What age (and what SES) is right for owing your first Porsche?
08-01-2005, 03:23 PM
#61
Track Day
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The best thing for you to do, is invest in real estate.... Im in Beverly Hills, myself, but I've been investing in south Florida for the past 7 yrs, and its a seller's market over there. I currently have 5 different properties all over the florida pan handle. That is after my investment properties, because after 4 yrs I already made a huge enough return on appreciation values alone. Go to south florida, have a look at properties in Deerfield or even Delray or Lakeworth, and go for something in the mid 300 thousands... If you keep the home for about a yr or 2, you can sell it and make yourself atleast 100,000. There is your cash...go buy the Porsche of your dreams.
The reason im optimistic about that is because appreciation is a gurantee if you buy in a key area, down there. Like I said, it is a seller's market, so if you buy a place for atleast 350,000, you should be able to sell it for 400,000 in 6 months only, but if you wait a yr or 2 yrs, expect more of a return (i.e up to 150,000).
Gather your accounts (your wife's and yours) and make the decision together as in the beginning, if you dont have that much to put down, it will only make your payments that much higher, also meaning you may want to find renters to pay for that second mortgage. Otherwise, if you can afford a second mortgage for atleast 6 months, I recommend finding renters during that 6 months, to rent for the rest of the yr or possibly longer.
Otherwise for now, do not go for the Porsche you dont totally want. And dont go for just any Porshe, just because it is a Porsche... Take care of the family first and make sure everything is comfortable. Get the Porsche out of instinct, not question. This is why I brought up the investment route, because once you make your return from it, you wont need to take money from the family income. and you can also payoff your current home slightly quicker.
My recommendation is, if you cant afford to invest now, then dont do it. But when you think you can afford the Porsche, DONT buy it... With that money, you should invest FIRST...and then use your return, for the Porsche. That way it will be more out of instinct. Investment is always better to execute first, because with more money, you will be able to get exactly what you want, and still keep the family pleased.
The reason im optimistic about that is because appreciation is a gurantee if you buy in a key area, down there. Like I said, it is a seller's market, so if you buy a place for atleast 350,000, you should be able to sell it for 400,000 in 6 months only, but if you wait a yr or 2 yrs, expect more of a return (i.e up to 150,000).
Gather your accounts (your wife's and yours) and make the decision together as in the beginning, if you dont have that much to put down, it will only make your payments that much higher, also meaning you may want to find renters to pay for that second mortgage. Otherwise, if you can afford a second mortgage for atleast 6 months, I recommend finding renters during that 6 months, to rent for the rest of the yr or possibly longer.
Otherwise for now, do not go for the Porsche you dont totally want. And dont go for just any Porshe, just because it is a Porsche... Take care of the family first and make sure everything is comfortable. Get the Porsche out of instinct, not question. This is why I brought up the investment route, because once you make your return from it, you wont need to take money from the family income. and you can also payoff your current home slightly quicker.
My recommendation is, if you cant afford to invest now, then dont do it. But when you think you can afford the Porsche, DONT buy it... With that money, you should invest FIRST...and then use your return, for the Porsche. That way it will be more out of instinct. Investment is always better to execute first, because with more money, you will be able to get exactly what you want, and still keep the family pleased.
08-01-2005, 04:01 PM
#62
Originally Posted by Giorgio_Pazuero
The best thing for you to do, is invest in real estate
I'm sure if he had a spare $350k or so laying around he would already be driving that Porsche. I'm fortunate enough to have the Porsche covered, but if I was about to invest big bucks in speculative real estate, the wife would veto that in a minute to get the vacation home she wants. It takes tremendous discipline to make investments before other luxury "needs" are met.
08-01-2005, 04:35 PM
#63
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Originally Posted by WCE
I don't doubt that this is good advice, but to use a couple of cliches, "you need money to make money", and "the rich get richer...".
I'm sure if he had a spare $350k or so laying around he would already be driving that Porsche. I'm fortunate enough to have the Porsche covered, but if I was about to invest big bucks in speculative real estate, the wife would veto that in a minute to get the vacation home she wants. It takes tremendous discipline to make investments before other luxury "needs" are met.
I'm sure if he had a spare $350k or so laying around he would already be driving that Porsche. I'm fortunate enough to have the Porsche covered, but if I was about to invest big bucks in speculative real estate, the wife would veto that in a minute to get the vacation home she wants. It takes tremendous discipline to make investments before other luxury "needs" are met.
you're absolutely right. You do make a good point.
08-04-2005, 12:33 AM
#64
Race Car
You are approaching the problem in the wrong order.
First get the Porsche.
Second talk about and plan expanding the family.
And finally, only after 1 and 2, have the children and take the solemn oath of poverty to raise them properly.
When you already have a Porsche in the garage as part of the family, it is easy to set a limit on the number of children to 2. Sorry Boxter owners, your car says that you are to be dual income and no kids.
I bought a Porsche 10 years ago and took the solemn oath 7 years ago. My wife hasn't had to work since but I will not likely see another Porsche in my garage until my "SES" reflects that I am an empty nester.
With 3 kids, I broke my own rule. I still get to keep my Porsche in the garage - but now I have to pay insurance and maintenance on more than 2 vehicles.
Stick with the rules folks!
First get the Porsche.
Second talk about and plan expanding the family.
And finally, only after 1 and 2, have the children and take the solemn oath of poverty to raise them properly.
When you already have a Porsche in the garage as part of the family, it is easy to set a limit on the number of children to 2. Sorry Boxter owners, your car says that you are to be dual income and no kids.
I bought a Porsche 10 years ago and took the solemn oath 7 years ago. My wife hasn't had to work since but I will not likely see another Porsche in my garage until my "SES" reflects that I am an empty nester.
With 3 kids, I broke my own rule. I still get to keep my Porsche in the garage - but now I have to pay insurance and maintenance on more than 2 vehicles.
Stick with the rules folks!
04-14-2006, 01:16 AM
#65
The Impaler
Rennlist Member
Rennlist Member
Im 17. When my grandfather died 3 years ago he left me a 66 mustang we had rebuilt together, and for the past year I have been set on not selling the car, but the pressure from my family made me cave in, under the sole condition that I am able to get a car that I WANT... so am having a broker sell the car hopefully somewhere above 25k and i just picked up my dream car... 88 944 Turbo S... in great shape too, for 13k. as soon as i get it back from the body shop (i was hit in a parking lot FIRST DAY) i\I will have some pictures up... It's nice having no financial obligations so im trying to enjoy it while I can. I really feel like I have respect for the car I just wish I had the tools to work on it myself ):
when I have to take it to the shop for problems I cant fix because I dont have the space or tools im going to feel like a yuppie.
when I have to take it to the shop for problems I cant fix because I dont have the space or tools im going to feel like a yuppie.
02-26-2011, 04:48 AM
#66
Racer
Thread Starter
Update: I am now 41, my boys are 8 and 5, and my marriage is intact. Have held a steady job throughout the great recession, even though my SES and income have not changed significantly. But, after battling Bank of America for 2 years to get a mortgage modification, I got an interest rate reduction from 5.875 to 3.00 to make the payment affordable (well at least more affordable- its still going to be 3.8k per month here in the Bay Area for a 1200 square foot house- but at leasts $700 less than before, and that now includes interest and principal). Last summer I took out a 2.99% loan for the Porsche using Penfed by re-financing my own Van which was paid off, but the car I had wanted failed the PPI so waited patiently until now for the right one to come up, with the money from the loan safely in the bank.
So.... after 7 years of searching, and 5 years after this post, I finally pulled the trigger. Did everything my wife wanted including taking her to Europe (France and Venice), getting a better paying job, getting Oracle certified, and on top got on top of my food addition and lost 100 lbs (went from 260 to 160), got my stock trading addiction under control, and a host of other things. I am a new man, and in part the incentive of a Porsche helped make it happen.
Its a 1987 911 G50 Targa in Guards Red with rebuild, recent clutch, fresh Bilstein & Elephant Racing suspension, Roll cage, Recaros, Chip, Polished 7&8's 16's with a set of 7&8 15's and slicks, 964 tail and the original tail, and the list goes on. The guy I bought this from (a Pelican, I'm on pelican too) looked for 10 years. Since it took me 7 years I am naming this car Rachel. I have a pic, but I can't seem to upload it directly here right now, will post to imageshack and reference the pic tommorow.
So.... after 7 years of searching, and 5 years after this post, I finally pulled the trigger. Did everything my wife wanted including taking her to Europe (France and Venice), getting a better paying job, getting Oracle certified, and on top got on top of my food addition and lost 100 lbs (went from 260 to 160), got my stock trading addiction under control, and a host of other things. I am a new man, and in part the incentive of a Porsche helped make it happen.
Its a 1987 911 G50 Targa in Guards Red with rebuild, recent clutch, fresh Bilstein & Elephant Racing suspension, Roll cage, Recaros, Chip, Polished 7&8's 16's with a set of 7&8 15's and slicks, 964 tail and the original tail, and the list goes on. The guy I bought this from (a Pelican, I'm on pelican too) looked for 10 years. Since it took me 7 years I am naming this car Rachel. I have a pic, but I can't seem to upload it directly here right now, will post to imageshack and reference the pic tommorow.
03-27-2011, 10:26 AM
#68
Rennlist Member
Awesome thread enjoyed reading it all and half way thru I wondered if you'd ever come back in the end with a Porsche. Congrats!
And how is that Odyssey running! Still got it? We have one for our people mover - they are great.
And how is that Odyssey running! Still got it? We have one for our people mover - they are great.
