How did you do it?

hard work, be the best at what you do, if that means get educated, get educated, if that means work long hours, work long hours. in a nutshell, have passion, passion for what you do and for your goals, it takes time, but it will happen if you want it bad enough!

 

Sell lots of Call of Duty.

But seriously, outwork everyone else.

 

Don't take short cuts, work hard and need a bit of luck too imo

 

I inherited a bunch of money.

 

Yep, unless you inherited money (or an Fcar), won them at lotteries, or unless you're the son of rish parents (and there are of them), the only thing u gotta do is to work hard and SAVE every penny.
Then when after a dozen years u are 30 and have enough, u decide. U can invest them in Google is it's 2004 and in 6 years u can buy yourself what u want, u can invest in something else and hope it goes well.

I can tell u, though, that when u find yourself with 200k in ur bank account it takes a lot of motivation to spend them in a depreaciating car.

I don't know ur age, but if u still live with ur parents, THIS IS THE TIME TO SAVE MONEY. If u don't have to pay taxes or stuff cause they do, u can work and save ur money.

 

If it were easy, everyone would have a Ferrari.

 

A Ferrari should not be your goal ... The ABILITY to afford a Ferrari should be. Your desires may change, but financial stability is a foundation atop which you can build what you choose. Don't marry or have children until you are stable and on your chosen path, and when you do marry, find a woman who can earn on her own and who supports your goals and dreams (as you should support hers). Happiness does not come from toys, but the ability to afford them certainly helps. Work hard, be a good man and find what it is that you love to do ... Have trouble sleeping at night because you are so excited for the next day to begin. That, and not material objects, is the definition of success. And if financial gain is the result, all the better. You will fail more than you succeed, so get used to it and let it inspire you to overcome inevitable obstacles. See? Piece of cake.


Sent from my iPad using Tapatalk

 

How do you know he is a man?

Nice definition though

 

Work, save, invest, repeat.

Start young.

 

Two words: "delayed gratification" I remember getting out of college and driving my '89 S10 pick up truck until the wheels fell off saving every nickel, paid off all my student loan debt and worked my tail off. My life experience has told me that if you want to create true wealth, start early, take risks, and be an owner of a business/real estate. 15 years of blood sweat and tears later you will seem like an overnight success. Then when writing a $250K check doesn't move the needle that much, pull the trigger...plus 15 years from now the 458 will still be beautiful, but there will be another sexy beast that is twice as fast and runs circles around it that you will be lusting after. Good luck, but something tells me you are on the right path!

 

Since you are young let me suggest one of the bases of every project: follow your "dreams" as much as you can... Many people around you will try to offer their own formula. Even your Family of course but you have at first to follow your dreams... I know, this is risky.. but the hard work without the explosive propellant of your dreams will not be enough..in my personal opinion.

 

Start young, do something you love to do and take chances. Educate yourself as much as possible, then it's hard work, hard work, and more hard work. Surround yourself with bright people who can do what you can't do. Nobody can make it alone. As my father used to say. "If you want to do well, work hard. If you want to do really well, have others work hard for you." Either you kick it or you lick it.

 

I wondered the same thing in my '20's. I was a big time car nut then too. Now I know.
Own a successful business.

 

A lot of this advice is pretty generic. I will try to be more specific. Some quick background: I am 27 years old and paid for my exotics [458, Huracan, etc.] myself with money I earned from real estate [apartments] - no financing, etc. I work out of my house and pay the others who are on my team but already have an office.

Here are the steps that empowered me:

1) find a specific industry that you like and has scalability and the potential for your money to work for you
2) talk to as many people in that industry who are true movers and shakers - learn their FORMULA
3) attempt to get one of these people to take you under his/her wing a bit
4) learn to make your own deals where you profit the most but others work for you and make great money too [and you need a great TEAM - but try to have them be employees]
5) start making DEALS!

The key is investing/making deals, NOT purely saving. Saving is the slowest and ****tiest way to get rich. Your money earns basically nothing in the bank or with a typical investment advisor but it can grow tremendously in a few carefully selected deals. Hence, most wealth is created by concentration, not diversification. I am not saying you should blow your cash - just reserve it for deals and keep 30-40% of your net worth in cash/cash equivalents if possible [that is probably more appropriate for real estate than other things]. I hope this helps pal.

 

Bought my first Fcar at 55. On my third now.

it's not how much you make...it's how much you have left over. OK you make $1million a year but spend $1.1million you will go broke.

You work and invest for 35 years and if you make some prudent decisions you can have a good chunk of change down the road. Yes, delayed gratification works. Look at a compound interest table. Money invested at a 7% return doubles every 10 years. 10% return doubles every 7 years.

Live within your means and dedicate money for savings. don't borrow money on depreciating assets. When you get older you will be able to have nice stuff without financial pressure.

Best

 

Wow, these are all great posts and insights but the truth is, many people work hard, many people excell , many people are the best at what they do. Being an orphan, i did not have the luxury of wealth or start up given me, i worked flea markets, got into sales and marketing, and made it and lost it many times. 3 ex wifes all drove off in nice cars. Finally, i got into my own business and started with 1 employee, 13 years later, at the age of 63, will get my FCar. i had many "nice" cars, Beamers, Porsches, Mercedes, Maseratis as I got older, but this is my real gift to myself. Happy Life Mitchell

 

This X 10

Delayed gratification + Compound interest, best points.

You don't even need a large income to get there eventually.

 

The best thing now is to find out about how you can afford your first house instead of first Ferrari.

 

I stole it.

 

Only kidding.

In reality like everyone else, I worked for it. Didn't worry a lot about money because was having so much fin pushing around the part of the world that was mine to push around. The money came. And I decided to indulge my passion while I still had my health and my marbles.

 

Was closing up work and a young man banged at the door of the business. I looked through the glass doors and pointed to my watch (indicating that we were closed). He started pointed at my car (360). So I opened the door and he says "how do you do it.... how do you get to the point of being able to purchase a car like that?"

So this is what I told him;

-first I was and probably still am a "C" student when I was in college thirty years ago

-You must get an education. If you are a "C" student consider finance and learn about $

-Unless you are a VERY well paid professional, make sure you marry somebody that also works for a living. Having a wife sit at home is more expensive (over 5 years) than a Ferrari. (This is not meant to offend anybody).

-Enjoy work and if you do, always have a side job

-Making money is only have the equation, what you do is the other half - stay out of debt

He thanked me and walked off.

 

Work hard save money. My wife drives our nice car. I have been driving the old car (even though I could have driven a really nice car). I now drive a 03 Honda Pilot with 250k miles (it's my company's vehicle) during the day. I drive a 360 on the nights and weekends. Both carts together are less than some of the large SUV's driving around.

When I was looking into buying my Ferrari, I was driving the Pilot and pulled up next to a guy in Lowe's parking lot buying a F430. I asked him if it was worth the purchase. He was a real ass so I told him "if it turns you into that big of prick it must not be". After I purchased my car I seen him at a car show and he was really chatty with me.

I know that last part isn't what you asked but don't turn into that guy.

 

Several here are multimillionaire arms dealers (who like to paint on occasion), so there's another option for ya.

 

I will preface my post with the fact that I do not own a new Ferrari. I own a 308 GTS QV which is the one I fell in love with over 30 years ago, not unlike you express your desire for a 458. Some of what I am about to post is information I dont think I have ever disclose in more than 8 years here on FChat.

I went to college and was on the Deans List and Presidents List. I worked to become the best I could in my chosen field which was music education. I did my Bachelors and Masters and a year toward my PhD. All the while I dreamt of owning a Ferrari.

I entered the field of teaching and discovered that public school teaching was not for me. I entered retail management where I thought I could have more upward mobility - that sucked too. I found myself over my head in DEBT. Just as others alluded to that was a very bad thing. Iwas in a hole I could not dig out of. So, I ended up joining the Army, as a musician. That assured me that I would have a roof over my head and food to eat. It gave me the FREEDOM to pay off/pay down the bills I had. I went to basic training at 29 years old with virtually nothing to my name except a car which was paid off and the stuff I had from college years.

I finally started saving a little bit of money past the age of 30. It started small with $50 per month, then $100 and every time I got a pay raise I did NOT put it into my new budget - I redirected it toward savings. Occasionally, I would have to dip into that account and yes, it did not and does not earn much in the way of interest. It did, however, put me in the position where I couldnt spend it. Over the years it built up and at one point I was dumping money into that account - at least by my meager middle-class standards.

Eventually, I had a signifigant amount of money (again by my middle-class standards). Most here would tell you I had no business buying an old Ferrari. They were probably right. However, It was my dream and I had maneuvered myself into position where I could buy it. So, I set a budget I could spend for one and started my search. Lightning struck and I found my car. I bought it at 39 years old and have owned it for five wonderful years. I have put almost 16,000 miles and been through two major services with it so far. I absolutely love it!!! My car is not perfect, it has almost 80,000 miles, but it makes me very happy.

I have yet to make close to $50,000 in a year and my wife is a stay at home mother to my 3 year old son.

NEVER let anyone tell you it cant be done.....if you want it badly enough you WILL find a way to make it happen.

GOOD LUCK!!!

PDG