09-26-2014, 10:06 PM | #45 | |
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09-26-2014, 11:03 PM | #47 |
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I made about 150k last year and got an M5 a few months ago. To be honest, I think the car is a bit much (575hp! come on now), and I feel like a millionaire driving it (kind of an uncomfortable feeling). The car is leased for my business and I'm planning on deducting 50% for 2014.
The car is amazing, but I do feel that I could have gotten something cheaper. The weird thing is that I feel like 120-150k income is not that great. My goal is to get to 250k, but the taxes will kill me. |
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09-26-2014, 11:03 PM | #48 | |
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09-26-2014, 11:08 PM | #49 | |
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09-27-2014, 12:01 AM | #50 |
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SoCal is smoke and mirrors for the most part. 150k is a good salary anywhere as it is almost 4x the household average. SoCal is not that expensive compared to the Bay Area on average. I'm not talking about their exclusive zip codes because that skews the average. There are always those above the norm. It just seems like everyone is a millionaire because everyone drives a Lexus, bimmer, merc, or some other luxury brand just to fit in.
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09-27-2014, 12:24 AM | #51 | |
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5/10 of the most expensive cities in America are in Cali, so undeniably 150k is not as valuable here as it is in other cities across this fine country. And yes, recently the cost-of-living in NorCal has become as expensive as SoCal, but coastal SoCal real estate is in a league of its own in Cali. By the way, my statements on SoCal being expensive weren't based on anecdotal notions like people trying to fit-in or the observance of luxury cars, but based on measurable data such as tax rates, CPI, real estate prices, entertainment costs, etc. 2013 Most Expensive Cities 1. New York 2. Honolulu 3. San Francisco 4. San Jose, Calif. 5. Stamford, Conn. 6. Washington, D.C. 7. Boston 8. Oakland, Calif. 9. San Diego 10. Los Angeles http://www.kiplinger.com/slideshow/r...es-to-live-in/ |
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09-27-2014, 06:32 AM | #52 | |
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09-27-2014, 08:48 AM | #53 |
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as a side note
at our income level each kid through college will be about 250k each I picture each of my kids as my Ferraris that I will probably never attain. (probably break even on the upkeep!)
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09-27-2014, 10:08 AM | #54 |
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Income isn't the right measure - or at least a complete one. As mentioned, disposable income + assets is more like it. Where I live in Fairfield County, CT (NYC metro area suburbs essentially), it's common for people to make $200k, $300k, $400k, and $500k - and then much, much more when you get to guys like all of the hedge fund managers, bank executives, etc. But your typical 4-person family with an income of $300k in the area? Chances are they also have a $1.5M mortgage. They shouldn't be buying M5's any more than the guy who's single, living in an apartment, and making $90k if you ask me.
But how people spend their money is a personal choice. From my perspective, it's wise to make sure you're thinking about your long-term goals - like retirement, education, etc - as a priority, though. If you're jeopardizing your future and making yourself a burden on your family or society (to pay your way when you're old and unable to earn a living) because you blew your earnings on an M5? That's not cool. But it's also important to give younger guys some slack, too. I'm only 35 (I still feel young!), but I remember my 20's pretty clearly as they weren't long ago. I've always spent more on cars than I had to - and in my 20's, maybe more than I SHOULD have. It's not the end of the world as long as you're still looking out for your future. I have a 7-figure bank account, a very large six-figure income, plenty of retirement money, etc at this age now - but back when I was 24 or 25 and making around this guy's income, I absolutely blew $40k - $50k on a car. Granted, my credit was also solid and I WAS saving/investing, as well - my only issues with what I've heard from the OP. You can't recapture your youth. So, I wouldn't advocate blowing your money and missing out on saving for the future - but I'd also say you need to live a little. Balancing the two is the key. To the OP, I'd suggest visiting a financial planner if you're not into investing yourself - just follow their advice and set your investments on autopilot if you must. But DO invest.
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09-27-2014, 11:10 AM | #55 | |
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Agree.. All the money i've wasted if i'd just kept driving my hand me down turbo s cayenne, probably at least 5 million lost by the age of sixty for temporary pleasure. Too often people don't look at the rewards towards the end, granted if you die in a snowstorm at age 45 you've spent all the time grinding for nothing since you'll never see the fruits of that dedication. Balance is hard for lots of people and its easy to get out of sorts, on either end of the spectrum. The other thing is the little debits eat away at real growth... I tried to explain this to a friend whose grinding making 25k a year who wants it all. I said if you just cut your gym membership and eating out 4+ times a week down to once a week you will have erased your debt by 50% in a year, and if in one year you contributed the max to an IRA and just let it sit and never touched it you've made six figures by the time you retire. Simply by removing a few meals a week and gym membership lol |
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09-27-2014, 11:36 AM | #56 |
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Sounds like solid plan. M5 is definitely the right move.
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09-27-2014, 12:15 PM | #57 |
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Id go for an M4 if i was you, and my M5 is paid off of numerous rental properties that i own. My salary goes towards mortgage, kids expenses etc...
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09-27-2014, 01:18 PM | #59 |
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You guys give some truly awesome advice. I give you guys respect and appreciation because advice is free and some of you could've easily not taken the time to answer the OP's question like on most forums these days. Everyone is afraid to talk about how much they make or what they've done to get to where they are on a lot of forums out there. But you guys took the time to share what's smart and what's worked for you on an individual basis.
This advice you guys are giving can change a persons life! I for one will heed a lot of the advice that i've come across in this thread. It's nice to hear what you should be doing when you're young (I'm 28) from people that have been through it and from people who are older and have been where you are. Numbers don't lie and if you follow a smart game plan financially, everything will work itself out and you'll be able to afford whatever you want. I hope to get an M5 one day or M6 but there's a lot more things that take priority first. But I know with making the right moves and doing some of the things you guys mentioned in this thread, not only will I get there but I will be able to enjoy it to the fullest because I set myself up properly. This is more of a thank you to everyone who replied as i don't really have any advice to the OP except to listen to what everyone said in this thread lol. |
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09-27-2014, 02:11 PM | #60 | |
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09-27-2014, 02:17 PM | #61 | |
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Again I'm not saying run up bills or even mortgage the future, but this guy for instance is single, living in NC [nowhere near somewhere like NYC/DC/SOcal] and while we don't know his financial stability, nor do we know his job security. He appears to be at least in my opinion fine to not only enjoy an M5, but get out of it should that need arise. Cars, Vacations, Clothes, entrainment equipment, even smoking. Are all in the same category in my personal book... Enjoyment due to some form of addiction lol. They should be treated as such, because nobody on here could argue that a safe toyota/ intro 5er or 3er is worse at getting to work or getting kids around than an m5 or other 100k+ vehicle. Just like I couldn't argue my designer watch tells time better than a timex, or designer suit works any better than a mens warehouse one. My advice enjoy what you like and if you can comfortably make it work, do it. I for instance haven't been on a vacation since 2010 and have no desire to go anywhere lmao, I don't smoke, or drink, or need to eat at the fanciest spots in town and run up bar bills, or go to concerts or things like that.. So most of my fun is spent on gas, mods or cars lol Last edited by M5Rlz; 09-27-2014 at 09:21 PM.. |
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09-27-2014, 03:03 PM | #62 |
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I guess it all depends on how bad you want the M5...
Where I live, the median monthly net income is $ 4900,- (US is $ 3600,-) but cars are supe expensive here. For instance a 528i STARTS at $ 100.000,- Basically everyone that wants a new car here has to spend 50-100% of their annual income if they are going to buy a new car... That's how it is, and we just accept that we have to spend that much money on a new car. Compared to how we have it, buying a used M5 for under 100k would be a no brainer if you make 120k But not all aspects of that equation is transferrable to the US I suspect. For instance, our financial institutions allways deal with financing cars that cost 50-100% of annual income. Perhaps that would be harder in the US? Over here it's the norm, but in the US you might be one of few that use that much of your income? But, IMHO there is often a enhanced satisfaction from working hard to be able to buy your dream car. If you have a serious passion for the car, then you will also want to go that extra mile to buy the car. If you are a enthusiast then that dream car will bring joy and satisfaction into your life. You will possibly also enjoy it for longer, since this is THE car that you made that extra effort to buy! If you have a lot of money and can simply just buy a new toy whenever you want, you might also loose interest sooner (not true for everyone, but in general). Listen to the advice you get, but in the end it's your life and your money. Don't buy it if it will get you into financial trouble or make monthly payments a pain. But, as has been said, we only live once. If you can afford it and want a M5, get one. Who knows what tomorrow brings... I had a serious disease a few years ago, that made me think about all the things that I wished I had done while I was healthy (at the time it was a situation that could have killed me or made me a vegetable). Since that period, I have decided to do more of the things I want to do but which I previously didn't prioritice. I feared that I couldn't drive or be able to go on vacation etc. That made med mad to think about all the driving experiences that I had allways dreamed about and told myself that I would do someday, and which I suddenly feared would never happen. Life goes by so fast, live it every day! |
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09-27-2014, 03:17 PM | #63 |
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09-27-2014, 07:15 PM | #64 |
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Don't shake your head. Buy the e60 and laugh all the way to the bank. Where else can you get a bespoke V10 for that cash? I miss that car
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09-27-2014, 09:19 PM | #65 |
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Thats true. 2013s are already in the 60s and can even find a few in the 50s lol a well taken care of, out of warranty, v10 is still 35-45k which is nuts.
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09-27-2014, 09:47 PM | #66 |
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