Writing article on your journey to having Ferrari Wealth

"Wealth" can be defined as making more than you spend.
It doesn't take much analysis to realize that you can achieve that in two ways:
1. Make more.
2. Spend less.


The key to being able to buy what you really want comes from not buying EVERYTHING that's "new".

I never bought a BetaMax deck. I waited for the VHS/Beta wars to settle out.

I don't pay $150/month for unlimited data access on a fancy expensive "smart phone".
I have internet at work and at home, and a phone is for voice calls.
(And we can't bring cell phones into the office, anyway.)

I didn't pay $4000 for a 32 inch flat panel TV, when they first came out.
They're $200 now.

The kids at work who just *have* to have the latest gimmicks are always broke.

In car ownership, the gravy is the time *after* the loan has been paid off.
If you replace a car you haven't paid for yet, you'll never get ahead.
So buy a car you'll want to keep longer than the loan.
Either a car you really like, or a car with a short loan.

Then your next car will be a better one, after a couple years of your "car payments" going into savings.

 

Here's how a hairdresser saved to buy his 430:

http://www.ferrarichat.com/forum/142060856-post23.html

 

And it's amazing how many took the bait!

 

Shhhhhhhhhh!!!!!! Your giving away my little secret. I can't make a living with you telling them this stuff. Don't you have a bank to foreclose on or something!!!

 

Anyone one waiting for this kid to come back for post # 2 and say who he is and answer a couple questions about himself and his work? Or are we just running with the topic and discussing it?

 

As the OP has requested our users respond to him with personal stories via PM, I thought I should weigh in with an observation. The registration email he used is based on a personal name. Assuming that's his real name, I could find no writings with his by-line.

 

I sold lemonade, for a few weekends...saved up my nickles...then went to Toys R Us and got a Maisto Ferrari. Paid Cash.

 

Fmanny perhaps?

 

I've been working my tail off for years. Going back to school to finish and getting my Physicians Assistant license. I've been working full time fire rescue for 12 years and working in a doctors office for some time now as well. It's been a task, but I've been working my way up. Right now I have a Z06 Corvette

 

Worked a LOT with the military and have NEVER made near $50,000 per year but I own a Ferrari!!!




PDG

 

It started on the playground on the first day of kindergarten.

I was standing at the door to be the first one in and everyone wondered what I was doing.

I just wanted to be first and worked hard through twenty years of school to be the best.

Still working hard and trying to be the best 55 years later...and saving money along the way.

I guess the way to go is to live well BELOW your means.

 

I have been asked the same question many times (usually by young people) when we are out in our car. I think it's a great question and good to see young people not feeling sorry for themselves or complaining about Wall Street.
When I was young I always loved Ferrari's and looked at them every chance I had. I also worked hard and began investing in the stock market when I was very young.
Learn to live below your means and one day you may find yourself driving one.
On another subject, I have found my yearly maintenance costs to be very reasonable. I spend on average about 2K which include all fluids, 2 details, and usually one other issue such as
a belt service, or air conditioner, or a pair of tires.

 

Made and lost billions buying and selling crack futures.

Finally got a job.

That's my secret.

Jedi

 

I am a sex slave. Women pay me money to have sex with them. Good news is that I have managed to scrimp and save enough to buy 3 Fcars.

...somebody has to do it.

 

Well...

Now, this is the story all about how
My life got flipped-turned upside down
And I'd like to take a minute
Just sit right there
I'll tell you how I became the prince of a town called Bel Air

In west Philadelphia born and raised
On the playground was where I spent most of my days
Chillin' out maxin' relaxin' all cool
And all shootin some b-ball outside of school
When a couple of guys
Who were up to no good
Startin making trouble in my neighborhood
I got in one little fight and my mom got scared
She said 'You're movin' with your auntie and uncle in Bel Air'
I whistled for a cab and when it came near
The license plate said fresh and it had dice in the mirror
If anything I can say is that this cab was rare
But I thought 'Man forget it' - 'Yo homes to Bel-Air'
I pulled up to the house about seven or eight
And I yelled to the cabbie 'Yo homes smell ya later'
I looked to my kingdom
I was finally there
To sit on my throne as the Prince of Bel Air

 

While you don't have to be wealthy to buy a Ferrari per se, it helps. And, you would be foolish to buy one if you do not have the disposable income to afford the service and repair cost to own one AFTER you have at least $500k in savings and your retirement fund in order. I know of several people who own a Ferrari that would have to sell it if a $20k bill came up. You can spend $10k+ to service a Ferrari that has nothing wrong with it.

 

What about maintenance? Does a pick up truck have to have its engine removed for a cambelt service?

 

Mike, you should know as well as anyone that the owners of classic Ferraris love their own wrenches too.

All the best,
Andrew.

 

I'm still waiting for the OP to come back & respond to any and all of the posts to his query. Perhaps we should have some math major figure out how many people join, post less than three times, and then disappear. Perhaps in the interim three weeks, he found something else to write about for his class...

 

I'm so screwed!!!!!

 

That I do, sir

 

I'm going to have to dramatically improve on that front by the time I'm in a 348. The last time I undertook serious work on a car it ended up on fire...

All the best,
Andrew.