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08-22-2024, 03:22 PM | #67 | |
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08-23-2024, 02:49 PM | #68 |
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I'm one of the lucky ones who was just old enough to buy my first condo in OC right before the boom in the early 2000's, which we flipped for a house which we flipped for a bigger house....Now we have a nice house with a pool and three car garage and our mortgage is about the same as our original condo we bought 25 years ago....less that what people pay to rent a two bedroom apt these days in SoCal....
My advice to anyone is buy the house and the toys will follow....My first dream car I bought was a 1992 NSX in 2003, back then they were like $30k....Best car I ever bought and when I had to sell it when the kids came, I made money on it...Had two other ones since and always sold them for more than I bought them for, which helped with getting permision from the boss lady to keep a fun car in the garage and helped me learn how to drive nice cars for free...buy the right cars and you won't lose much money and most times come out ahead. Now, having said that, if I would have invested all the money I spent on cars in the right stocks, I'd be retired at 53 I live a more YOLO type lifestyle so I have no regrets, but I wish someone would have told me to invest in more than just fun cars..... My current "investment" |
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08-23-2024, 05:02 PM | #69 | |
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Did you have fun with that car? Yes. Was it more than a car, but a hobby? Yes. Could you have used that money on other hobbies but chose this one? Yes. Then why does it matter? You could have a drinking problem or gambling problem or some other addiction that would ruin your life. Guess what, you don't, you had a blast, met new people, had interesting experiences, and had a source of joy with that hobby/car. Enjoy your life. Sounds to me like you're doing just fine. If you want to start a different hobby, like traveling or God forbid, collecting watches, then by all means. But I've got a feeling, like any good drug, you'll be back in a BMW soon enough lol.
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08-24-2024, 12:30 AM | #70 |
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you have to spend money on something. vacations, bars, kids, house, restaurants, paintings, gambling, etc. you just have to pick your ratios what to spend and where.
otherwise whats the point of working? goal of life isn't to save until your 60 to retire a millionaire. obviously though you need to spend within reason. for me if the choice is between a 500k house and 250k of cars in the garage... i'm picking that all day over a $1M dollar house with a leased 3 series or something. there are smart ways to have the hobby though. i had an f80 and f87c for 5 years total... i bought and sold them for a net of zero. because i had a separate daily driver which only lost 4k over 100k miles. My gt3 i've had 4 years and its still sitting at what i paid for or more. there are ways to save tons on taxes and insurance, as well as maintenance. of course this money would have done better buying real estate or being invested in nvda/tsla 10 years ago. but can't go through life thinking like that. alot of people lost their ass on boeing stock and other sp500s.
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08-24-2024, 01:12 PM | #71 |
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^^^I agree with most of this, but the point of owning the S&P is that the winners balance the losers. As a retirement vehicle, owning the S&P is a no-brainer. Shorter term, any high volatility investment can kick your butt. Or too big a bet on any individual stock. Rookie mistakes!
Owning cars that are capable of appreciation, while enjoying them is a great idea, but choosing the correct ones can be a bit like picking stocks. Following with what you said, net zero is still a loss, after inflation, particularly after TTL and insurance and such. But, I think it is a great way to enjoy the hobby. Plus, retiring at 60 with millions is not a bad plan. I told my wife I am never sitting in the back of an airplane again, while people bump me with their asses waiting in line for the bathroom. We are flying first class to Tampa next week. Limo to the airport, and after spending some time with family, a few days at a luxury boutique hotel, just to party. Not dead, yet.
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08-26-2024, 09:14 AM | #72 |
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Im no expert here, but it appears that Jimmy Buffett was right and "moderation seems to be the key".
I worked with a guy who was very frugal. Saved a.ton of money and wanted to retire early and did. Retired at like 57/58. Held a retirement party for him and seemed like his plan had come to fruition. The next week, rumors started spreading that he was dead. The week after that, his manager was cleaning out his desk and found his s note. Basically the guy said work had been his life and while early retirement had been his goal.henrealized it wasn't what he wanted and that he had reached his conclusion. On the other hand, inworked with a guy who was spending 60% of his monthly income on a truck and refinanced it multiple times, and ended up paying on it for like 12 years so he could drove a big diesel truck. So in short, moderation. Dont spend your whole life driving boring Hondas, but also don't love beyond your means. Nobody is promised tomorrow but you do have to plan for it, and if you don't spend your money the government will just take it when you die. |
08-26-2024, 09:48 AM | #73 |
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The government does not take your money when you die. The current federal estate tax exemption is something like $12 million per person. It could revert back to about $6 million but that is still plenty to leave behind if that is what you want. If married, double those numbers.
Some states have state inheritance taxes. Consider looking those rates up if you have a lot of money. You can move to a state with lower inheritance taxes if you want. Lots of rich people do exactly that. |
08-26-2024, 11:09 AM | #74 |
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Whatever you can afford and you buy it because you want it, not just because you can afford it. Buy what you love.
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08-26-2024, 12:10 PM | #75 | |
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08-26-2024, 01:15 PM | #76 | |
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Looking at actuarial tables, the chance that we'll live 30 more years is way higher than the chance we won't (77% chance for a 45 year old male). 10 years ago I made personal finance a hobby, and since then I have seen many a horror story of people who have ended up (often forced) retiring with no plan and end up in a financial emergency. Many times these stories come from their kids who are trying to pick up the pieces, which is even worse.
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08-26-2024, 01:44 PM | #77 | |
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And you'd best plan for the future because there is a really good chance that you're living into your 70s.
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08-26-2024, 02:12 PM | #78 | |
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They have nothing now basically. They raided the majority of their savings, don't have a house and instead have an RV on this land with a ton of poultry my mom picked up as an expensive hobby. The cost to actually build there is huge, and they've basically cornered themselves where they aren't willing to accept their new financial reality, and have dug themselves in so deep on this dream of building on this land that they can't get out. It likely will not be resolved until something happens to one of them and then it falls on us to clean up the mess. |
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08-26-2024, 07:05 PM | #79 | |
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My wife and I have our money in Edward Jones, which is sure to return less than 7%, but we don't want to make investing our hobby. Between the two of us I think we'll be ok. |
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08-26-2024, 09:26 PM | #80 | |
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My wife and I are not trying to be the richest people in the cemetery. We drive nice cars, travel nationally and internationally, and are fixing up our house to be the way we want it. But we expect that our heirs will still benefit considerably. They will have to get a dumpster for my tools and car parts. |
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08-26-2024, 11:13 PM | #81 | |
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The dumpster for the tools comment is right on the money! LOL - the weird shit we worry about, eh?
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09-13-2024, 04:03 PM | #82 |
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No more than 5% of your net assets should be on cars.
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09-14-2024, 09:08 AM | #84 | |
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A manual transmission can be set to "comfort", "sport", and "track" modes simply by the technique and speed at which you shift it; it doesn't need "modes", modes are for manumatics that try to behave like a real 3-pedal manual transmission. If you can money-shift it, it's a manual transmission. "Yeah, but NO ONE puts an automatic trans shift knob on a manual transmission."
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09-14-2024, 09:09 AM | #85 |
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As much as your wife can tolerate.
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A manual transmission can be set to "comfort", "sport", and "track" modes simply by the technique and speed at which you shift it; it doesn't need "modes", modes are for manumatics that try to behave like a real 3-pedal manual transmission. If you can money-shift it, it's a manual transmission. "Yeah, but NO ONE puts an automatic trans shift knob on a manual transmission."
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09-14-2024, 10:36 AM | #87 |
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Broad statement that isn't true for many, just some general number pulled out of air. Depending on your wealth level 5% might be far too much or if you have a lot you can spend far more than 5%.
Guy with $10m in assets can likely spend 50% of it on cars and be fine, possibly far more than this if he wants.
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