How to set yourself up to own a Ferrari

+1

 

This thread is so sweet and very positive in so many different ways. I am 29 and had this similar dream when in High School about an NSX. I got my Civil Engr degree because of that stupid car.

I just bought a '95 Porsche 993 6 months ago because I don't fit in an NSX (turns out when its time to get the car, I am too tall). The 993 was the other car I fell in love with. I realized early on that my NSX dream was going to come true much sooner than I thought since I was working very very hard in my profession. So I set my new goal for a Ferrarri. The new problem was that I can see myself getting one before I turn 40. So the new goal, 2 Ferraris and an indoor Lazy River (yes floating on innertubes around the house). I swear people think I am crazy, but set your goals a few notches higher than what you think you can get, and suddenly its not as hard as you originally thought.

My mom bought me an interesting poster that's from the 80's, it says Justification For Higher Education and has a beachouse with each famous exotic from those times parked in the garage. Although its true that education doesn't equal more money, think of education as experience in your profession that makes you better than everyone else.

 

Yep, I'd second that. I always dream about stuff that is supposed to be impossible and with hard work, little planning, and some guts you can get a lot in life ... not only Ferraris, but the other "good" stuff ... if you turn yourself onto a positive road with good thoughts ... life is almost limitless.

 

Do what I did. Buy Porsches, brag that you would NEVER own a Ferrari.

Then a sweet deal on a 308GTS came up. Hmmm ....

Then a sweeter deal on a Testarossa. Double hmmm.

The question isn't getting the car, it's getting the money (discretionary as many mention here and they are RIGHT!) ...

Only three ways: Borrow, have someone give it to you, or profit from your labors (income - expense)

As youmight guess, the first two are luck, and few people luck into anything nice.

So do the math, have patience, and yes that little voice in your ear is God. Listen and obey.

Cheers.

 

As many have stated, it's really not so much about setting yourself up- it's about just listening to that still, small voice.

I am willing to bet that if someone ran a poll and asked the question "Do you work?" You'll get a resounding "no" from this crowd. Sure, we have offices, board meetings, commutes and some may even *cough* wear a suit. But I just betcha the vast majority do not believe they work. If you really, really do what you love then money just tends to work out. There are clear exceptions, where what one loves is genuinely for a social cause.

1) Leverage yourself. If you were raised poor, don't try to act rich. If you were raised rich, don't try to be poor. Don't throw dice, play cards.
2) Do one thing better than anybody else. Do it until it's an art. Then do it some more. Never let anyone know there's a science behind the art.
3) Family first, then home, have 4 years of lean burn in the bank and go get a loan on a used Ferrari. Buy SMART because you'll be glad you did. Stay very flexible on what you are looking for, and buy from those who are distressed.

I grew up dirt poor and very happy in a South Texas oil town. We lived in a trailer. My mom supported two kids and my dad taught me how to believe in myself. Every July 4th and December 31st, I would pedal my bicycle 7 miles to the closest firework stand, spend $10 a day on fireworks and flip them for $20 to the neighborhood kids. Fireworks turned to go-kart parts, go-kart parts turned to computers- computers to motorcycles- motorcycles to cars- cars to houses- houses to... What I do today is play with toys, add value where I can and try to learn from the smartest people I can afford to hire. I'm 31 years old, and every day I feel like there's 20 more things to learn. I don't know what financially stable looks like, don't really care. I don't need a life planner or a financial coach-nobody cares about my resources more than me. I'm not willing to gamble, but odds are good that you'll get similar stories from many of the folks who can drive cars which are only marginally more expensive to own than a high-end BMW.

/soap box, but you did ask!

 

I agree with most of what has been said. You are advantaged in your starting position so far. It is definitely a goal you can attain if other goals do not obscure it. I would say to get a good education, stay away from drugs, don't hang out with an expensive crowd, and take some calculated risks. The calculated risk portion is the most challenging and also the most rewarding. If you learn about the trends in the world, you can take a risk to make some bigger money when you see an opportunity within your field of expertise. I am an architect, but wages alone are a difficult way to make any headway into real savings. So when I saw the real estate market coming together with a recipe for profit, I took the plunge (2004 or so). I was fortunate in that the timing worked out well, and that one investment is what allowed me to have the cash on hand to buy a Ferrari. There is lots of time after work and on the weekends that you can take to just think about what your best plan of action is. Don't spend all those moments just working for a few extra dollars.

BT

 

I don't own a Ferrari. I've never even sat in a Ferrari! I am working on my success strategy though, and I would think that is a great place to start. You have an advantage over me, I'm 40 and you're young. Perseverance is a definitely a key, but so is education, though not necessarily the kind you get in school. Here is a small list of the books I have read that I would suggest to you.

-Primal Leadership (Goleman, Boyatzis, McKee)
-MBA in a Box (Jole Kurtzman)
-Execution (Bossidy & Charan)
-Customer Centered Selling (Robert Joles)
-Developing the Leader Within You (Maxwell)
-Exceptional Customer Service (Ford, McNair, Perry)
-The 5 Temptations of a CEO (Patrick Lencioni)
-The One Minute Manager (K. Blanchard & S. Johnson)
-There’s No Such Thing as Business Ethics (Maxwell)
-Built to Last (Collins & Porras)
-Good to Great (Collins)
-Thinking for a Change (Maxwell)
-The 5 Dysfunctions of a Team (Patrick Lencioni)
-The Leadership Challenge (Kouzes & Posner)
-Every book written by J. Gitomer
-The Millionaire Next Door (Thomas J Stanley)
-The Millionaire Mind (Thomas J Stanley)
-Emotional Intelligence (D. Goleman)
-Successful Intelligence (Robert J Sternberg)
-The Power of Positive Thinking (Norman Vincent Peale)
-How to Win Friends and Influence People (Dale Carnegie)
-Think and Grow Rich (Napoleon Hill)
-Thinkertoys (Michael Michalko)
-Today Matters (John C Maxwell)
-Thinking For a Change (John C Maxwell)
-Winning With People (John C Maxwell)

Dress for success; you dress for where you are headed in life, so don't try to look like you are headed for a place under the overpass to sleep. Choose your friends wisely as "ballast rarely makes the balloon rise higher" -Bill Kistner (hey wait, that's me!)

Shiny Side Up!
Bill

 

Your choice of spouse will be the more important than what career you choose. They can either be a great asset or your greatest liability. Chances are you will never really know the real person until you have actually married them unfotunately. You buy the ring and you take your chances....

The number of kids you have is the next most-important choice. They require a significant amount of money, and even more time, at least when they are young. Unless you are prepared to actually spend time with them, don't have any at all. Don't plan on starting a business or having a consuming career with a two-year-old child. Either work or home will be neglected. People will argue that you can do both equally well, but it is impossible to be a startup CEO and startup father at the same time.

If you have chosen wisely on the first two points, you might find that the Ferrari isn't so important after all.

 

Wise words there!

BT

 

I've never read a single one of those books, nor do I plan to, and am on my second Ferrari...but I'm also almost 59 yrs old, and not dissing Bill's reading list at all. If I'd read a few of those, maybe Ferrari #1 would have come along at 33 rather than 53!

Important from my POV:

Finishing education or training, with degree(s) or appropriate certification.

Being well dressed and groomed, as appropriate for one's occupation. One man's $3K suit is another man's jeans and t-shirt.

Choosing friends wisely, but don't choose them because you think they'll help you get ahead. Stay away from stoners and shady characters. Work with integrity in an honest business, profession, or trade.

Learning how to be nice to people w/o being a doormat. In general, pricks may "win" in the short term, then usually fall on their faces.

Marrying very, very wisely, after sufficient deliberation. Even then, it's a crapshoot. (2 weeks to decision, then 8 mos to wedding, in our case. Just had anniversary 29)

That's my morning philosophical rant.

 

And a very good rant it is!

School these days seems to be very good at teaching whatever seems to qualify for a particular degree, but it doesn't seem to do much in the way of preparing someone to either think or excel. The books I mentioned will help in honing a person to be the sort who can, if he so chooses, get ahead in life by good and honest means.

I completely agree with your points on choosing friends and wives, though how one should go about such a task is difficult to articulate. Still, as you pointed out, stoners, drunks, and the party-hardy crowd are a destructive lot and should be avoided as such.

Shiny Side Up!
Bill

 

Marry into one ;-)

 

I like that idea above about a job not being felt as a job. I always tell people I can work long hours, no problem, because its like I am playing a video game, and on top of that I am getting paid well. Now with that thinking, sky's the limit for how much I can improve and be the best. I have some pretty high goals in those regards, but it feels like the way to owning expensive cars, is more than just make lots of money, because without hard work you won't appreciate anything.

 

Trust God, Make money, research a good investment and invest never go all in like I did, dogs and cats don't have the same luck like my grandma always said, so just research and invest when you make that money save it then invest it.... I got here that way started out with nothing, a little boy from the streets of Jamaica now look, homes, cars, boats, I wake up feeling like I'm still dreaming... this morning just ordered a DBS for my brother and I work for the most 3 hours a day everyday and play the rest and I own quite a few businesses, you dont have to work hard I never did, no slave jobs no back breaking work, I was employed for 3 years then I decided to do what i wanted so since I hated school I invested the money in my brothers education and hes an investment broker...

 

I have always said the same thing....

The secret to success is to sign more checks on the back then the front!

 

Truer words have never been spoken!

 

+1. Great words to live by. Cheers!

 

Again.....

Work hard, say your prayers, eat your vitamins and BELIEVE in yourself!
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You guys use checks????!!!?!???


Onno

 

yep, my parents both could both be driving new Ferraris if it wasn't for just the school they sent my brother and I to....and I mean K-12, not even college.

 

It is true that cars have got more powerful, but not really much faster. They need the extra power to overcome the extra weight of electronics and safety stuff in modern cars.

 

Well, in actuality, it's not so much my two cents as it is quotes from many of the wise souls on this thread. There have been a few common thoughts that I really feel cannot be stressed enough. One is to get into a profession that you have at least some passion for. When you don't like what you do, it makes you a miserable person and everything else in your life suffers for it. The second, is to only hang around with people as good as you or better. People who don't share your intellect or moral values tend to be filled with unecessary drama that can sometimes affect you with dreadful consequences. Lastly and most importantly, there is MUCH to learn from those who have experienced a lot more than you. It doesn't mean that everything they say is true or will affect you the same way it did them, but learning a lesson the hard way is not the only/best way to learn it.

As for me, I'm taking the advice of those who are much wiser than me and put off any serious car search until I have both the money to pay cash for the vehicle, and a substantial "repair fund" set aside so I don't get stuck with a car that turns into a garage ornament. Good Luck!

 

So far this thread is the most thoughtful, philisophical "how to afford a ferrari" thread I have read yet.

Myself, I have a plan. I finished Uni, and worked as a bicycle mechanic for the next 7 years because I LOVED it. it paid poorly, but I just enjoyed the atmosphere so much that I was willing to "scrape by". My wife (then girlfriend) finished school, and also started working in (the same) bike shop. We had our daughter a few years in and got by O.K. Over the years we cobbled together a (very) small savings (<10,000) and decided to try our hand at our own shop, as we both felt that it was the only thing we could imagine us doing - everything else felt like work! In 2003 we opened a small (2200sq/ft) bicycle shop, and "worked" (played?) 7 days a week, 12-16 hrs a day. We have grown sales by at LEAST 10% (if not 30%) every year since. Bought our first (modest) house in 2006 and haven't ever looked back. We drive POS, GM vehicles everyday, 70's motorbike on the weekend and owe NOTHING on them. We eat at home as much as possible, don't buy or lease new motorcycles/cars/cottage/Euro vacations etc., and we will have saved the CASH to buy a 77/78/79 308GTB (that I have had posted on a wall since I was 11), and to maintain it (given aprox. 5K per 5yrs) by the time I'm 40. Maybe I could have done better staring earlier, but I didn't, and I don't know if I would give up the good times/friends/experiences anyway.

It's about doing what you LOVE, setting your sights, and taking at least one action (no matter how small) toward your goal everday. Wow, what a ramble.

 

Firstly such a car should be a total passion, not a fashion acessory. Get it before you are married. Unless you are really rich wives will see the car as competition, both financialy and otherwise. Realisticaly if you are single and have a decent job it is easy to forgo a lot of crap like fancy house, fancy clothes, jetski etc and get the car.

The other good thing is if you really are into it you will never want to part with it, which means you will have to be that much smarter to keep the car with a family etc, which means you will be harder working more ambitous etc. Then if you do really well you get more cars and the cycle repeats. And by then you have to do well enough to keep the wife and family comfortable while having extra garage space/time/etc for you cars which means a decent house good carrear etc. If you fail the first thing to go is the car, and of course there are then school fees college tuition etc, so if you want to buyv and keep an f-car the bar is going to be relatively high even if you are not"rich".

 

bump for the latest guy who asked