Manifold

Making good financial decisions doesn't have a lot to do with 'smartness'. It has more to do with knowledge, discipline, emotions, willingness to do financial analysis, whether one is a 'planner', etc.

Having said this, here's what ChatGPT says:

What is the relationship between "smartness" and making good financial decisions?

ChatGPT
"Smartness," intelligence, or cognitive ability is one of several factors that can influence the quality of financial decisions a person makes, but it is not the only one. Here’s a breakdown of how intelligence relates to financial decision-making, as well as other contributing factors:

Intelligence and Financial Decisions:

1. Information Processing:
   • More intelligent individuals may be better able to process complex information, such as understanding the implications of interest rates, investment risk, and market trends, which can aid in making informed financial decisions.
2. Learning Ability:
   • People with higher cognitive abilities are often better learners, enabling them to adapt more quickly to new financial information and concepts.
3. Problem Solving:
   • Intelligence can aid in recognizing patterns and solving problems, which is beneficial for navigating financial challenges and opportunities.
4. Future Orientation:
   • Higher cognitive abilities are associated with a greater ability to delay gratification and plan for the future, leading to more savings and better financial planning.

Other Influential Factors:

1. Financial Literacy:
   • Knowledge about personal finance, budgeting, investing, and risk management is crucial for making sound financial decisions, regardless of intelligence.
2. Emotional Regulation:
   • Being able to manage impulses, resist temptation, and make decisions calmly and rationally is key to good financial decision-making.
3. Risk Tolerance:
   • People's willingness to take financial risks varies and can impact the financial decisions they make.
4. Socioeconomic Status:
   • A person's background, education, income, and environment can significantly influence their financial behavior and access to financial resources and opportunities.
5. Behavioral Biases:
   • Even intelligent individuals can fall prey to behavioral biases like overconfidence, loss aversion, and herd behavior, leading to suboptimal financial decisions.
6. Motivation and Goals:
   • The drive and desire to achieve financial goals can influence the effort people put into managing their finances, regardless of their cognitive abilities.
7. External Influences:
   • Advice from friends, family, or financial advisors and the prevailing economic conditions can also impact financial decisions.

Conclusion:

While there is some correlation between intelligence and the ability to make good financial decisions, it is not a strict determinant. Many people who are considered highly intelligent may make poor financial choices, and those with average intelligence may excel in managing their finances. A balanced approach, incorporating knowledge, experience, emotional regulation, and appropriate advice, is often key to making sound financial decisions. Financial education and literacy are crucial components, enabling individuals to understand and navigate financial landscapes effectively, irrespective of their cognitive abilities.

3-Pedals

I’m sorry Manifold but ChatGPT & intelligence and making conclusions dont really jive lol. I actually have a higher eduction credentials in comp sci & mathematics and know a bit more about “AI” and there is nothing really intelligent about it in a way you and I are intelligent. Its a bit marketing strategy. Not trying to offend you but the last venue I would visit for advice is ChatGPT even if my life dependent on it

Manifold

I disagree, as do many bona fide experts in AI. It's not totally reliable, sometimes does dumb things, and sometimes makes things up, but the same can be said about people (some of whom you describe as "not very smart").

3-Pedals

That's fine, don't want to turn this into AI debate. Let's move on.

jabwind51

I think an MSRP purchase (somehow!) or even 20-30K is not a bad investment. Gluck getting one and when they go electric? 10 years from now? The only GT4RS? Especially since we will have 992.2 GT3 AND GT3RS. Much bigger cars as well.

Plus, has everyone speculating actually driven this car??? It’s the most ridiculous car ever. And I have owned GT4 and GT3 previously. Anecdotal of course but this is all opinion anyway.

3-Pedals

I have a GT3RS with a full dundon setup. I used to have crack pipe on my car. GT4RS is louder than that setup which is simply intolerable. You literally have temporary hearing loss after driving GT4RS. I drove one and I personally would only own this car (if my allocation happens) as a 3rd sports car to drive once in a while. Once the novelty wears off, its a bit tough pill to swallow. You cant have a conversation with your passenger.

jabwind51

Agree that the car is LOUD. Not the best for audiophiles listening or even audiobooks. Not the car for that. Not a daily driver car.

But my wife and I took 4 hr drive yesterday where she took turns driving. Over 75MPH it is a little hard to hear. Although she still managed to put on broadway tunes that we could hear lol. Definitely no PDK sport or above 80 MPH if you wanna enjoy a good conversation.

3-Pedals

Imagine driving this car 200 miles/week for 2 years. I dont think any sane person would do this. If you are young, single or recently married and no kids, etc maybe its a fun car to experience. But this isnt a GT3 that you want to own for 5 years and put 30,000 miles. People do that with GT3s and even GT3RS (I drive mine 4500 miles/year). I dont see myself doing it with this car and I consider myself on the far high end of the extreme. I kept that crack pipe in my GT3RS for almost a year. It was blowing 110 db inside the cabin WOT.

This is also why I think once the novelty wears off, the market will have higher supply of this car.

Take a look at the 992 GT3 market. Way too many cars now. Novelty did wear off and most people find it too stiff, too big, too unnatural 911 like, etc etc. Those who spent $75k over for them now are given below MSRP in trade (fact - local owners). This is still a cayman and actually the price point it is in makes it a very less attractive proposition. Most people will take a manual GT3 over this for the same price.

jabwind51

Well, I don’t think the novelty of this car will ever wear off. One and done kinda car.

But I do agree about a GT3 being a car you can drive high mileage. I would also say there are very few people that do this considering the times they change hands. That’s what my GT3 felt like but yet this car persuaded me otherwise to try something new. I like to enjoy HPDEs on the cars and only drive on weekends so a loud crazy car fits the bill. I drive the Macan every day.

Your mileage will vary.

3-Pedals

Novelty of the car will wear off for people who buy this car because its the newest coolest car. These people
would otherwise not be able to tolerate a GT car. They unfortunately make up a big chunk of the GT market because they are financially well off. I have pretty extensive network of dealers/Gt Car owners and I am telling you probably less than 10% of owners that I know (or heard of through dealer staff) are like the Rennlist enthusiast crowd type of person. You would think they have no business in riding in a GT car, even as a passenger.

Manifold

4RS is a polarizing car.

Some people bought one and don't like it, hoping to sell it for way over MSRP.

Some people love it, some even think it's the best thing ever.

I've driven one a couple times and I like it enough that I'll buy one at MSRP if I get an allocation. Wouldn't pay over MSRP for it, but I wouldn't pay over MSRP for any Porsche allocation - they're already expensive enough at MSRP, IMO. 3RS also sits at a considerably higher MSRP, so it SHOULD be better.

4RS is loud when you're on it, but I didn't find it to be too loud when just cruising around. It's the highest performing mid-engine Porsche you can buy, and that has appeal for a lot of people.

Like 3-pedals, I have a 991.2 3RS, and I think the 3RS is more special than the 4RS.

3-Pedals

It is more special, its much more dialed in and a proper race car. No doubt. And price reflects that (msrp vs msrp).

jabwind51

I think part of the MSRP price point comparison has to be made when 4RS is 5-6 years old.


Maybe some of this conversation comes down to are you a 911 person? Or are you mid engine? Or are you never a “Cayman” person?

Manifold

Yeah, I think the 4RS was 'held back' so as not to surpass the 992 GT3, was not allowed 'to be all it can be' as an RS car. And the 4RS is priced accordingly. Comparing Porsches, you tend to get what you pay for at the various MSRP price points.

Manifold

You can be both a 911 and Cayman person, and an other brands person. Many people are, including me. Engine placement changes the dynamics, but they all work well, just different personalities.