What would you do with half a million in savings?

+1

 

Sounds like a plan. I already have a career so I'd definitely buy the Ferrari.

 

360 or 430?
Now with all of the sub-$150k Ferraris available out there, that's just sad.

With a buck-fifty I'd be looking at a berlinetta boxer.....or a 250gte.
I'm 34.

 

Yes! Go gold! Inflation in coming, and it is gonna hit quick!

Hahahahaha

 

First, what percentage of your money are you willing to risk/lose?


You can not elaborate a financial strategy without knowing this, nor decide which Ferrari you should buy.

 

Income property.

 

see my reply below -

See above

 

I already have a good idea of how to start my own business. All ferrari depreciate unless its a F40 or any ferrari supercars which I cant afford.

 

I travel alot for work and its just not possible for me to settle down in one place. I would like to buy a property in the city however, it would cost more than half a mill to buy something decent.

 

Which city again?
This is starting to feel like f-chat elementary school again.....

 

I am only accumulating about 3% interest on MM. I do not like to put everything in saving just because I may need them for my business any time in the future. I am not sure where you can get 5% interest on anything other than savings?

What would be a fun car to buy at this point? is 360 worth the 70k? I heard to replace the time belt would cost 6k alone. The 430 has a chain belt so it may need less maintenance and repair. If I could get 25k on interest alone, I could easily get something nice to play with while I wait for the 430 price to drop.

 

I made some money from the stock market however I am not ready to dip in again. The market is just too volatile right now to gain value. Btw what is the symbol for gold?
Are you investing in Gold now? what does your portfolio look like? what types of stock r you investing in?

 

LOL, then he would have to change the title of the thread to "What would you do with $499,985 in savings?"

 

I would throw a Fchat members only party at my place lol

 

Goldmoney.com is good bcus its outside the USA, has a good reputation and you can buy and sell instantly like stocks

Gold seems to have a new base around $850 so I sell it when it gets near $1000 and buy back in the low 900s and just keep doing that over and over and making $ is as easy as checking gold prices

Tulving company is good if you want physical possesion which is good to have some around but harder to sell

If you dont have a good financial advisor then you are best off investing in indexes like the DJIA, S&P, Nikkei, etc. Timing is the big issue, I think this is just a bear market rally which will drop back down as soon as we get an oil crunch or higher electricity prices which ARE coming

So I would wait for the DJIA to drop back into the 6000s before putting any serious $ in

As for Ferrari supercars, well they can depreciate too. My F40 was $550k just 12 months ago, now its closer to $350k but I have too much fun driving it to sell it

This is an excellent reading list for helping you figure out what to do w your $ http://www.europac.net/books.asp

 

nice chunk of change to have at that age. no question, i would buy a house. prices are very low right now. so your cash is going to go much further.

if it were 2 years ago my answer might be different.

 

house is a great idea but I'd wait till summer 2010 which should be awful for the economy therefor good for buyers

I plan on buying a house in Reno late this year or next summer

house prices probably still have 10 to 50 % to drop depending on location so patience and time are on your side

I would suggest something within an hour of a major city, a house would be good so you can put up solar panels etc

 

You are in your 20s. I would buy the Ferrari. Get a 360 or 550 and have some fun. Now is the time to build some great memories. If you want to play in a band play in a band. What ever your dream is do it now.

Forget about real estate. Forget about the stock market. Start a biz that gives you positive cash flow. Do something you love doing and can't wait to get started working on when you get up in the morning.

Do not work too much. Date as many women as a you can and do not get married. Getting married young is the path to financial self destruction.

 

+1. That's what I did. It's the least risky time in your life to go all in and build something. I've never regretted it. The F cars will come. Just don't wait too long.

 

You could buy a 308, testarossa, 348, 355, even a 512TR for somewhere between $20-70k, put 20% down finance the rest and still have plenty to invest

512TRs wont get much cheaper than they are now

 

+1

 

let's not forget that now is not 30 years ago, or even 10 years ago. i wouldn't waste any money in these uncertain times. a penny wasted now may cost a dollar down the road. while my own feeling would be to buy a home, at the very least before spending somewhat frivolously i would wait another year to see how this global recession starts to pan out. if one were already financially secure, then hell yeah i would recommend that 360 or other toy.

 

That's easy - buy a F40. But, seriouly ........... I'd put it in the bank, leave it there for 30 days w/o any thoughts to prevent impulse buying. Then talk to the accountant, have a good quality beer one night and think it through. Ok, Ok, ok ... I would spend 37K on a nice 348 and a good chinese dinner.

 

Oh and plus 1 on this. ;-=)

 

Im not a fan of older model ferrari. Most of them are high on maintenance. The oldest model I would consider is the 360 or the 550, both of which are in the 70ish now.

I saw on 430 spyder red on beige with less than 6000 miles for 140k. And with serious negotiation, it may drop down to 130k.

Part of me just want to say F it, but then I dont want to get it on impulse.