hey guys, got a question for you all, as to whether the 'rules' (dont know if theyre rules, but you'll get the drift), ive set myself financially are a little too conservative, by comparison to most people? or am i spending way too much money on myself? anyway the reason for this question is that i am so hoping to get a better car soon (the lotus is still good though), but am concerned that if i leave it too long for when we have kids the dream will die, along with my sex life, will to live, and joy of being at home. anyway, i have always had the view that i shouldnt buy a car that costs more than 3 months earnings (perhaps 6 if i really want it), and that my total of wastefull assets (cars, home contents, toys etc) should not represent more than say 10% of my total Asset worth. what do you guys think? is this too conservative? should i just go and buy that Diablo im aching for now? I know what Scott will say , so what's your opinions?
precisely my point, i figure when i finally get the money i need by my standards itl be too late, im just wondering what everyone's opinions are.
If you want to use it to its potential, you should prepare for total loss, and be grateful for anything more than that you get back for it. As for % etc.... I'm not the best person to ask. My 1990 Charade (16V muntipoint injection mind you) falls outside your criteria for me.
hey dont nock the Charade, i have the big block 993cc 3 cylinder in the stable along side the lotus, i will get around to taking pics of the together some day just for a larf. was contemplating buying some contact and putting racing stripes on it, and some sheet metal and making a dodgy body kit, just to make it look the $#!zn!t oh, and i do expect that once i buy a car, that the money is totally gone, and am happy with whatever i get later. that's why i try to not have spent more than say 10% on crap that does nothing buy loose you money.
If/when you do have kids can you really see your wife (as nice as she is) agreeing to you buying a Diablo and having the kids sitting in a trailer being towed behind? You sound as keen as me to have kids......
Just got off ther phone with a friend who just put a C5R Nascar motor, sequential gearbox, AP V8 Supercar spec brakes, Harrop suspension uprights etc - all new parts into a GTS Monaro. All in about 250K. He's a manager on around 150K per year. When I told him he was mad (imagine that, me getting to call someone else insane), he explained that while many planned for a luxurious retirement he chose to live in the here and now, enjoying his toys. Who's to say what's right or wrong for another individual, just do what's right for you IMO.
if you can pay it off in 3 years with a 50% loan + insurance + public road donation, you still have enough money for leisure, home, just not as much as you have now, then go for it.
very true Stephens, but too many people look back on their life when they are 60, 70 and say " i wish i didn't waste money on that " i guess you have to think about the long run too.
I sold my house, and moved into a rented one... so that I could buy my BB. Dumb move financially, as that house is worth about 3 times what I paid for it in 1994 now. But I never got excited about my house. You could be killed tomorrow, I reckon it's better to regret what you did do, not what you didn't do... But don't listen to me. What do I know.
How many people who have live life to the full are going to worry about this. I think you are more likely to regret living your life as a spendthrift, waiting to retire or for a future that may not even exist.
I think before one gets too serious with someone (let alone married!), one really needs to have 'the talk'. If kids are not for you (and you know this deep down inside), yet the woman you marry wants to have them (and always has), that's a recipe for future disharmony and, potentially, conflict IMO. You only have one life, and you should be true to yourself about what you want out of it. I can't see myself having kids, because I'll probably remain one. When I go toy shopping, it will be for me. Any woman I might end up with will need to understand this, otherwise we won't have any future. As for AHG, one of the last things he said to me in person was, "always remember to enjoy your life". That is advice I'm going to try very hard to follow.
Man,you only live once! Live it up! I too thought about being conserative. Save some money,set myself up for the future,you know,all that ****!! ! But then i thought **** it,buy a Ferrari!! Ahhhhhhhhhhhhhhhhhhhhh lifes never been so good!!!!!! LOL
You said you shouldnt "buy a car that costs more than 3 months earnings perhaps 6 if i really want it)" Do you mean years?
Three months wages? That is conservative. I lease my disposable daily driver car, and pay about 7-8% of my after-tax-and-401k (retirement savings plan pre-tax contribution) wages as a rent/lease payment. I paid cash for my Ferrari. I can't justify borrowing money for a weekend toy which, to be blunt, is all it is. Did the same for my Porsche, which I sold to buy the Ferrari. (Keeping the fun car money separate from the retirement and house money...) But to answer your question 6 months' earnings makes more sense to me than 3 months. Life's a one way trip, but if you're a financial slave to your car it's not a particularly enjoyable trip. My two pence...
In the US you can buy a Aussie 250K daily driver for 80K new, so you probably wouldn't bother financing.
yeah that'd be me. got past friends who since school saved as much as possible for like 5 years while they put together a deposit for a house, and lived a boring life. and now 10 years later they're still scrimping to pay a mortgage that won't be over for another 20 years. it seems i'm surrounded by people who can't wait to be old.
