Average Income of Ferrari Owners in USA?

UPenn, Harvard, Dartmouth, Columbia, VA Tech, U Maryland, UVA, Georgetown, and UW-Madison, my alma mater. The calculus was as follows:

UPenn: new coach who was an assistant coach at Stanford. Crazy successful program at Stanford. Recruiting visit revealed all of her family was still in California, that's where she grew up etc. We had little doubt that her tenure at UPenn would be short and that proved to be true. She left after three years. Princeton has beaten UPenn every year since.

Harvard: amazing school. so-so women's soccer program. Coach was on thin ice and we were not sure he would last for all of our daughter's tenure there. Continuity was important to us. This concern bore out as well as the coach left one year later and went to U-Maryland.

Dartmouth: great school. Isolated. so-so soccer program. Just not daughter's cup of tea.

Columbia: they recruited our daughter hard. Assistant coach spoke with my wife almost weekly and often sought her out at the major tournament/showcases that we attended. Great program and coaching staff. School was likewise amazing. Nothing really bad about it other than the school being in the city and that was not daughter's preference.

VA Tech: good program. great school for engineering. Great coaching staff that was clearly there for the long run. But when juxtaposed with an Ivy, hard to choose VA Tech.

U-MD: too close to home. okay program. revolving door of coaches. Started recruiting daughter as a freshman and I'll never forget the visit as a freshman when the coach, who we knew very well, asked our 14yo what she wanted to study. Never really in the running.

Georgetown: great school. great, long tenured coach who knew us and our daughter very well because he was a coach in our daughter's club as well. Checked many of daughter's boxes. Proximity to home was a negative for her though.

UVA: top tier program. Long tenured, exceptional coaching staff - Steve was asst coach for US Women's National Team when he was recruiting our daughter. He made it a point to tell us that their goal is to get their players ready for international play. Far more focus on athletics then academics was a bit of a turn-off. Also, Steve and co were wishy-washy on their commitment to daughter which ultimately lead us to tell them "no thanks."

UW-Madison: this one was my fault because she heard for years how my time at UW was the best four year vacation that I'll ever have. Great coaching staff and there for the long term. They were also recruiting one of my daughter's teammates so the prospect of playing with one of her dear friends was very appealing. Not much bad about Madison other than some cold months during the Winter. 7am Winter practices were not appealing. This was her second choice.

Princeton: if you have never been there, visit. They call it the "orange bubble" for good reason: it is the most majestic campus I have ever seen. The coach was a year into his tenure, was local, called Princeton his dream job, and gave us his ten year plan that made it clear he was 100% invested in the program and our daughter. Princeton has been the #1 rated university for many years running. It's hard to say "no" to Princeton.

Decision Day: I'm working out. My daughter had narrowed the decision down to UW-Madison and Princeton. She texted me to tell me that she had calls with the UW coach at 2 and the Princeton coach at 2:30. I told her it was her decision but, in my mind, it wasn't a decision. Was getting play-by-play of calls from my wife. UW call was going really well. Daughter was fully engaged and laughing. I was too distracted by this and ended my workout and started the 15 min drive home around 2:30. Pulled into the driveway and received a text from my wife: "Decision made." I opened the front door not knowing what to expect. My daughter ran up to me and said, "It's done. Are you happy?" Not knowing what she chose, I asked her and she looked at me incredulously and said, "Princeton." I told her that I needed a minute, walked upstairs, punched the air several times, let out a primordial silent scream, shed a few tears, composed myself and went back downstairs to embrace her. Best decision she ever made.

 

That’s a really cool post. Lucky girl to have a dad like you taking such a keen interest in her path. Congrats to both of you.

 

Did you guys use any college prep consultants like Command education or something similar?

Guessing she played academy ball?

And congrats to raising an impressive kid!!!!

 

Thank you for your kind words. She did all of the hard work; we simply drove her to training several times a week and flew her to the national tournaments when necessary. Her academic record was also all of her doing.

We did not use any third party services to assist with Liv's college/recruiting process. Our daughter was a top recruit so we were fortunate that the schools came to us. We were also fortunate to have a club coach who was very familiar with the recruiting process - his teams regularly placed 90% of the players in D1 programs - to help guide us. We were spoiled by this college selection process as was made clear when we went through the process again, although without the recruiting process, for daughters 2 and now 3. For my youngest, we engaged an individual to assist her with the selection process, reviewing her essays, and following up with applications after submission. This eliminated a lot of stress for her and kept us, her parents, from clashing with her or otherwise overstepping. This was not cheap but, in the long run, it was the right move and has paid dividends.

One note of caution: Liv started playing soccer at age 2. She was always a bundle of energy and if we did not engage her with some form of daily athletic activity, she would drive us crazy, literally bouncing off the walls. She started club soccer at age 6. Wife would regularly put 20,000+ miles a year on her car driving to the 3-4 days a week training sessions and weekend games or tournaments. And the toll on Liv is evident as she has taken off this year of school to have bi-lateral Achilles heel surgeries to repair damage from over use and years of abuse. COVID made the decision easy because the Ivy League canceled their season and she did not want to end her playing career this way. PLus she knew that she needed surgery so she has been quarantined with us all year while recovering and rehabbing. Hopefully, she will be ready to play this Fall. The point being that she made significant sacrifices - injuries, lost social opportunities (never went to home coming bc conflicted with soccer season), lots of travel - for what she achieved. It's not for everyone but it worked for her and us. We never pushed her. She loved, and still loves, soccer, the structure and discipline necessary to survive in that environment, and the close bonds that she made with her teammates.

If anyone needs to hire a computer science major who will also add tremendous value to your company's soccer team, she's available this Summer!


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The sacrifice for the athlete is not small but definitely pays off… The consultant prices around here make expensive private school look not so expensive

 

Meanwhile OP disappeared


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I hate when that happens.

 

Hey, be careful, FChat may want you to pay a sponsor fee!

 

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Fantastic schools!
I’d be hard pressed to let my child choose from these gravy schools.
I guess I was wondering what her long term goals were - to continue soccer all the way through and progress further in this arena or purse the best academics at her college.
Reason I ask is that my oldest son in 8th grade is good at golf and will hopefully get on the golf team in high school. If he later got recruited for college golf, I would really push him towards the academic college of choice.


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I’m willing to believe OP’s story but given the numbers shared and a so called passion for F cars I’m puzzled as of why he wouldn’t have bought the Cali on the spot. IMO his financial position would suggest a) he can afford it b) he doesn’t need forum advice


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Love it!

 

You are blessed with a great kid-congratulations!

 

A small word of caution about college sports inc. College sports can be a great experience, I had a great time as a D1 swimmer, but several of my friends didn’t. I knew several people who were used , abused, and discarded. One friend played football for USC for three years. He was Red shirted freshman year to bulk him up from 200-240ish, and then after playing in the Rose Bowl was cut. Fortunately, his parents were able to pay his last year of school, but others aren’t as lucky. In the late 80s and early 90s, contracts were yearly and didn’t have protections for injuries. The college could pull your scholarship if you didn’t make NCAAs or you were injured. IMHO, you’re much better with an academic scholarship or an alumni scholarship to “play” sports. Full disclosure: My son is a college athlete and he’s having a mostly positive experience other than the Covid protocols which make training more difficult. OTOH, he’s a walk on so his college tuition isn’t tied to his athletic performance.

 

I suspect most people who get in a position to buy a Ferrari are financially prudent. And buying an F-car is anything but! Sometimes people just need a kick in the pants from someone else to get over the hump. [emoji2] In my case, it was my wife who provided the Jimmy Choo to the posterior to get me to stop dreaming and start the F adventure. Otherwise, I'd probably still be analyzing and dreaming...T

 

30 year mortgage life sucking??? With mortgage rates around 2.5% right now, why on earth would you use your own money to buy a house. Surely you could find a better return for your cash than through equity in a house.

 

People value different things...I already have plenty of stock market investments and would rather invest some in our family's well being (family home and college funds) than hand a banker $200k in useless interest (the difference in a 15 and 30 year mortgage for our house).

Curious first post on a car forum....what Ferraris do you own? I'd rather discuss those.

 

there are lots of good reasons to own your home free and clear that means no equity line and no mortgage. Of course it depends on the state you live in and how you title it .. But in many states if it is free and clear and titled correctly Your home could become another protected asset.. I own my primary residence free and clear titled the way i was advised by a well known (bankruptcy) attorney and of course an estate attorney figured who better to ask how to be protected... In my business I am responsible for many loans some are non recourse and some are 100% of the value of the property with full recourse. My home is worth well into 7 figures.. SO I look for places to have protected assets ...and that is worth a LOT to me......
So that is why...

 

Yep, FL is like that with homestead (need to live in the place for 40 months for 100% protection).

 

I absolutely hate 2 things in life with the heat of a thousand suns.....paying interest and depreciation. Those do factor into the investments I make and the cars I buy.

And like Larry implied, well chosen homes are also investments.

 

It’s only interest if you’re not investing simultaneously… In New York we don’t get any house protection unfortunately

 

OK, so in terms of a house, yes your equity is building but until you sell it you don't really have it. OTOH, I'm handing a banker money out of my paycheck every month rather than being able to use it for other things. Why am I financing HIS Ferrari when I can't have one? Hence my desire to pay as little interest as I can.

 

building equity in your house is not investing, it's paying off a consumption item. having a 2.5% mortgage and investing in other assets is investing, and buying US/global equities is the easiest and cheapest way to earn money. when mortgage rates are 6%, i don't believe in having a signficant mortgage for the average person. when the money is essentially free (mortgage tax deduction) you are well served by locking in 30 year debt and investing in other assets.

 

Everybody has a different outlook on money strategies.....

 

Really not at outlook, its just math. Having a mortgage and pissing the money away wld be bad. But thats just math too.

Having no mortgage is not unreasonable - its just inefficient from a capital allocation perspective.