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I say what box? Do you see a box? I don’t see a stupid box.....
Haha, Mario, excellent. :D :D

There are two reasons not to see a box: 1) it isn't there, 2) it is but people can't see it.

I think it's a good saying if you put it in context. Most people follow a strict pattern, whether it is healthy for them or not. They can't break their habits - thus they make the same mistake over and over again. This is what is meant by thinking outside the box - if you're not getting anywhere, then break your habits and do something different.

Most Ferrari owners are very good at thinking outside the box, because if they did what everone else did they wouldn't be succesful. It is clear to me you are one of them, so yes - no stupid box.... :)


Onno



Never pay again for live sex! | Hot girls doing naughty stuff for free! | Chat for free!
 

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erock:

You raise two interesting issues.

1) How to pay for a Ferrari given your current economic circumstances: Contact various lenders, save for a decent down payment, then finance the car.

The model you want should cost no more than many new car would (and not high end new cars, either).

2) How to earn a lot of money: ah, no easy answer to that one.

Me, I am a professional, disciplined with my spending, and have saved regularly over the years.

I sold some stock that had gone up to help purchase my Ferrari.

You might want to tighten your belt and play the stock market and see what comes of it: candidly, at 40 your options are not as wide open as they were at 22.
 

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Mario, that is a great post and great advice!

I get the question "how can I afford one" sometimes aswell and I always ask them: what do you spend most of your money on and do you rather want a Ferrari instead?

4-5x dinner at a fancy restaurant a month is gonna cost you
Drinking expensive wine/booze and clubbing
Expensive clothes
Maybe other hobbies that cost a lot
Etc.

It all depends on your priorities. I'm always amazed how much people spend on stuff they dont need. If you spend $1000 a month on useless crap, you could buy yourself a nice entry level Ferrari after a few years of saving.
 

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Thanks Onno, Mike,

But as usual, I got caught spending an hour writing this and got no reply. People wonder why we dont give advice anymore and leave the posts silent or reply stupid crap because we know we will never hear from them again.

Like my other post for a replacement Becker radio

http://www.ferrarilife.com/forums/modern-models/13902-what-best-replacement-becker.html


Not even a hello back or thanks.....



Last time I do this for any subject......



Hummmph....


~

Mario
 

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Don't get disgruntled, Mario. And I would not want you to change a thing. You are what you are and I like the way you are and if I may speak for others here, I am sure we all feel that way. Altho I am not and because I am a little different, I envy that Latin blood. And that is with respect. Always looking forward to your posts. w/ smiles Jimmy
 

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Good post Mario

A few notes to follow up:

Priorities are priorities, if you want to go in debt for your Ferrari or other choice, then be sure you can pay for it. Lots of people are talking about the low prices on recent model Ferraris in the states. Alot of that has to do with priorities and the ability to plan for the future. People leveraged themselves in the free flowing days prior to the housing implosion, buying houses and cars on chearp credit. House and cars they could not afford. The current soft market is partly due to that.

If you want to own a Ferrari and do not have the $$ to buy it outright, be sure you can afford the payment, not just today, but in the case where you may lose a month or two salary. This can happen to all types, for examples lawyers "promoted" to partner often miss a few month's 'salary' as the payment method changes. So if you hit a rough patch, think can i afford all my priorities. If the answer is no, then you are probably over extending yourself.

Like usual, only buy what you can afford to pay. My lovely insightful 2 cents

edit: lost the cut&paste battle

Erock, welcome to Ferrari Life....

Here is my 2 cents...


I’m going to talk about the other side of the coin. The guys who answered made excellent points and are great and dear friends of mine. But, I am going to talk from another level you might understand and where I came from at one time.

Being successful is one thing; living pay to pay is another completely different story. So what is the next step for you?

This is where you need to be honest with yourself, not for us, we in all honesty don’t care if you lie to us or not. This is not the point of this.

So the following questions seriously need to be on your list to think about....I am also going to give you helpful examples because these are some of the questions I asked myself 10 years ago (I said some not all).

What is pulling you down financially?
·You mentioned horses? Are you making double what they cost you? If not are they important to you?
·Do you own a vehicle that is costing you more in repairs than maybe a smaller vehicle that will be on warrantee for the next 3-4 years that will enable you to save money? And is it an unnecessary gas guzzler?
·Alcohol is a killer for money savings. I know friends who spend literally $400-$500 a month just on booze alone.
·Don’t laugh but is a woman costing you a fortune? I had a friend who’s girlfriend was such high maintenance she was costing him almost $1,000 a month to keep her happy.


Are you making the right decision with your money?
·I know people who spend money on hunting rifles because they are cool, spend $1,500-$2,000 per year, go hunting once with it, the next year sell them at less than half price like $700-$800 and buy a new one...
·Gambling? Casino or the Friday night poker game at Big John’s house
·Soft Drugs? (most won’t admit it)
·Restaurants 4-5 times a week or more (doesn’t include Timmies LOL)
·Are you addicted to using your Credit Card(s) that one is a killer...

Are you spending on other toys?
·ATV, dirt bikes, boats, R/C, high tech gadgets, whatever?

My last a final question I asked myself...

What are you willing to sacrifice maybe temporarily or permanently to achieve a goal?
·Anything in the above lists?
·Vacations in the south?
·Are you still a bartender? A part time job for a little while helps. Are you willing to have a second job? Can you afford time wise to have a second job? Because tips are nice. So taking all the tips you earn and instead of spending it daily, save it like you owe a loan shark named Pauly “The Shiv”
·You said you are good with a wrench, ever thought about buying cheap cars one at a time that needs repairs (you get part cheap) and fix them up and sell the cars in much better shape that you bought them. Even making $500-$1000 per car is still a great investment with your time when living pay to pay. My neighbour did it for 2 years fixing a car per month and reselling it at a little profit to continue paying his house when his girlfriend left. The house was his but the now missing money had hurt his final income for bills. After a while he was making 4-5K per car per month. Not bad for wasting weekends doing what he liked. Now you might be saying how can I afford cars when I live pay to pay, well what can you cut to save to get started? Booze? Anything????? Do you own a truck? Maybe buy a plow to make extra money on the side during the winter even if it’s a few contracts...You only need that first extra cash for maybe that first car to fix to get you started.....just an example.
·You said you bought a farm, do you rent space for horses? That pays awesome.

My final thought on all of this, people will say, “Think outside the box” I say and pardon my language.....that is the dumbest fucken saying I have ever heard. I you have created a box around your life and abilities to achieve something then you have already lost. I say what box? Do you see a box? I don’t see a stupid box.....start with the basics and move up from there. If you’re trying to figure out how to spend your gold without having a clue how to dig for it then you have already lost. Make a plan, stick to it, don’t let anyone pull you down and constantly evaluate yourself to ensure you are always on the right path to your success...not others.


Things to think about or get your juices flowing...




~

Mario
 

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Discussion Starter #27
Thanks Everyone

Gentlemen, Your insight and wisdom will, I'm sure help me greatly, Mario I appreciate your time and response to my plea, yes we have room to board horses and will do so when we can afford to put a few more stalls in, we are also selling our Hunter/Jumper show mare this spring for $25,000 any suggestions on investments that may have the best returns? We are currently in the process of setting up a lesson stables here for extra income. However, with that said; Horses are kinda like boats... a big hole that swallows up money, but we are trying to slowly turn it into a business. We got a sweet deal on the 8 acre farm and will have it payed off in 9 years because of a no-interest family loan. The property came with a perfect little Yellow Garage that would make an ideal home for a shiny red 308 someday soon.
 

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There's a scene in the movie The Pursuit of Happyness, w/ Will Smith, 2006.

He see's a red Ferrari on the sidewalk and asks the owner:

He gasps at the site of the Ferrari and says:
'I have 2 questions...What do you do, and how do you do it?'
 

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I have been dreaming about owning a Ferrari as long as I can remember and can not figure out a way on how to afford one.

I'm turning 40 this year and am still living paycheque to paycheque, and am curious on how and what successful people like you all are doing that can afford you the opportunity to buy such a beautiful car as a Ferrari.

I have owned my own business, been a bar tender for years, worked in automotive parts and sales, I even went back to school a few years back to take Computer Animation and Graphic Design... I just can't seem to catch a break to find that Career that can afford me the opportunity I dream of.

Any suggestions or guidance would be greatly appreciated.
Same situation here, except I am 20.

I have been looking for an answer to this for a long time and I found out that a pretty good decision is to become a stocks/commodities/Forex trader. I have been interested in this for a long time (since I was 12 actually) and I have been making profit for the past year. I hope to get better at trading and I expect good times in the markets in 2012 and buy my first second- hand Ferrari in 2014-2016:))
 

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If you have any saved income that you are not afraid to risk, I would suggest investing in Eastman Kodak stock as fast as possible!
 

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Same situation here, except I am 20.

I have been looking for an answer to this for a long time and I found out that a pretty good decision is to become a stocks/commodities/Forex trader. I have been interested in this for a long time (since I was 12 actually) and I have been making profit for the past year. I hope to get better at trading and I expect good times in the markets in 2012 and buy my first second- hand Ferrari in 2014-2016:))
Welcome to FL Sickboy. Feel free to tell us a bit about yourself in the intro section.
Member Introductions - Ferrari Life
 

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SB- Welcome to Ferrari Life and let me offer a completely different perspective on owning a Ferrari. Actually, the way I did it. Since I was not rich or ever going to be rich as an officer in the USAF, my plan was to buy cars that would depreciate little, pay them off in 2-3 years, and move up to a higher level car. Most of the owners here are better off than I ever was, and will tell you to have a bunch of money before buying a Ferrari. But actually the only thing you need is the desire and a garage, or at least a carport or covered apartment spot.

So you buy an older Corvette or Porsche, pay it off and move up to a nicer Corvette or Porsche. Do that a few times, meanwhile finding a Ferrari mechanic you can trust, and eventually move up to a starter Ferrari. That could be a 328, which is relatively easy to maintain, and attractive, or a 348/F355 that has just had its engine out service completed. At that point you may be happy for life or want to do the same thing again and move up the Ferrari ladder to a 360 or Maranello, both of which are also getting close to being mostly depreciated and cheaper to maintain than a 348/F355. The steps will get easier as you get older and make more money.

Very important. If you are going to get married, find a tolerant wife, preferably one who likes cars or can ignore the fact you love them.

So my path was Corvette, Porsche, Porsche, wife, Dino, Daytona, etc. Each was an increase in value that was affordable, especially the wife. Not that Dinos and Daytonas are affordable now, but they were in the 70s.

So hang in there, become an expert on any car before you buy it (see ferraridatabase.com for free tech data downloads), and let us know how you do. May take a while, but I bought the Dino when I was 27 and it was just a used car. Remember, most Ferraris are just used cars. We just happen to love them.
 

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How have I missed this thread?
I'm a relative newcomer here. I joined in October-ish last year, and you state many things that I relate to.
I think that 'many' of the people you describe (20 yrs old, buying a $180k F-car) are either entrepreneurs, or are the offspring of such. I would point out that with most entrepreneurial enterprise there's an element of being in the right place at the right time. But there is ALWAYS an element of RISK. Fortune favors the bold. Me, personally, I don't like that sort of risk. Yes, I've run my own business, but always conservative in my growth and expenditures. I don't necessarily envy those who have been successful that way, because I know my stomach would never tolerate that level of risk.
So I don't fit that mold anymore than you do.

The next step then are the professionals who work in the "high-dollar" industries: medical, law, etc etc. That's all about good planning and hard work. At 40-plus (you and me both, brother) it may be too late to start, as most of these guys are planning that way by the time they are 20.
So I don't fit that mold either.

The next step might be the guys like me who work hard at a technical skill or trade. We've reached a certain level of success in the field we labor in, but find ourselves approaching a perceived "ceiling" to the amount of income we can reasonably expect from said industry / market. I moved into construction sales many years ago, because it was clear that this was the place I could make the most in the industry I'd chosen.

So now I've got a good, steady income, but I've got a mortgage, 4 kids with college coming-up. etc etc. How the hell will I ever find the means to own the car I love, while I'm still young enough to enjoy it?

I'm doing what Mario suggested above; I've cut-out some of the useless crap in my life.
$6 latte (plus tip!) twice a day.... I was keeping my local starbucks fat. Now I drink the office coffee for free. do the math, that's like $8k/year! :yikes:
Fancy-restaurants that I'd take my wife to twice/week, even though she hates 'em.... done. She prefers I cook for her, and it's much cheaper. (I'm also losing weight! :yikes: )
I've been dickin' around with Fiat Spiders for years. this would be like your horses. Sure, they're fun. But I'm spending EASILY $1000/mo on the 'projects'. this is not an investment (try and find a modified Fiat Spider that sells for more than $3500, I dare you). I'm selling 'em. done.

I made an agreement with my wife that when all of our debt is gone (except the mortgage which is at 3.5%), I'm going to spend up-to HALF of our savings to buy my first Ferrari. CASH, mind you. not financed. And not dipping into the 401k or other funds.

This was my compromise, and right now I'm on track to purchase this calendar year.

Let me tell you about the LAST level, as far as I'm concerned: There's a local guy who has a new $300k F-car. Very heavily financed, and he owes everybody in town money. I have recently hired a couple of his ex-employees who quit working for him because he couldn't make payroll last month (Christmas-time, mind you) but apparently made his car payment. Last year he opened the doors on his new business under a new name, because the last one had so much bad debt, he sought relief from my taxes and contractor's insurance premiums. But somehow he kept the car.

so FWIW from a guy who is still on the road to ownership: buy the right car at the right time. I can hardly bear the idea of how miserable I would be if I bought the car at the expense of my scruples, or my family's lifestyle.
 

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SB- Welcome to Ferrari Life and let me offer a completely different perspective on owning a Ferrari. Actually, the way I did it. Since I was not rich or ever going to be rich as an officer in the USAF, my plan was to buy cars that would depreciate little, pay them off in 2-3 years, and move up to a higher level car. Most of the owners here are better off than I ever was, and will tell you to have a bunch of money before buying a Ferrari. But actually the only thing you need is the desire and a garage, or at least a carport or covered apartment spot.

So you buy an older Corvette or Porsche, pay it off and move up to a nicer Corvette or Porsche. Do that a few times, meanwhile finding a Ferrari mechanic you can trust, and eventually move up to a starter Ferrari. That could be a 328, which is relatively easy to maintain, and attractive, or a 348/F355 that has just had its engine out service completed. At that point you may be happy for life or want to do the same thing again and move up the Ferrari ladder to a 360 or Maranello, both of which are also getting close to being mostly depreciated and cheaper to maintain than a 348/F355. The steps will get easier as you get older and make more money.

Very important. If you are going to get married, find a tolerant wife, preferably one who likes cars or can ignore the fact you love them.

So my path was Corvette, Porsche, Porsche, wife, Dino, Daytona, etc. Each was an increase in value that was affordable, especially the wife. Not that Dinos and Daytonas are affordable now, but they were in the 70s.

So hang in there, become an expert on any car before you buy it (see ferraridatabase.com for free tech data downloads), and let us know how you do. May take a while, but I bought the Dino when I was 27 and it was just a used car. Remember, most Ferraris are just used cars. We just happen to love them.
Excellent advice Terry, and a refreshing different perspective.
 

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so my path was corvette, porsche, porsche, wife, dino, daytona, etc. Each was an increase in value that was affordable, especially the wife.
lol! :D
 

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More good advice. You guys should charge for this consultancy! :crowngrin:
Maytag I'm guessing you'll enjoy your Ferrari a lot more than your 'in debt' neighbour enjoys his €300k one, when it arrives!

How have I missed this thread?
I'm a relative newcomer here. I joined in October-ish last year, and you state many things that I relate to.
I think that 'many' of the people you describe (20 yrs old, buying a $180k F-car) are either entrepreneurs, or are the offspring of such. I would point out that with most entrepreneurial enterprise there's an element of being in the right place at the right time. But there is ALWAYS an element of RISK. Fortune favors the bold. Me, personally, I don't like that sort of risk. Yes, I've run my own business, but always conservative in my growth and expenditures. I don't necessarily envy those who have been successful that way, because I know my stomach would never tolerate that level of risk.
So I don't fit that mold anymore than you do.

The next step then are the professionals who work in the "high-dollar" industries: medical, law, etc etc. That's all about good planning and hard work. At 40-plus (you and me both, brother) it may be too late to start, as most of these guys are planning that way by the time they are 20.
So I don't fit that mold either.

The next step might be the guys like me who work hard at a technical skill or trade. We've reached a certain level of success in the field we labor in, but find ourselves approaching a perceived "ceiling" to the amount of income we can reasonably expect from said industry / market. I moved into construction sales many years ago, because it was clear that this was the place I could make the most in the industry I'd chosen.

So now I've got a good, steady income, but I've got a mortgage, 4 kids with college coming-up. etc etc. How the hell will I ever find the means to own the car I love, while I'm still young enough to enjoy it?

I'm doing what Mario suggested above; I've cut-out some of the useless crap in my life.
$6 latte (plus tip!) twice a day.... I was keeping my local starbucks fat. Now I drink the office coffee for free. do the math, that's like $8k/year! :yikes:
Fancy-restaurants that I'd take my wife to twice/week, even though she hates 'em.... done. She prefers I cook for her, and it's much cheaper. (I'm also losing weight! :yikes: )
I've been dickin' around with Fiat Spiders for years. this would be like your horses. Sure, they're fun. But I'm spending EASILY $1000/mo on the 'projects'. this is not an investment (try and find a modified Fiat Spider that sells for more than $3500, I dare you). I'm selling 'em. done.

I made an agreement with my wife that when all of our debt is gone (except the mortgage which is at 3.5%), I'm going to spend up-to HALF of our savings to buy my first Ferrari. CASH, mind you. not financed. And not dipping into the 401k or other funds.

This was my compromise, and right now I'm on track to purchase this calendar year.

Let me tell you about the LAST level, as far as I'm concerned: There's a local guy who has a new $300k F-car. Very heavily financed, and he owes everybody in town money. I have recently hired a couple of his ex-employees who quit working for him because he couldn't make payroll last month (Christmas-time, mind you) but apparently made his car payment. Last year he opened the doors on his new business under a new name, because the last one had so much bad debt, he sought relief from my taxes and contractor's insurance premiums. But somehow he kept the car.

so FWIW from a guy who is still on the road to ownership: buy the right car at the right time. I can hardly bear the idea of how miserable I would be if I bought the car at the expense of my scruples, or my family's lifestyle.
 

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Thanks Onno, Mike,

But as usual, I got caught spending an hour writing this and got no reply. People wonder why we dont give advice anymore and leave the posts silent or reply stupid crap because we know we will never hear from them again.

Last time I do this for any subject......
Mario
Please don't change, your input might not get a reply from some but it is appreciated. I sometimes feel a real outsider here so its great to see people take the time to put thought into helping others on topics which helps.

SB- Welcome to Ferrari Life and let me offer a completely different perspective on owning a Ferrari. Actually, the way I did it. Since I was not rich or ever going to be rich as an officer in the USAF, my plan was to buy cars that would depreciate little, pay them off in 2-3 years, and move up to a higher level car. Most of the owners here are better off than I ever was, and will tell you to have a bunch of money before buying a Ferrari. But actually the only thing you need is the desire and a garage, or at least a carport or covered apartment spot.

So you buy an older Corvette or Porsche, pay it off and move up to a nicer Corvette or Porsche. Do that a few times, meanwhile finding a Ferrari mechanic you can trust, and eventually move up to a starter Ferrari. That could be a 328, which is relatively easy to maintain, and attractive, or a 348/F355 that has just had its engine out service completed. At that point you may be happy for life or want to do the same thing again and move up the Ferrari ladder to a 360 or Maranello, both of which are also getting close to being mostly depreciated and cheaper to maintain than a 348/F355. The steps will get easier as you get older and make more money.

Very important. If you are going to get married, find a tolerant wife, preferably one who likes cars or can ignore the fact you love them.

So my path was Corvette, Porsche, Porsche, wife, Dino, Daytona, etc. Each was an increase in value that was affordable, especially the wife. Not that Dinos and Daytonas are affordable now, but they were in the 70s.

So hang in there, become an expert on any car before you buy it (see ferraridatabase.com for free tech data downloads), and let us know how you do. May take a while, but I bought the Dino when I was 27 and it was just a used car. Remember, most Ferraris are just used cars. We just happen to love them.
That's pretty much how I managed ownership only with restoring old Fiats, Alfa's and Lancia's.

All this talk of 308's is putting me in the mood to hang on to mine!
 

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All this talk of 308's is putting me in the mood to hang on to mine!
Stu
I think we all know you're gonna do whatever it takes to hang on to that 308 and acquire the TR :thumbsup: :steeringwheel: :D
 

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Good thread and a lot of good responses.

I am somewhat similar to the op, I had a savings fund for my car more than once, every time something came up which drained that sucker dry. One time it was buying a bigger house than I needed, my third child was the most recent. I am lucky enough to be very good at my passion which is working on nice cars so I do get to see,drive,and feel them quite often so for now that's good enough.

The last time I received a large chunk of money (trust fund payout) that was going toward my car, problem was it was enough to get me into a 328, but I'm 6'5, and a 328 doesn't cooperate with my frame, so I needed something bigger. A 550 is perfect for my height, but I was far off from being able to purchase, then maintain that car. My wife alerts me of her third pregnancy and the expense which will come with it, and voila off to paying medical bills that money goes. Having a child is pretty similar to owning a Ferrari, you can get your hands on a 308 pretty easily, but can you afford 18 years of maintenance.

It would have been pretty selfish of me to use that money (any of the times) toward something as simple as a car anyhow, so for now I am just keeping my nose to the grindstone and focusing on providing for the kiddo's and I'm confident my time will come.

When it comes to money, for the most part you won't make the money unless you're the man, those men have many men who make the money for them.

Another route is gather up as much as you can and take a huge chance, I'm not saying go bet it all on one horse on one race, but play the financial field a bit you never know.Maybe look into some low risk mutual funds? Cut out habits that may be ailing your financial status. Don't kill yourself to get into position to obtain your dream car though, what type of life is that?
 

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Brian- There are some affordable Maranellos out there now, but they do cost $1-2K on average per year to maintain. Hang in there.
 
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