Asking rich people for advice | Page 2 | FerrariChat

Asking rich people for advice

Discussion in '458 Italia/488/F8' started by Martynas Zaleckis, Jun 30, 2019.

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  1. dustman

    dustman F1 Veteran
    Rossa Subscribed

    Jun 12, 2007
    8,931
    Set goals and rewards for achieving that way you can work hard and enjoy payoff without waiting until you are getting “old”.

    Ie, get X promotion or financial level unlocks a Mustang, next level a Porsche, the next level unlocks a Ferrari and so on.

    Worked for me.
     
  2. FordGTDriver

    FordGTDriver Formula Junior

    Jun 9, 2007
    423
    How rich do I need to be to fall in love and get married?
     
  3. Principissimo

    Principissimo Formula Junior

    Sep 14, 2015
    838
    Milano
    Full Name:
    Bruno
    Not so easy to answer. However, at least in Italy, if you become millionaire strangely girls start falling in love with you :D:D:D:D
     
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  4. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    Don’t know about love but the need for a large penis is inversely proportional to the size of your bank account.
     
  5. MANDALAY

    MANDALAY F1 World Champ
    Owner Rossa Subscribed Silver Subscribed

    May 23, 2013
    11,048
    AUSTRALIA
    Full Name:
    ANGELO

    And every country in the world
     
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  6. Principissimo

    Principissimo Formula Junior

    Sep 14, 2015
    838
    Milano
    Full Name:
    Bruno
    Agree :cool:
     
  7. KC360 FL

    KC360 FL Formula 3

    Jun 20, 2017
    1,677
    Melbourne Florida
    Full Name:
    KGC
    My rule was I would not focus on cars and toys until I bought and could afford to keep my own home. Not being a "rich guy" means your home becomes your first investment. An expensive sports car is not an investment-- quite the opposite.

    Ferraris or any sports cars out of warranty are going to be expensive. Insurance for you at your age will be a major sticking point.

    IMO your first sports car should not be a Ferrari. Don't fall prey to the old Freddy Mercury song: "I want it all and I want it now"
     
  8. Coincid

    Coincid F1 Rookie

    Dec 9, 2014
    3,577
    Canada
    At 23 I was married, had a Master's degree, was half way through Law School and my wife and I started a business. The last thing on my mind was buying a Ferrari. The level of immaturity of the OP is far more significant than his inquiry on how much money required to buy a 458. My advice to him- grow up first. Once you become an adult , which only happens when you are financially independant from your parents and have a successful career or your own prosperous business, should you then even begin to contemplate an extravagant, depreciating purchase.
     
  9. SlickMurphy

    SlickMurphy Formula Junior

    Aug 18, 2004
    271
    Essex
    Full Name:
    David
    Tomorrow is guaranteed for no one. Finance it, drive it, love it. The carrot is overrated. Learn how to obey the stick.

    D
     
    Angry Pinchy likes this.
  10. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    Said every broke millennial still living in their parents house.....
     
  11. jac

    jac Karting

    Nov 4, 2005
    95
    Full Name:
    jack cohen
    Buy the house first. I purchased my first for 90k and sold it for 340k. At the time i purchased a triumph for 3k. Still have it by the way. Now i have many cars including a 458. Build the empire save and invest first, then buy whatever you like.
     
  12. MANDALAY

    MANDALAY F1 World Champ
    Owner Rossa Subscribed Silver Subscribed

    May 23, 2013
    11,048
    AUSTRALIA
    Full Name:
    ANGELO
    Im 56. I live in an age where you got married early ( me 21 ) had kids early ( 24) . Priority was own , build your own house. Pay it of. Was easier in those days. Paid it in 2.5 years ( FYI worth about 1.6 million today )

    Yes I wanted a Ferrari as I was always into cars. Started low Mazda RX7's well the whole series. Then just relyed on company cars while i saved. So years later 20 years I guess and investing in property I have a 488 GTB.

    My thought HOUSE FIRST, and from what I have been reading HEALTH INSURANCE close second . Its a car , not a must have
     
    Ash Patel and KC360 FL like this.
  13. HyperMac954

    HyperMac954 Karting

    Jul 2, 2012
    82
    This right here. I finance all my toys, because my loan rate is WAY lower than my rate of return on investment. Plus I have a few routes to write down car payments. But that's because I've done all the math, analyzed my risks, and have enough in reserve to carry me through a bad down turn.

    As for buying a house - there are a lot more variables than there were even 15 years ago. Today I rent, because I live in a place where the math doesn't make sense for me - my rent is less than the property tax I'd be paying). I previously owned and profited off of real estate, but now the math doesn't hold - and I put a higher value on my freedom to cut and run to another place if I desire, without having to worry about an expensive, immovable asset.

    I'm 36, I've owned 4 Ferraris, currently have a Lusso and an 812, and my Pista arrives in a few months.
     
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  14. Surfah

    Surfah F1 Rookie

    Dec 20, 2011
    3,135
    HA
     
  15. dustman

    dustman F1 Veteran
    Rossa Subscribed

    Jun 12, 2007
    8,931
    The best advice here.
     
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  16. paulchua

    paulchua Cat Herder
    Lifetime Rossa Owner

    Jul 1, 2013
    15,983
    Menlo Park, CA
    Full Name:
    Paul Chua
    #41 paulchua, Jul 3, 2019
    Last edited: Jul 3, 2019
    Hello Martynas,

    Thank you for your honest post. Focus on the foundation first, home, savings, steady income. Once you've achieved that, then I would look at the 458.

    The 458 is just the first aspect of the total ownership experience. If you don't have a place to store it (home), it will easily and quickly deteriorate.
    If you don't have any (savings), you won't be able to maintain it
    No (steady income) means you don't have the means to grow said (savings.)

    Everybody has different level of risk tolerance, myself - I would only buy a Ferrari once I'm sure I own my own home (so I can store them properly), have enough savings so I would never need to sell them if things get rough, and a steady income that the Ferrari only take a small fraction of my expendable income (~10%)

    That's just me, but there is no 'right' answer necessarily.

    P.S. one last thing, you mentioned the roads are very bad. So you may want to wait until you move to a place where you can fully enjoy the car. It would be like buying a plane, with no airport nearby.
     
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  17. TheMayor

    TheMayor Nine Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    98,537
    Vegas baby
    No, thank you.

    Its awesome to see a person with dreams and goals and the desire to achieve them.

    Good luck.
     
  18. paulchua

    paulchua Cat Herder
    Lifetime Rossa Owner

    Jul 1, 2013
    15,983
    Menlo Park, CA
    Full Name:
    Paul Chua
    Yup, like the guy that put his Lambo on 11 credit cards. I said before, there is no 'right' answer, but I will disagree with your advice for this 23 year old still living with his parents to get the 458 on credit. Could he get hit by a bus next month? Sure, but I'm willing to bet the chances of that happening is way lower then seeing his 458 repossessed by next year.

    The saddest thing being, he couldn't even enjoy it for that year, because as himself said, the roads around him are very bad.
     
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  19. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona

    Let’s see- a 23 year old kid with no money says screw the future- I’m buying a Ferrari. If he gets hit by a bus tomorow, can’t enjoy the Ferrari anymore. If he doesn’t get hit by a bus, but can’t afford the car, can’t enjoy the Ferrari anymore.

    Seems like the best advice is not to
    Buy the Ferrari till you can afford it.
     
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  20. paulchua

    paulchua Cat Herder
    Lifetime Rossa Owner

    Jul 1, 2013
    15,983
    Menlo Park, CA
    Full Name:
    Paul Chua
    Can you imagine the APR for a 23 year old with no assets as well? Holy smokes Batman, on a car that is still far from the bottom of the depreciation curve, and while I can't predict the future, we can all agree that we're not at the 'bottom' of the global economic cycle.
     
  21. Coincid

    Coincid F1 Rookie

    Dec 9, 2014
    3,577
    Canada
    The worst advice you can give a 23 year old who still lives at home, who apparently has no income, or prospects, is to follow your dreams regardless how unrealistic or irresponsible they may be because who knows when you will be hit by a bus or succumb to a deadly disease.
     
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  22. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    7,716
    Tropical
    I can imagine you talking lika Borat! Image Unavailable, Please Login

    Juuust go for it !

    Sexy time!!! :D
     
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  23. plastique999

    plastique999 F1 Veteran
    Owner Silver Subscribed

    Nov 9, 2008
    8,539
    SoCal
    Full Name:
    Edward
    Buy it when you can afford the monthly payment, pray for no mechanical failures, drive it like you stole it. YOLO


    Sent from my 16M
     
  24. EastMemphis

    EastMemphis Formula 3
    Owner Silver Subscribed

    May 25, 2019
    1,718
    Memphis, TN
    Full Name:
    John
    In my experience, these two things are mutually exclusive. If you want to keep the car running with few mechanical failures, drive it like you FIX it. Driving it hard, without concern for the welfare of the car, will bring you nothing but expensive grief.

    One can still enjoy a car driving it carefully, avoiding road hazards and keeping the engine from the red line. I suppose another way of looking at it is to :
    "Drive it like you love it."
     
  25. Graz

    Graz Formula 3

    Oct 15, 2012
    2,289
    New Jersey and Florida
    Full Name:
    Graziano
    The first part of your first sentence where you say “but I understand if I will buy it will be a very stupid move” sums it all up. Follow your own intuition ;)
     
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