60 and still hunt and fish.

The more minor things that I like:

-you get free duplicates, so I just get two copies right away, keep original in my wallet, keep one in boat, and one on pontoon. Easy peasy always with me even if wallet it not.

-you pay for it all at once, so even though the cost is not much difference, each spring I just pop for stamps and it is cheap after that main purchase. I can hunt anything and fish for anything for about $30 in stamps, so my cost going forward is just $30 out of pocket each year, instead of about $60ish. No big deal really, but you never know what your situation might be in the future.

-the wardens I see often know I have lifetime, so they don't check me anymore, just say hi

And I guess the last is... this is only one increase, never know what the next one might bring... and if I die, the DNR wins on license fee so either way really helps them, they have it all figured out.

[Portlis]

Aside from how much they go up, I personally would hold onto that $$$ and just buy one every year. Considering today's license prices, say you're 30 years old. Buying a single angler's license every year until you are 62 years of age is going to cost you $510. But you can buy a lifetime license now at $383, saving yourself $127 over that time span at today's license prices. And yes, I know you will save slightly more because the prices will go up on occassion. But, take that $383 and instead put it in your retirement account, and over the next 32 years, at a conservative 8 percent interest, you're looking at nearly $2,500. So you've won and the DNR wins because you're paying them more money in a more regular manner for a license in the long run. Sorry if I'm a geek for thinking about it this way but I've considered a lifetime license before and that's my reasoning for not getting one. Again, this is just my line of reasoning and no disrespect is intended. I think its great that they offer it as an option. The more options the better! For some it works. For others, not. Just something to consider.

As much as I appreciate the logic behind this, and as someone who is very financially wise I truly do, you're still not looking at it from the exact correct perspective.

Yes, you could invest that $383 right now and it would be a larger sum at the end of 32 years. However, you aren't at ALL factoring in that you could take the $22 (not even considering the VERY likely scenario of future rate increases) per year that you are now "saving" and invest it every year too. No, no one is realistically going to go out of their way to invest $22 per year. But if you're going to make the comparison, it needs to be apples to apples here.

Not sure where you are getting the $2500 figure either. $383 initial deposit with no further contributions compounded annually at 8% over 32 years is around $4500. $1.83 deposited monthly ($22/12) compounded annually for 32 years is around $3000. There's still a discrepancy there, yes, but it's not as large as you'd lead some to believe.

Key points to consider though:

- Rates WILL increase in the future, possibly even to a very large degree. We simply don't know. If you have your lifetime license, you are essentially future proof.

- How's that guaranteed 8% return on investment looking for you over the course of the last, oh say, 15 years? I started a roth IRA when I was 16 years old and I'm now 30. I can positively guarantee you that my return on investment hasn't been anywhere even CLOSE to 8%. Yeah, my adult lifetime has been an odd point in time for investments and the market, and yeah, if you choose the correct investments then you're still golden (gold, for example, no pun intended). My point is simply that you can't assume an 8% ROI. Bump that 8% down to a more modest 4% and your $383 investment is now $1383 after 32 years compared to $1405 having invested that $22 every year instead.

- The longer you live, the better deal it is. Obviously. But I certainly plan on living (and fishing!) longer than 62 years of age. We never know what the future holds, but I suppose if I prematurely croak then I won't really care anyway now will I?

- As was mentioned, free reprints on licenses.

- Convenience is worth something itself.

- I don't mind supporting our natural resource management, and if my $383 provides both a benefit to me over the course of my life AND the added benefit of more up front revenue for the DNR to make those resources better FOR my lifetime, then that's a win/win in my book.

[sticknstring]

Many good point Portlis! I fully agree w/ the ROI on the 401 over the past decade. I'd be doing kartwheels (probably a trip to the ER too) if I had 15%. The future holds many unknowns though. I probably won't be buying the lifetime licenses for myself, but will think hard about getting them for my kids. $213 or something for 0-3 yrs old. Can't beat that.

[deerminator]

Agreed. Many good points. Not sure how I came out with that number - other than a mistype in my calculator. Regardless, if you did invest that $$$ instead, you would almost certainly come out ahead. Again, no gaurentees in investing. And while I appreciate the DNR earning interest on that money, I'd rather earn it myself. Not trying to be smart, just that I pay a lot of taxes as well as charitable contributions already.

[BLACKJACK]

When I turned 50 a few years ago, which if you look at the charts, is a big price drop, I went in big time on the lifetime licenses, and bought ones for fishing, deer firearm, deer archery, and small game, I figured out at the current prices that they'd all pay for themselves in 11-13 years. Hopefully I'll live that long and hopefully I'll still be hunting and fishing well into retirement. If not, the DNR can use my money.

Sure is nice just taking the little blue cards in every fall and only paying for the stamps!!! Now recently I just bought my wife a lifetime fishing license, no more "I have don't have a fishing license excuse"!!!

[Sonicrunch]

This lifetime license is just a money grab. I give it another few years, and then they will cancel it and tell you to buy a license every year again.

[Portlis]

This lifetime license is just a money grab. I give it another few years, and then they will cancel it and tell you to buy a license every year again.

Does that tinfoil hat protect you from anything else we should be wary of?

[Sonicrunch]

Does that tinfoil hat protect you from anything else we should be wary of?

lulz

A member of the tinfoil hat crew, I am not.

I say what I have said because lifetime licensees can only dry up funds in the future. At that point, attitudes will change, and so will laws.

But hey, don't take my word for it, just ask the Native Americans how well the gov't keeps it's promises when faced with difficulties.

[MuskieFever]

Call me crazy but I'd rather pay every year for a license. The state of MN needs money for stocking and maintaining our fisheries.

[muldoon211]

I bought a sportsman lifetime for my 15 yr old this year. I've waisted money on worse things if it doesn't pan out and if it does work......Hope he lives to be 90!!

[muldoon211]

I bought a sportsman lifetime for my 15 yr old this year. I've waisted money on worse things if it doesn't pan out and if it does work......Hope he lives to be 90!!