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Discussion in 'Ferrari Discussion (not model specific)' started by Uberpower, Feb 6, 2004.

  1. Uberpower

    Uberpower Formula Junior

    Feb 6, 2004
    902
    grrrr...

    I am 24 and have been working since I was 14. I have been lucky enough to make six-figures since I turned 21, and I have wanted an F-car for as long as I can remember. The car for me is a 355 GTS, Red on Tan (6spd).

    The issue is, I don't want to "punk" a Ferrari- meaning I don't want to take a loan or a note on the car, I want to drop cash for it. Thing is, I don't make enough money to do that (LOW six-figs)- so I haven't bought the car.

    The thread regarding youngest Ferrari owners really got my goat. So much so that I placed an ad in the Robb Report coming out in the March issue looking for a business mentor. My work ethic is VERY strong, as is my integrity... anyone know how an intelligent, ambitious all-around-good-guy can make some serious money in an honest way?

    I am willing to work for a true self-made-millionaire for free to learn... I know this is a weird post, but please... if you or someone you know is truely successful, and they wish to impart their knowledge to an eager and receptive student, please contact me at sap_star@hotmail.com or call me at 713.828.9908. (Houston)

    Thanks and kind regards,

    Nick
     
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  3. Uberpower

    Uberpower Formula Junior

    Feb 6, 2004
    902
  4. jordan747_400

    jordan747_400 F1 Veteran
    Lifetime Rossa

    Dec 9, 2002
    6,926
    Houston, TX
    Full Name:
    Jordan Witherspoon
    Nick, 6 figures is hardly a bad salary, especially since you turned 21. You are already on the path to become a self made millionaire!! Hell, my dad didnt start making over 100k until he turned 35!!

    If you dont mind me asking, how did you manage to accomplish a salary like that at such a young age? Im 18 and have the same spirit, but no wealth yet :)

    You can e-mail me if you want -- jordan747_400@hotmail.com
     
  5. Uberpower

    Uberpower Formula Junior

    Feb 6, 2004
    902
    Hey Jordan-

    Thanks for the words of encouragement. I have made my career in IT and Management consulting. You're right, six-figures is an excellent salary; however, I feel that I have maxed out my earning potential at this point.

    I think the real trick is to own or start a business. I have attempted numerous times, all brilliant ideas (IMHO) however the investors would always say "there is no market for that".

    Duh. I wonder if Thomas Edison recieved the same response when he presented people with the light-bulb?

    Nick
     
  6. Bmyth-FDC

    Bmyth-FDC F1 Rookie

    Oct 4, 2002
    2,742
    Southern California
    Full Name:
    Byron
    Nick,
    I wouldn't feel so frustrated... I don't think you're in that bad of position at all. If I have to guess, you are in the world of back office system integration.. possibly SAP... functional or technical (Abap), right?

    Well, the market is still strong in that world. Buying a car in cash is nice, but it's not how necessarily everyone here on this site does it. Some finance it, some buy it in cash, some lease theirs, and some got them for free. Whichever way you pursue your ownership, just make sure you have the proper balance in your life.

    At 24, you're already way ahead of the game than most people... just take your time. Buying a car doesn't even account for ownership. Everything good comes to those who wait... If you balance your finances, and prioritize correctly, you will have your F355 in your garage soon enough. Don't feel pressured to own one this year or next...or even the year after... some of the 22 or 23 yo's that I know who own ferraris even admit that their family is well off to begin with.

    Just take your time - it will be well worth it. TRUST ME. I am testament to that! :) It's all about being creative about personal finances - if I were you, I would consider putting a down payment for a car in cash, financing the rest, invest some of the cash on some real estate or small business, and keep at least $10-15k in cash in the bank (just in case - you never know!).

    Best of luck,
    Byron
     
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  8. Uberpower

    Uberpower Formula Junior

    Feb 6, 2004
    902

    Man, that was one helluva guess! Spot on! Both functional and technical. One of those "being in the right place at the right time" like every other SAP dude(tte).

    Thanks again for the note. Sound advice!

    Nick
     
  9. alx355gt

    alx355gt F1 Veteran

    Feb 3, 2004
    9,494
    Belgium
    Full Name:
    Alexander
    If you want one, you WILL have one! You're younger than I am and closer to your target I guess? At the moment I have enough cash for a Mondial QV or a 308, but I'm patient, the F355 will be in range someday!
     
  10. Agent Smith

    Agent Smith Formula 3

    Apr 20, 2002
    1,479
    Good for you!! It's nice to see someone that constantly looks ahead and strives to improve. Best of luck in your future endeavors.
     
  11. Doug

    Doug Formula 3

    Nov 13, 2003
    1,467
    Louisville KY
    Full Name:
    Doug
    Buy something lesser priced with cash like a 308. Drive it for a few years while you save the rest for the 355. At the prices of 308's these days, I really don't think that there could be much of a downside, and potentially an upside. However, the 355 may have a little more downside with no upside for a while. 2 years from now, you sell the 308 for what you purchased it for and then buy the 355. You get the same car at the same time, except you have been driving a 308 for 2 years.
    That's what I have been doing since 25 yrs old. Drive something now while saving for the next level then sell and trade up. The key if to buy cars with very little downside. Sure, I have spent a few extra $ on maintenance, but the extra $ on the way there is woth being able to drive a fun car today.
     
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  13. Uberpower

    Uberpower Formula Junior

    Feb 6, 2004
    902
     
  14. Juice It

    Juice It F1 Rookie

    Sep 22, 2002
    3,233
    Maryland (DC Suburb)
    Full Name:
    Jeff
    I don't understand this need to pay cash for a Ferrari. If you have cash saved up, invest it in one of your business ideas or somewhere else where your money can grow. Finance the car at the great rates we can get now and keep your money for opportunities. Even if you could pay cash, its not the smart thing to do. Don't listen to the people that say you should only have a "toy" car if you can pay cash for it. Just my opinion of coarse.
     
  15. TimN88

    TimN88 F1 Veteran

    Jun 12, 2001
    5,032
    Northeast
    Full Name:
    Tim
    Yeah, dont feel too bad. If i join the armed forces as an officer i wont make 6 figs for 20 years.
     
  16. Glassman

    Glassman F1 World Champ
    Silver Subscribed

    Apr 23, 2002
    13,135
    My advise if anybody cares.
    Making six figures at that young age?
    Well lets see. Live on $30,000 which is very easy to do. ( especially at that age ) Invest the rest each year in real estate, and you will be a multi millionare by 35.
     
  17. ryalex

    ryalex Two Time F1 World Champ
    Consultant Owner

    Aug 6, 2003
    22,314
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    LOL. That's why I love this place - where else can us 24yr olds complain we don't have a Ferrari yet!!

    I'd do what the brethren here recommend, cut down to a manageable daily driver and then pick up a well-sorted 308 or even a 328. They're at the bottom of their depreciation curve so you wouldn't lose much $$ at all over the next 2-4 years while you build up your biz ideas. Don't give up, after 999 times you'll find it!

    As for mentors, if you need to find one I would recommend either:

    a) going for an MBA and using their entrepreneurship programs and seminars to meet businesspeople and real-world-experienced faculty members (and partners in your classmates); or

    b) joining a club or organization where you can meet and "hang out" with biz/entrepreneur types and get to know people that way (when their guard is down and their having fun). Being an extrovert makes it that much easier. Of course, a good example of this is to join the local FCA or FOC and get to know the locals. Perhaps getting a 308/328 would be a good way to get to know some new people. Just an idea. If you still have the Boxster, there's PCA too.
     
  18. wax

    wax Four Time F1 World Champ
    Advising Moderator

    Jul 20, 2003
    44,396
    SFPD
    Full Name:
    Dirty Harry
    Learn to live on less.
     
  19. CRUSING

    CRUSING Karting

    Oct 31, 2002
    235
    Jupiter, FL
    Glassman has it right.

    Making that kind of money there is no reason why in ten years you could not be retired and have enough cash flow each month to do whatever you want, including buying a 355 or new ferrari. Live on a little for a few years then have it all. I bought a 308 QV cash at 26. Realized the importance of real estate and sold the car and now I own apartments. In 10-15 years they will be paid off by the tenants and it will still be bringing in money every month. Hopefully then I will have a couple of F-cars and be retired.

    Good luck.
     
  20. Uberpower

    Uberpower Formula Junior

    Feb 6, 2004
    902

    Man- I could have paid CASH for a 308 with how much I have invested and lost. I'm sure there are people on this board that have lost 355, 550 or Enzo money... but dang!

    Also- I am not complaining/whining that I don't have an F-car... just wanting some advice re: getting F-car faster.

    We all like fast or we wouldn't be on this board.

    Nick
     
  21. mighty

    mighty Karting

    Nov 2, 2003
    231
    Dang, you were making $100k+ at 21 and you're still frustrated? Most 21 year olds are still paying crap load of money for stupid college. Man, another reason why I want to get my ass out of school and actually start MAKING instead of PAYING, paying and paying for school. Hell, most of the richest people in America are college drop outs. Sorry about this college thing, just wanted to vent.
     
  22. lotustt

    lotustt Formula 3

    Aug 28, 2002
    2,026
    Full Name:
    TRM
    How the heck have you not been saving some serious cash for the last 3 years? What are you spending it all on?
     
  23. darth550

    darth550 Five Time F1 World Champ
    Lifetime Rossa

    Jul 14, 2003
    58,589
    In front of you
    Full Name:
    BCHC
    Go out and get the car you want now. Debt=motivation!

    Pay it off early if you must!

    my.02

    DL
     
  24. Uberpower

    Uberpower Formula Junior

    Feb 6, 2004
    902
    Failed investments, 4yr old, private school, mortgage and paying for my lovely lady's college education- cash, no loans. Plus, property taxes are ridiculous in my county. That plus uncle Sam will eat through low six-figures in a blink.

    Life is not cheap- I have saved, but not enough to buy a 355 cash and feel good about the money I still have in the bank. Also, using debt as a motivator... my house is enough!

    I don't lack motivation, only means.

    Nick
     
  25. LAfun2

    LAfun2 F1 Veteran

    Oct 31, 2003
    6,106
    California
    Full Name:
    Ryan

    Maybe it is just me, but I would never pay for my girlfriends college. :eek:
     
  26. mighty

    mighty Karting

    Nov 2, 2003
    231
    Sounds like that's his wife
     
  27. mighty

    mighty Karting

    Nov 2, 2003
    231
    i feel you man. Income doesnt equal wealth.
     
  28. LAfun2

    LAfun2 F1 Veteran

    Oct 31, 2003
    6,106
    California
    Full Name:
    Ryan

    Oh ok, in that case, my apologies to Nick (no355yet) :)
     

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