First post, REALLY curious...

In the UK you dont need to be wealthy to own a Ferrari - fact. You just have to want one. I work with Ferrari Experience Days and often talk to "normal Brits" who have always dreamed of buying a Ferrari, when I point out that they could have one for less than the cost of their everyday road car they usually go into shock!

Simple example...if someone smokes 20 cigarettes a day in the UK and lives in a £250K house then they are spending about £750 a month more on living than a non-smoker in a £150K house. So if you make that life choice (and possibly decide as a couple) then buying an F355 will cost you about £250 a month (if you borrow rather than paying cash), leaving £500 a month to go towards servicing, repairs, running costs - that lot depends on what mileage you do so is manageable. Its just a question of how much you want one.

BUT the best way is not to think about owning such things, just get your head down and have a goal of earning loads of money - then buy a Ferrari with loose change one day

 

The real key is: work hard, and be patient!

I've been interested in Ferraris since I saw "Grand Prix" in 1967, and have wanted to own one since the first photo of a 308 GTB appeared in "Road & Track" in 1976. I always thought I would eventually be able to afford a new one, but as the prices went up at the same rate as my salary, I realized that would not likely ever happen.

But in early 2004 I checked on eBay and realized that pre-owned 308s were not out of reach. With a little bit of good fortune I managed to buy a 328 instead. At car shows I invite young guys like the creator of the thread to sit in the driver's seat, an opportunity I never had myself at their age. And then I give them this advice:

Do well in school, get a good job, save money as you can, and be patient, and the dream will come true. If a middle-class engineer like myself can do it, most anyone else can as well.

 

The story of my life!

 

I also fell in love with the 308 GTS watching "Magnum P.I." back in the Dark Ages. Then in 1989 I worked in pub across the road from a classic car dealer. Every night after closing time, I'd sit in the window looking at the 328 GTS in the window across the road. Before I moved on and resumed my travels, I asked the dealer to take a couple of photos of me me sitting in the car. I looked at those photos for too long - till 2002 to be precise - until I finally bought my own 328, just like the one in my 13 year old photos.

Because of the stock-market fiasco at the end of the last century, my finances were not what they should have been and so I bought later than I would have liked. But I bought when I could, without having to extend myself financially. I'm glad I didn't wait to get "the biggest and best" Ferrari, as that would be a never-ending quest...and I'd still be saving and waiting! If I had not jumped into the market when I did, I think that by the time I hit my 70's I would be saying to myself (and all the other toothless friends on F-Chat) that "I should have..."

I think a good philosophy is to HAVE NO REGRETS....and to get into the market. Start at an entry level that's not going to criple you financially. Driving a GT4 is a lot more fun than watching your money earn interest at the rate of 1.5% per annum!! The most difficult part is to make the mental leap and commit to ownership. It does not have to be "the biggest" and "the best" - there will ALWAYS be something better. But who gives a damn - this is not a status race. It's about aspiring to a marque, getting into the market and hopefully acquiring "bigger and better" as time passes.

I have spoken to a couple of people on this list and we all agree that the first Ferrari purchase decision is the most difficult and scary. But once you are there and understand that living with a timeless classic is not that intimidating, the 2nd Ferrari purchase is a lot easier. I was also surprised that, after making the monumental, earth-shattering decision to buy my 328, life went on as normal...the only difference was that I had achieved a life-long dream and joined a very exclusive group of privileged people. I will not die regretting that I never owned a Ferrari.

A wise friend once said: "Time is relative. We have lots of it, but we don't!".

There is a similar thread in the Euro forum: http://www.ferrarichat.com/forum/showthread.php?t=87446

Cheers, MARK

 

Thanks guys, good stories and advice!

 

I think the best advice I ever got was go to college, study a field that interests you, not a field that you think will bring you lots of money. If you do not like law, then don't become a lawyer for the money. If you don't like blood and other gore, don't become a doctor for the money. Once you find what you love, do your best at it. Separate yourself from everyone else. When you get a job, make sure it is a job you want and like to do. While working, make yourself stand out. Show your boss that there is something special about you. And finally, try to combine your job with a passion. If you love cars, and you love business, then see if you can get a job in the car industry. Combining a hobby and your work will make your job fun, and you will love to do it even more.

 

Another thing I've done to "inspire" myself: I carry a personal check in my wallet. It is written out to Shelton Ferrari (Fort Lauderdale) for $250,000. The memo section says "For 360 Challenge Stradale." Of course, the actual model (and price) may change by the time I actually do it.

I got this idea from a story about actor / comedian Jim Carrey. When he was doing stand-up comedy (and TV), his real dream was to become a movie actor. More specifically, he dreamed about being paid $20 million to make a movie. So, he carried a check in his wallet made out to himself for $20M. In the memo section, he wrote "for acting services." What happened? He was cast as the star in a movie and got paid.... Ready??? 20 million dollars!

Visualizing your goals is amazingly effective.

Mike

 

Be careful what you wish for... Carrey put that very check in his dad's coffin at the funeral.

 

I knew that Carrey was very close to his father and regretted that his dad wasn't around to see him achieve his goal.

I have actually shown my check to Bud Root down at Shelton. He grabbed it and ran to the receptionist saying, "Cash it! Quick!" We had a good laugh. Funny thing... at the time, it would have gone through! We had a recent windfall that hadn't been transferred to an investment account, yet. I told him, "It actually would go through, but I'd be a dead man! (wifey would kill me)

All in due time...

Mike

 

Although i believe in education, i think that alot of the advise about "go to school and get good grades and a good job" is no-longer applicable in this day and age. Whereas in the older days it was something special to have a college education, in todays world almost everyone has the same education and competes for the same jobs. Now-a-days you end up with 80k in school loans when you graduate and a starting salary of 25-35k that basically just pays for you to get by. So how long will it take you just to get back to even given that situation? 5 years? 10 years? Now maybe if you aspire to own something like a 308 or 328 then that might work out for you, but if you want somehting new like a 360 or 430 or the equivalent of these cars 5-10 years from now then your going to have to think off the beaten path. Your best bet is to start your own company or choose what others have said and invest very wisely the spare change that you have left from your J.O.B.

Read the book "Rich Dad Poor Dad" by Robert Kiyosaki and that will get you started on the right path.

 

That is why you go to professional school (MD or JD). MD is better route for quick and steady 6 figure income, but one can make 7 figure income quickly with a law degree if you are good and a little lucky. 25 to 28 percent (class action approval rate) on a few settlements such as 18.75 and 23 million would take care of $ 125k in law loans quickly.

I agree that a BA is just about a waste of time and a BS will get keep you in a 3 bedroom and driving a Honda. MBA may get you a Vette and that is depending on what field. Phd, why bother unless you are the nerdy type and like to hang around college woman until you retire. Obviously, there are exceptions to the rule. Franchises requires cash and equity. Real Estate investment and flipping needs 740 FICO, equity and cash if you cannot get 100 % interest only or use on options with no interest construction loans and etc.

Easier to go to school, build some wealth and then do real estate, preferrably beach front and vaction area. Speaking from experience, franchises and small businesses generally require more time than they are worth. Can make a lot more money per hour spent in other endeavors.

Young people need to be patient and become educated. Can do anything you want afterward.

 

Better yet, go to Med school and become a gerentologists. May suck working with old people, but they are in short supply and in very large demand, especially in forensics for nursing home litigation which has run rampant. I pay my experts $ 700 to $ 900 an hour which is on top of their regular salaries from nursing homes and hospitals. Those guys are probably knocking down a $ 1m or more a year without any stress and working bankers hours.

 

Now think about that....really think about it for a sec....do you see where I'm about to go with this?!?!

 

MDs and law school used to be a fairly good ticket to make money, not any more, most lawyers are broke, I dated a girl here that would rather do cocktails at a casino than practice law as it had better benefits and she didn't want to work 80hrs a week with low pay to become a partner and its just way too competitive with so many lawyers today.

Those big dream law suit verdicts can take a decade before you see a dime not to mention on a $10m verdict it probably cost $1.5m in consultant fees and experts to win which you need to front on a gamble it will pay.

MDs are choked with expensive overhead, insurance and insurance cos that pay 50% on the dollar billed, another tough business.


Their is no sure easy way to make money today or magic formula, once you have done it, it is much easier though.

 

Amen to that! As a fellow 328 GTS owner, that was exactly my feeling when I decided to take the plunge in 2004. As I say, it's not the latest, the greatest, or the fastest, but it does have that Prancing Horse in the middle of the steering wheel. And everyone seems to love seeing it.

 

I asked something like this as my first post, just to 'break the ice' or get in tune with the locals in this place, they pretty much starting shooting at me and tried to rape me over the internet, people are so paranoid about the 'what do you do for a living' question and any question of the like it is almost scary. Thankfully a couple of people were cool about it and I was able to have a semi-discussion. Just be careful about that.

About your question, you should know how to manage money and make your money work for you. It's honestly not 'hard', it's just memorizing a lot of little things, you need to recognize and grasp opportunity, I guess that sounds general but to be honest anything 'specific' is all relative to the individual, what works for one may not work for another and vice versa. Have a plan but don't put all your money in one investment, just be smart about what you do with your money. Oh yea, and once you have enough money just to buy an exotic, I'd invest it some more before dropping the cash down on a 125k+ car. Remember, these things are costly to insure and maintain...so just keep ALL the things that come with owning an exotic in mind, not just the cool stuff.

 

I too am a younger person (just turned 19).

Here is what I have found out in life:

1. Get an education
2. Work hard, and I find something you love.
3. Get money

*In most cases, 1+2=3.

 

It doesn't matter whether you go to college or not, or whether you get a job as a doctor or lawyer. The key is to be smart with the money you make from your job- whatever that may be. I'm 33 and I started cutting yards in my neighborhood at age 12. I'm still mowing grass. I did graduate from college, but I did not go to get a degree, but for the knowledge. In some fields, education is key. In others, it's who you know, and who knows you. If you work hard and you are honest, you can be successful in anything you set your mind to. I was able to buy my first Ferrari at age 32 (360 Modena). The Lord has blessed me and I am so thankful. But He didn't bless me with money, He blessed me with the ability to understand that money isn't important in the grand scheme of things. Good luck! Set your goals and I am sure you will be successful at anything you choose.

 

Let's say you're 16 years old right now. I will show you snot nose, knuckle headed, kids how you can get a Ferrari by the time your 24 years old, and on a Mcd's income, AND pay cash for it. The trick is, do you have the balls to do it?

Can you save $96.16 a week? Can you? That's what it will take to put you in a nice use Ferrari by the time you hit 24.

$96.16 a week x 52 weeks in a year = $5000.32

Now

If you put $5000 a year in a CD (certificate of deposit) that earns 4.25% apy (annual percentage yeild), and compound it every year, you will have $48,459 cash money in the bank by the time you are 24 years old.

That will put you in a nice used GT4, 308, 328, 348, Mondial, and by then maybe even a nice 355.

It's not what you to to get the money, it's what you do with the money after you get it. How bad do you want a Ferrari? Are you willing to watch your friends waste all the money they make on I-Pods, fancy clothes, CD's, movies, sneekers, jewelry, clubbing, etcetera? I'm betting probably not. You'll turn 24 and still be asking the same questions. Like all blockheaded kids, you ask for advice from the wise, and then fail to follow it.

 

Better yet...this is similar to how I graduated from a PRIVATE college with no student loan debt. A smidge over 100,000 dollars worth of education for a modicum of money each month (it can be done but it does take discipline). It's generally not how much you earn but how much you spend and save. Compounding money is what really creates wealth...well, that and the Lottery.

 

Ouch! Ruthless...

 

No, the truth.

The problem with kids it they want in NOW!!!!! They can't wait a few years to get what they desire. They want it instantly. If it requires work, or waiting they give up. They think that if they can't get it today, or next week at the latest, and even that is pushin it, to forget it.

Most kids only have minimum wage jobs. I just showed how they can get a Ferrari working for minimum wage. The problem is they have to WAIT. Oh the horror, you have to wait for something.

Others have told them what it takes to get a "Ferrari". Study, invest, go to school, save, open a business, work hard, work smart, but oh noooo that's not good enough. As I said the rockheaded kids want it now. They want it handed to them without any work. Unless you come from rich parents that will buy it for your lazy butt, you can either listen to the advice give here, or sit back a dream the rest of your life.

For the most part, that is why you hear ALOT of smartass answers from people.

 

Of course, it would be pretty silly to spend all your savings on a car.

 

Very true.

But if a kid can't even muster the discipline to save a measly $96 a week for a car, what good will advice be on buying a house, or even making a million dollars.

They won't listen anyway. The trick is DISCIPLINE, and kids these days don't have it. At least IIIIFFFF they saved that much money by the time they hit 24, maybe, just maybe they will be smarter with the money than to blow it all on a car. But more than likely not.

 

5 years ago I left a high paying IT job to start my own Internet Marketing company. When I did it I put a picture of the Ferrari that I wanted on my computers desktop. It's been with me for the last 5 years.

A few weeks ago I purchased the car I'd been working to buy for the last 5 years.

BUT before the ferrari I purchased a house and a couple commercial buildings on the main street of my home town. It's one thing to buy the car of your dreams, it's another to be able to afford the petrol bills and service costs keeping it on the road etc.

My advice would be to set your ferrari as a reward for buying your own house and some investment properties. Most everybody I know who are multi-millionaires have done so with land or property, so you don't need to reinvent the wheel just follow in the footsteps of those who have done it all before you.

Good luck.