What do you do to afford your cars...? If it's not too rude.
Discussion
Audemars said:
Unexpected Item In Bagging Area said:
In which industry could this happen?
Select positions in finance, law, consulting, fintech, software coding and a few others. If you are in the circle at university you will know.http://news.efinancialcareers.com/uk-en/223136/the...
Edited by Audemars on Tuesday 21st February 23:50
I have done a lot of different things with my life so far including public sector, private sector and self employed and to be fair I have precious little to show for it, however I am now back on the family farm working probably too hard for too little but I am outside all day long, have a choice of 7 vehicles to drive and on the whole have no one to answer to so long as I can sell my produce at market. Overall winning.
I'd agree on the smoking front. Dread to think of the tens of thousands I've literally set fire to.
Afraid though I disagree on the drink front. Not only have I enjoyed many, many good nights with friends on the sauce, I've also got to know many clients through having a few drinks and bonded with many others through having a few jars. I rarely find marketing money thrown at a free bar results in a net loss business wise which on a pure accounting level shows its value. I've found the same apply on a personal level too. Yes, it's a balance between productivity (motivation levels particularly) but as greg has said, get the clients and 9 times out of 10 you can employ someone to do the work that follows gaining the client.
Besides, the happy times that have flowed from nights on the sauce hold great memories by and large and id never view them as a waste.
Afraid though I disagree on the drink front. Not only have I enjoyed many, many good nights with friends on the sauce, I've also got to know many clients through having a few drinks and bonded with many others through having a few jars. I rarely find marketing money thrown at a free bar results in a net loss business wise which on a pure accounting level shows its value. I've found the same apply on a personal level too. Yes, it's a balance between productivity (motivation levels particularly) but as greg has said, get the clients and 9 times out of 10 you can employ someone to do the work that follows gaining the client.
Besides, the happy times that have flowed from nights on the sauce hold great memories by and large and id never view them as a waste.
I try and buy well, so I can use a car for six months and not lose much if anything on the sale. This way I can change cars a few times a year and tick them of my list. I think someone called it sweating assets earlier on.
Also, worked for a Plc with big salary, easy job, good experience.....then left and joined as a partner in a small business for a few years, much tougher much more stress, lots more money but was not worth it in the end for me. My car improved with the job.
Now working in a smaller business with less hours, not as much money as when working for myself but the workload and pressure reduction are worth it and the difference in cars is this one does 50mpg and the previous one did 20mpg because I could easily afford it.
How important is a nice car to you? It was really important to me once but priorities change.
Also, worked for a Plc with big salary, easy job, good experience.....then left and joined as a partner in a small business for a few years, much tougher much more stress, lots more money but was not worth it in the end for me. My car improved with the job.
Now working in a smaller business with less hours, not as much money as when working for myself but the workload and pressure reduction are worth it and the difference in cars is this one does 50mpg and the previous one did 20mpg because I could easily afford it.
How important is a nice car to you? It was really important to me once but priorities change.
Over over under steer said:
Mixture, to bring it back on topic - I have a nice enough car, a new supercharged Lotus Elise S3. Here's my story of toil, near bankruptcy, loss and subsequent security.
At 20 my mother and shortly after grandfather, rather tragically, passed away leaving me to inherit my grandfathers rather large estate upon my 25th birthday.
21 graduated after a lot of hard work from a top uni with a physics degree and got a job in Financial Services, worked hard, became PM at 22, took a stupidly large mortgage on a underpriced flat with what little money I'd saved up, renovated whilst working long hours, sold for a big (to me) profit just before 25th birthday. My inheritance came in at 25 so I sold it, along with his portfolio and bought a house outright and invested the rest in a mixture of securities and a couple of properties, then spent the profit from my blood sweat an tears spend renovating the first flat on my car, some great holidays and a complete redesign of new house. I just can't bring myself to buy anything ridiculously exotic, and was always told a car should be bought outright, and only be 1/3 of your annual salary - I actually like that advice.
I'm now 26, still busting a gut at work and head up a sizable change management team within the IT arm of a Financial Services company. I love it, and whilst I know that as a result of the untimely demise of my mother and grandfather I am set up for life, however, I still work hard because I love what I do and the feeling of almost bankrupting myself multiple times in my early 20s to afford the house has led me to always push for more security, I couldn't lie back and rest on the inheritance, it would be a waste.
Good attitude.At 20 my mother and shortly after grandfather, rather tragically, passed away leaving me to inherit my grandfathers rather large estate upon my 25th birthday.
21 graduated after a lot of hard work from a top uni with a physics degree and got a job in Financial Services, worked hard, became PM at 22, took a stupidly large mortgage on a underpriced flat with what little money I'd saved up, renovated whilst working long hours, sold for a big (to me) profit just before 25th birthday. My inheritance came in at 25 so I sold it, along with his portfolio and bought a house outright and invested the rest in a mixture of securities and a couple of properties, then spent the profit from my blood sweat an tears spend renovating the first flat on my car, some great holidays and a complete redesign of new house. I just can't bring myself to buy anything ridiculously exotic, and was always told a car should be bought outright, and only be 1/3 of your annual salary - I actually like that advice.
I'm now 26, still busting a gut at work and head up a sizable change management team within the IT arm of a Financial Services company. I love it, and whilst I know that as a result of the untimely demise of my mother and grandfather I am set up for life, however, I still work hard because I love what I do and the feeling of almost bankrupting myself multiple times in my early 20s to afford the house has led me to always push for more security, I couldn't lie back and rest on the inheritance, it would be a waste.
Edited by Over over under steer on Tuesday 21st February 16:23
Edited by Over over under steer on Tuesday 21st February 16:24
Audemars said:
Unexpected Item In Bagging Area said:
In which industry could this happen?
Select positions in finance, law, consulting, fintech, software coding and a few others. If you are in the circle at university you will know.http://news.efinancialcareers.com/uk-en/223136/the...
Edited by Audemars on Tuesday 21st February 23:50
t then? alephnull said:
NickCQ said:
Usual route into top HF gigs wouldn't be directly from university though - you wouldn't find the likes of Citadel at a careers fair in the UK. At least I never saw them at one.
I know two people that got into HFs straight out of uni. Granted, they are exceptions...From an early age I was told to go uni get educated and have a good career. So I did that and I work as a mechanical engineer in the aerospace industry. In all honesty I'm not that passionate about the job. It gives me decent money and recently I bought an A3. I get to spend time with family and friends, go to the gym and all in all, I'm content and grateful.
I'm approaching my mid 20s now and a couple of years ago I envisaged myself owning nice cars etc. but I am rapidly losing interest in all of that. I would like to invest in property and try to start my own business in a few years time as I believe that would provide me with more satisfaction. Put this way, at work i do my 9-5 not a minute more but if I had my own business I'd be willing to put the work in all night.
I'm approaching my mid 20s now and a couple of years ago I envisaged myself owning nice cars etc. but I am rapidly losing interest in all of that. I would like to invest in property and try to start my own business in a few years time as I believe that would provide me with more satisfaction. Put this way, at work i do my 9-5 not a minute more but if I had my own business I'd be willing to put the work in all night.
I've got to where i am now through hard work, which im defo not afraid of. The work incentive is evident in me which comes from both of my parents, who are self employed in retail and property and considering they started with nothing have done pretty well for themselves.
During my A Levels i did Business Studies. This involved a 15 hour exam ( over a few days! ) which involved producing a business plan for a viable business in my local town . So being the petrol head, i did real market research and produced a business plan for a mobile valeting & detailing business. After doing it and telling my parents what i had done the business plan on, my mother asked why dont i actually start up said business - i had very little money (around £1k) but she offered to loan me £4k to start up - so i bought my van, insurance, equipment, flyers etc. I paid her back within 7 months - i made very little if any money in this time but the loan was paid off.
This business then helped me pay my whole way through University to do Quantity Surveying - I also DJ'd in Cardiff and Swansea since i was 17, So back then my uni week would be 3 days of uni, 4 days of valeting with 2/3 nights of DJing in between till the early hours. The valeting business meant no uni loans and this is what i also lived off until i graduated in 2013. Then i started my first QS job - sold my van & my mk4 golf, saved some money till late 2014, and then bought an R32. I continued to save again until 2016, where i bought my first rental property.
Then i chopped in my R32 and bought a C63 at 25. Currently looking at property number two - and hope to keep buying on a yearly basis, if not sooner.
I owe it all to my parents. I think living at home still with small bills is something to take advantage so moving out puts you in a better position. Im sure plenty will say silver spoon... living at home with parents still..etc but it took hard work, proving to my parents i had the work ethic and drive to pay the loan back asap and sacrificing a lot of social time to get where i want to be. I think the only mistake i made was buying the R32 - looking back i should have bought my first house instead! But its all a learning curve.
At 26 im already feeling a career change - sat at a desk for most of my day and thinking to myself ' so this is it for the next 40 years' is actually depressing me incredibly.
During my A Levels i did Business Studies. This involved a 15 hour exam ( over a few days! ) which involved producing a business plan for a viable business in my local town . So being the petrol head, i did real market research and produced a business plan for a mobile valeting & detailing business. After doing it and telling my parents what i had done the business plan on, my mother asked why dont i actually start up said business - i had very little money (around £1k) but she offered to loan me £4k to start up - so i bought my van, insurance, equipment, flyers etc. I paid her back within 7 months - i made very little if any money in this time but the loan was paid off.
This business then helped me pay my whole way through University to do Quantity Surveying - I also DJ'd in Cardiff and Swansea since i was 17, So back then my uni week would be 3 days of uni, 4 days of valeting with 2/3 nights of DJing in between till the early hours. The valeting business meant no uni loans and this is what i also lived off until i graduated in 2013. Then i started my first QS job - sold my van & my mk4 golf, saved some money till late 2014, and then bought an R32. I continued to save again until 2016, where i bought my first rental property.
Then i chopped in my R32 and bought a C63 at 25. Currently looking at property number two - and hope to keep buying on a yearly basis, if not sooner.
I owe it all to my parents. I think living at home still with small bills is something to take advantage so moving out puts you in a better position. Im sure plenty will say silver spoon... living at home with parents still..etc but it took hard work, proving to my parents i had the work ethic and drive to pay the loan back asap and sacrificing a lot of social time to get where i want to be. I think the only mistake i made was buying the R32 - looking back i should have bought my first house instead! But its all a learning curve.
At 26 im already feeling a career change - sat at a desk for most of my day and thinking to myself ' so this is it for the next 40 years' is actually depressing me incredibly.
Edited by irfan1712 on Wednesday 22 February 10:26
Edited by irfan1712 on Wednesday 22 February 10:27
The hatred of 'sales' is a very 'young uni grad' attitude to things. I've heard it time and time again from people how they would do ANYTHING but end up in sales (as if all sales jobs are exactly the same). Guess what, most of them still earn ste money and moan about it 
I only have a second hand car, so I'm sure its not of interest to OP. The answer to the question is likely much more about how people prioritise their income vs how much they earn. There are (by definition) going to be a lot of people on average money on this forum, yet the general standard of car is much higher. There are also huge national divides, and if you're lucky to have a well paid job in a cheap part of the country, then clearly you're straight away going to have a lot more money to spend on non essential things.
te money and moan about it I only have a second hand car, so I'm sure its not of interest to OP. The answer to the question is likely much more about how people prioritise their income vs how much they earn. There are (by definition) going to be a lot of people on average money on this forum, yet the general standard of car is much higher. There are also huge national divides, and if you're lucky to have a well paid job in a cheap part of the country, then clearly you're straight away going to have a lot more money to spend on non essential things.
Edited by okgo on Wednesday 22 February 10:36
Audemars post is actually spot on. I know people who have done well with each of those options listed, including #1 which does exist if, in my experience, you are better with numbers than 99.99999999% of people.
The other option is the long hard slog which is what I'm on. Work hard, take some risks to get noticed, climb the corporate ladder either through talent or FSD (fking (people over), sucking (up to people)) and ducking (when the st hits the fan) and join the Get Rich Slow club.
I earn more than I ever probably thought I would but feel like I have less to spend because a whole MPV of humans rely on me, as does the chap who buys the champagne at my mortgage company's Crimbo party.
Hence I drive a 2008 3 series.
Edited to add more .9s
The other option is the long hard slog which is what I'm on. Work hard, take some risks to get noticed, climb the corporate ladder either through talent or FSD (f
king (people over), sucking (up to people)) and ducking (when the st hits the fan) and join the Get Rich Slow club. I earn more than I ever probably thought I would but feel like I have less to spend because a whole MPV of humans rely on me, as does the chap who buys the champagne at my mortgage company's Crimbo party.
Hence I drive a 2008 3 series.
Edited to add more .9s
Edited by Hitch on Wednesday 22 February 10:43
irfan1712 said:
I've got to where i am now through hard work, which im defo not afraid of. The work incentive is evident in me which comes from both of my parents, who are self employed in retail and property and considering they started with nothing have done pretty well for themselves.
During my A Levels i did Business Studies. This involved a 15 hour exam ( over a few days! ) which involved producing a business plan for a viable business in my local town . So being the petrol head, i did real market research and produced a business plan for a mobile valeting & detailing business. After doing it and telling my parents what i had done the business plan on, my mother asked why dont i actually start up said business - i had very little money (around £1k) but she offered to loan me £4k to start up - so i bought my van, insurance, equipment, flyers etc. I paid her back within 7 months - i made very little if any money in this time but the loan was paid off.
This business then helped me pay my whole way through University to do Quantity Surveying - I also DJ'd in Cardiff and Swansea since i was 17, So back then my uni week would be 3 days of uni, 4 days of valeting with 2/3 nights of DJing in between till the early hours. The valeting business meant no uni loans and this is what i also lived off until i graduated in 2013. Then i started my first QS job - sold my van & my mk4 golf, saved some money till late 2014, and then bought an R32. I continued to save again until 2016, where i bought my first rental property.
Then i chopped in my R32 and bought a C63 at 25. Currently looking at property number two - and hope to keep buying on a yearly basis, if not sooner.
I owe it all to my parents. I think living at home still with small bills is something to take advantage so moving out puts you in a better position. Im sure plenty will say silver spoon... living at home with parents still..etc but it took hard work, proving to my parents i had the work ethic and drive to pay the loan back asap and sacrificing a lot of social time to get where i want to be. I think the only mistake i made was buying the R32 - looking back i should have bought my first house instead! But its all a learning curve.
At 26 im already feeling a career change - sat at a desk for most of my day and thinking to myself ' so this is it for the next 40 years' is actually depressing me incredibly.
I absolutely agree with your last line, thought of sitting at a desk until I retire is incredibly depressing. During my A Levels i did Business Studies. This involved a 15 hour exam ( over a few days! ) which involved producing a business plan for a viable business in my local town . So being the petrol head, i did real market research and produced a business plan for a mobile valeting & detailing business. After doing it and telling my parents what i had done the business plan on, my mother asked why dont i actually start up said business - i had very little money (around £1k) but she offered to loan me £4k to start up - so i bought my van, insurance, equipment, flyers etc. I paid her back within 7 months - i made very little if any money in this time but the loan was paid off.
This business then helped me pay my whole way through University to do Quantity Surveying - I also DJ'd in Cardiff and Swansea since i was 17, So back then my uni week would be 3 days of uni, 4 days of valeting with 2/3 nights of DJing in between till the early hours. The valeting business meant no uni loans and this is what i also lived off until i graduated in 2013. Then i started my first QS job - sold my van & my mk4 golf, saved some money till late 2014, and then bought an R32. I continued to save again until 2016, where i bought my first rental property.
Then i chopped in my R32 and bought a C63 at 25. Currently looking at property number two - and hope to keep buying on a yearly basis, if not sooner.
I owe it all to my parents. I think living at home still with small bills is something to take advantage so moving out puts you in a better position. Im sure plenty will say silver spoon... living at home with parents still..etc but it took hard work, proving to my parents i had the work ethic and drive to pay the loan back asap and sacrificing a lot of social time to get where i want to be. I think the only mistake i made was buying the R32 - looking back i should have bought my first house instead! But its all a learning curve.
At 26 im already feeling a career change - sat at a desk for most of my day and thinking to myself ' so this is it for the next 40 years' is actually depressing me incredibly.
Edited by irfan1712 on Wednesday 22 February 10:26
Edited by irfan1712 on Wednesday 22 February 10:27
Hitch said:
Audemars post is actually spot on. I know people who have done well with each of those options listed, including #1 which does exist if, in my experience, you are better with numbers than 99.99999999% of people.
The other option is the long hard slog which is what I'm on
Don't underestimate the slog of #1 though either - for those not on a trading floor 80-90 hour weeks with a lot of overseas travel are pretty commonplace. The other option is the long hard slog which is what I'm on
Audemars said:
1.) You excel at school, go to a top uni and pass all the tests/interviews that get you into the few professional jobs where £100k within 2yrs is normal and 7 figs after 5 to 10yrs is a real possibility.
2.) You find a solution to a problem and make a business from it.
3.) You copy a solution to a problem but make that solution better than the current offering and make a business from it.
4.) You find a product that people want to buy and make a business from it.
5.)You invest in multiple passive investments that will earn you money with little input and while you are sleeping.
100% agree.2.) You find a solution to a problem and make a business from it.
3.) You copy a solution to a problem but make that solution better than the current offering and make a business from it.
4.) You find a product that people want to buy and make a business from it.
5.)You invest in multiple passive investments that will earn you money with little input and while you are sleeping.
I did/am doing 1).
Key is to remember that the decay profile of any of those roles can be exponential.
Therefore, ideally, you do 1), followed by lots of 5) and a few of 2), 3) and 4).
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