How to seriously save up for a Super Car ?
Discussion
RSbandit said:
Agreed on the above, I spent 9 yrs working for a couple of firms in the city and by the time I had reached 30 felt I had the exposure and knowledge required to make a go of it alone, a colleague had a similar outlook so we set up ourselves putting in our own cash along with an outside backer. Sure it was a risky move but at 30 I had no dependents so it was a case of doing it then or never. When you have a family etc and are a bit older making a move like that is a whole lot harder.
And with that risk came the reward - kudos. Was it harder than expected? The thing is: a huge amount of businesses fail and we have posts here from successful people who are very good at what they do - be confident in your ability!It was hard going and immensely stressful at times tbh, there were a couple of yrs in there where we really struggled as our strategy is somewhat beholden to mkt conditions as low volatility is tricky for us. However at least we had had some good yrs previous to the bad ones to weather the storm. The last 6 months has been exceptionally good due to the huge mkt volatility and we are in the process of completing a transaction to bring our team in under the umbrella of a bigger firm...feels like it's the right time to derisk ourselves as the environment has been changing the last few yrs with regulations and prime broker rates making it harder for small independent firms to remain so. Still we had a nice run overall and I think we'll benefit from the scale of the larger firm.
Not sure I’d agree with the advice about stretching yourself financially to buy anything whether that is a house or a car. One thing that can be a massive destroyer of wealth is being a “forced seller” of any asset....you can stretch yourself but you never want to be in a situation where if the music stops you have to hit the exit button pronto.
I’ve seen on here about people have to sell cars because of what’s happened to their business/employment during Covid. Personally I think being in a situation where you don’t have the ability to weather short term fluctuations like we have experienced in the last three months in your business/income is too much risk.
I’ve had more leverage than I needed to for 20 years and it served me well....but I always had enough in the bank to deal with unexpected problems which I had a few of.
I’ve seen on here about people have to sell cars because of what’s happened to their business/employment during Covid. Personally I think being in a situation where you don’t have the ability to weather short term fluctuations like we have experienced in the last three months in your business/income is too much risk.
I’ve had more leverage than I needed to for 20 years and it served me well....but I always had enough in the bank to deal with unexpected problems which I had a few of.
Just to add a note about ‘a huge number of businesses fail’. That’s true, but misleading. The way I look at it, a huge number of entrepreneurs succeed. Just ask most successful entrepreneurs if this is their first business - you’ll rarely hear ‘yes’.
My first business ended when the dotcom boom crashed, but I don’t think of it as a failure. We had a lot of success and some awesome times - an office in Mayfair, articles in the news, private plane trips - and I learnt a ton. I look back now and realise that without it I’d never be doing what I am now.
So don’t be put off by the number of businesses that fail. I suspect that a lot higher proportion of the entrepreneurs behind them hit success at some point.
My first business ended when the dotcom boom crashed, but I don’t think of it as a failure. We had a lot of success and some awesome times - an office in Mayfair, articles in the news, private plane trips - and I learnt a ton. I look back now and realise that without it I’d never be doing what I am now.
So don’t be put off by the number of businesses that fail. I suspect that a lot higher proportion of the entrepreneurs behind them hit success at some point.
67Dino said:
Just to add a note about ‘a huge number of businesses fail’. That’s true, but misleading. The way I look at it, a huge number of entrepreneurs succeed. Just ask most successful entrepreneurs if this is their first business - you’ll rarely hear ‘yes’.
My first business ended when the dotcom boom crashed, but I don’t think of it as a failure. We had a lot of success and some awesome times - an office in Mayfair, articles in the news, private plane trips - and I learnt a ton. I look back now and realise that without it I’d never be doing what I am now.
So don’t be put off by the number of businesses that fail. I suspect that a lot higher proportion of the entrepreneurs behind them hit success at some point.
I believe that’s why WD40 is called WD40.My first business ended when the dotcom boom crashed, but I don’t think of it as a failure. We had a lot of success and some awesome times - an office in Mayfair, articles in the news, private plane trips - and I learnt a ton. I look back now and realise that without it I’d never be doing what I am now.
So don’t be put off by the number of businesses that fail. I suspect that a lot higher proportion of the entrepreneurs behind them hit success at some point.
His first 39 attempts at Water Dispersal didn’t work.
Then he made a fortune.
Taffy66 said:
Ferruccio said:
I spent a lot of money on booze, birds and fast cars.
The rest I just squandered.
George Best
And look where it got him.!The rest I just squandered.
George Best
He continued to live the high life and years later told a story that highlighted the different way that he and his fans looked at his career.
Best recalled how he had been dating Miss World and took her the races.
They won £5,000 and went back to their hotel.
They started counting the money on the bed when a waiter arrived to bring them champagne.
The waiter looked at Miss World, the money on the bed, the vintage champagne and with no trace of irony said to Best: “George, where did it all go wrong?”
Cheib said:
Not sure I’d agree with the advice about stretching yourself financially to buy anything whether that is a house or a car. One thing that can be a massive destroyer of wealth is being a “forced seller” of any asset....you can stretch yourself but you never want to be in a situation where if the music stops you have to hit the exit button pronto.
I’ve seen on here about people have to sell cars because of what’s happened to their business/employment during Covid. Personally I think being in a situation where you don’t have the ability to weather short term fluctuations like we have experienced in the last three months in your business/income is too much risk.
I’ve had more leverage than I needed to for 20 years and it served me well....but I always had enough in the bank to deal with unexpected problems which I had a few of.
It’s all down to the individual, tolerance of risk, self confidence, and also other responsibilities.I’ve seen on here about people have to sell cars because of what’s happened to their business/employment during Covid. Personally I think being in a situation where you don’t have the ability to weather short term fluctuations like we have experienced in the last three months in your business/income is too much risk.
I’ve had more leverage than I needed to for 20 years and it served me well....but I always had enough in the bank to deal with unexpected problems which I had a few of.
My personal approach has always been to stretch for things, and once or twice I’ve had to sell assets quickly. So what?
The key is to know when to sell and be unemotional about it - ditch the stuff you don’t need and consolidate. In fact I’ve sold cars recently, not because I had to, but because I have got pretty good at market timing, and don’t have a problem moving on from things which are no longer useful.
And it’s going to be a good time to upgrade soon,..
A gradual build over time, a couple of steps back, but keep going and enjoy it along the way. I’d have more money if I’d never bought or done things I shouldn’t have, (The Harley Davidson at the swimming pool in Vegas springs to mind...) but what’s the point?
If I’d always done the safe thing, I’d have less.
Still doing ok... and better to have loved and lost, and all that...
Of course it’s different when you have kids etc to support, and when you get older and haven’t got time to start again. Now I do have plenty security in hand, but generally the ups and downs are all part of the fun. I’m not talking recklessness, just pushing the boundaries. (And I’ve seen people go bust more than once for same reason, which I can never understand).
Can be summed up as ‘You might die tomorrow...but you might not!”. Balance.
But with a lean towards recklessness ;-)
markiii said:
For me
Don't have kids
Marry someone who has the same earning capacity as you, (so your not supporting them)
Don't spend cash on s
t you don't need
Don't make st life choices.(and if you do learn from them don't keep making hem)
The difference between me and many of my friends is they've all failed at one or more of the above
1. I have 3 boys and they cost me a fortuneDon't have kids
Marry someone who has the same earning capacity as you, (so your not supporting them)
Don't spend cash on s
t you don't needDon't make s
t life choices.(and if you do learn from them don't keep making hem)The difference between me and many of my friends is they've all failed at one or more of the above
2. I have a wife who doesn't earn a penny
3. We constantly buy stuff we don't need
4. I've made plenty of bad life choices
I don't call this failing. I'd say 1 and 2 are the direct opposite of failing. I'd give up everything I own (inc. my cars) for them
footsoldier said:
It’s all down to the individual, tolerance of risk, self confidence, and also other responsibilities.
My personal approach has always been to stretch for things, and once or twice I’ve had to sell assets quickly. So what?
The key is to know when to sell and be unemotional about it - ditch the stuff you don’t need and consolidate. In fact I’ve sold cars recently, not because I had to, but because I have got pretty good at market timing, and don’t have a problem moving on from things which are no longer useful.
And it’s going to be a good time to upgrade soon,..
A gradual build over time, a couple of steps back, but keep going and enjoy it along the way. I’d have more money if I’d never bought or done things I shouldn’t have, (The Harley Davidson at the swimming pool in Vegas springs to mind...) but what’s the point?
If I’d always done the safe thing, I’d have less.
Still doing ok... and better to have loved and lost, and all that...
Of course it’s different when you have kids etc to support, and when you get older and haven’t got time to start again. Now I do have plenty security in hand, but generally the ups and downs are all part of the fun. I’m not talking recklessness, just pushing the boundaries. (And I’ve seen people go bust more than once for same reason, which I can never understand).
Can be summed up as ‘You might die tomorrow...but you might not!”. Balance.
But with a lean towards recklessness ;-)
Sounds like you have done pretty well by taking on some risk. Did you ever take on so much risk you could have been on the streets and did you ever leave a really well paid job to take that chance of your own business? Leaving a well paid job with <50k savings is an extremely risky but potentially rewarding outcome.My personal approach has always been to stretch for things, and once or twice I’ve had to sell assets quickly. So what?
The key is to know when to sell and be unemotional about it - ditch the stuff you don’t need and consolidate. In fact I’ve sold cars recently, not because I had to, but because I have got pretty good at market timing, and don’t have a problem moving on from things which are no longer useful.
And it’s going to be a good time to upgrade soon,..
A gradual build over time, a couple of steps back, but keep going and enjoy it along the way. I’d have more money if I’d never bought or done things I shouldn’t have, (The Harley Davidson at the swimming pool in Vegas springs to mind...) but what’s the point?
If I’d always done the safe thing, I’d have less.
Still doing ok... and better to have loved and lost, and all that...
Of course it’s different when you have kids etc to support, and when you get older and haven’t got time to start again. Now I do have plenty security in hand, but generally the ups and downs are all part of the fun. I’m not talking recklessness, just pushing the boundaries. (And I’ve seen people go bust more than once for same reason, which I can never understand).
Can be summed up as ‘You might die tomorrow...but you might not!”. Balance.
But with a lean towards recklessness ;-)
Another thing is to never judge a book by its cover..An example of this was related to me a few days ago when a salesman delivered to me a new bit of machinery for my farm..When i asked him how things were in sales of tractors and machinery, he replied by saying it was quieter than he'd ever seen..
He mentioned a good customer of his without naming him, who is a very high profile large scale farmer who he always assumed to be very well off..He was shocked that this farmer had managed to get himself into a financial mess and was unable to pay his bills..This farmer had to refinance his older tractor(all others financed to the hilt !) worth only £12K to get some cash to pay his bill..
I explained to him that this doesn't surprise me and i continued to guess at how this farmer was running his business without knowing his identity..The salesman was astounded at how accurate my portrayal of this farmer was..
Basically he was losing control of his business because he wasn't making any attempt to keep his everyday costs in check.Trouble is i know dozens doing the same thing and in trouble financially..
To quote Einstein, these farmers are doing the same thing over and over again and expecting different results each time.! Its important to identify weaknesses in your business and once found, act promptly to address these wrongs rather then bury one's head in the sand..
This is the latest instalment from Taffy's book of his pearls of wisdom..
He mentioned a good customer of his without naming him, who is a very high profile large scale farmer who he always assumed to be very well off..He was shocked that this farmer had managed to get himself into a financial mess and was unable to pay his bills..This farmer had to refinance his older tractor(all others financed to the hilt !) worth only £12K to get some cash to pay his bill..
I explained to him that this doesn't surprise me and i continued to guess at how this farmer was running his business without knowing his identity..The salesman was astounded at how accurate my portrayal of this farmer was..
Basically he was losing control of his business because he wasn't making any attempt to keep his everyday costs in check.Trouble is i know dozens doing the same thing and in trouble financially..
To quote Einstein, these farmers are doing the same thing over and over again and expecting different results each time.! Its important to identify weaknesses in your business and once found, act promptly to address these wrongs rather then bury one's head in the sand..
This is the latest instalment from Taffy's book of his pearls of wisdom..
fastraxx said:
Sounds like you have done pretty well by taking on some risk. Did you ever take on so much risk you could have been on the streets and did you ever leave a really well paid job to take that chance of your own business? Leaving a well paid job with <50k savings is an extremely risky but potentially rewarding outcome.
Yes, I would have been bust in 2009, but luckily I realised that in 2007 and the banks realised in 2010...by which time I had another plan. Never admitting defeat is underrated. And no, I’ve always been one of those unemployable, thrown out of school types:-)
Plenty have done better than me, in completely different ways. I think you have to do it the way that suits your personality/mentality, assuming you’re smart enough to have the choice, and prepared to work as hard as possible, when it’s necessary. I can also tell you where every penny is in the things I’m involved in, and never bury your head in sand if problems are coming.
Can only speak for what suits me.
This is strange, every time I try to make a comment on my own thread I keep getting a message saying new members cant comment due to abuse this will be for a few hours ?
Reading though the comments, I asked the question without being a millionaire or have a business empire how do people afford Super Cars ? The question was not bought up for the reason that your un happy and you need to buy your friends and girlfriends so you can be a semi show pony. This is not a matter for Doctor Phil.
Reading though the comments and from what has been said, I have to agree its all about setting goals and working hard at what your good at and making yourself top at it. Everyone has to have goals and work up the ladder towards them no matter how big or small. Achieving these goals does not mean you cant go without finding the right partner and having a family, or the dream holiday. It is no difference than aiming for a huge house with seaside view, backyard swimming pool, or a huge boat to go fishing ect. Would I give up the things I love in life for a car hell no. Do I have goals of course I do. I am not after a super car because I want to buy people’s friendship or hang out with the wrong type of people.
The one thing after talking to a friend today and what some of you have said, buy a second hand super car at the right time, they have come down allot in price unless there some rare thing which only goes up in value and nobody drives them as a daily driver so they all have fairly low km on them and you have them at a fraction of the price.
Reading though the comments, I asked the question without being a millionaire or have a business empire how do people afford Super Cars ? The question was not bought up for the reason that your un happy and you need to buy your friends and girlfriends so you can be a semi show pony. This is not a matter for Doctor Phil.
Reading though the comments and from what has been said, I have to agree its all about setting goals and working hard at what your good at and making yourself top at it. Everyone has to have goals and work up the ladder towards them no matter how big or small. Achieving these goals does not mean you cant go without finding the right partner and having a family, or the dream holiday. It is no difference than aiming for a huge house with seaside view, backyard swimming pool, or a huge boat to go fishing ect. Would I give up the things I love in life for a car hell no. Do I have goals of course I do. I am not after a super car because I want to buy people’s friendship or hang out with the wrong type of people.
The one thing after talking to a friend today and what some of you have said, buy a second hand super car at the right time, they have come down allot in price unless there some rare thing which only goes up in value and nobody drives them as a daily driver so they all have fairly low km on them and you have them at a fraction of the price.
footsoldier said:
Yes, I would have been bust in 2009, but luckily I realised that in 2007 and the banks realised in 2010...by which time I had another plan. Never admitting defeat is underrated.
And no, I’ve always been one of those unemployable, thrown out of school types:-)
Plenty have done better than me, in completely different ways. I think you have to do it the way that suits your personality/mentality, assuming you’re smart enough to have the choice, and prepared to work as hard as possible, when it’s necessary. I can also tell you where every penny is in the things I’m involved in, and never bury your head in sand if problems are coming.
Can only speak for what suits me.
Thanks - these insights are really interesting from someone who is PAYE on just enough to make it very difficult for me to take the leap and work me just hard enough to have no energy or enough drive to do it on evenings/weekends.And no, I’ve always been one of those unemployable, thrown out of school types:-)
Plenty have done better than me, in completely different ways. I think you have to do it the way that suits your personality/mentality, assuming you’re smart enough to have the choice, and prepared to work as hard as possible, when it’s necessary. I can also tell you where every penny is in the things I’m involved in, and never bury your head in sand if problems are coming.
Can only speak for what suits me.
I have to agree priories first, paying off your house, the last thing you want to being doing is getting into debt that is difficult to get out of. In marketing we are always taking risks, with failure and reward.
The amount of jobs I have applied for and failed to even see a interview, if I gave up I would not be in the job I am today, build up my own business and even be thinking of buying a supercar.
When you use the term super car and even fiancé, some of the cars are not overall priced like a Ferrari F-430 or a Lamborghini Gallardo, they maybe not the late set and greatest but your own the right path, own the car for a few years sell it and work towards something else as there is always going to be someone in the same boat. I know it is not a car and it maybe taken for granted by some but the Jeep Grand Cherokee’s, the SRT has huge amounts of power and they are fairly cheap for what you get. But I agree there is allot of good advice people have posted. Keep it up maybe we can write a book, better than those books about how to get rich fast, the only person getting rich is the person you bought them off.
The amount of jobs I have applied for and failed to even see a interview, if I gave up I would not be in the job I am today, build up my own business and even be thinking of buying a supercar.
When you use the term super car and even fiancé, some of the cars are not overall priced like a Ferrari F-430 or a Lamborghini Gallardo, they maybe not the late set and greatest but your own the right path, own the car for a few years sell it and work towards something else as there is always going to be someone in the same boat. I know it is not a car and it maybe taken for granted by some but the Jeep Grand Cherokee’s, the SRT has huge amounts of power and they are fairly cheap for what you get. But I agree there is allot of good advice people have posted. Keep it up maybe we can write a book, better than those books about how to get rich fast, the only person getting rich is the person you bought them off.
During the 1896-1900 Klondyke gold rush the only people who made real money were the Stores selling shovels and pickaxes..The few successful prospectors squandered all their hard gotten gains gambling and drinking in the many saloons which had followed them to Klondyke..
There are many busy fools being extremely busy, doing the wrong thing purely for the purpose of being too busy to confront and do what you really need to do..
There are many busy fools being extremely busy, doing the wrong thing purely for the purpose of being too busy to confront and do what you really need to do..
When I was 18 I decided I would buy an aston by the time I was 30. So, that was my focus and where my saving went. I did it at 28.
Not the best model, not in the best condition, but it was mine. I improved it over time, enjoyed it and with a heavy heart sold it when i had to. Will I ever own a DB4GT, twin blower Vantage or Vanquish? Highly unlikely. Could I own a db9 or Rapide in the future? Perhaps if I work at it again.
I think the secret to supercar ownership is to have a dream, focus on the dream...but perhaps dont dream too big..!!!
Not the best model, not in the best condition, but it was mine. I improved it over time, enjoyed it and with a heavy heart sold it when i had to. Will I ever own a DB4GT, twin blower Vantage or Vanquish? Highly unlikely. Could I own a db9 or Rapide in the future? Perhaps if I work at it again.
I think the secret to supercar ownership is to have a dream, focus on the dream...but perhaps dont dream too big..!!!
Taffy66 said:
During the 1896-1900 Klondyke gold rush the only people who made real money were the Stores selling shovels and pickaxes..The few successful prospectors squandered all their hard gotten gains gambling and drinking in the many saloons which had followed them to Klondyke..
There are many busy fools being extremely busy, doing the wrong thing purely for the purpose of being too busy to confront and do what you really need to do..
"There are many busy fools being extremely busy, doing the wrong thing purely for the purpose of being too busy to confront and do what you really need to do.."There are many busy fools being extremely busy, doing the wrong thing purely for the purpose of being too busy to confront and do what you really need to do..
Great phrase.
Many entrepreneurs / business owners, myself included, have been guilty of this. I have a couple phrases in my head "work on the business not in the business", and "fix the process not the problem" that I say to myself to keep me on track.
Cheib said:
Not sure I’d agree with the advice about stretching yourself financially to buy anything whether that is a house or a car. One thing that can be a massive destroyer of wealth is being a “forced seller” of any asset....you can stretch yourself but you never want to be in a situation where if the music stops you have to hit the exit button pronto.
I’ve seen on here about people have to sell cars because of what’s happened to their business/employment during Covid. Personally I think being in a situation where you don’t have the ability to weather short term fluctuations like we have experienced in the last three months in your business/income is too much risk.
I’ve had more leverage than I needed to for 20 years and it served me well....but I always had enough in the bank to deal with unexpected problems which I had a few of.
That seems very sensible to me.I’ve seen on here about people have to sell cars because of what’s happened to their business/employment during Covid. Personally I think being in a situation where you don’t have the ability to weather short term fluctuations like we have experienced in the last three months in your business/income is too much risk.
I’ve had more leverage than I needed to for 20 years and it served me well....but I always had enough in the bank to deal with unexpected problems which I had a few of.
I never set out to make enough to buy a Supercar although I always had a hankering for a Ferrari. In 1990, with colleagues, set up a company (had to take a lot of risk and hock the house BTW) and the we concentrated on building a great company. In 1999 someone offered us a shedload of money for it which, after negotiations, we accepted. Only then did I think of what I might reward myself with and bought a 355 spider, new, for cash. Since then I’ve owned a number of Ferraris and currently run three. Always bought for cash, much as my dealer would like me to take Ferrari Finance. I am old school (well into my 60s now) and just don’t see the point in financing a depreciating asset. Financing a house - fine, financing cars, boats etc - no way (although I am off course aware of the adage, “if it flies, floats or f**ks, rent it, don’t buy it - maybe the chap mentioned above with four Russian ex wives should have thought of that). In summary, I know lots of people with sub £100k Supercar who have done it through hard work and saving, although none of them are young, but all the people I know who can regularly buy new high end Supercars, or even Hypercars, have either worked for themselves or run businesses they owned or part owned.
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