View Poll Results: Responsible Net Worth for owning a $150K sports car?
$500,000
35
16.51%
$1MM
39
18.40%
$1.5MM
26
12.26%
$2MM
50
23.58%
$3MM+
62
29.25%
Voters: 212. You may not vote on this poll
Responsible Net Worth for owning a $150K sports car?
10-12-2013, 09:53 PM
#46
Rennlist Member
So if you had a house worth $3M and a $400K mortgage, you would not buy a $100K 991?
That's why generalizations and internet advice isn't worth very much. In the US you can deduct your mortgage for a tax break, so you may choose to have one even if you could just write the check and not have one.
when I bought my first 911 I was 28 and single. And same for my second. Once you have kids, game changes. $200K each for college plus 18 years to get there. You cannot say what NW you need. It depends on age, commitments and responsibilities.
My advice buy a 911 when you are young and doing well. Work hard and have assets and income streams that allow you to still have one, when you get married, own a home and have kids. At this stage, you need enough assets or cash (balance sheet) and income to take care of essentials and save for retirement, BEFORE you get one. A 911 now should not factor in to your financial situation. So if you have to worry about the $1,500 a month payment or the cash to just buy it, you shouldn't do it. You should be able to get out easily (payoff your remaining lease payments) or sell it if something unforeseen happens, without it affecting your life.
So no matter what, a 911 (toy, hobby) should not tax you financially. If you have commitments, You should be able to unwind it - no matter how - if you need to, with no pain.
That's why generalizations and internet advice isn't worth very much. In the US you can deduct your mortgage for a tax break, so you may choose to have one even if you could just write the check and not have one.
when I bought my first 911 I was 28 and single. And same for my second. Once you have kids, game changes. $200K each for college plus 18 years to get there. You cannot say what NW you need. It depends on age, commitments and responsibilities.
My advice buy a 911 when you are young and doing well. Work hard and have assets and income streams that allow you to still have one, when you get married, own a home and have kids. At this stage, you need enough assets or cash (balance sheet) and income to take care of essentials and save for retirement, BEFORE you get one. A 911 now should not factor in to your financial situation. So if you have to worry about the $1,500 a month payment or the cash to just buy it, you shouldn't do it. You should be able to get out easily (payoff your remaining lease payments) or sell it if something unforeseen happens, without it affecting your life.
So no matter what, a 911 (toy, hobby) should not tax you financially. If you have commitments, You should be able to unwind it - no matter how - if you need to, with no pain.
10-20-2013, 11:34 PM
#47
5th Gear
Join Date: Nov 2012
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Porsches are available at all price points. One thing is invariable: they are always the best available technology for the period. My advice: don't wait. There's something out there to fit your budget. You will never regret buying now. You will regret buying too late.
10-20-2013, 11:56 PM
#48
Rennlist Member
Funny but entertaining thread.
Hey, you know, with the current administration running the show I'm sure Porsche Financial will start accepting EBT cars sometime soon!
Told my wife I'm going to pick up a new 911 and she said fine. The only child syndrome. Just spend the college of the second child you never had on yourself and enjoy.
Hey, you know, with the current administration running the show I'm sure Porsche Financial will start accepting EBT cars sometime soon!
Told my wife I'm going to pick up a new 911 and she said fine. The only child syndrome. Just spend the college of the second child you never had on yourself and enjoy.
10-29-2013, 03:40 AM
#50
10-29-2013, 10:20 AM
#51
Funny but entertaining thread.
Hey, you know, with the current administration running the show I'm sure Porsche Financial will start accepting EBT cars sometime soon!
Told my wife I'm going to pick up a new 911 and she said fine. The only child syndrome. Just spend the college of the second child you never had on yourself and enjoy.
Hey, you know, with the current administration running the show I'm sure Porsche Financial will start accepting EBT cars sometime soon!
Told my wife I'm going to pick up a new 911 and she said fine. The only child syndrome. Just spend the college of the second child you never had on yourself and enjoy.
10-29-2013, 01:57 PM
#52
Intermediate
Join Date: Oct 2013
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Everyone is different - but clearly people around here are pretty financially saavy. I'd say maybe 2 mil net worth including ur primary residence and a solid six figure yearly cash flow.
10-30-2013, 02:51 AM
#53
Rennlist Member
check with Suze Orman
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tomingrassia (12-14-2021)
10-30-2013, 12:13 PM
#54
Burning Brakes
I think this is one of biggest *****-measuring threads posted in a while. Didn't any of your dad's ever tell you it wasn't polite to talk about how much money you make?
I hang out with you guys because you have Porsches, not because of your bank account.
I hang out with you guys because you have Porsches, not because of your bank account.
10-30-2013, 02:22 PM
#56
10-30-2013, 04:14 PM
#57
Instructor
Join Date: Mar 2004
Location: Chicago
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exactly! this is one of the most irrelevant threads i've ever had to unsubscribe from. 
11-01-2013, 09:42 AM
#59
