How rich are people in this forum lol?

[dinonz]

Originally Posted by gatorfast

lol yup. Those that only pay cash and have no debt. Those that don't consider $150k a lot for a car. No shortage of advice or opinions on the internet! Everyone is rich and fancy here.

Yeah - and then there's the people on BMW forums advertising that they drive a Porsche. Who would do that?

[Murf993]

Originally Posted by dinonz

Yeah - and then there's the people on BMW forums advertising that they drive a Porsche. Who would do that?

Me I sold the Z4MC because my lovely wife told me to get the 993. Who was I to argue.

[dinonz]

Originally Posted by Murf993

Me I sold the Z4MC because my lovely wife told me to get the 993. Who was I to argue.

Heh - was talking to our chairman of the board over lunch, and he's driving a Taycan Turbo, and he told me his wife suggested she get a new car too. He figured SUV or something and she said "how about something more sporty - like a 911?" - they were at the dealer within 30 minutes

[Murf993]

Originally Posted by dinonz

Heh - was talking to our chairman of the board over lunch, and he's driving a Taycan Turbo, and he told me his wife suggested she get a new car too. He figured SUV or something and she said "how about something more sporty - like a 911?" - they were at the dealer within 30 minutes

So I wish I was fuck you rich, I could do some real damage. I do love Porsche, the build quality and reliability plus the drivability is something. I'd think nothing of jumping in my 25 year old Porsche and driving it to Florida. I do love the vibe of the Italians though....ah me.

[roastbeef]

Originally Posted by zx10guy

That's if they survive any substantial crash.

Lol everyone says that. I'm not too worried about it.

[dinonz]

Originally Posted by Murf993

So I wish I was fuck you rich, I could do some real damage. I do love Porsche, the build quality and reliability plus the drivability is something. I'd think nothing of jumping in my 25 year old Porsche and driving it to Florida. I do love the vibe of the Italians though....ah me.

I wish I was fuck you rich too, but to be honest - I've always hated Porsche. Don't know why, but they don't excite me even in the slightest. Nothing against their engineering or build quality or anything like that - I just don't like them. I think maybe it came from the early 80s when I was getting seriously into cars, and all Ferrari and Lamborghini made were manuals, and Porsche offered an automatic - it's like pfft - that's a car for people who can't drive. Bear in mind I grew up in NZ with Euro car magazines, so American Muscle was pretty much unknown to me in those days.

To this day I still hate automatics - all my cars are manual.

[MKSixer]

Originally Posted by dinonz

Heh - was talking to our chairman of the board over lunch, and he's driving a Taycan Turbo, and he told me his wife suggested she get a new car too. He figured SUV or something and she said "how about something more sporty - like a 911?" - they were at the dealer within 30 minutes

This is pretty close to how I got my M6. The now ex-wife told me that if I didn't buy a high performance car in the next 2 weeks she would pick one for me. She was tired of me lamenting the days of driving sports cars and being stuck in company cars. I was looking at a blue 911 Turbo (997) and the M6 (Silverstone). I couldn't get the deal I wanted on the Turbo and the sound of the engine in the M6 stirred my soul...especially after I added the Tubi Sections 1 and 2.

There will be a Porsche in my future. I just don't know when.

[racerbruce]

As the saying goes...."has anyone seen a U-Haul trailer behind a hearse"??

You can't take it with you, so the stuff and wealth is not that important.

[iminhell1]

Originally Posted by racerbruce

As the saying goes...."has anyone seen a U-Haul trailer behind a hearse"??

You can't take it with you, so the stuff and wealth is not that important.

No.
But I have seen it all go up in flame. So it would seem some have found a way to take it all with them.

[MKSixer]

Originally Posted by racerbruce

As the saying goes...."has anyone seen a U-Haul trailer behind a hearse"??

You can't take it with you, so the stuff and wealth is not that important.

Absolutely, Bruce!

How have you been?

[dinonz]

Originally Posted by racerbruce

As the saying goes...."has anyone seen a U-Haul trailer behind a hearse"??

You can't take it with you, so the stuff and wealth is not that important.

No - you can't take it with you - but fuck you can have fun with it while you're here!

[Murf993]

Originally Posted by dinonz

I wish I was fuck you rich too, but to be honest - I've always hated Porsche. Don't know why, but they don't excite me even in the slightest. Nothing against their engineering or build quality or anything like that - I just don't like them. I think maybe it came from the early 80s when I was getting seriously into cars, and all Ferrari and Lamborghini made were manuals, and Porsche offered an automatic - it's like pfft - that's a car for people who can't drive. Bear in mind I grew up in NZ with Euro car magazines, so American Muscle was pretty much unknown to me in those days.

To this day I still hate automatics - all my cars are manual.

I would never have an automatic sports car. It pains me that you can't get everything in a stick anymore. My daily MB GLK is auto and I like it well enough but if it had a manual option that'd be my choice, and my wife is the same.

[Dino GT]

Originally Posted by racerbruce

As the saying goes...."has anyone seen a U-Haul trailer behind a hearse"??

You can't take it with you, so the stuff and wealth is not that important.

[dinonz]

Originally Posted by Murf993

I would never have an automatic sports car. It pains me that you can't get everything in a stick anymore. My daily MB GLK is auto and I like it well enough but if it had a manual option that'd be my choice, and my wife is the same.

My daily is my M3, ordered from the factory with stick. My toys are all stick because their factories knew how to build a car.

[MKSixer]

Originally Posted by dinonz

I would not gauge a persons wealth on their car. I think Warren Buffett drives a Toyota Corolla. As many have said, what people drive is often for other reasons and not reflective of their wealth or income - to a degree. I have a nice collection of exotics all paid for in cash, so that is a pretty good indication I'm not poor.

Although it's entirely possible to be asset rich and cash poor - you can have millions in assets, and no cashflow/income to support it (paying property taxes, vehicle insurance and maintenance etc.). Even being totally debt free doesn't equate to "living off the grid" and not needing income.

But also I've learned that being totally debt free is not always a good idea. Homes are also not a good investment if you have money, but are good for people on a more "normal" path in life. Buying a home at 25 with a 30 year note means forced savings. Every month you put your money into your home, and over the 30 years you eventually own it outright, and it's increased in value, and so becomes a good asset. I'm building a new home at the moment, and whilst I could pay cash and be "debt free" why would I? I'll end up with a home loan a bit over $1.5 million, at a cost of about $7K a month round figures. With that $1.5 million that I could have paid cash I'll invest in an LLC I know locally that pay 10% return on investment - so I'll make $150K, or about $12.5K a month in income from it. Even after taxes, it pays the home loan for me with extra cash in my pocket.

So before becoming debt free, check to see if you can utilize that money elsewhere to generate more income than you use servicing the debt. It's a bit of a mind-shift for some, but if the numbers stack up it's worth it. I think when I checked that about 5.5% was my magic mark - if I was paying more interest than that pay it off, but under that I was financially better off to invest the money and keep the debt.

This is why I don't pay off the ex-wife's home. The paper is practically free and the opportunity cost of losing the income from investing that sum isn't a winning option.

[dinonz]

Originally Posted by MKSixer

This is why I don't pay of the ex-wife's home. The paper is practically free and the opportunity cost of losing the income from investing that sum isn't a winning option.

Yep - the debt free mantra is only good for some.

[Sara]

Originally Posted by racerbruce

As the saying goes...."has anyone seen a U-Haul trailer behind a hearse"??

You can't take it with you, so the stuff and wealth is not that important.

We have a saying in the equestrian world: “Buy the horse. No point in being the richest bitch in the cemetery.”

[JJ 911SC]

Originally Posted by MKSixer

...
There will be a Porsche in my future. I just don't know when.

Had to wait 37 years...

Originally Posted by JJ 911SC

My dream car when I was in my teens was a 911.

It took 37 years for the dream to come true.

[Humdizzle]

what someone drives is in no way reflective of wealth

you can lease a new mclaren for under 2k a month.
M3 can be had for 6-700 or something.
you can finance the hell out of an exotic with a 144 month term.
some people have college debt and are working to pay it off, others have no debt

[JJ 911SC]

Originally Posted by dinonz

Yeah - and then there's the people on BMW forums advertising that they drive a Porsche. Who would do that?

The humanity...

[Mosaud1998]

I guess I'm broke since I quit my job in November because my parents tested positive for covid.

I do have a few $1,000s invested in stocks and then around $22k (I just turned 23 )saved in my savings account (the majority of my savings came from the dealership job).

I'm currently enrolled in college so some of my savings go towards school (two more years left).

IMO, a car doesn't detect someone's wealth. There can be people driving brand new cars and be $100ks in debt. There can be folks driving 23-year-old Toyota Camry living debt-free with their house paid off making $150k/year.

[hubbahubba]

Originally Posted by sygazelle

Okay, I'm willing to learn something new.

Can you tell us how exactly net worth is fungible? More importantly, how exactly why net worth fungibility is even relevant to the OPs post?

Originally Posted by sygazelle

Net worth, income vs. expenses, and cash flow are all interrelated.

You are correct that cash flow can drive lifestyle, but only in the short term. That term ends when you run out of cash.

If a person pays attention to net worth and income vs. expense too instead of just focusing on cash flow, the chances of running out of cash go way down.

Fungible, as in this for that. Interchangeable. Can be liquid or hard. Real Estate, cash, stocks, gold, bitcoin, an ongoing business, etc... You pick what kind of asset you wish to have. As for how it's related, he asked how rich people on this forum are. Rich is net worth to me, at least in a monetary way, which is how I believe the question was intended. Did you read it another way? I am rich with love, too, but that's not a question in this thread.

And thanks for the econ lesson... Glad you are here to fix what ails me.