tips to owning a Ferrari one day?

Tip #1, and I'm in no way exaggerating: pay the $15 to subscribe and read the Business & Investment forum in the subscribed section.

Tip #2: Learn from my mistake -- don't worry about the Joneses down the street. Live well below your means and avoid debt that doesn't build assets. If income doesn't exceed outflow, you're screwed.

Tip #3, and closely related to #2: be VERY careful who you marry.

Tip #4: Don't forget to live now while you're young.


If you -really- want to make money, figure out what people want and sell it to them. For instance, that poster you like has been for sale for a VERY long time. How much you think it's pulled in?
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Consume less then you produce, save and invest the difference. You may want to reconsider the "college" tip. It doesn't work in our day in age. College has become a scam. People leaving with heavy debt loads and educations that have very little value.

 

Love your dorm room; I'm starting my sophomore year of college this next week; let me know if you're looking for a room mate! I have a "Justification for Higher Education" poster, but it's the older one with the 360 and stuff...didn't know they had an "updated" version.

I don't own a Ferrari yet (will within 3-4 years) but my word of advice to you is to not choose a career based on the thought of one day owning a Ferrari. Who cares if you make millions of dollars...if you don't truly like it, it won't be worth it. Pick a career path that you will truly enjoy; the rest will fall into place in due time...maybe sooner than you think. I agree that you should subscribe and read the business and investments forum; you will be surprised at what you learn and what you gain from it. Also, don't get too ahead of yourself and try to rush things; enjoy the life you have now.

Something else to consider (if not now, then later in life): when rising to success, NOBODY reaches it without downfalls and hardships. The truly successful people are the ones who are able to overcome those bad times and look towards a brighter future; don't dwell on mistakes you may have made in your past. There's a saying that goes something like this: "Life is like a car, there's a reason why the windshield is bigger than the rear-view mirror; what's behind you isn't nearly as important as where you're headed. You can always look back and there will always be something there, but you should rather focus on the road ahead."

Best of luck to you from one college student to another,
-G.B.

 

Are you really interested in a Ferrari, or just the money it theoretically represents?

 

edit: I see someone else has just posted similar.

I'll throw in a different approach:
Go to college/university to find out what you enjoy doing and are good at and can enjoy doing for the rest of your career while getting paid enough to be comfortable. Money is like #4 on the "life-satisfaction" list.
Being realistic helps of course, not everyone can be in the top 10%...
Getting that first Ferrari is an extrodinary experience, and driving it is very satisfying, and a lot of fun. But I get the same thrill skiing a cliff, or night diving with sharks...
Having goals is good, but you gotta figure out what's right for you, and you're still young and discovering adult life.
Talking to other owners, I've found that other than the obviously wealthy, many of us (myself included) are just regular types who made the dream of owning one enough of a priority that we eventually got there. We're the quieter ones...

 

Think of the money you earn and save as seeds.
Learn to plant (invest) those seeds, allow the havest to be re-planted (compound your returns) until your plantation (asset portfolio) is big enough to allow you to enjoy some of the fruits while it continues to grow.

Basically delay your gratification (to a reasonable extent, you also got to live your life) and build a sustainable financial base rather than always depending on your own human capital which is limited by time/energy.

 

Listen to this. Money is not the end all be all that it is made out to be.

 

Indeed.

It don't mean nothin'.

[ame]http://www.youtube.com/watch?v=yuA_CyUdjkE&feature=related[/ame]

 

Figure out a way to work for yourself. You'll have a better chance of determining your own destiny if you work for yourself, rather than for somebody else.

 

I think so too.

 

Realize that a college degree no longer guarantees success.
People who start and own a small business probably have a better chance of owning a Ferrari than the average college grad. (I think most people on this site own a business.)

For starters, identify a need and start a business that caters to it. Or start a business that solves an everyday problem. If you think hard enough, you could probably build a better "mousetrap" for anything (look at Dyson and his vacuums. imagine his pitch to investors, "I'm going to produce and sell a $500 yellow vacuum cleaner. Everyone's going to love it!)
If you like the internet, find a new way to advertise/market products and services from various companies - be sure to specialize or find a niche. Companies will pay good money for exposure and quality traffic.
If you like Ferraris so much and want to start small, I'm sure many owners in your area would pay you to detail their ferraris with a q-tip and a Sham-wow.

Although not everyone can or wants to own a business, it's worth your time to consider it. Look at all the college grads with an $80k education that can't find a job. Even worse, look at all the college grads in their 50's and 60's that were laid off in the past several years and new have to work at Wal-Mart. (My younger cousin just graduated from a good college in Chicago with student loans of $100,000. He couldn't find a job and is now painting homes.)

Final note: Take a business course in negotiating. You'll use it everyday. Excellent ROI.

 

Consider going into ROTC and getting a Commission in the Armed Forces. It can be for as short as 4 years.

You will learn more and gain more real world experience in every aspect of life and business in those 4 short years than ANY OTHER track you can possibly take.

I have friends in business that after 20 years are still making big gradeschool mistakes especially dealing with people that no 1st Lieutenant would EVER make.

A successful stint as a Commissioned Officer almost universally gives you a huge advantage over those without.



Good Luck.

 

Lots of redundant answers here, which should mean something. If you have your goals set and stick to them, you can get there. Just be prepared to do whatever it takes. I played for the first five years out of high school. Had a great time, but the money I blew, and it was all cash, no debt, scared me when I sat down and tallied it up. Spent $15k alone on building a mud truck through stages. Had a lot of fun in it, but if I'd invested it wisely, it could be close to paying off my house, a ferrari, or a really nice boat. Lived and learned. Military isnt a bad idea either. And free housing for the time your in if you choose. Just do your best not to get distracted and you'll make it.

 

Probably not a popular suggestion, but not having kids, or waiting until you've socked a significant amount away, will go a long way toward being able to achieve your goal. Children are expensive and eat up financial resources. You can save earning a lot less if you put it off. Just my $.02.

 

1) The above is true if you intend to major in Psychology, Communications, Theater, Foreign Literature, Parks and Recreation, etc. The comment above is FALSE if, like you indicated, you need the coursework to be a Certified Public Accountant and IMHO might consider a masters once done.. can be a CFO or any other interesting field like Venture Capital valuations, etc.

2) College is just a bunch of tools that you can use in real life to make you a more competitive person (better communicator, problem solver, etc). Any Yahoo on the street can push paper or assemble widgets. Those jobs are in China and the far east. Those prior workers are the ones who are on unemployment.

3) It's what you have that others don't that makes you competitive. A "License" means that you can do something that others can't do and bill for it. It also means you have a level of competency that has been attested to by a licensing board. A CPA is a good idea. Not everyone is inclined to be an entrepreneur, a credential opens doors not availbale to the general public.

4) As stated before, save your money and invest it. Live below your means esp. with regards to large expenses like houses.

5) Money is just a tool, not an end to life. Time with family and friends is what it's all about.

btw: consider a minor in science or engineering: medicine, engineering, geology... computer science is a good one, chemical engineering, etc. It opens up jobs in tech and natural resources, demand areas. I don't know anyone who graduated with a degree in engineering who doesn't have a 60-80k starting salary. All the idiots who partied and wanted to be on a reality show ended up living with mom and dad after college.

 

Plenty of good advice here.

In my experience, nobody that I know that owns a Ferrari, starting with nothing, throws money around. They have all:

1) Enjoyed work first, worried about enjoying the fruits of labour second (or third or ....)
2) Had a vision. Wanted to be the best, wanted to build a business, wanted to own a home

Find something you enjoy doing. If you enjoy it you'll be good at it. It helps, though, to be in an industry that not too many people want to be in.

I second vrsurgeon's comment on engineering. If you want to have an exciting and succesful career, join the mining industry. There's a serious shortage of people there, job security and high salary (and quite often shares or options in the company) for the next 40 years guaranteed. Starting salary in the $70 - 80k bracket. But you'll have to give up living in the suburbs for a decade at least. Every advantage has its disadvantage...

Best of luck. Don't focus on the Ferrari, it will come when the time is right.


Onno

 

Agreed, if your goals are financial, this is great advice.

 

When I was your age, I was similarly obsessed with Ferrari. They were a dream that occupied my every free moment. Now I own one and am surrounded by friends who own them. They are stupendous CARS. But, sadly, I must report from the other side, that they are in the end just cars. I f you make it your life's goal, you are going to be disappointed in the end. As others have said, focus on doing something you love and being really good at it. You will spend 8 hours a day at least at work, far more time than you will spend behind the wheel of your 458. Make the wrong life choices just to get a car and you will end up resenting it in the end. Similarly, you may be to young to appreciate this, but put a premium on family. Ferrari will never be able to produce the joy you will get out of watching your son or daughter do the simplest things. Finally, do not focus on being rich. Being rich is not a cure for anything except poverty. By itself, it can't make you happy or fulfilled. I know guys who have more money than they could spend in two lifetimes, but they are so wrapped up in material things, they are miserable SOBS. It's nice to have special things, but in the end they are just that. Big boy toys. I believe that when you are old, it is the experiences and memories of them that you will hold on to. That should be your goal. Trust me when I say, a Ferrari is a nice cherry on top of a life well lived, but it is not a substitute for it.

So my tip on owning a Ferrari.. I concur with JazzyO, don't focus on it, take care of the other things, and it will come when the time is right, and if it doesn't you won't regret passing it up.

 

+ 1,000,000. This is great advice all around. College is still required for SOME careers but the world is changing and real-world experience along with ambition & a little luck go a lot further than the 8.5x11 sheet of paper from some overpriced university. Do something you actually enjoy and you'll be better at it.

Ferrari ownership or any other exotic for that matter is definitely achievable, even by those with modest incomes. Its all priorities and what you do with your money. My "means" of having some extra toy-car money was simply to buy LESS house than we could have and pay it off early. Now, I can "play" while many of friends are buried with $2200 dollar a month mortgage payments & massive property taxes. Their house is fancier and bigger, but they got minivans and Hondas.... I gots some sports cars. I win.

Some good stuff here Joe, but making it seem like lots of money cant help bring happiness is a little bit of a tired cliche, isnt it? I mean...having lots of money almost always frees up time and provides resources for people to spend more time/quality time with friends and family, doesnt it? More vacations, more toys to enjoy, more "options". One of the big issues with people now seems to be a lack of time due to working overly hard or at two jobs to make ends meet. That steals time from family. Where as the truly rich guy can do whatever they want, when they want and with whom they want. That sounds good to me! If I didnt have to work, I wouldnt...not even for a second. Id just do more fun things with the family and with myself/friends.

Of course, dont make material things the goal of the money - that just leads to a garage full of Lamborghinis/Ferraris but an empty soul. Chase the money down for the right reasons and having a lot of it is always better than having too little of it.

 

I had a similar version on my dorm wall. It's in a box somewhere right now, but it was this one...

All the best,
Andrew.
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Not to go off topic, but I totally disagree. In fact, most of my wealthy friends/clients got their wealth by rising to the top of their industry or owning their own business. You don't get there by accident and they perpetually worry about losing their success, status or business. I can count on one hand the amount of friends I have who are really wealthy that aren't also workaholics who have very little free time at all. The one's that do have free time, spend it worrying about work. I have other wealthy friends who have long since lost the plot and are obsessed with amassing more and more wealth and the trappings of wealth.

There is a huge difference between people who are born with money and people who have started with nothing and earn it. Though not a hard rule, in my experience, those who are born with it are more likely to lead the life of luxury because they don't know what its like to want. In my humble experience, those who build their empire, never lose the taste of what it felt to live without, and seldom if ever take their foot off the gas.

I know very few wealthy people of working age who built their own wealth who actually "live the dream" of long vacations, fine dining etc. I actually know people of much more modest means who do more of that. Your experiences may differ. I am speaking from mine.

Ironically, I might add, most of the wealthy friends I have who seem to work hard to find the right balance are also exotic car owners! Go figure.

 

Read the book, "Millionaire Mind"

 

I get ya, Joe. I also know people whos income tax return is higher than my income but they are NEVER around. Ever. Thats not the happiness I meant.

But, it does often require this type of comittment to "get there". Most of us arent willing to do that....so we scrape by.

Priorities still matter most. If you want a Ferrari - you'll probably end up with one.

 

I only graduated from college 8 years ago in 2003, so I still remember well what it was like being completely broke living day to day and always wondering if I could achieve one of my longest held dreams.

Best advice I can give you is live below your means and save save save. Others will call you cheap, but to hell with them. Always take advantage of good things when they come along. Splurge now and again to reward yourself. Those small rewards are huge because it reminds you why you're sacrificing most of the time. In the end if will happen just be patient and never give up!