[DrivenByE30]

Today's discussion

He and his wife wants a bmw, but they really need to keep their working mazda ...

altogether, we can help them...

Let's go... and welcome Morizzle! (the fact that you are here, means that you already have one foot in the door... dont worry, it wont be long until you are behind the wheel of a BMW, and with a huge ..... .... smile

can't guarentee that of your wife ... you are on your own ... GOod Lick

PS: Luck too.

[RedlineSi]

Again, the locations are going to give you mixed results. While the CAD has been stronger the last few years, just 10 years ago it was nearly half the value of the USD.

Anyways, like most said, if you can afford it, you can afford it, period. That amount changes with each person, along with where you live, your costs, family, etc.

[sunxnus]

Originally Posted by Yay-Z

Can't believe we're discussing buying 'needs' not 'wants' on a BMW forum.

Feel like I'm on camryforums.com

Maybe it is time to wake up?

[Sy546]

Originally Posted by walile

If you think buying a nice car is losing money, then perhaps you fail to appreciate the finer things in life. Thus, a car is simply a transportation device that gets you from point A to B.

But it can be more than that to some, thus they are not losing money but rather spending money in exchange for positive utility. You also fail to account for the latest passive and active safety improvements that you benefit from your new car. So, it's not just about the bling. If I have wife and kids, I will put them in the 5 series simply because it is one of the safest car today and the bonus being that I will really enjoy driving it.

I am really curious as to why you are here instead of looking for a 92 Honda Civic on Autotrader? This is an honest question and not intended as an insult. Because seriously that sounds more like your cup of tea than the new 3.

I drive a 1M and just bought an Exige s240. Also have an s2000 and a GTI that i gave to a relative.

That being said. I LOVE cars. It's my main thing i spend on (that and watches). Sorry but i don't think just spending more money on a car means more fun or enjoyment. I can afford a ferrari but you don't see me going out and buying one right now. Because i rather invest; etc. Ill have the more expensive cars when the time comes.

All I'm saying is live within your means. When i was 18 i bought my first car. My s2000. i had a blast in that thing and still do compared to any $50k besides the 1M. You can buy "nice" & "sporty" cars in almost every price range.

If i had always just wasted money on a car i wouldn't be at the point of my life where i can afford having multiple toys costing me almost $150k, I would be at the same income level making enough to barely afford my 1M .

This is the exact problem with people in America. We want everything NOW NOW NOW. We don't want to wait or save for the finer things in life. But hey what works for you might be what is best for you. For me saving and investing, has paid out great dividends. Results speak for it self. I'm 22, debt free, own some properties, and have the toys that i do, while still saving.

[DrivenByE30]

22 and living like 50 with great investments baggages...
(1M, Exige, S2000, GTI, watches... Ferrari if you wanted to....)

you know something you are not sharing with us...

sounds like you have a lot to teach us... care to enlight us?

I am willing to learn your discipline...

What's the next step after "Rich Dad, Poor Dad", especially when we didnt start investing when we were 14, or living on Long Island?

I am not doubting you, i am in fact real happy for you, you belong to a lucky creative generation...

am serious, any of us would appreciate any specific tips you might have to even increase our revenue, and less dependance on a "job"...

[JulieDriving]

Originally Posted by DrivenByE30

22 and living like 50 with great investments baggages...
(1M, Exige, S2000, GTI, watches... Ferrari if you wanted to....)

you know something you are not sharing with us...

sounds like you have a lot to teach us... care to enlight us?

I am willing to learn your discipline...

What's the next step after "Rich Dad, Poor Dad", especially when we didnt start investing when we were 14, or living on Long Island?

I am not doubting you, i am in fact real happy for you, you belong to a lucky creative generation...

am serious, any of us would appreciate any specific tips you might have to even increase our revenue, and less dependance on a "job"...

There seem to be a number of exceptional youth on this forum (and the M3 forum I visit). Kids that have "made it" by the time they're 22 or younger. And that did it without the help of their parents or any inheritance, etc. And that have multiple, expensive sports cars/ even exotic cars, investments that generate incredible returns, investment properties, etc., etc.

But I don't encounter any where near as many of them in my life as on this forum. In fact, I don't know anyone like this personally.

Originally Posted by DrivenByE30

you belong to a lucky creative generation...

As a director at a health agency, I have overseen the hiring of many young people of 'this generation'. They are great to have as they have lots of energy and creative, fresh ideas. We have lots of young people with master's degrees/ PhDs , lots of young nurses with graduate education, a few doctors such as myself, etc. I'm also faculty at a med school and have seen a few cohorts... But I've never met as many 'exceptions' as I have heard about here on these Bimmerpost forums... especially without family money, winning the lottery, or inventing something like Google. So, like you, maybe we are doing something wrong.

[svache]

Originally Posted by JulieDriving

But I don't encounter any where near as many of them in my life as on this forum. In fact, I don't know anyone like this personally.

Not trying to say anything or point at anyone here but I noticed that as well.. it's exactly why I sometimes kind of tend to take those things with a grain of salt

[jzcrna]

Originally Posted by svache

Not trying to say anything or point at anyone here but I noticed that as well.. it's exactly why I sometimes kind of tend to take those things with a grain of salt

I do pretty well, but with a family and mortgage I am far from being financially independent and I don't care for the tone of people who think that they are experts with their finances. To me, these threads are counter-productive and really discourage me from posting as often.

who cares about anyone's finances?

we all love BMW!

[svache]

Originally Posted by jzcrna

who cares about anyone's finances?

we all love BMW!

Well said!

[sunxnus]

JP Morgan once built the most expensive yacht for his wife. Many wealthiest at the time asked JP how much the boat including maintenance cost him. JP responded: “If you need to know the price, then it isn’t for you”.
I think this is a very good rule of thumb for any purchase.

[MaX PL]

Originally Posted by sunxnus

JP Morgan once built the most expensive yacht for his wife. Many wealthiest at the time asked JP how much the boat including maintenance cost him. JP responded: “If you need to know the price, then it isn’t for you”.
I think this is a very good rule of thumb for any purchase.

and if you've ever noticed, only the 1% ever say that. I've heard that said more than once by very wealthy individuals, people who most certainly do not drive a 3 series and are likely too wealthy to be seen in a 7 as well.

[Rdx]

Originally Posted by JulieDriving

There seem to be a number of exceptional youth on this forum (and the M3 forum I visit). Kids that have "made it" by the time they're 22 or younger. And that did it without the help of their parents or any inheritance, etc. And that have multiple, expensive sports cars/ even exotic cars, investments that generate incredible returns, investment properties, etc., etc.

But I don't encounter any where near as many of them in my life as on this forum. In fact, I don't know anyone like this personally.

I think its kinda logic you don't 'see' them directly, younger people are seeking other young people to make those investments with. To make a great new company thats going to make it, to build up something just as simple like Google ()

They all have that energy, the spirit of just do what you like to do and they all do the same; having fun in what they do. That results in your next question; why so many? They help each other, like brothers do.

But when you said "without help of parents" I was like "no no". Because you can't make it without your parents, I think. They are mostly your support to do what you really like. Without them, I wasn't what I'm today. And thats the same for everyone else. Even if they did not put money in your brand new company, did not or couldn't invest in your new ideas. They always support you to build, create or exploit them.

I think it is really important to keep in mind what family is. Even if you're 22- and build up a successful company or any other successful investment, family is the one place you can go to stop thinking about all the hassle that so called success brought with it. Thats why I think when young people say; "I did that without help of my parents", that they're mostly wrong.

And for whats worth it; I agree on svache

[Robin_NL]

Internet:
The world's biggest lie.

Heck, it's already a quarter past three overhere, I have to pick up my new F12B.


"James, start my helicopter please!"

[Rdx]

Originally Posted by Robin_NL

Internet:
The world's biggest lie.

Heck, it's already a quarter past three overhere, I have to pick up my new F12B.


"James, start my helicopter please!"

The hack, Robin, are you using my heli platform again!?

[sunxnus]

Originally Posted by MaX PL

and if you've ever noticed, only the 1% ever say that. I've heard that said more than once by very wealthy individuals, people who most certainly do not drive a 3 series and are likely too wealthy to be seen in a 7 as well.

I just said that, but I'm definitely not that 1%.

I guess what I was trying to convey typically you know roughly how much an item cost, and you usually wouldn’t ask how much if you know you can afford it. Take an example of getting a slice of pizza, I don’t think you would walk into the parlor with 25 cents and try to get lucky.

To the OP, you need to know whether you can afford the car and still live comfortably for few years if you go forward with the purchase or lease.

So, back to my original suggestion, 25% of your disposable income is what you should be gauging.

[Maz335i]

Originally Posted by svache

Well said!

Yup, very well said indeed!!!

[Alex_bm]

Not trying to shutdown the conversation. My point is comparing your means and needs with other people is a sign of immaturity.
You need to know whether you can and want to afford a certain car. What others do to afford a car its their own business. Occupation does not show in any way what type of car one can or should buy.

If the OP was asking out of curiousity that would be one thing. But asking about income and occupation reminds me of shower room with teenage boys comparing their you know what...

Originally Posted by bl@ster

I call bulls**t on this post. It's a valid question and people can discuss as they wish. Are you trying to shut down conversation? Don't!

[Sy546]

Originally Posted by DrivenByE30

22 and living like 50 with great investments baggages...
(1M, Exige, S2000, GTI, watches... Ferrari if you wanted to....)

you know something you are not sharing with us...

sounds like you have a lot to teach us... care to enlight us?

I am willing to learn your discipline...

What's the next step after "Rich Dad, Poor Dad", especially when we didnt start investing when we were 14, or living on Long Island?

I am not doubting you, i am in fact real happy for you, you belong to a lucky creative generation...

am serious, any of us would appreciate any specific tips you might have to even increase our revenue, and less dependance on a "job"...

Honestly i didn't do anything that the previous generations didn't do. All i did was save and put my money in businesses/investments rather than spending it on cars; etc.

I made most of my initial $ being a mortgage broker. Back in 2006-2008 there is a lot of money to be made. But besides my s2000 i didn't buy anything else. I didn't waste it on alcohol and partying like my friends. I saved. I started my first business in my sophomore year of college. Im in the process of starting another business right now that is the result of saving money since i started college.

My main rule, which i learned from my father, was to always save your money. You will almost ALWAYS be better off.

Everyone is different. Everyone has different levels of risk they would like to take. If you have a job and are only working 40 hours a week you can easily start another business if you save your $ for awhile. what business? well what are you good at? what do you do now? can you start something in that field?

[Sy546]

Originally Posted by Rdx

I think its kinda logic you don't 'see' them directly, younger people are seeking other young people to make those investments with. To make a great new company thats going to make it, to build up something just as simple like Google ()

They all have that energy, the spirit of just do what you like to do and they all do the same; having fun in what they do. That results in your next question; why so many? They help each other, like brothers do.

But when you said "without help of parents" I was like "no no". Because you can't make it without your parents, I think. They are mostly your support to do what you really like. Without them, I wasn't what I'm today. And thats the same for everyone else. Even if they did not put money in your brand new company, did not or couldn't invest in your new ideas. They always support you to build, create or exploit them.

I think it is really important to keep in mind what family is. Even if you're 22- and build up a successful company or any other successful investment, family is the one place you can go to stop thinking about all the hassle that so called success brought with it. Thats why I think when young people say; "I did that without help of my parents", that they're mostly wrong.

And for whats worth it; I agree on svache

I owe everything to my parents .

They brought me up and taught me work ethic. I'm a first generation immigrant. I saw my dad work 100 hour weeks when i was young. I learned early that work ethic is what got you far in life. To me that is worth more than any amount of $ they could have given me. My parents are well off. But thankfully i never needed to ask them for any money. I used my money from my first real job (mortgage broker) to start my business which paid for my college. I went to a state school so i saved a ton on college. I don't believe in getting $200k in debt for a fancy private school degree. I Worked 40-50 hours while in school. in hurt my gpa a little but it let me develop my career now.

[Sy546]

Now with all of that out of the way. Spend your money on something you enjoy (BMWs) as long as you can afford it, i aim for under 25% of your disposable income. The lower the better.

[DrivenByE30]

Statistic is meaningless without sources....

but to illustrate the general picture, here is an example:

50% of the population knows how to save, (most people knows to SAVE money, i do too, but if you dont do anything with you saved money, it wont grow either)

But only 25% of the total population knows how/where to invest money, or make their saving work for them...

out of that 25%, half of them (12% of the population) are smart enough or lucky enough to make it and be successful. (money growth) Which seems to be your case.


Not everybody is talented, smart, knows enough, or lucky enough to be successful,
and it takes times too... but we all have different priorities...
(While kids your age were barely selling lemonade or washing cars, you were a mortgage broker...)

Anyways anyhow, i am glad that you are efficient with your financial planning...
but the point is:
Everyone can try to save their money, but not everyone can be successful at it...
Someone in your same background/and experience, could have failed miserably while you succeed,

Success is also being at the right time, right place... and unfortunately, not everyone can be located at the same spot...

It's nice of you to make it sound like it's easy for everyone to succeed...
but the reality is otherwise.

[DrivenByE30]

Originally Posted by S.hasan546

I owe everything to my parents .

They brought me up and taught me work ethic. I'm a first generation immigrant. I saw my dad work 100 hour weeks when i was young. I learned early that work ethic is what got you far in life. To me that is worth more than any amount of $ they could have given me. My parents are well off. But thankfully i never needed to ask them for any money. I used my money from my first real job (mortgage broker) to start my business which paid for my college. I went to a state school so i saved a ton on college. I don't believe in getting $200k in debt for a fancy private school degree. I Worked 40-50 hours while in school. in hurt my gpa a little but it let me develop my career now.

I am very happy for you to acknowledge that !