Just started saving for 1st Ferrari. How did you guys stay patient and motivated? | Page 2 | FerrariChat

Just started saving for 1st Ferrari. How did you guys stay patient and motivated?

Discussion in 'Ferrari Discussion (not model specific)' started by Nissanzx1, Dec 1, 2019.

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  1. tbakowsky

    tbakowsky F1 World Champ
    Consultant Professional Ferrari Technician

    Sep 18, 2002
    19,344
    The Cold North
    Full Name:
    Tom
    It's more fun playing the markets then driving an old car. If you currently have the disposable income, build on it. Make it your hobby. Once you can cash out, and still play and build..then buy the old car. Just remember you gotta be able to fix that old crap box when it breaks down. Make no mistake. A 20k repair bill is awaiting..
     
    Nissanzx1 likes this.
  2. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
    Full Name:
    Grant Holthaus
    Almost all of my 401K going directly in VTSAX so I 100% agree with you on Vanguard and Index Fund investing. Just not sure I want to invest with this short of a time horizon. Guess I could always invest just a percentage I’m comfortable with too...

    Grant
     
    ryalex likes this.
  3. NYFAIM

    NYFAIM Formula 3
    Silver Subscribed

    Feb 22, 2015
    1,071
    Las Vegas
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    Howard R.
    Grant - you might consider springing for a Silver subscription - there's quite the brain trust of guys in there in the business/investments section - most a lot smarter than I am. It's worth it just to browse all the past topics. There's also a P&R section, but I just don't have the hours in the day to keep up with that!

    I'll also echo the thoughts on checking out youtube. Also look for 348's that are for sale that might be close enough for you to visit (maybe you're near Hoovie?). The more cars you can put eyes on, the better.

    Also you're way young - enjoy the journey - sometimes the anticipation can be better than the real thing.
     
    Thecadster and F355 Fan 82 like this.
  4. LightGuy

    LightGuy Three Time F1 World Champ
    Silver Subscribed

    Oct 4, 2004
    39,592
    Texas
    Full Name:
    David
    #29 LightGuy, Dec 4, 2019
    Last edited: Dec 4, 2019
    I afforded my first Ferrari by working every single hour of overtime offered by my Airline company.
    An added bonus is that while working you cant be spending ! ;)
    I DID drive a older depreciated cheapo Porsche 911 at the time so wasn't exactly riding a bike to work.
    PS sold it for more than I bought it for years later because I knew it had bottomed out.
    Wish I had it now !
    Probably worth more now than the 308 I "moved up" to. No regrets. The Ferrari was magical.
    If you are smart you can but a fun but appreciating car now and drive it while saving for the Ferrari.
    Older 90's Japanese sports cars is where it is at.
    I dont make the rules.

    PS expecting "The Market" to provide the money for a car in the short term is a sucker bet.
    Set your money aside safely and save for short term goals.
    For long term.... yes the stock market, real estate, bonds etc are the way to go.
    If we dont go inflationary then savings will do just fine.
     
    Nissanzx1 likes this.
  5. LightGuy

    LightGuy Three Time F1 World Champ
    Silver Subscribed

    Oct 4, 2004
    39,592
    Texas
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    David
    #30 LightGuy, Dec 4, 2019
    Last edited: Dec 4, 2019
    I'm a sick puppy.
    I actually ENJOY delayed gratification !

    But yes my main entertainment, knowledge base, and friendships are in silver.
    Spend only a small percentage of time out of there.

    This thread caught my eye. I love to see people working toward a goal.
     
  6. tbakowsky

    tbakowsky F1 World Champ
    Consultant Professional Ferrari Technician

    Sep 18, 2002
    19,344
    The Cold North
    Full Name:
    Tom
    Do not save for the car. Save for a comfortable life that can afford you the car. Do not ever allow material man made things control your direction in life.
     
    IloveGT, J-McFly, ridege55 and 5 others like this.
  7. Tarek307

    Tarek307 Formula 3
    Silver Subscribed

    Sep 26, 2018
    1,294
    Long Beach, CA & Alexandria,Egypt.
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    Tarek Salah
    I would recommend you start with a 360, probably you will have to go with an F1 Trans one but thats ok, they are A LOT OF CAR for the money and light on maintenance, belts are only about $2500 and you can find one with the F1 clutch recently done, and maybe headers also either done or a 99 where you don't have to worry about cracking manifolds..otherwise they are very sturdy great cars.

    348 & 355 are great cars but heavy on maintenance & upkeep - I have a 360 Modena as my DD its a manual trans and put 10k miles on it in 1 year total is 52k miles, the only unfortunate event is recently the cracking manifolds which i am replacing, otherwise the car has been very reliable
     
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  8. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
    Full Name:
    Grant Holthaus


    I think I will keep the funds right where they are, in a simple online savings. I have some reasonably fun stuff to drive in the meantime. Nice Signal red 92 500SL and have a Lexus LS460 for nicedays. Also have a couple motorbikes for nice weather...

    Cheers,

    Grant
     
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  9. mello

    mello F1 Veteran
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    Jul 12, 2013
    5,035
    CA Bay Area
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    Steve
    Stay single and stash your cash. You'll get it in no time.
     
  10. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
    Full Name:
    Grant Holthaus
    [QUOTE=

    It’s funny you say this because I’m married now 4.5 years. We are one of those strange couples that are on the same page with money. If I’m honest, she out earns me and pretty much trusts me to run the checkbook (which I do much more carefully then my single days). She supports the Ferrari Fund 100%, even though she’s never driven a car with a manual transmission;)

    Grant
     
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  11. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    Disagree....when my employer asks me to work ANOTHER 60 hour week, I find the drive to accomplish that by thinking how it would advance my car fund.....saving for a comfortable life isn't the carrot I want to chase when I have to get in the office at 4 AM to ride herd over employees in India.
     
  12. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    This is what I do.....it just sits in my brokerage sweep fund.......I already have all our retirement accounts, kids college fund in the market.....I like stability in my car fund.
     
  13. FrankieS

    FrankieS Rookie

    Mar 31, 2014
    16
    Switzerland
    Hi dear Grant,
    3 important points:

    - include the regular maintenance
    costs in Your calculations

    - acknowledge that some dreams
    better stay dreams
    (human relations on the long term
    are more valuable than things)

    - if You would like to accelerate
    and have a time horizon > 5 y,
    then don‘t park your money in
    a bank account but regularly buy
    these low fee ETFs with a no fee
    (currently) brokerage account
    (f.ex. Schwab, Ameritrade):
    - VOO (Vanguard SP500)
    - VGT
    - QQQ
    - IHI
    - XBI
    - FBT

    bye,
    good luck for fulfilment of Your
    dream,
    FrankieS
     
    Nissanzx1 likes this.
  14. FrankieS

    FrankieS Rookie

    Mar 31, 2014
    16
    Switzerland
    TRUE !
     
  15. FrankieS

    FrankieS Rookie

    Mar 31, 2014
    16
    Switzerland
    better switch to index ETFs
    even the pros cannot predict single stock future
     
  16. kes7u

    kes7u Formula 3
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    Oct 18, 2017
    1,136
    Shorewood, MN
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    Kevin
    But the pros CAN predict the overall market??

    Seems to me this bull market has gone on too long, based on comments here. Anyone remember a bear market???

    Kevin
     
    sgfreak96 likes this.
  17. NYFAIM

    NYFAIM Formula 3
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    Feb 22, 2015
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    Howard R.
    What's a bear market???
     
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  18. FrankieS

    FrankieS Rookie

    Mar 31, 2014
    16
    Switzerland
    (most of) the pros cannot predict short term nor long term that‘s the evidenced based situation, a pity.
    and don’t buy mutual funds (for all of them: fees too high)
     
    I'm 360 Canuck likes this.
  19. ixlr8

    ixlr8 Formula Junior

    Aug 24, 2015
    301
    Eastern Shore- Virginia
    Full Name:
    Jim
    Patience grasshopper. When I was 16 I saw my first exotic car, it was a 69 Miura and I fell in love/lust. When I was 23 I bought a 67 Miura for $16K. I kept it for 30 years until maintenance got to be too much of a headache, too many parts NLA. I SO miss that car. After I sold the Miura I bought my present 01 Ferrari 550 and a 01 Z3 Coupe. I will keep both of them until too many parts are NLA. I have no interest in the newer cars.
     
  20. AceMaster

    AceMaster Three Time F1 World Champ

    Feb 6, 2009
    34,548
    Ontario, Canada
    Full Name:
    Mike
    Excellent post
     
  21. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    7,716
    Tropical
    I would sell the SL and the Lexus ,plus you have another 3 cars ? Drop one of those.

    Can imagine you are then almost half way to your Ferrari.

    Get out and work evening and weekends to turbocharge your savings, cant spend much when your working.
     
    IloveGT likes this.
  22. F355 Fan 82

    F355 Fan 82 F1 Veteran

    Jul 22, 2006
    9,063
    So this means no wife either,right?
     
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  23. ixlr8

    ixlr8 Formula Junior

    Aug 24, 2015
    301
    Eastern Shore- Virginia
    Full Name:
    Jim
    That depends on the wife. My ex-wife and my present fiancee both had the attitude that I earned my money, it was my money to spend how I wanted. Neither of them questioned what I spent my money on, or how much I spent. I did have one girlfriend who wanted me to account for every penny I spent and questioned some of my purchases.... she didn't last long.
     
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  24. paulchua

    paulchua Cat Herder
    Lifetime Rossa Owner

    Jul 1, 2013
    15,978
    Menlo Park, CA
    Full Name:
    Paul Chua
    Welcome friend! Keep up the great work!! I found the anticipation, waiting, and shopping an integral part of the Ferrari experience.

    I liken into the courtship period with a girl you hope to marry. Or the anticipation and excitement you feel before Christmas. The journey to your final goal is often (and sometimes) even more rewarding than the final destination.

    Be well.
     
    AshAP likes this.
  25. I'm 360 Canuck

    I'm 360 Canuck Formula 3

    Nov 21, 2015
    1,911
    Ontario, The Real One in Canada
    Full Name:
    Lars!
    Try not to think about it too much...a watched pot never boils.
    I used to dream about owning a Ferrari as a kid. After I gave up on my dream and focused on other things, I one day found myself in a position to buy one.
    But I was always fairly austere...never bought new cars, bought a rental property instead, after it tripled in value I sold it and bought stocks. Multiple incomes streams is key, IMO...passive income on top of your pay check.
    Of course, I had a good job as well. And married a woman with a high paying career also, instead of a hairdresser or art student (I can say that, because I dated women with those occupations....they were great too, but income independence is attractive as well).

    in my case it wasn’t 1 single thing...it was having my iron in a lot of fires.
     
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