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tips to owning a Ferrari one day?

Discussion in 'Ferrari Discussion (not model specific)' started by Trance, Aug 24, 2011.

  1. Ingenere

    Ingenere F1 Veteran
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    #26 Ingenere, Aug 25, 2011
    Last edited: Aug 25, 2011
    I was very much in the OP's shoes. Having a Ferrari was very much a dream that my family and friends told me to forget because it was just a pipe dream. I would take pictures of Ferrari's, and use them as book marks, and every time I was studying for a test in a 'worthless' subject that I knew I would never use again, I would look at those book marks and say, "It's a means to an end"!

    I hear people knocking college...... DON'T! Even if you are not studying for an end degree (MD, CPA, JD, etc). Looking back at school (especially undergrad), the real purpose of it is to teach you how to think. And when you can think, you can probably accomplish anything you set your mind to.

    Now, for the meat and potatoes:

    When finding a career, look for something that you absolutely LOVE, and strive to be DIFFERENT and the BEST. Once I really got started, I felt like I was retired. Sure, I work hard. But, it really isn't work. I love Sunday nights.

    Don't make money the end all, be all goal. My Dad did that, and he never achieved it, and he was a bitter, bitter man, with no friends and barely a family. If you are achieving what I said above, the money will take care of itself.

    Live within your means...... 'nuff said.

    I lived like this, and within about a year of working, I said to myself, "I think I can actually buy a 308"! And, within a couple of months, the right car presented itself and the dream happened!

    Everyone has to find their own path, but I truly believe that path needs to not be a job, where you work for someone else. That one 308 that I was told to forget has turned into 8 or so Ferrari's and various exotica, as well as a pretty happy life. While money isn't the end goal, it sure makes life easier and more fun. So, find your way, never lose sight, don't forget where you came from and never, ever give up.
     
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  3. Mike10562004

    Mike10562004 Rookie

    Nov 6, 2009
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    Great advice!
    -Michael
     
  4. Trance

    Trance Formula Junior

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    #28 Trance, Aug 25, 2011
    Last edited: Aug 25, 2011
    Wow thank you ALL for your replies! I really really appreciate them. I really do!
    Accounting is something that I do love (or atleast I think I do)
    I took an accounting class in high school and I probably learned more in that class than all my classes combined together. It was a great experience and I had a great score.

    As many of you recommended, I would follow the path of engineering, but quite honestly it's not something that I would like to be doing. I've looked into many careers and the one career that really stood out to me was accounting. I'm pretty good with numbers and logical thinking so I think this field would suit me pretty well.

    I do agree that money isn't everything. But to me money plays a major role in happiness.

    Also, when you guys say to "invest" what exactly do you mean by that? buying stocks, bonds, CD's, etc or? I have a couple of grand in my bank account what would you all recommend me to do with it at my age? save or start investing?

    Thanks again :) you guys are awesome

    also, I just bought the Silver membership for the business/investment forums

    also #2, do you guys recommend for me to get my bachelors in accounting and go for the CPA certification or get my masters in accounting and shoot for the CPA?
     
  5. rmani

    rmani F1 Veteran
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    Diversity is key to investing. Sock money into some good index funds if you don't want to manage it, but if investing is something you enjoy doing be safe and go after quality blue chips that pay reliable, steady dividends. Over time those reinvested dividends will be worth a lot.
     
  6. wazie7262

    wazie7262 Formula 3

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    "Having is not so nearly a nice thing as wanting. It is illogical but often true" - Mr. Spoc

    Seriously, I think Joe is pretty much...pardon the pun...on the money here. Owning a Ferrari is not the be all end all, nor should it be; it is a part of, and an interest/passion in, one's life but certainly should not be the basis for all that one does or aspires to. To the original OP, ask yourself this question: Why do you see so many used Ferraris for sale?
     
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  8. CMartin348

    CMartin348 Formula 3

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    I know Pouya personally and I can assure you, he really wants a Ferrari. I haven't met many people as passionate about Ferraris as he is. Pretty sure he could care less about the status.

    I'll post my advice a bit later when I have more time.

    Pouya, good step getting silver subscription. Lots to learn in all the silver forums, particularly business and investments. Glad to see you actively using FChat. Welcome :)
     
  9. toggie

    toggie F1 World Champ
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    Casey,

    If he is anything like you then he is truly addicted to the idea of owning a Ferrari one day.
    I suspect this will come true for both of you.
    .
     
  10. crcs

    crcs Formula 3
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    60-80k a year is not going to get you a Ferrari built within the last 10 years. Thats barely enough to survive subsistence level these days. Sure you can nickel your way to a Ferrari with that income, but who wants one at 70? From the stats I read only 12-14% of millionaires actually work for someone else. You have to be able to not work for money, but have money work for you.

    Most college's today are a party-zone full of kids who feel they are entitled to obscene wages/entitlements while doing bare minimums and raking up enormous debts. Look at all these Harvard grads running companies into the ground. With the advent of the internet + globalization, you can obtain a PHD level education self taught at half the time with a fraction of the cost. Relying on a 3rd party for success will not get you very far.
     
  11. crcs

    crcs Formula 3
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    Diversity is an excuse for ignorance. If something is working well, STICK TO IT. Investment advisers push diversity only because they are afraid of loss potential. Its a terrible strategy. Stick to what works and what you have an edge in. If X is generating boatloads of cash for me, why would I waste time looking for Y, Z?
     
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  13. jsa330

    jsa330 F1 Veteran
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    vrsurgeon's post pretty well lays it all out.

    An accounting degree with good grades and CPA certification is a good choice...these can open a lot of doors.

    A few days ago, I was talking to a buddy at the gym. His son is working on a degree in chemical engineering at OU. Starting salaries for this degree are in the $85K range...if not 458 Italia money, still enough to get into a very decent late-model Ferrari.
     
  14. crcs

    crcs Formula 3
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    How is 85k enough to get into a late model Ferrari? I'm assuming you have a calender of every store sale, collect coupons, patch old clothing, vacation on youtube and eat out of cans then?
     
  15. jsa330

    jsa330 F1 Veteran
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    "Late model" was the wrong choice of words. I'm thinking along the lines of a 328, 348, or 355. A good example of any of these can be bought for the price of a new entry to mid level BMW. Maintenence and repairs are the bugger...better have a minimum of $10K+ cash available at all times.
     
  16. JazzyO

    JazzyO F1 World Champ

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    I'm sorry, but I'm calling "not true" on this. What percentage of Ferraris that exist is for sale? It's pretty low. If they were that horrible to own, why do so few of them go the way of the scrapyard? Why do the values remain high? Ferraris generally remain with owners for quite long periods, apart from the new ones that are bought by the people that want the latest and greatest.

    My 38 YO Boxer has its 5th owner. My 46 YO GTC is on its 4th owner. My 37 YO Boxer is on its 6th owner. My 11 YO 550 is on its 3rd owner.

    7.2 years per owner on average. I would hardly call that high turn over.

    Anyway, back to the regular programming.


    Onno
     
  17. JazzyO

    JazzyO F1 World Champ

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    #39 JazzyO, Aug 25, 2011
    Last edited: Aug 25, 2011
    This is STARTER salary! Fresh out of university! Please read more carefully. 5 years experience, you're looking at almost double that. At least, in the mining industry.


    Onno
     
  18. Trance

    Trance Formula Junior

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    Nothing wrong with being addicted to something breath taking :)
     
  19. CMartin348

    CMartin348 Formula 3

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    Thanks Ron!

    PS: Are you, Bob and the rest of the guys still doing the weekly C&C in Leesburg? Going to be in Northern Virginia in early October, may try and swing by.
     
  20. CMartin348

    CMartin348 Formula 3

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    And read this thread, from a couple years ago, guys gave me some really good advice. -

    http://ferrarichat.com/forum/showthread.php?t=262665
     
  21. Glassman

    Glassman F1 World Champ
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    I disagree.
     
  22. CMartin348

    CMartin348 Formula 3

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    +1
     
  23. mchas

    mchas F1 Veteran
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    Just re-read that thread and there is indeed a lot of good advice in there. Not to go slightly off-topic, but could you give an update with what you've done since you asked for that advice, and how it is working so far? Perhaps that would help the original poster.

    I don't own one yet but from my experience there are two ways of getting there: You can be like the tortoise, or you can be like the hare. The tortoise method is to work and save for a long time, slow and steady, and as long as you keep expenses low and get paid decently well, you can make it happen. The hare option is to take bigger risks, try starting different companies, and hope that you are successful. There is a mix of both types on this board so either method can work.
     
  24. Pong

    Pong Formula Junior

    Nov 5, 2003
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    Ferrari should be the last thing you worry about. You can dream and that's a good aim, but do not get obsessed with it.

    Balance your life first... stay debt-free, have some saving in the bank, get a job you enjoy doing and enjoy life as things come along. You can always buy a used Ferrari at a rather good price later in life. They are being produced in such higher number than before so the value will always go down.

    I made a mistake of owning a Ferrari when I was too young (the first one came when I was in mid 20s). I could have used the money for something more meaningful like my family or invest in something. But I choose Ferrari and I now start to regret it as I get a bit older and wiser. If I am single, owning a Ferrari wouldn't be too bad for a 30-something with a decent job. But when I have a family of 3 children, the priority shifts toward them. I still own a Ferrari though, but have a totally different feeling about them. They are just a nice car to own and drive. I enjoy the Ferrari and whatever comes with owning it, but it is less and less important to me now.

    So, plan your life well. And make that Ferrari into your plan. Do not get caught up in a moment and do impulse buying in such a toy when you are not really really ready to own one. Believe me, Ferrari is one of the last thing you should worry about.
     
  25. docmirror

    docmirror Formula Junior

    May 6, 2004
    772
    Ft Worth TX
    I'm not wealthy, at least by many other's standards here. I don't have the fastest, or the most costly car. In fact, I have the lowest priced Ferrari in history of the marque. Well, it has a prancing horse on it, and it makes me smile when I drive it.

    A lot depends on which Ferrari you want, how much you'll need to make. Let's say you want a 360 which is a very nice car. You will need $100k. It could be a little less, but don't forget maint. So, priorities come into play. Do you want to live in a nice house, or are you gonna stay in a studio apt? Eat ramen all the time, or do you like steak or crab once in a while?

    The things I can tell you about getting a Ferrari someday, you already have. One of the most important ones that hasn't been mentioned is self control. People who live paycheck to paycheck, don't plan to live that way, but they have no concept of saving, or delaying gratification. They see a new watch, and they buy it. New sport coat for $300, they buy it. Get seen at the latest club, with a fru-fru drink in your hand costs money too. So does a nice meal two or three nights a week. Then it's - 'holy ****!' there's only $175 in the checking account! What happened?' Well, what happened is that they piss money away on stupid, stupid things! I see it all the time. Our economy basically revolves around that.

    Next, you have a goal. Albeit your goal is a car, and not something more tangible, it is in fact a goal. Most people in HS or college haven't got any goal except to party, get the piece of paper and 'make a lot of money' somehow. No goal! no plan! Now, don't get overly involved in your plan to the exclusion of everything else. If you like accounting, it can be a good job, but a lot of people here, including me will warn you that as an employee you are limited to a salary range that will only support the cheapest Ferrari. If you want to get to that upper tier, you're going to need to risk it, and go out on your own. There are private accountants out there. You can start your own company, and you will suffer, and scrape for a while. If you are good, and you have a plan you can make it work but it takes a lot of hours. Also, I would suggest being flexible in where you go. I can tell you that I would much rather start an accounting business in Houston, or Dallas these days than Detroit or Los Angeles. Look around, where is the money going? Where are deals being made? Where are things moving and shaking a bit? Go there, you can get in on it too.

    Last, and this is going to sound funny, but I found it to be true from my perspective. Be happy. Be a nice guy to everyone until they show that you don't deserve your kindness. Happy people get calls, and emails, and are remembered with good thoughts. Piss people off and it will follow you everywhere in business. I've been in engineering for 30 years, and I still run across guys in the biz that I know that were angry, or upset, or just a curmudgeon. In fact, for a short time way back, I was one of those guys. Then, I got over it when things were really down for me, and it worked. Phones ring, people come by, emails show up, money changes hands. Be fun and enjoyable to be around, and follow up and follow through. People remember that you helped them out of a jam. I towed a poor old guy off the highway with a tow strap and a Civic about 12 years ago, and it turned into a heck of a way to make money. I didn't plan it, just serendipity.

    So, you're on your way. I would advise you to look at housing first(I took my own advice on this), and then the cars. By the time you are serious, the 360 will be a better price, or you can look newer and faster. I could by a 360 now, but I don't because the incremental joy I would get doesn't justify the incremental greater investment. If I had plenty to throw around, I might consider it but I still have kids in college, and retirement. Hang in there, and remember not to be swayed by short-term crap that won't get you lasting joy.
     
  26. dogdoc97

    dogdoc97 Formula Junior

    Aug 2, 2011
    711
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    As my mom used to say "money is no good without the time to spend it and time is no good on your hands without money"....in the end one of the posters stated that money gives you more options; I think that is so very true. And as my dad says, "if it was easy, everone would be a doctor or a lawyer". I do believe that today's generation and not meaning the OP want everything immediately. My wife and I just had our 30th Wedding Anniv. on Tuesday, and we laughed how together we made $21K a year and had a apt for $265 a month and we thought we were something. We have come along way, it was not easy but we are grateful for all the hard work and long hours we were able to commit...and finally my dad's last saying I love, "show me someone that works 40 hours a week and I will show you someone that has nothing"...in the beginning that is! You must pay the cost to be the boss! dogdoc
     
  27. MikeR397

    MikeR397 Formula 3

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    #49 MikeR397, Aug 25, 2011
    Last edited: Aug 25, 2011
    True, but if you make millions of dolllars, then quit, buy your ferrari and live on the beach ;). More seriously, I do think it is very important to enjoy what you do for a living. Patience is another virtue.

    I recommend also reading here: http://www.fatwallet.com/forums/finance/
     
  28. MikeR397

    MikeR397 Formula 3

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    Very well said.
     

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