[mjsoltan]

Hi my name is Jon and I love Ferraris. Its been my life long goal to have an exotic car collection. I'm currently a senior in high school. For the most part I figured the only way I can become a millionaire is by becoming an entrepenuer. I've thought about a couple of industries to get into, but lately my mind has been all over the place with career ideas. Literally everyday I'm coming up with different ideas. Mostly every person I know with a Ferrari or exotic car is in a business that I don't really appeal to. I just wanted to know what some Ferrari owners do for a living and how they achieved financial success. Thank you in advance for those trying to help me pick a career path

[JazzyO]

Not this question again. Sorry - it's probably asked in all innocence but we get this question every week.

OK, just because it's you - the very last time I will answer this question. If you want to plan your career so you can afford a Ferrari, you've got it all backwards. That's like saying Sir Edmund Hillary started mountain climbing because he wanted to be the first to reach the top of Everest. If you want to be successful in life, you need to do something you love doing. Which, BTW, also means that you will be happy in life. Find out what your strengths and weaknesses are and choose a field that fits with that. Even if it means you can't make much money in that field.

Enjoy your work, enjoy your life. Because then you are already successful, even if you don't have much money. It is important to realise that anyone can have a happy life with a reasonable (average) salary. You don't need to be rich, you just need to avoid being poor.

On the financial front: invest wisely. Don't spend money you don't have. Avoid loans at all cost, especially on cars. If you do that, even on an average salary, you will become more financially powerful than your peers. And be patient. Very few Ferrari owners that are self-made bought theirs before they were 35.

[You know - I'm wondering how many of the guys that I type these words to will ever heed the advice... 5 years down the line 99% will have huge credit card debts and drive a new Mustang on a lease, saving no money and wondering why they will never be able to afford a Ferrari... I can't even convince my own brother to change his ways. Most people don't want to work at their future, they want everything right now whatever the consequences]


Onno

[Barry]

Onno,
Good advice - whether it's heeded or not. The lure of instant gratification is strong however. Many's the time I've succumbed, I think getting (a little bit) older and arrival of children slows down the need for the latest and greatest of everything, though I could still benefit from reading your words of wisdom every morning!!

[JazzyO]

I think what we all need to learn is that there is always something more, bigger, better to want. Stop for a minute and enjoy what you have, rather than always looking at the next thing. I had tremendous fun in my $3000 17 year old Alfa GTV6 ten years ago, and I could certainly go back to that car now. You don't need to own a Ferrari to experience most of the same joys.

The question is - why does anyone want to own a Ferrari? Is it for the love of the cars? Or is it for the love of the status? Because status is fleeting and it does not give you satisfaction anyway, since you're always dependent on other people's affirmation. If you buy something just because YOU like it, then you let go of the need of other people liking it. It's a lot easier to please yourself than it is to please everybody else, but you just have to have courage to do it. Don't forget - most people put pressure on you to do what they did, because it justifies their own spending habits. Especially when you're young, it is not easy being the smart kid who saves up. But it pays. Literally.

My - I'm starting to sound like an old fart. Perhaps turning 40 does that do a person. Perhaps I AM an old fart.


Onno

[Barry]

Originally Posted by JazzyO

My - I'm starting to sound like an old fart. Perhaps turning 40 does that do a person. Perhaps I AM an old fart.

There's a fine line between sensible and old fart, and an equally fine line between sensible and spending money you don't have! I'm somewhere in the grey area of the latter!!

Onno you speak the sense!

Now I'm off to buy the biggest lunch of anyone else in Subway... and not the sub I actually want...

[KKRace]

Do a search or two on the subject becuase we do get the same question posted at least a couple times a month and there are a lot of answers.

I know people with incomes over $200K and have nothing to show for it but debt but I also know people with incomes of $60K that have accumulated quite a bit of wealth.

[Magnum6464]

Originally Posted by KKRace

I know people with incomes over $200K and have nothing to show for it but debt.

Yes, it's called VP cocaine.........

And...I wish I was kidding...



~

Mario

[il Capolino]

I really agree with ALL of you, very wise and true words. I was always so scared of buying anything with a finance plan. But I have to admit that I bought my Scaglietti with Ferrari's financial service. I know, it was not my head deciding it was more my heart. However, I will never do it again. There were two reasons behind it. Firstly, the gloomy world depression was making my reserve money expensive to use. Better to leave it to slowly make a comeback and I didn't want to take out any dividends from my businesses during such uncertain times. Secondly, by financing the Scaglietti I could buy the Dino in cash which I otherwise would have had to refrain from.

Now that my businesses are more stable after the worst shock from the economic crisis and it is safe to make dividends, I will neutralize the finance deal. From now on I will only buy private stuff if I have the money available first. There is a BIG difference in enjoyment of the car if it is all paid for before taking delivery.

Going back to the weekly question: Young man, take the advice from the comments on this thread. It is important you realize that you are starting your career plan from the wrong end. If my neighbour were a brain surgeon and drove a Ferrari, I would not plan to become a brain surgeon to get a Ferrari because I am too stupid to become a brain surgeon. A long term effort must be based on a careful inventory of the availability and structure of your own resources.

Besides, you do realise that we use callsigns for a reason don't you? - We want integrity and we want to feel like any other ferrarista here on the forum without necessarily poking our noses into each others' lives. There may be planets were you shamelessly can ask strangers about their lives without any previous introduction what so ever. However, the earth is not such planet. If you take note of all that's been commented on this thread, including my last reflection, you will already be ahead of your peers.

I sincerely hope you one day will own a Ferrari and enjoy it with all your mind and soul! But don't forget to have fun on the way. It will make the wait feel shorter. It is true what Onno says that you should aim for an occupation that is fulfilling. Nevertheless, there are other ways. Most of my work was because of destiny's rules not so enjoyable but the outcome has made it worthwile. If you end up in such a situation it is important you find hobbies or other activities on the side in order to feel whole and content along the way.

For me this is also the last time I tend to this kind of question. If it arrises again I shall cut/paste my previous comments.

Good luck young man!

[JazzyO]

There are definitely times that it can be smart to finance a car. Personally, I financed about 20% of my first Ferrari. I could pay for the car cash but it was all the money I had and I wanted some buffer to deal with unforeseen issues. It should be noted that the return payments didn't encroach on my ability to make ends meet so there was no real risk at all.

But this is advanced stuff - let's get the basics right first: don't spend money you don't have! Save some of the money that you DO have! 10% of net income is a minimum to get ahead. And believe me - ANYONE can save 10% of net income. Just a matter of making choices. Make the holidays a bit cheaper, don't buy that new TV etc. If you save $200 a month for 10 years you can buy a Ferrari 308 on a 5% return. Or make the deposit on a house. More importantly, though, it will teach you how to make the big decisions right. Don't buy the house you need to stretch for. Don't move house too often because taxes will kill your profit or your networth. Don't move debt into other debt (like credit cards into mortgage). Don't plan on salary growth. Etc, etc, etc..

And the biggest thing: ALWAYS assume the worst scenario can happen. What happens if you're fired? Can you survive financially? For how long? When I was not earning well, I was striving to have at least 2 months of costs sitting in my bank account. Then I built it out to 6 months, then 12 and now I'm starting to work on early retirement. It is amazing how much satisfaction you get from being able to resign any day - it changes your outlook on the job too. If you don't like the job, being dependent on it makes you really HATE it. And that makes you seriously miserable. I've been there, 10 years ago, and that's when I vowed never to be in that position again. 2 years later I was loving the same job, with the same boss that I couldn't stand in the beginning. Amazing how being happier makes other people treat you better too.


Onno

[Vitalone]

Originally Posted by JazzyO

Amazing how being happier makes other people treat you better too.
Onno

Spot on! And I would suggest that being happier leads one to treat other people better too. A happy circle. Does treating people badly make one unhappy? Or does one treat people badly because one is unhappy?

For me a Ferrari does not make me happy but it does make me happier. A whole lot happier. I try to be happy so that I am in a position to enjoy life with a Ferrari to add to my happiness.

[KKRace]

I think it's good to have a goal like owning a Ferrari. It gives you something to work for. In my case I knew I wanted to race cars and to do that I needed to make a decent living. There are so many answers to the question but at least you are smart enough to ask it.

[KKRace]

I just re-read your original question. What are your interests and what is it you know you don't want to do? What are your strenghts and weaknesses?

If you don't enjoy what you do you will never be able to get up in the morning regardless of how much it pays.

[KKRace]

Mine is obviously not spelling!

[Granucci]

Wonder if we should make this thread a stickie after renaming it, like FAQ's or something.

[JazzyO]

Yesterday the OP sent me a PM asking me about my work ("I think you posted in my thread" was his message - well thanks for bloody reading it with such interest!). I told him I would reply if he got involved in his own thread. I think the fact that he has not replied to me nor contributed to his own thread leads me to safely deduct that this kid won't get very far. If you can't show appreciation for what people do for you, you have no chance of being succesful. Success is only achieved by people giving you money. They can give it to someone else anyday!

So - more of my time wasted.

But one day! I will find a pupil worthy! [... he sighs, half-believing his own words...]


Onno

[Barry]

Ahhhh Onno - don't loose the faith.

You reminded me not to buy everything I see!!

Now I'm off back to E-bay.... what was I looking for again... can't remember... but I'll find something I really really need

[T.C.F.B.]

The username is a bit too close to a PIA kid that menaced "the other" site for a long time.

So far, the behavior is the same as well.

[JazzyO]

Now Barry - what did I tell you? You're not supposed to be up this late! Go to bed now young man, otherwise it's no more Ferraris for you!

What is it with kids these days?


Onno

[SBDaytona]

Exceptionally good advice Onno - I agree one hundred percent! You have expressed it far better than I could have. I have basically lived by your advice (with a few minor lapses along the way) and it has served me very well. I have always loved cars and had lots of fun with some very inexpensive machines back when I was dirt poor. I have always loved Ferraris however (since I was old enough to watch F1) - so I set up a Ferrari savings account when I was in my early twenties. I gradually saved and had the money to buy a 308 long before I was living in a place that made sense to own one. Thanks for this post - I am going to pass your wise words on to my children! If they pay attention to 10% of what you say it will put them street ahead of many of their peers. Best wishes Sean

[KKRace]

Originally Posted by T.C.F.B.

The username is a bit too close to a PIA kid that menaced "the other" site for a long time.

So far, the behavior is the same as well.

I was thinking the same thing when I saw the name.