some salary questions

House, get your s#it straight [whether its a family, good job, business, what have you], THEN car. at least, that's my plan.

what do you drive now?

 

Its funny how everyone mentions to have wife/kids/family. I dont want a wife/kids/family at all and some other up and coming new owners probably dont want wife/kids either. That will make your Ferrari dream/ownership eventuate sooner rather than later. Yay! More Ferraris for pap!

 

Wait until you get that 70-90K job and start paying the tax man. It isn't as much as it sounds like when you're a starving student. Ask me how I know.

 

Pap,

I have been on this site long enough to know that most regulars here want newbies to use the search button. That feature can be very usefull sometimes, but on others it's use is practably null. The usual reason being that there are pages and pages of rhetoric that means nothing and the user tires of clicking and reading...

Apparently, enough people here thought that it was worth answering the question one more time. With all due respect to the Veterans and Rossa Corsa's on this site, there is no need to abuse anyone in such a manor. I personnaly find it offensive even if is intended with humor. To all those that disagree with me, I ask that you simply refrain from answering.

 

If you can get a first job that pays $70-90k/year, the best thing you can do is to max out your 401k (for 2007, it's $15,500/year) and IRA ($4000/yr). Do this first thing with your first job, and you won't notice that the money is gone from your paycheck (cause you haven't had a paycheck before). If you can do this in your early 20's and continue unitl retirement, then at least you will know you have a nice nest egg set up. Like the other's have mentioned, get your life together first, then think about the ferrari.

Unfortunately, very few people do this from the getgo. If you can discipline yourself to do it, you will be much better off, and in a much better position to own a ferrari.

Dom

 

I am sorry if I offended you mate. That is the 1st time I have cursed like that to someone on Fchat.
Everyone will always reply to these threads because everyone enjoys sharing (boasting) with others what they have done/achieved that has made them successful in life/business ect...........that allows them to be able to purchase Ferraris. All in this thread too. Advice from buying realestate, stocks, have money work for you ect.......I know he said he started this thread because he wanted it to be more personal for his circumstances, which is understandable, but it is always the same advice offered isnt it? Seems the same advice as the last 20 threads I have seen here on the topic.
I should start the same thread next month and see what advice I get on how much salary I will need to purchase a 360CS and mantain it.

 

Well you are about 10 years younger than I am. Maybe with some time that attitude will change. I got married around when I was 26 and kids came later.

As you get older, you realize that there is more to life than the single life if you can get it. Keep an open mind on that one!

Maybe you are one of those confirmed bachelors, but then again, maybe you just haven't met the right partner!

 

I was actually all for it a few years ago. Then I reaslised that I would be happy just having a g/f for the rest of my life and not getting married with kids ect...My brother is having all the kids in my family, so that will do me. Everyone is different. Who knows, maybe get married one day. I currently have the best g/f ever. Been together 1.5 years. She just turned 21 and 6'0 tall, blonde hair, blues and beautiful. And she earns a VERY good money. Should just marry her, but I still could not be bothered at this point in time. Maybe when I am 36 or so, then Ill think about it.

 

Only speak if you agree with me??? Are you serious?

 

To OP....if you have not noticed, school gets harder every year...
so get off internet chat about flash cars and go study...that's
Problem 1 in your career path....

Problem 2 a good job does not come stapled to the back of your (hypothetical) diploma...

As many here are wisely trying to point out these cars rank slightly below a coke snorting stripper in daily expense.......so date two of those simultaneouslay for few months to get the 'feel ' for it!

Best of luck and wishes to you...you really do not need a house and kids you lose all that in the Divorce anyway..

 

That's a good field, 200 illegal imigrants, 2 trucks with trailors, a case of Bud in the AM for the gang and you'll be in a 360 in no time!

 

Great attitude Chris. Thats what we like to hear. Best wishes with your degree mate. Stick around and check Fchat out. Very cool place to be and you will learn alot about your future 360.
That was in good humour mate, trust me. I never intended to offend you or anyone else.
Best wishes.

 

this is hilarious.

 

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I kind of agree with Parker. I had enough money to buy the car cash and still had money in the bank so to speak. There is no reason to strap yourself for a car. Most times they are not an appreciating asset but some guys are lucky.

 

To preface this, I am a senior in college and completely understand your desire to own one of these cars. There has been a lot of good info in this thread. I believe the key takeaway is that there are many things you should "get in order before" buying a ferrari. I think another member mentioned that you should buy a Ferrari with a portion of your capital, not all of it. People like to say time is money. One of the biggest wealth builders an individual can have is the amount of time he has to build wealth. If you are going to be making 70k+ next year, you should listen to the advice of past posts that recommend maxing out your 401k. Do the math for what $10k (tax free) invested per year in a 401k index fund that averages 9% annually (historically) and accumulates w/out taxes until you are 59 is worth. It is a much better use of your money (in terms of opportunity cost) to invest 10k per in a 401k until you are thirty then pay taxes on the money and use the $60k or so proceeds to buy a car (see below). I recommend reading books like the Millionaire Next Door. I think a lot of kids our age would be better off if they began their careers with an understanding of the difference between income statement wealth and balance sheet wealth. Best of luck at school.

***To all you excel wizards out there, I know this is very “rough” example but I just wanted to get the idea across quickly***

Assumptions:
***Assume proceeds are invested in index fund that has averaged 9% year historically
***Predicted annual yield is assumed to be 9%
***Assume you invest 10k per year for 10 years then allow the money to accumulate until you are 59
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The point was not to redicule someone for not searching before posting. If you feel the need to redicule, I ask that you simply don't reply to the post. Is that clearer?

 

by 25 you'll barely be out of college.

believe me, the plan for me was a house by 25, and the car by 30. i'm 22 and still have time, but that time is coming up faster than i'd expected. i'm still a student working part time for next to nothing, trying to get a job to start saving for my goals, and it doesnt look like i'll meet them in the time frame that I had in mind, but the most important thing is that i WILL meet them sooner or later. I'll be 23 [maybe 24 if things dont go right] when i'm done with my Master's, and that only gives me a year to save and buy a house, which isn't likely.

I'm also obsessed with these cars as much as anyone else and telling myself I _will_ own one one day... having been through what I've been through and being here on Fchat, listening to all the owners and older people with much more life experience than I, has made me put that dream on the backburner while I get my life straight so that I can properly buy and enjoy one later on.

When I was younger, about 17 [which wasn't long ago] I was willing to graduate college, and get a job, buy one of these cars, and basically live out of the car...and that is definitely not the way to do it. Looking back, I can't believe i'd even considered such a stupid idea. There are things much more important than an exotic, and frankly, if you aren't a millionaire or don't make it big somehow, your first will probably be your last...or you might upgrade a couple times at most. You obviously don't want to pump your money into depreciating assets.

Now that i've been set straight by friends, family, fchat, and the gf...I know what I've gotta do.

 

There really are too many variables in life to plan on buying such an expensive and frivolous item. All you can hope for is that you'll still want one by the time you can afford it.

 

Very true!

 

No offense, but this attidude will keep a person from F-car ownership. If the OP is motivated to buy a Ferrari some day, he should put together a plan now to make it happen. Start a Ferrari fund and invest a set amount every week or month to that fund. Over time, he'll have the money he needs to get into an F-car without hurting other areas of his financial life. Of course, this should only be done after other needs like a home, retirement, etc have been funded.

 

In all seriousness... these cars are pure luxuries.

IMO (capital opinion)...

Before you buy a car...
1. House
2. Be able to pay all expenses
3. Investment strategy ($X/year)


Then and only then fun money (boat, ferrari, vacation...)

IMO if you spend more than 25% of your fun money on the car you are making a mistake.