Can getting a Ferrari too young mess you up?

Speaking of Microsoft Execs and Yachts, doesn't Paul Allen have the world's largest or the world's second largest yacht? On board helicopter or some such?

I got curious and went and searched it, his yacht, "Méduse" is #56 at 196'10". #1 is the "Savarona" at 408'0".

 

Please post more picture that looks amazing.

 

Check out YACHTS under Off Topic for more amazing pics. Ive heard that Paul Allen is the 1st person to own 3 yachts over 300ft , at the same time
He has 1 yacht that is 400ft w a 100ft submarine on board LOL

Sort of puts Ferraris in a new perspective. I bet those Yacht guys have some SERIOUS maintenance costs that make an F50 engine rebuild look tame LOL

 

Darth550 has seen that yacht in person down in Brasil. He posted pics of it here:

http://ferrarichat.com/forum/showthread.php?t=10054&page=3

 

I'm 25 (with a birthday coming up in a few weeks) and I'm seriously considering buying a Ferrari this year. Perhaps a 456 or 360. I've worked my tail off for the past 4-5 years, and I certainly feel that I've earned it. I was obsessed about the stock market and business in general. And after climbing past many hurdles, now I get a chance to relax some and enjoy what I've worked for.

As long as there is balance in someones life (work, relationships, contribution, hobbies, etc) then buying an exotic car shouldn't be detrimental to their well being. It's just an expensive toy. Just keep your focus on what's most important in life.

 

Hmm...well, I was given my first Matchbox car of a Ferrari at the tender age of 11...I proceeded to beat all my brother's Hotwheel cars on the tracks, with the speedometer they'd fly through.

I've been hooked ever since, lol!

Only person in my immediate family that has ever owned and driven Exotics...I think the guys in the family fear me, lol.

- Julie

 

If you can afford to park (pun intended) the cash in a car...then why not.

If someone gives you a Ferrari at a young age, good for you. I wouldn't turn it down.

When i bought my first one I deliberated for a while, in the end I made the right decision. And, no matter what happens, I'll have enjoyed it.

 

In another place and long time a ago, I used to give a lot of seminars for CPAs (75+ days a year). Well, at one, the sponsoring group had one of those "hippy dippy" motivational speakers give a lunch talk. Her whole thing was that CPAs needed to break out of their rut, smell the flowers, and all that rot. She had everybody take off one shoe, stand on chairs, rub each other's back, sing songs. I'm sure you get the picture.

Sadly, it wasn't going over very well, and the speaker was getting more and more frustrated. She ended up berating everybody because we just didn't get it. She started saying that we were all a bunch of anal Type A workaholics who were all going to die of a heart attack at a desk someday.

Finally, one old grey hair piped up and said, "Madam, do you supposed that it is possible that we enjoy what we do, which explains why we spend so much time at work?" The speaker was stunned. She couldn't believe it. How could anybody enjoy tax work? Impossible.....

 

1. Nothing is TOO wonderful, once you are used to it. Newness wears off no matter what and your eye will be cast elsewhere. This applies to "stuff" and can apply to people we marry or date. I have been fortunate enough to find my life mate in my wife...but feel lucky to have done so.

2. It's nice to go the the picnic...but don't miss the ride along the way. My BMW 2002 I had back in the day was a joy. As were the other cars I had.

3. A nice car may allow you more opportunities to meet potential mates. People like financial security. What motivates them in the final analysis you have to figure out. But like #1 above...nothing is too wonderful once you are used to it. The newness will wear off, then you know what the relationship is made of.

4. Watch what you pray for. Having "stuff" can rule you life. You have to care for the stuff. The best moments of my weekend were not in my F-car. It was reading the paper at Starbucks with my dog.

 

This is hilarious. Sometimes people think busting your ass at your job and being happy with your job, are mutually exclusive.

Anyway, my other pet peeve is when people ask/demand that I relax. I AM RELAXED DAMMIT...

 

Oh, to the original poster: If after assessing your current and expected future financial responsibilites, you decide you can truly afford the financial consequences of owning a ferrari, get one. Life is too short.

 

As a CPA, you get to meet a lot of people and see a lot of things. One thing that I have seen over the years is that many professionals never learn that, with a very few minor exceptions, you cannot earn your way to financial freedom if you don't control your personal overhead.

I know lawyers who are making 7 figure income who have a lower net worth than my 80-year old mother.
Dr "I ain't got no stinkin overhead" Tax[/QUOTE]

It's interesting that when you go to the dealer, they are only interested in whether you will pay cash or what your income is, but as you allude to, net worth is much more important. Obviously, they correlate, but one can easily imagine scenarios that do not match well, ie, new job just out of school or lots of inherited assets and no job.

From the standpoint of financial planning, what is the highest percentage of net worth would you be comfortable tying up in an f-car? Qualitatively, I would want to be sure that I could lose the money and not have to re-do all the retirement/education plans, etc. It would need to be money I could technically do without if I had to, maybe 10% of net worth or something.

On the other hand, I did really want one for a long time...and you have to live along the way.

steve

Steve

 

If you buy well, your most expensive high-dollar car will be the first one you buy. After that, you can use your equity to leverage up.

As to how much? Personally, I believe in paying cash for toys, but others can and do disagree. Imagine that.

My advice is to come up with a toy budget and then buy the most fun car that you can find. For example, if your budget is $15k, you could find a 308GT4 or a nice 911sc. For $25k, you could buy a 308 or a Mini Cooper S. If you have the time to fiddle diddle with the car, go for the 308. If you don't have the time, buy the Mini. Go to the $35k mark and the Honda S2000 looks pretty good to me (Damn, I wish that I fit in one) or maybe a 328.

I have always looked at money as energy. The more money you have, the more different types of things that you can do. However, just because you don't have any money, doesn't mean that you can't have any fun. Like the song sez, "There's a whole lotta things that I have never done. But, I ain't never had too much fun." In fact, some of the most fun that I have ever had in life where those days when I didn't have a window nor a pot.

Good luck, DrTax

 

Sounds like good advice. Over the weekend, I was at a FCA drive in Northern California and this issue came up from my passenger. He fears he is taking on debt/costs that are not truly needed, but he wants a car very much. I will share the opinion with him-seems a perfectly reasonable approach.

Thank you Dr Tax,

steve

 

I got my first Ferrari when I was 19 (high school present from my parents), got married at 22 and bought my first house then divorced 6 months after, I kept the house and didn't loose a penny. Got marraied to another girl when I was 26 and she was 19 then 4 years after got divorced and didn't loose a penny again. Then at 28 bought my Testarossa with 8,000+miles and later another fiance, I'm still married (a year and 4 months now, but sold my TR last month and I am kicking myself every single second for it)) and at 33 she is 19, I drive now a 996 Twin Turbo but I am looking for another Ferrari to buy pretty soon because Ferraris were always there no matter what, it got me up when I was down and once you owned one theres is no turning back they are very addictive. I think it will not hurt you but help you a lot between marriages and a lot of other crap too, enjoy!

 

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I think your car habit is the least of your problems.

 

lol

 

I acquired my first Ferrari--a Lusso--at the age of 17. I consider that, rather than messing me up, it set me up. I've had nothing but appreciation for fine automobiles ever since.

 

I'm really interested to hear more about your history. I recall that you have met Enzo himself! And you also say that you owned 250 GTO #3987. I am extremely interested in your history with the marque!

Edit: this is your experience with Enzo: "Although I've visited the factory on a number of occasions, my most memorable encounter with Enzo Ferrari was at the practice for the 1970 Italian Grand Prix at Monza. While we stood in the paddock speaking about the 250GTO, Fangio joined us and listened with interest. For me, it was very interesting to meet with the man away from his manor, though well within his domain. Later that same day, Jochen Rindt tragically lost his life. Clay Regazzoni won the event that year."

I am very interested in your stories! When did you own the GTO?