360 financial advise please

Good story man... really inspirational!

Question: your profile points to a Poker site that's in Canada... do you run that business as well?

(I noticed that Coral Concepts has a website that mentions a Texas address)

~shahedc
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These are great stories and thank you for sharing them. They inspire people to work hard for the American Dream. I also learned a lot reading about different philosophies about life. Yes, I work hard but everything seems to be going to other people - my wife, my parents, my daughter, and gladly so, but I do almost nothing for myself. An F-can is a great way to reward yourself for all that hard work without breaking the law or risking STD's.

On the other hand, I think the issue needs to be rephrased like this: Hi, I'm an 18 year old who just hit the lottery for 500K. I don't know anything about taxes/ money, I don't know how to research on how not to get ripped off buying a 180K used car other than the online photos look hot; should I do this or not?

There must be enough sharks lurking on this forum, I'll be surprised if there is any money left (assuming there was any in the first place) to buy an F-car before Spring hits.

.....Just my two cents.

 

im pretty sure this todd fella is the same guy who got caught lying on an nsx forum, and who proceeded to make a huge ass of himself.

 

I don't think what he's saying is necessarily untrue. I make more than that and I wouldn't qualify for a $1,000 loan due to a lawsuit that wiped out a month's worth of income, which snowballed into no marketing budget for the next month, and took 4 months to recover after borrowing money - completely damaging my credit in the process. If I would have set aside 1 month's marketing expenses I wouldn't be in this situation, but, sometimes it takes getting knocked on your ass to improve a financial situation and start handling them responsibly...paying all cash for things you want will change your outlook on money and credit.

My advice to this guy and anyone else considering paying all cash for a Ferrari is this. If you have to ask whether it's a good idea, you know it probably isn't. I don't believe everyone needs to use the same financial guideline (save and invest everything), but to an extent you do need to have a plan in case you lose your job and need to liquidate assets.

A 360 or F430 well maintained with lower miles will not be a huge hit in todays market on a resell, and with real estate looking as bad as it does right now a quick ROI is not likely in the short term. If you want the F, buy it, but try and keep some kind of reserves in cash and work out financing if you can.

BTW: RayJohns, great post summing up his financial situation, and the stock market. The reality is most everyone on the board has worked hard/smart to make money and whether they're in their 20's or 80's - the money and the cars have happened for the right reasons. He's not in financial shape for a $200k vehicle, and certainly not acting intelligent enough to get his financial situation in order before he goes jumping into expensive toys. It's a big mistake to not think it through correctly. I'm telling you, I got wiped out being careless with large amounts of money (SEE ABOVE).

 

Thanks!

In my experience, financial lessons come hard and at a high cost. The main question is whether you learn from them or not. In many ways, I think people are either good with money or they are not - and going from one camp to the other is extremely rare and difficult.

I've often said, if you take all the money away from everyone who has it now, and then evenly distribute it across all the poor people in the world - in 5 to 10 years, all the rich people will be rich again and all the poor people will be poor and in debt again.

Ray

 

Ha, nice again. I agree.

 

Touching story up there but who the hell drives a car with a baby on their lap?
Except Britney Spears that is.

 

I say go to Vegas and put it ALL on red. After you've won, parlay it and now you've got 2,000,000. Then buy one of those puke green Lambos, wear your shirts halfway buttoned, sport some major bling, and live like a rock star.

 

I hate to tell you this, but that's exactly the first two things that ARE going to happen when he gets the F-car.

 

Yes, that is my site that I invented. I was the first to create Online poker instructional videos narrating/explaining my every thought process. The administration is run from Canada. There are about 6-8 more sites of it's kind now and completely changed how millions learn poker now. I was also the first to coach players over the phone while they played in a tournament online. And I started my newest innovation in September -- in summary, it's the first guaranteed income, zero investment, zero risk 'job' in poker and they get to learn while doing it. I brought in 5 people from all over the world to be my first 'team'.....

As for Coral Concepts, that must be just another company with the same name because mine was obviously never a 'legit' company. Coral Concepts painting and decorating was simply the town (Coral Springs) and concepts/ideas combined. I'm not the one in Texas.

 

ah, ok.. cool, thanks for the clarifications!

~shahedc
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Sad but probally true.

 

If wording was changed slightly from ALL to MOST in: all the rich/all the poor ..............then it's absolutely true!

 

+1 put $50k down and finance a 430. Enjoy it and sell it later. so what you take a $20k hit in 10k miles. You had the priviledge of owning a Ferrari. Or buy a house and take the bus

 

Yes, with the screen name Toshiba, he must be of Hong Kongnese decent. Well I guess we all look alike, right Billy Ray Johns? lol!!!!!

Best

-Peter


P.S Bump!

 

Doesn't your profile say you have a 360?
Eric

 

Old thread, I guess he manned up and got one. Good for him.

-Peteer

 

Diveroli? Is that you, kid? You know the feds are looking for you!
One other thing-- don't f--- with Albanians!

 

I don't want anyone to think I am being funny. I am really serious about this.
I wonder how much of a discount I would get if I bought these two at the same time.......
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Lol I guess doing Ricky Martin martin covers really pays.

-Peter

 

The true cost of owning the car is the depreciation + maintenance. I don't know why it's a big deal to spend $115k on a car is that big a deal. If he keeps it for 3 years, he'll be able to sell it for at least $85k. So with maintenance and insurance, he's out $40k over 3 years. He will have earned at least $60k in interest alone over that same term on the remaining money.

I still wouldn't buy a house in this market. I sold my house at the peak and have been renting ever since. I have three exotic cars, zero debt, and I'm renting a house for less than what the mortgage is on it. I guess I need some financial advice...

There are those on the board that give good, balanced advice and then there are others that just come off sounding bitter that they had to sacrifice to get to where they are.

 

I think we have some BS here!!!! I can smell it damm some on my prada boots sH(% The guys has a 99 360 listed as his current car?????? CRAP!!!

 

Since I am getting Earth and Mars. Perhaps I will throw in Jupiter as well!!!
Toshiba, post some pictures and this thread will do a turnaround!!!!
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