mistergin

I'm looking at a new SC430 for next year. I'm a RE agent and it's part of my goals for next year, to buy myself a great christmas present.

I'm 23 and am curious, how did you guys pay? I'd be paying in cash to avoid big car payments, don't want to spend a dollar more than 60, so I may go slightly used.

How old are you guys, what do you do, and how did you pay for the car? Did your parents help, etc? I grew up dirt poor and now support my mom who needs the financial assistance so no parental assistance, but I do know it makes it easy if dad wants to chip in 40k or whatnot So don't forget to mention any parental arrangements

JCtx

Did you mean to click on the 'toyota' forum? Just curious. We're the 'daddies' now.

JC

Doc C

If you're a saavy negotiator and patient, you should be able to go new for slightly less than 60 or right at it. I financed mine, paid a large downpayment. Hell, when I was 23 I was definitely not driving anything like an SC. Congrats to you. It's a fantastic car.

Doc C

mistergin

LOL well I just moved to a new Real Estate team and at the moment I'm driving an 02 hyundai accent and worrying about debtor's chasing me. I've got a bit of money tied up in transactions, but the good money won't be coming around until January since I joined up so late in the year

But yep, I meant the Lexus forums I'm also a daddy, but you never know, I've met some 23 year olds who still have parents buy them cars, or at least donate quite a bit for college graduation presents, etc.

Jayson

I know some 33 year olds that still have their parents buy them cars! What is that my "Millionaire Next Door" book says? EOC is the number one mistake parents make when they want to help out their children...that is Economic Outpatient Care.

I must ask this, please forgive me if it seems to lack tact. Why must you buy yourself a $60k car as a present to yourself? I come from a real estate family and know first hand about the peaks and valleys of your commission paychecks. Why blow it on such a large depreciating asset? Why not use that real estate knowledge and buy yourself some land?

sc430blue

I come from a commission sales background as well, I took one of my checks and put a large down payment on the car and financed the rest. I always believe it is best to use someone elses money whenever possible. Once consideration would be to put as little down as possible and finance through a home equity line......at least the interest would be tax deductible.

Weny

mistergin

Well I have the land thank goodness, bought my first home at 21 and it's the best investment I've ever made. It's not so much a "present" to me, but more of something to look at and think, "that's why I work as hard and smart as I work", everytime I get into it.

I downgraded from my last car to this hyundai. I told myself that I'd drive something with 4 wheels, a warranty, and a/c until I could pay off all of my consumer debt (cars + credit cards/loc's) and save enough cash for the car.

Just like Kiyosaki mentioned in his book, he bought the mercedes from the profits his assets brought in. I plan to have enough income generating streams (big referral base for other venders that don't deal in RE) by that point to justify the purchase. I already have one built up (not including my RE business)

Doc C

That's an excellent reason. I mean, I think we all try to invest wisely and be smart with our money, but I bought my SC for the same reason. I bust my *** everyday and it's a little reinforcement/reward that makes me smile. When you spend 8 years in college and spend every cent of profit back into your business for years, it's nice to buy something for the simple enjoyment of it. If you go into it knowing it's NOT an investment, and it's NOT going to appreciate, then you consider it an entertainment expense and have fun. As long as your children aren't starving and you have a reasonable amount set aside for your long term financial health, go for it!!!! I hope you get an SC430. You're young and have plenty of opportunity to make money on real estate and other investments. Whatever you do, get rid of that freakin' Hyundai!!!!!

Doc C

mistergin

Thanks Doc!

LOL, the Hyundai stays though! Been more reliable than my last Honda (2k accord) so far and makes an excellent beater

1ton

I am 28, I've owned 3 Lexus (or is that Lexi or Lexuses?? I digress). Everyone always thought that mommy or daddy bought my cars for me, they did not want to believe that a female in their twenties can afford these cars. I work hard just like everyone else and invest my money wisely. I have a lot in investments (rental properties, stock, 401, etc).

I bought a used SC. I don't regret it at all. New ones in FL are selling like hotcakes so they are not willing to deal. I drove a new one for a test spin and it was sold when I came back. A new one plus tax, etc would cost me a little under $70K. I got a 2002 for 50K out the door. I put 30K down and financed 20K at 4.9%. It is up to you what you want to do as far as financing. If you can use your extra money to invest something that will return more than what you are borrowing at, why not invest it. That's what the investment game is all about.

JCtx

Man, this looks like a toyota crowd. SC buyers are supposedly on their high 50s, income above $175K a year, etc. etc. Didn't mean to be an a$$ on my first response, but I thought I was one of the youngest here at 41. At 22 I was working 3 jobs to pay for my last year of college and driving a pinto.
I was raised in Mexico City, and don't believe in 'owning' something unless it's paid for, including my house. Therefore I've always owned whatever I can afford to pay cash for, and new (can't stand used; prefer a new civic than a used BMW). And the word 'afford' doesn't mean I just have the money in the bank and no substantial cash reserves. Took me a while to buy my first house because I paid cash for it, but that was the best decision we've done in our life (especially for my health). After we bought our house, my wife stopped working and started our family, just like we planned (15 years married, and going strong). With cars and house paid for, very good salary and very little expenses, I finally was where I wanted to be. After I bought a nice house and two cars for my folks, then I started thinking on splurging a little on myself (other than motorcycles, my first splurge was a '96 SC400 for my 34th birthday).
My advice to young people is to just work hard and honestly, and save your money. If I had bought an SC when I was in my 20s, I could have never been able to jump on an opportunity that let me be where I'm today. There's time for everything in this life; set your priorities straight. And at the very least you should have enough cash on hand to survive a year without income (you can really 'afford' anything after that). This is the end of my 'daddy' talk guys.
Good day to everybody (no more 'gentlemen' because we have a lady here). Sorry for my first response again.

JC

mistergin

Heya JC!

My mother was from Chihuahua. Not nearly as far south, but some of her ideals carried over when she made the move in her teen years.

that's what I'm trying to get at here though I'm trying to find the median income, job type, and type of financing (cash or finance). By the end of next year, I should be making about as much as you outlined so I will fit one part of the demographics

I may end up financing it if it proves wise from a tax standpoint. the net cash earned could really determine that I believe, but I'll have to contact my CPA to see if it'd be allowed.

Back on topic though, let's keep posts to these 4 questions:

What do you do?

How much do you make?

How did you buy your 430?

Did you have any help financially?

I'm really curious to get a perspective here, I've seen a lot more 20 year olds than I would have thought, so you are not the only one suprised!

LexPro

I think i may be the youngest at 26. I got mine shortly after my 25th Bday.

1. see below
2. enough
3. lease
4. no

Gekko

MILLIONAIRE NEXT DOOR

1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is much more important than displaying high social status.
4. They do not chase status symbols.
5. They minimize their realized (taxable) income and short-term capital gains and investment costs and they maximize their unrealized income and long-term capital gains. (Tax-Free Money Market Funds, Tax-Free Bond Funds, Tax-Efficient Stock Mutual Funds, and Long-Term Holding of Individual Stocks)
6. They systematically "pay themselves first".
7. They chose the right occupation.
8. Their parents do/did not provide economic outpatient care.
9. Their adult children are economically self-sufficient.
10. They are proficient in targeting marketing opportunities.
11. They buy their cars and drive them for a long time. You aren't what you drive.
12. They never purchase a home that requires a mortgage that is more than twice their household's total annual realized income.
13. They are their own favorite charity.


RICH DAD, POOR DAD

1. The poor and the middle class work for money. The rich have money work for them.
2. Rich people acquire assets. The poor and the middle class acquire liabilities, but they think they are assets. An asset is something that puts money in your pocket, a liability is something that takes money out of your pocket. The rich buy assets and the poor only have expenses.
3. Poor people buy liabilities to look rich. Rich people buy assets to get richer.
4. The rich get richer because they continue to do things that make them richer. The poor get poorer because they continue to do things that make them poorer.
5. Rich people learn how to manage risk. Poor people are afraid of risk.
6. An intelligent person surrounds himself with people who are more intelligent than he is.
7. Wealth is accurately measured by a person's ability to survive so many number of days forward without working. Or stated another way: If you stopped working today, how long could you survive? Wealth is determined by Net Worth, NOT by income. You can have a huge income, but still be poor.
8. You can never be too rich.
9. Rich people buy luxuries last, while the poor and middle class buy them first. Assets buy luxuries.
10. Once a dollar goes into your asset column, never let it out. It becomes your employee. The best thing about money is that it works 24 hours a day.
11. A house is not an asset - it is a liability. It produces no income, only expenses. (Mortgage, Interest, Taxes, Insurance, Maintenance, Utilities, Furnishings). Don't be "House Rich and Cash Poor".
12. Building wealth is like planting a tree. You water it for years and then its roots grow deep enough that it takes care of itself. Then it provides you a nice shade to rest under and it takes care of you.
13. A true luxury is a reward for investing in and developing a real asset. Buy yourself nice luxuries but make sure you have earned them and can pay for them first.
14. Rich people invent money.
15. Great opportunities are not seen with your eyes but with your mind.
16. Many people are one skill away from great wealth.
17. Rich people talk about money and learn from other rich people. The poor do not.
18. Don't let life or people push you around. Don't quit. Fight!
19. Don't blindy follow the "conventional wisdom". Have the courage to "go against the flow".
20. It's not what you make that counts, but what you save and invest.
21. Don't listen to poor or frightened people.
22. Master a formula and learn a new one.
23. Rich people take advantage of economic downturns. Rich people take advantage of opportunities.
24. Rich people don't make excuses for their financial success or failure.
25. Mind your own business. Think of your household as your own business. Profit vs. Loss and Assets vs. Liabilities. It's "You, Inc.".
26. Advice for those of you in debt: If you find that you have dug yourself into a hole, STOP DIGGING!
27. He who has the gold makes the rules. The rich make the rules.
28. Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth. The reason positive thinking alone does not work is because most people went to school but never learned how money works, so they spend their lives working for money instead of having money work for them.
29. Don't turn yourself into a slave to money and liabilities. Choose power and freedom.
30. You always want to make sure you'll be cash-flow positive in any prospective real estate investment. Your rents collected should always, at minimum, cover your mortgage and expenses even while you're building equity.

Doc C

Gekko,

Can you Email me a copy of that last post. It's excellent. My email address is cnapolk@aol.com. Thanks.

Doc C