FerrariDiscussion on everything Ferrari related; F40, F50, Enzo, F430, Testarossa, to the Ferrari 599
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I'm 41, own my own business, wife has her own company as well, we both make low six figures a year, no kids, no financial worries. That said I've spent $250,000.00 on 4 cars in last 10 years, I should have kepst the first one and invsted more time and focused on business, took the advce of wiser people with more experience around me. I have a great life, however I could have invested $200,000.00 in real estate back in early 98, instead of buying 3 cars that losst 80% of there value. My advice to you: go buy a 2006 997 c2 for 40,000.00 t0 45,000, drive it for 10 years, invest your time and money in your company and focus, focus, focus. After 10 years
if you play your cards right you can buy any car (sub $200,000.00) and not worry about the payment. As for what other people think, don't waste your time and energy on that garbage, when I'm driving my car the only thing I'm thiking about is, am I going make that 35 mph posted off ramp at 80!
Good advice, thanks. I'm 25 and it's tempting to get a newer/fancier car every time I can afford to move on (although I'm beyond average already when it comes to having cool cars - compared to ex school mates and close friends). I want to experience them all! 4WD japanese turbo rockets, light roadsters, classic 911 TT's, muscle machines, italian beauties, british supercars...
But reading your and other peoples posts, I'm definetley going to get one car I really love and drive it till I'm about 30 and just invest in the meantime, and save all I can.
Thanks man. This is probably the best route to go. Lots of time left to enjoy many great drives and cars. It's sad that some people move on to their next car up on the food chain and don't get that spcecial bond witht their current cars or even learn to drive them properly.
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R.I.P. Ferrari manual shifting gearbox.
I have really enjoyed this thread...some great points of views really. I built my first house when I was 20 with a 740 credit score and got married the same year. I have always had a love affair with cars since I was a kid, so I have a lot of car dreams to fulfill. I have had a supra twin turbo and rx7 twin turbo that had bought with cash, and now have sold(both for profit). I just turned 26, been married for 5 years, have an 18 month old son and our second and final on the way in May 2010. I have a a 4 year degree (which I really don't use) and have been making well into the low 6 figures since I was 22 (legally). I have money in the bank, max 401k as well as trade on the market and I only owe on my house at 4% and my wife's 2006 Cayenne that we bought for 24k a year ago used at 3.9%. Zero debt otherwise.
I am not trying to be "all that", but I am very proud of myself for not getting crazy and just jumping in head first and doing it right from the start. I believe paying cash for a car is the dumbest thing you can do, especially with rates around of 1.9-3.9% and certain markets returning 6-16%
I do struggle with getting a new car though once in awhile because a part of me wants to enjoy these things when I am young and healthy instead of waiting till I am 50+ like everyone else....
Honestly, most people you think are "rich" are up to their eyeballs in debt just trying to float an image they can't afford...go read Rich Dad Poor Dad...I don't agree with absolutely everything in it, but there is a lot that can change you. For me personally, if you are going to be a doctor, it better be because of passion because there are WAY TOO MANY ways to make way more money in a fraction of the time with no debt attached.
Great thread! I would have to say I've made some of the easiest money in real estate. Buy, live a couple years, sell, make money. I love cars and have owned 11 since I was 16 (now 29) but you will never make money on cars. But I will continue to buy them. Why......because it makes me happy.
Not always true...I have bought and sold a few cars in the last 5 months and made 10k profit...
I'm perplexed too. if you come from a poor family, then you bought it on your own. and if you started working full time at 18, that's only 4 years of working to save up. you would need $150k to buy the Lambo, which equates to roughly $3,125/month over 4 years. To get the $3,125/month net, you need to make $4,150 (assuming 25% taxes).
so the first $49,800 (4,150 x 12) of your salary went to your car? I have a hard time believing an 18 year-old, living in Indy with no college degree could even earn $50k, but it would have to be a much higher income then that as $50k is just for the car, and you said you also paid rent?
it just doesn't pencil...
I was making well into the low 6 figures starting at 21 years old NOT using my degree whatsoever...so many naive people out there that think education is the only way...what a joke. All it takes is some brains and a little business sense. And no, this has nothing to do with drugs or schemes or cheating the IRS.
I was making well into the low 6 figures starting at 21 years old NOT using my degree whatsoever...so many naive people out there that think education is the only way...what a joke. All it takes is some brains and a little business sense. And no, this has nothing to do with drugs or schemes or cheating the IRS.
Its actually not that bad, what I am doing now has nothing to do with my degree but it makes a hell lot more
A good example would be back in the days of myspace, some girl who's 17 and knew some HTML was making simple HTML template for myspace. Each took about an hour to make, and allows people to customize it by changing color or images.
All she had was a simple site, with boxes for people to copy the the codes and paste it into their myspace. With a little business sense she was making 70k a month alone in advertising when myspace got bigger and bigger.
You don't need a business degree or computer science knowledge for something like that
Same is applicable for a lot of other businesses, but its hard to explain unless you have a bit of knowledge in each field first. However, that "bit" of knowledge is basically an interest in that field + a week or two of research and reading about that industry, that's all it takes.
I was making well into the low 6 figures starting at 21 years old NOT using my degree whatsoever...so many naive people out there that think education is the only way...what a joke. All it takes is some brains and a little business sense. And no, this has nothing to do with drugs or schemes or cheating the IRS.
Trev
I will agree there. However, the percent of people who have the business sense naturally is very low and they need the education to succeed in life. In no way am I saying education is not essential to live a good life. I myself am young, and Id like to think doing good so far. I have no post secondary. Everything that I have made for myself has come from skills Ive self educated myself on. With that said, the majority of people may not have the ability for thorough self education accompanied by success.
Its actually not that bad, what I am doing now has nothing to do with my degree but it makes a hell lot more
A good example would be back in the days of myspace, some girl who's 17 and knew some HTML was making simple HTML template for myspace. Each took about an hour to make, and allows people to customize it by changing color or images.
All she had was a simple site, with boxes for people to copy the the codes and paste it into their myspace. With a little business sense she was making 70k a month alone in advertising when myspace got bigger and bigger.
You don't need a business degree or computer science knowledge for something like that
Same is applicable for a lot of other businesses, but its hard to explain unless you have a bit of knowledge in each field first. However, that "bit" of knowledge is basically an interest in that field + a week or two of research and reading about that industry, that's all it takes.
Yes, a few people make large amounts of money in situations like this. There are plenty of people in the world with brains and business sense...but not making close to six figures.
Well business sense also includes marketing, I am not sure if you heard of pet rocks, but someone made millions selling rocks.. literally.
Also, for every one like her, there are thousands who provided the same service but didn't market themselves successfully or even thought of making money from it. Business sense is a little more than the daily operations, a lot goes into proper marketing too.
To be honest, for 1 for 1, for the same effort, you can make as much if not a little bit more than what you do for a 9-5 job (for most people). A little bit more effort and smarts and you can make much more.
I will sum it in 3 parts. Give it some thoughts, not all ideas will fly, but you will be surprised by what you can do
Fine what you like to do, and do well in.
Find a way to take what you do, and make it into a direct benefit for other people.
Convince consumer and business why it benefits them.
Yes, a few people make large amounts of money in situations like this. There are plenty of people in the world with brains and business sense...but not making close to six figures.
To the OP - it's really more of a personal choice.
If you honestly assess the true cost of ownership, realistically consider how long you'll own it and what the resale (or insured) value would be along the way, then you shouldn't be getting any "surprises".
If you own your house outright, well, that's the big one right there. Aside from other living expenses, the most important factors are:
1. Lifestyle (this includes your car) 2. Retirement/Investment
All it takes is to sort those out logically and not "over-extend".
Your Lifestyle costs are an investment in your HAPPYNESS. You basically go into it knowing that it's money spent. Gone forever.
But it's essential. Don't waste your life away saving, saving and saving. Before you know it, you're old - and then what?
What I've found is that making the big bucks vs. making a decent income doesn't really change anything in terms of lifestyle, unless you're caught in the "Jones" cycle. (In which case a bigger income potentially equals bigger debt, because the banks will lend you more and more, etc.)
If you can strike a balance where you can live a great life full of adventure and satisfaction while simultaneously building assets and investments for future (or even present) returns - that is ideal.
It does take compromise and a bit of thinking.
But in essence, it is simple.
And it's very possible...
I'm 25 and I own my Porsche 996TT outright. No debt. I also own 3 houses, all of which are cash flow positive. As a result, my wife and I actually live "for free", as in our mortgage and housing costs are already covered each month even before taking into account our incomes, etc.
On top of that, we've travelled every continent and have a great lifestyle - but not one that's "showy" or pretentious. All of our friends with the exception of a few are "working folk".
And like 99% of the other young guys with cars like this - I don't sell drugs, either.
I'm an internet marketer who's been at it since I was 19. Took a long time to get stuff going. I had ZERO help from anyone and started from nothing.
By the time I was 23 I was earning 6 figures.
The way things are going these days, it won't be long until I'm in the 7 figure bracket.
But what's funny is that by the time it's all said and done (and taxes are paid)... it honestly doesn't make that much of a difference. Life goes on.
Making "real" money ($500k+) feels just the same as making a good income, like $100K/yr.
It all depends on YOUR choices.
Not what other people think. So if you can swing it without over-extending, go for it!
I was making well into the low 6 figures starting at 21 years old NOT using my degree whatsoever...so many naive people out there that think education is the only way...what a joke. All it takes is some brains and a little business sense. And no, this has nothing to do with drugs or schemes or cheating the IRS.
Trev
I would refrain from implying I am naive. I simply asked the guy to map out how he paid $150k in cash for a car by 22. He claimed he made a normal income (while living with his parents) and came from a poor family, and I stated it didn't pencil. weeks later, he's yet to quantify it. either he's lying about how hard he had it, or he downplayed his income, or he's lying about both.
I know plenty of guys making big money at a young age, with and without degrees. but the situation described above does not add up.
because a part of me wants to enjoy these things when I am young and healthy instead of waiting till I am 50+ like everyone else....
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