I am 24 What did you have to do to get a ferrari?

Building up money over time is not difficut, but does require discipline. You say that you're 24 years old. Start investing 10% of your money now and continue that for the next 35 years. You'll make your money through good practices, just like you want.

 

Or..........you could do what I did.................marry well

 

The old fashion way. LOL!

 

Howard Hughes used the three nickle rule. Spend one nickle, save one nickle, and invest one nickle.

 

Make sure you're working hard in an industry in which it is actually possible to make money. Some businesses require an awful lot of work, but they just don't pay that well. You have to not only work hard, but work smart.

 

Sad thing is, I only have one nickle.
I am missing the other two.

 

Spot on, Phil.

Improve yourself. Have some goals and work out how to achieve them. Read some books, take some action. Investing can create the required wealth for Ferraris in quick time - just saving might get you there in many decades, smart investing will get you there in just a few years.

Working as an architectect, creating wealth is difficult; however applying the same skills as a property developer can create great wealth.

regards, Pete

 

Wow! At 62 years old I had to think about that. It is really a matter of priorities. How much "stuff" do you really want or need? Are you wealthy?
I want to agree with most when I say that education, drive and desire matter most. Then, I have never been wealthy. However, I have gotten everything I want. I set my sights on it and went for it! Many of my friends did not. Others had children to think of. I did both. Let's look at some of the things I did.

In Viet Nam, I posted a large picture of a 1968 XKE above my bunk. I dreamed of it; I saved; I lived; I got It!

I completed my education and got my master's degree.

When Reagan instituted the IRA, I started one.

I have never owned a pair of Reboks. I have never owned a pair of designer jeans. I put my son through college but, I never cared about cruises. Starbucks is somewhere I don't go. Dunkin' donuts is. I like coffee.

I have remained focused on what I want.

Result? After thirty years with the Lusso, I got an Esprit. After that I got a 360. I now like my 575M very much and so does my wife. Both of us have remained focused on what is important to US! All I have left to look forward to is a 599GTB before I die.

Focus, Focus, Focus. You don't need it all, and you don't need it all now.

Oh yes, my wife. she has gotten everything that she wants. The E320, the jewelry, the house, the two dogs. One thing at a time.

Oh yes, we work on a comfort level. Money wise, when we hit par with the comfort level, buying stops.

We have no credit card debt, the cars are paid for, and the dogs eat! We are 62 years old. You are not. Enjoy working for your dreams. When you wake up, you die! Cheers!!!

 

Tonight I'm too lazy to read all 161 previous posts.

The orginal ? is what do you do to "afford/own a Ferrari"

A (descent operating/driving/running) Ferrari can be bought from anywhere from $15K-$15M.

You have to decide at what level you want/need to come in at and go from there......

There are tons of Ferrari owners' (myself included) who own one which is about the approximate value of a "new" mid-high end SUV. We are called enthusiasts!

I could buy/own "more" Ferrari, but with 5-6 months of driving time, I'm pragamtic about my ownership and chose a car that suites the time/envelope of useable time....as well as owning other cars I can use in that same 5-6 months time.

Spend some time and educate yourself about the actuall costs of ownership and the different models in the Ferrari line/history and then decide for yourself.... there were/are plenty of great cars created before the 360/430, 550/575/612 line that (and well under $100K) that can fill your need.

Good luck on your search/education.

 

Never have a chance to see the car much less drive it..lotsa $ ...no time

 

That's pretty much my situation, except that I work in West Africa to boot...

It's fine for a few years, if you're not attached. And it's giving me a serious cash injection that first landed me my dream house, and my dream car is next!


Onno

 

10. Ferari is too hard to spel
9. You have to use premium gas.
8. You have to use gas.
7. Hard to drink beer and drive. No cup holders.
6. Everybody thinks you are rich and wants to borrow money from you.
5. As a rich SOB you don't need the money so forget the payback.
4. You will have a relationship with an ugly mechanic that will last a lifetime.
3. Your arm will get tired from writing checks for repairs.
2. You will get to know many policmen and become an expert on jailhouse cuisine.

And the number one reason you shouldn't own a Ferari is

so many women will pester you for sex that you will never be able sleep and you will die at a very young age. RIP

Hope this clears everything up for you.

Suggestion: Go sit in a cold dark room until the feeling goes away.

Ciao
Dr. Phil
the first 100 years are the hardest, after that it's all down hill.
Now, go take on the day!

 

Nice one Phil!

 

My boyfriend is 24 and has a Ferrari & Lamborghini. He works very hard .. leaves at 7am comes home around 6pm. He is smart with his money and doesn't spend it on anything he doesn't have to.

We don't have cable so we save some $$ there. When would we even have time to watch tv? never!

just work hard! your time will come!

 

Isn't that an oxymoron?

 

Uhh... are you serious? Saving $50 bucks a month so you can drive $200,000 cars?

I guess everyone has their priorities.

 

Were you will be at retirement if you invest:

0 - 5% of your income = you'll be working at Mcd's when your 70

6 - 10% = you'll have an okay retirement, but nothing fancy

11 - 15% = a nice comfortable retirement

16 - 20% = well off at retirement

21 - 25% = you'll be a rich old man

25%+ = you'll be rich before retirement

Of course this all depends on how old you are when you start investing, your rate of return, and asset allocation, but if you get anything over 8% annually you should be golden.

 

I'm just using that as an example to show this person that they can cut their costs and to save money wherever possible. Then they can use the money they save towards a Ferrari. Not spending $600 a year on cable and investing it wisely would put them on a path towards a Ferrari or at least a down payment.

We never watch TV anyways ... so why should we throw away $600 a year on cable? I'd rather take that $600 and put it towards the cars or a track event.

 

post some pics of the cars

 

I've attached a sampling. Here are some links to some various photo albums from track events.

http://www.araknidwebdesign.com/coppermine/thumbnails.php?album=25

http://www.araknidwebdesign.com/coppermine/thumbnails.php?album=12 (pages 1 & 4)

http://www.araknidwebdesign.com/coppermine/thumbnails.php?album=8
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http://www.araknidwebdesign.com/coppermine/thumbnails.php?album=8

What's a "Lamborghini Jeep"?