How did you do it?

What was that quote you graced us with last year, came from a proctologist colleague? "There's a thousand bucks up everyone's butt. My job is to go in and get it".

 

I was going to suggest get a colonoscopy first, then get the car!

 

I'm not successful, I purchased the least cost Ferrari and do much of my own maintenance with a little help from my friends.

I am driving a brand new Porsche Carrera now and I like my 87 Ferrari better. Not my Porsche.

 

I believe it was Woody Allen that said "showing up is 80% of success"
I would also add........on time!

 

The harder I work, the luckier I get.


Was born a white male in the USA. Already hit the jackpot. The rest is up to me.

 

Well said.

 

All great ideas here for you, including the part a little luck plays. Follow traits of successful people, read about them, study them. Education (college, trade school) and hard work (learn a trade) is paramount. As an 18 year old, make sure you know what you are doing with your "johnson" which can change your plans abruptly. Ferrari or instant family. A family to support is expensive...bye-bye Ferrari for a while.

One honest answer to your question is answered by msdesignltd. He is buying and selling his way to the Ferrari he really wants. Instead of depreciation, you want to look for "things" that are mispriced assets and sell them for more....trade up. Start with an MG, Triumph even a VW. The same works for cars, houses, boats, stocks, bonds, art.....even companies.....anything.

Have a good dependable car to get you to school/work and save up the rest. To me, an Acura worth $17,000 for an 18 year old is a luxury if you are trying to save money for your dream, unless your parents are paying for it. The $17,000 Acura is a good car only in that it will teach you the art of depreciation.

As Nike says...Just do it. But prioritize!

 

Perfectly said.

When your friends are messing around or spending money on girls, be the one that saves and invests your $.

I have experienced this and can tell you that your younger years are the ones to work extremely hard so that you can enjoy your life when others are working hard.

What you put in is what you get out.

No short cuts

 

Great advice.

If you don't buy depreciating "assets", over time your wealth will eventually pile up.
Pay interest only for things that increase in value.
Live below your means and you will never want for money.

IMO there should be 2 mandatory years of fiscal discipline taught in every American high school.

 

Work hard and buy income producing real estate. Despite having years when my earnings were high, the net worth came from real estate.

Art

 

Making money seems to be the easiest part of the equation , holding on to it now that's another thing.

 

My dad, an unskilled laborer used to say ”Work hard when you're young or you'll have to work hard when you're old.” My old man is long gone, but I listened & am now blessed to be underworked & overpaid. I think of him every time I'm tooling around in my 911, and he'll likely be the first person I think of when I get my Ferrari..T

 

There is no substitution for hard work doing something you love. and then be the best that you can be at doing that.. If you do that you WILL be successful then if you can pay attention to budgets and details you might even make some money. and of course make sure you earn more then you spend..

 

Here's how I did it (my formula is in the OP's original post, "hard work and luck")

I bought rental property while still living at home paying no bills.

I was able to pay off the mortgage in 2.5 years (large deposit and no major expenses thanks to my parents allowing me to live at home rent free). Seven years later I bought a second rental, but this time bought in full, no mortgage needed.

Three years after that I bought a Ferrari. And 4 years after that I bought my 3rd rental, again in full no mortgage.

This entire time I had a full time job (still do), and I refereed ice hockey on the side (although not as much refereeing these days).

 

Lot's of good advice in this thread, copy what successful people do. One of the things I've done, or not done, is not get married and no kids; that's a money saver right there. LOL

 

I guess enjoying a 348 will have that effect...

All the best,
Andrew.

 

The tired out "work hard" cliche. Everyone would have a Ferrari if it was just about working hard. Amazing how people always rule out chance.

 

Food point. One can argue that you make your own luck, etc., through hard work, preparation, education... But if the wheel of fate lands on your number, that's it, game over. So, another cliche from dad - count your blessings every day...T

 

Oops! Good point, not food point. Must be hungry. Off to make breakfast!

 

Good advice....but when you see the average 401k account only has $50k seems like alot of people are going the instant gratification route. Will be alot of competition for those Walmart greeter jobs.

 

work harder AND smarter than everyone else in your chosen field.......

 

Two words:
Real Estate
Luck is simply "preparation meeting opportunity"
Working hard is the big key to "getting lucky"
"buy low sell high" this pertains to everything not just "investments"
"I started with nothing and still have most of it left" LOL!
"luck has **** to do with most self made millionaires" (IMHO)
Most of the "lucky" successful people I know, give to help others. This is an often missed key to being successful in life!
Good "Luck"
Steve L

 

Its not a cliche. But you need to add work smarter as well to the equation.....My current business is a simple one to calculate how working harder directly results in more cash. Simply put, the more people I meet and talk to the more I will sell. The smarter part comes into play when I choose to only spend my time talking with the right people who tend to buy larger quantities of what I sell....

 

Belief in onesself is important as well, a believe bordering on assumption that you will succeed, without exuding that confidence as arrogance. Just believe in yourself. Success also takes a really good spidey sense when to change tack. These are a couple of the things that help create "luck".

 

Also most importantly is your word . Always keep your word . No matter what .