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Re: 22 Years Old and wanting more...
Old 06-22-2005, 01:35 PM   #41
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Re: 22 Years Old and wanting more...

Quote:
Originally Posted by comixfan

Also, get a vision statement ...
Aaaaaaaaaaarrrrrrrrrrrrrrrrgghhhhhhhhhhh!!!!!!!!

Flashback..deep breaths...just corporate mumbo-jumbo... not real.. you'll be OK... it will go a way if you just don't think about it....

Whew! That was a close one.

REW
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Re: 22 Years Old and wanting more...
Old 06-22-2005, 01:37 PM   #42
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Re: 22 Years Old and wanting more...

We might need to revisit that corporate mumbo jumbo generator thread...
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Re: 22 Years Old and wanting more...
Old 06-22-2005, 01:39 PM   #43
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Re: 22 Years Old and wanting more...

Quote:
Originally Posted by REWahoo!
Aaaaaaaaaaarrrrrrrrrrrrrrrrgghhhhhhhhhhh!!!!!!!!

Flashback..deep breaths...just corporate mumbo-jumbo... not real.. you'll be OK... it will go a way if you just don't think about it....

Whew!* That was a close one.

REW
Yeah, I'm working hard so maybe one day, I too can delete all of those annoying buzz words from my vocabulary.* sorry dude, just trying to help out a fellow overachiever.*
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Re: 22 Years Old and wanting more...
Old 06-22-2005, 03:14 PM   #44
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Re: 22 Years Old and wanting more...

Quote:
Originally Posted by Notth
When everyone thinks its a no brainer to 'flip' real estate, chances are pretty good the flare gun that signals the end of the bull market has been fired.
Ya, the equities market stinks.* It hasn't moved in 5 years.* But, boy, you just can't go wrong with real estate.* Everyone I know has made TONS of money just buying and selling real estate.* You can do it with any kind of real estate, condos, multi-family, even raw land and bridges.* * *
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Re: 22 Years Old and wanting more...
Old 06-22-2005, 03:51 PM   #45
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Re: 22 Years Old and wanting more...

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Originally Posted by retire@40
But, boy, you just can't go wrong with real estate. Everyone I know has made TONS of money just buying and selling real estate.
Slight re-write: replace the words "real estate" with 'internet IPOs' or 'tech stocks'. Shake. Wait 5 years. Rinse and repeat.
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Re: 22 Years Old and wanting more...
Old 06-22-2005, 04:43 PM   #46
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Re: 22 Years Old and wanting more...

Quote:
Originally Posted by Notth
Slight re-write: replace the words "real estate" with 'internet IPOs' or 'tech stocks'.* Shake.* Wait 5 years.* Rinse and repeat.
You can't live in an internet IPO although some wanted to after ignoring the warning signs. I never bought into the tech stock hype, because there was no underlying value and no earnings. All speculative.

There is underlying value in real estate and always will be. However, eventually even the interest only loans won't be able to support the 30% a year appreciation that we've been seeing. The real estate market is probably headed for a soft landing. In some parts of the country the ride may be a little bumpier ie Cali, NY and Fl.
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Re: 22 Years Old and wanting more...
Old 06-22-2005, 05:33 PM   #47
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Re: 22 Years Old and wanting more...

Sure. But i'm unfamiliar with any boomtown real estate regions where you can "make money for sure, everyone else has!" where the cost of the property is anywhere NEAR the underlying value.
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 07:19 AM   #48
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Re: 22 Years Old and wanting more...

Hello,
have a look at "Millioniares in the making" on www.money.com, for example at this one:
http://money.cnn.com/2005/06/13/pf/m...cent/index.htm
and this:
http://money.cnn.com/2005/05/26/pf/m...tieu/index.htm

Saving and careful plannig is the trick - and not a desire for Porsches at age of 23
Take care,
Chris
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 10:12 AM   #49
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Re: 22 Years Old and wanting more...

Quote:
Originally Posted by chris2008

Saving and careful plannig is the trick - and not a desire for Porsches at age of 23
Take care,
Chris
Ok, I'll push the Porsche to age 25
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 10:39 AM   #50
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Re: 22 Years Old and wanting more...

Aw Rite!

No guts - no glory. Do your research - find the old Porsche low production model - not too butt ugly(not a fan here) - that's hit the turn in it's depreciation curve - has a reasonable chance to become a classic - join a club and learn maintance/where the best mechanics are.

Try not to bang it up driving - especially since you have an 'appreciating?' asset.

I did manage to put my XKE off the road a few times in my Colorado days - nothing unfixable though. Sold way too early - no A/C and transferred to New Orleans.
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 10:46 AM   #51
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Re: 22 Years Old and wanting more...

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Originally Posted by geeman
Ok, I'll push the Porsche to age 25*
I was thoroughly committed to the idea of getting a Ferrari 308 (the kind Magnum P.I. drove!) by the time I was 30.* I mean, it was something just short of a religion for me.* What I found was that after years of hard work, once I could finally afford that car, I realized it just wasn't worth it to me anymore.* Once you realize the true long-term cost (especially the opportunity cost) of an expensive car, you realize what a waste they are.* I'd rather be the smart, high net worth guy driving a relative beater than the dumb, high income guy with debt driving a hot car.

As an example, if I was buying a Porsche, I would get a nice 1999 or 2000 911 Carerra 2 with a full Aero kit.* I've found great ones for sale on Ebay and Autotrader ranging from about $38k to $45k.* These are hot cars.* Of course, they primarily appeal just to other car guys, but no matter---they make you feel like a superstar.* But what if you invested that money instead?* Assuming a reasonable/conservative 8% rate of return on a 30 year investment in stocks, you could turn $40k into about $80K in 30 years.* Despite inflation, you could probably live off of that investment alone for over a year, depending on how frugal you were.* Go play around with the calculators at http://abcnews.go.com/Business/Finan...tory?id=133188

Having said all that, I have to admit that I recently bought a used Nissan 350Z.* Now I can still get my kicks playing the role of the young bachelor in a hot car, even though I didn't have to break the bank to do it.
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 11:25 AM   #52
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Re: 22 Years Old and wanting more...

Quote:
Originally Posted by SLC Tortfeasor
I'd rather be the smart, high net worth guy driving a relative beater than the dumb, high income guy with debt driving a hot car.

Having said all that, I have to admit that I recently bought a used Nissan 350Z.* Now I can still get my kicks playing the role of the young bachelor in a hot car, even though I didn't have to break the bank to do it.
Our cars reflect our values, not our net worth...
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 11:43 AM   #53
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Re: 22 Years Old and wanting more...

QuoteSharebuilder:
Sirius Sat Radio = 15 shares = ($90)
Busweiser = 5 shares = ($230)
QUOTE:

I don't know much about Sharebuilder except that it allows small investments for small fee's.
I would encourage you to keep adding bits and pieces of stock when you can, but to look for a* no cost program.* If you do some research on "DRIPS" you will find lots of deals some totally free and some not.
Here's an example of my favorite.
Cinergy (CIN)* 100% no fee!* They hold your shares for you. Invest each month from $25 and up to a max of 30K per year.* No need to invest every month or any month.* They will automatically reinvest your dividends if you like.
I got 35 shares of this company as a gift many years ago and have since made it a habit to send in my leftover money from my living expenses account each month.* Sometimes $200 and sometimes only $25, but always something.* This process also makes me a bit more frugal with the everyday cash cause it is so damn much fun to send in that check each month.* True CIN is a bit more boring than BUD, but they have been rocking lately.

Owning 5 BUD shares- -$231.20
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 12:39 PM   #54
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Re: 22 Years Old and wanting more...

My porsche was a great car to drive, while it wasnt in the shop, a lousy car to own. Hated it after a few months. Hated the flurry of tickets I got while driving it for completely bullshit stuff like 2mph over the speed limit, three 'improper starting/stopping/turning' which is the ticket they give you in MA when they want to write one for no reason that you cant fight, etc. Five moving violations in five weeks. The car was good (?) at one thing...attracting extremely poisonous women.

Drove whatever low end ferrari was being offered at the time...I think it was a mondial. Seats were too small, shifter felt like it was connected to the tranny with a long piece of rubber tubing, the trunk was laughably small, and it rode like the shocks had been replaced with concrete blocks. Hated it.

Checked out the Lamborghini Diablo. They shouldnt have bothered to put a rear window in it, you couldnt see jack out of it...and with a car like that you need to see the nice police man behind you before you do something stupid. Felt like I had been entombed in a coffin rather than sitting in a car. Same rubberized shifting mechanism. Hated it.

Actually owned a corvette for a year and half and liked that a lot better than any of the above. Rode and drove just fine and the maintenance was a lot cheaper.

I hear the new mustang, built on a chassis similar to the lincoln ls and jagoooar is a pretty sweet rider/driver at a bargain price.
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 12:52 PM   #55
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Re: 22 Years Old and wanting more...

Always wanted a sportscar myself, but have yet to buy one.* The 350Z is a great looking car, but there's no passenger room and the seats are too tight for people with broad shoulders (like me).* Overall, sportscars are fun to drive, but if you're going to own one, you better have access to a reliable sedan for more practical and mundane uses.

Of the available sedans, I fit extremely well in the 3-series BMW, but frankly, I don't want to pay the inflated prices for the car (new or used), nor the inevitable and expensive repair bills.

These days I still drive an 11-year old Honda Accord with a broken air conditioner.* Why?* Because it's paid for and gets 28 miles to the gallon.* Nobody really sees me driving it, and I don't care if it gets the occasional ding or scratch.* Low stress (except on hot days).
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 02:07 PM   #56
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Re: 22 Years Old and wanting more...

Yeah, I have a 13 year old Honda Accord right now with 200K miles. Runs great for the time being. I'm not really considering a Porsche, it's just a dream. I am looking into the new Mustang GT or a Suabru WRX...
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 02:31 PM   #57
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Re: 22 Years Old and wanting more...

Geeman,

If you want that sleek, sporty chick magnet car, buy it. But save up the money and pay in cash. It shouldn't take more than a year or two of saving some money to pay for your new car purchase. At least figure out what a car loan payment plus insurance would be for the car of your dreams. Then each month, take that much money out of your budget and leave it in your MMA or other savings account. If after 6 months of "paying" for your car you think that you want the car enough to continue paying for 3-5 more years, then buy it. You will be forced to wait 6 months to see if you want it, and you will have saved up a significant down payment on it. Personally, a new "luxury" car would be just that, a luxury, and I wouldn't use credit for it (unless the terms are right...).

Look at a 1-3 year old car first though. It can save you a ton of your hard earned $$, and you still have a decent, relatively new car.
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 03:01 PM   #58
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Re: 22 Years Old and wanting more...

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Originally Posted by justin
Geeman,

If you want that sleek, sporty chick magnet car, buy it.* But save up the money and pay in cash.* It shouldn't take more than a year or two of saving some money to pay for your new car purchase.* At least figure out what a car loan payment plus insurance would be for the car of your dreams.* Then each month, take that much money out of your budget and leave it in your MMA or other savings account.* If after 6 months of "paying" for your car you think that you want the car enough to continue paying for 3-5 more years, then buy it.* *You will be forced to wait 6 months to see if you want it, and you will have saved up a significant down payment on it.* Personally, a new "luxury" car would be just that, a luxury, and I wouldn't use credit for it (unless the terms are right...).

Look at a 1-3 year old car first though.* It can save you a ton of your hard earned $$, and you still have a decent, relatively new car.*
This is the exact strategy I followed.* I saved for 6 months, then used a "home equity car loan" to pay for the remainder, which wasn't too much.* The loan is actually at a lower rate than my mortgage, and also tax deductible.

Of course, I still feel somewhat guilty about it, because as much as I love my car, it's dragging my net worth down, rather than pumping it up.
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 03:22 PM   #59
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Re: 22 Years Old and wanting more...

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Originally Posted by SLC Tortfeasor
Of course, I still feel somewhat guilty about it, because as much as I love my car, it's dragging my net worth down, rather than pumping it up.
This is why I haven't bought the new(er) car. My parents once owned a 1979 240D Mercedes sedan. After my parents were done with it in the mid-80s, each of the kids drove it. Finally, in 2001 or 2002 (I forget exactly), one of my sibilings totaled it in an accident.

I think my parents got their money's worth out of the car (22 or 23 years). Don't you?
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Re: 22 Years Old and wanting more...
Old 06-23-2005, 04:03 PM   #60
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Re: 22 Years Old and wanting more...

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Originally Posted by Notth
Sure.* But i'm unfamiliar with any boomtown real estate regions where you can "make money for sure, everyone else has!" where the cost of the property is anywhere NEAR the underlying value.
So you've been looking at property for investment in your area?* I bought a nice condo in Florida on the water (near Sarasota) for about 60% LTV recently.* As far as underlying value goes, if I can rent it out for more than I'm buying it for with a conventional loan and no money down, then it's underlying value is sound.* It can be done, although it's not easy by any means.

And there are tons of deals to be had in non boomtown real estate regions of the country (like where I'm at in Alabama).
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