What do you do to afford your cars...? If it's not too rude.

[n17ves]

Shnozz said:

Dave Hedgehog said:

Greg_D said:

its hilarious how the OP asks how successful people afford their cars and a load of wage slaves waffle on about how they afford their 15 year old saab. So PH.

lonely up there is it?

I have to say, Greg posted what I was thinking. I read the OP post about "very nice cars" and "fleets" etc and assumed he was referring to the more exotic PH cars and how one achieved extraordinary earnings necessary to buy above the average. If he had asked, "how do I afford a car" it might be different. I read the question and felt way underqualified to respond.

I concur, and the OP did say in his first post "..if you are someone who's done well for themselves or has a nice car/cars/fleet and you don't mind sharing, what do you do as a job in order to afford to buy and run these cars?"

I took that to mean say £100k+ cars.

[so called]

zarjaz1991 said:

Greg_D said:

its hilarious how the OP asks how successful people afford their cars and a load of wage slaves waffle on about how they afford their 15 year old saab. So PH.

The answer is, as it always was, sales....you need to be good at building relationships. work for yourself selling whatever it is you sell and make it so you are not the focus of the business (there are a lot of 65 year old 'key men' who work like hell when they should be retired. They are essentially slaves to their own business.) that way, you can get more people who are as good, if not better than you to do the same thing for a wage whilst you skim off excess profit, it then makes selling the business easier if you are not instrumental in every deal (when you sell you then only pay 10% entrepreneurs tax up to £12+m/director). industry wise, try not to get stuck in anything commodity based as margins will be low.

in short, very few truly wealthy people work for other people.

If being successful means being a bloody salesman, count me out, I'd sooner die penniless.

You come over rather tty but what you say is true.
I love being in sales and love my job but have neither the talent or education to move to the next level.
In my late 50's now, I've thoroughly enjoyed the last 20+ years and financially been cool. If I'm a slave then I will thank my boss for rodgerring me the way he has the last few years.
For the OP, as said, work hard. It creates its own level of good fortune.
All decent/good bosses appreciate and reward/look after people they can rely on.

If anyone would like a ride in one of my TVR's, mail me, I'll be back from India in a few weeks.
Maybe a poor mans Ferrari but I wouldn't swap.

[Shnozz]

n17ves said:

I took that to mean say £100k+ cars.

Does that include cars with a premium or is that based on list price?

[n17ves]

Greg_D said:

Show me one wealthy person who didn't have to at one point sell their product or build relationships with the people who's money they were receiving. Quick answer..... probably nobody!

Doctor

But yes, I agree with you on the whole.

[n17ves]

Shnozz said:

n17ves said:

I took that to mean say £100k+ cars.

Does that include cars with a premium or is that based on list price?

Well I didn't answer the initial question....

[br d]

I shovel st.

[Shnozz]

n17ves said:

Shnozz said:

n17ves said:

I took that to mean say £100k+ cars.

Does that include cars with a premium or is that based on list price?

Well I didn't answer the initial question....

Good. Last time I checked there was a 5k miles GT4 at OPC for £99,995.

[Shnozz]

br d said:

I shovel st.

But you can sell shoveling sheet to lots of people.

Perhaps that is my only sensible post to the OP - money to be made in everything. It's being alive to that, having your eyes and ears open, being open to new ideas, creating those ideas and being unafraid to pursue them whilst remaining realistic as to the possibilities. There is money to be made in literally everything before you and around you, its just where you fit in the chain, how that chain operates and what you can do to enter that market and do something different/better/more clientcentric (fk I hate boardroom speak).

Edited to add - and I am in no way qualified to give the above advice given I don't fulfill your criteria of high end cars or a fleet...I simply joined in as I wanted to at least try to add something positive rather than derail the thread. Plus under the new posting rules I want to show willing to the moderators before my inevitable ban.

Edited by Shnozz on Tuesday 21st February 17:38

[Audemars]

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.

[Superflow]

My father started an industrial chemical business thirty years ago with a work colleague that became very successful and ended up being a multi million pound enterprise.I worked in that business for nearly twenty years and it was a great experience which taught me many things about people and life.I will be honest and say i am very comfortable where finances are concerned, after the sale of that business.Sadly my dad died three years ago in his mid sixties which changed my outlook on life somewhat.

Money doesn't interest me,but the freedom it gives you does,the quality time i can spend with my family is most important to me now and anything else is just a bonus that i can take or leave really.I currently run an online business which does okay for itself.I like to go away with the family quite a lot as you never know what can happen in life.

[Jesus]

I watch paint dry.

[katz]

n17ves said:

Doctor

But yes, I agree with you on the whole.

Not too sure I would call any doctor "Wealthy". I take wealthy to mean not needing an income from work related activities. Most of the top 1% in this country would not be wealthy by a long shot. £1m a year with outgoings of £950K is not wealthy.

[sealtt]

katz said:

Not too sure I would call any doctor "Wealthy". I take wealthy to mean not needing an income from work related activities. Most of the top 1% in this country would not be wealthy by a long shot. £1m a year with outgoings of £950K is not wealthy.

Yes there is a very big difference become income and wealth. But ultimately a good amount of either will do for the purpose of purchasing a car which is a relatively cheap item, given the best cars in the world are £100k-£200k, compared to say houses or boats which require far more capital for the same standard. Fairly easily purchased by the top 1% of salary earners even if it's their first year on the salary thanks to finance and relatively low transaction costs.

[GetCarter]

Given the above, I'm not wealthy, but to answer the O/P: Royalties.

[Plinth]

Audemars said:

5.)You invest in multiple passive investments that will earn you money with little input and while you are sleeping.

That's what I do.

[katz]

sealtt said:

katz said:

Not too sure I would call any doctor "Wealthy". I take wealthy to mean not needing an income from work related activities. Most of the top 1% in this country would not be wealthy by a long shot. £1m a year with outgoings of £950K is not wealthy.

Yes there is a very big difference become income and wealth. But ultimately a good amount of either will do for the purpose of purchasing a car which is a relatively cheap item, given the best cars in the world are £100k-£200k, compared to say houses or boats which require far more capital for the same standard. Fairly easily purchased by the top 1% of salary earners even if it's their first year on the salary thanks to finance and relatively low transaction costs.

aah yes, had not considered finance for a car, makes them much more affordable. Much like racehorses.

[Baz Tench]

I work on the railway, which pays ok. My car isn't worth a huge amount, but it's all paid for. My mortgage is my only outgoing really. It wasn't always like that though...

[Unexpected Item In Bagging Area]

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.

In which industry could this happen?

[Audemars]

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

[NickCQ]

swerni said:

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.

I see you still haven't found the solution too being a delusional tt.

I'm not so sure - within the usual range of Audemars' posts, this one is pretty sound. Although I'd probably question the 7 figs after 5-10 years. Certainly in law you wouldn't make that until partner level (12 years?), most finance gigs you'd have to be part of some kind of carried interest / promote scheme to get to those levels, which wouldn't happen in the early part of one's career.