First post, REALLY curious...

Son, I have one word for you.......... Agriculture!
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Thanks guys for all your posts! Much help!

 

That looks like a long time in prison!! Hard to enjoy the F-car from there!

 

Post of the month!!!

 

Do something for a living that you're naturally good at.

When you have an income, set aside money each month for the long-term/retirement - keep your 'play' money separate from your future security. It was easier for me to justify a Ferrari when I knew the cash had come from selling my Porsche and BMW and not from robbing my 401k or borrowing against the value of my house. I bought both of those lightly used (10K miles and 4400 miles), and considering the use I got from them I really didn't lose money on either car.

Don't buy new cars. Your Ferrari will happen sooner if you don't shoot yourself in the wallet by taking tens of thousand$ in car depreciation over your lifetime. (It's worth noting, too, that depreciation on a new Ferrari is gut-wrenching - no matter how much money I had I don't think I'd ever write the check for a new Ferrari.)

Don't blow money on a dozen other toys (boat, snowmobiles, etc.) - cheaper to rent when you need. If a Ferrari is your dream car, prioritize it.

Don't use credit cards to borrow (for more than the monthly grace period).

Own your house, don't rent. Don't go for gimmick financing to stretch into a palace - buy what you can afford. Before buying any 'toy' cars, take care of this.

You're 16, so you can wait. Honestly, I know what my car insurance bills and income were like when I was in high school, and a $2000 service bill on a Ferrari would have wiped me out.

Look into other cars to keep yourself happy in the meantime. When I was in high school, my Fiat X1/9 was a fun 'exotic', gut-less but good looking and infinitely more affordable than any prancing horse car. It also made me appreciate agile little cars, taught me how to change brake pads, etc. I guess what I'm saying is that there are other cool cars out there in the meantime. A lot of them are very affordable. Owning a sports car is a special experience. You'll probably get a hundred opinions here on what car to get, but Alfa Spiders, Porsche 914's and others are all out there - depending on how you come out on the exotic vs. dependable scale... Life's too short to drive a Corolla.

I probably left a lot out, but for those of us who weren't born wealthy, and may still not be, I'd offer these as starters.

 

Should have gotten into the motivational poster business.

 

I don't normally answer these threads, but it's all about keeping your lifestyle in check.......we are trained and sold the 'image' of success.

Get off the beaten track sometimes and see how the vast majority of our country lives....it's pretty humbling. But often, it's a much happier existence.

As Bullfighter said above....AVOID CREDIT...pay cash for what you need.
If you can't do that, it needs to be pretty important. Be real about total cost.
Buying "on sale" and paying 21% interest for the balance for years never pays off...do the math.

Avoid marriage and divorce, I've lost 35% off the top for the past 12 years.
My lifetime financial status will never recover from that.....

Eat at Taco Bell....

There ya go man! LOL!

Ferrari #22127
Ferrari #22641

"I hope you DIE in this ^&%&^%^^%#&^*&&ing CAR!!!!!!!!!"
Lovely first wife, as I returned from the used car lot..........

 

Man, that's just for personal consumption.............really.............LOL!

 

You could PM yourself...

 

This is the reality of it all their is no magic method to making money, its up to you no matter how many degrees you can accumulate, if you don't make money don't sweat it the world needs ditch diggers too and I need them as employees.

 

I've avoided posting because I see lots of wisdom here. But I haven't seen this:
It's not how much you earn--It's how much you save.

 

Every time someone calls you with an opportunity to make millions a month from the comfort of your home, sign up... you'll be rich in no time.

 

A joke.....turn off the DEA 'copters!!!!! As you were......

 

That's not my pic...it's been around a while..........

I pulled into the Weed, CA rest stop on I5........but Jerry Garcia was already gone......

 

I believe what most young people mean when they ask this question is, how do you do it without working your ass off for it.
The answer is, you don't.

 

I don't post much as I am here for the cars, but I can't believe nobody has asked where the kid has raced Formula BMW for "quite some time now". This is a 75K plus a year program.

 

"If you miss the opportunity of inheritance, you have already suffered an enormous setback."

Agreed, a lifetime of hard work is the best solution. And the divorce thing.....

 

I divorced in 1993. It left me in a bankruptcy position.
It was worth every damn penny.

 

Most people own their own companies, so get your education, then start a business. Work really hard, and you'll get your Ferrari.

 

It does not take owning a European Car to be mature. It takes owning a Toyota or Caddy.

 

My plan is to get through college and or start a business of my own. Buy a house and pay it off and save as much money as possible to pay cash for a ferrari! I'm still working on the school part though We're in the same situation man! Best of luck!

 

Steal one tonight and have fun.

 

I haven't read this thread past the first page. I agree that it boils down to goal-setting and hard work.

Recently, I was in my Lotus Elise. In traffic an SUV was stopped next to me. A kid, about 12 years old, rolled down the passenger window and asked, "How fast will it go?" After I answered his first question, he then asked, "How much did it cost?" I smiled and said, "A lot of A's in school." His mother, who was driving, smiled and nodded to me.

I set my goal to own a Ferrari at age 13. I'm 42, and I don't have it... YET! But, I should pull it off in the next few years. I have brainwashed myself over the years with posters, shirts, jackets, hats, key chains, books, magazines, browsing dealer showrooms, models, and attending shows. It has become so ingrained in my mind, that I see Ferrari ownership as INEVITABLE. I MUST have one. I even have Ferrari dreams! I've never driven one in real life, but I've driven plenty in my dreams. The funniest one was when I had about six friends riding with me! It must have been a "one-off" Ferrari station wagon to fit all of them in!

Mike

 

Some people are born wealthy while others have to figure out how to justify and buy an exotic automobile. I have been in the automotive business since I was 16 and am now 47. I finally got my used Ferrari 348 late last year and it didn't come from working and saving. 2 words my friend... REAL ESTATE! If you want it bad enough, you'll get it. Play with the Porsches until that day, I had 3 of them and loved everyone. Good luck!

 

Wow! A teenager who is asking for tips/advice...refreshing. Your post brought back some memories. I saw my first ferrari "in the flesh" in 1977. I was 14, it was a fly yellow 246gt Dino. It was instant love...I promised myself that one day I would own a Ferrari. I bought my first F-car this past fall. It's a Dino but the gt4 not the 246. Still I couldn't be happier. (BTW it's yellow). I'm not rich but I went to college, chose a career am a professional and make a decent living and have good life. The key I think (aside from lottery winnings or large inheritances) is goals, hard work, and persistance. Don't forget to have some fun on the way and enjoy life! Best of luck although it sounds to me like you'll probably make your own luck.