Have I finally arrived? Or Just a hanger-on ?

johndej said:

Shade tree mechanic hanging out with the ferrari crowd. 

Well put indeed. Thank you. 

Karacticus said:

Don't rule out being a hanger-on-- maybe he's looking to put together an entourage. 
 

Always nice to have someone else you can count on to pick up the check!

Ah but maybe he' s like me a cheapskate and unable to reach all the way down to the bottom of his pockets where he keeps money to pay that check? 

Spent about 20 minutes at the track once with a well known billionaire. Super laid back and his only interest was the cars.   

codrus (Forum Supporter) said:

aircooled said:

I am very close to the Rams in-season training facility, so maybe that?  Someone has a very low concern about spending "too much".

I dunno if it's still going on, but in the bay area 5 or 6 years ago there were a lot of houses being bought by overseas investors (mostly China) and then left vacant.  Supposedly it was a way for them to put money somewhere that the Chinese government couldn't get at it...

https://abc7news.com/real-estate-trade-show-buy-sell-american-properties/506609/

In China you never buy the actual house, rather you lease a condo for 70 years.  Paying a price that Americans would consider shockingly expensive.   It's sold completely unfurnished including windows and. Doors.  Walls, plumbing, or electricity.  It's considered bad luck to  move into someone's place.  
   The reason the Chinese buy places in America is they believe the Chinese system of communism is going to fail and they want a fall back plan.  
   Don't be fooled Chinese still think Americans are Barbarians and they are well above us. 
Realize the long game the Chinese plan for involves several generations.   Not the next quarter as we Americans tend to.  

I don't know if it applies to locals, but when Americans "buy" property in Mexico, it's only a lease.

Oh, and if you want to move/retire to New Zealand, that's fine, but you have to bring with you at least $250K to invest into some venture there.

In reply to kb58 :

Or be under age 55.  But homes there cost 2x  what a comparable house does here in the states.  
   Which is a real bummer. When  I first considered New Zealand the American dollar was worth 2 times what a New Zealand dollar was.  Homes in New Zealand were 1/2 of what a comparable house in America was in New Zealand so basically a 1/4 of what a similar house would be in America. 
       The only things that were expensive were cars,  fuel, and booze.  A nice dinner out would cost $10 New Zealand ($5 American) except for drinks. 
 A couple could bring 2 cars tax free but then the steering wheel would be on the wrong side.   
     
       
    

calteg said:

The "average" millionaire drives an F-150

1979

I hung out with a millionaire today and we chatted cars.  It's pretty easy to be a millionaire these days thanks to inflation as pointed out earlier.  

In the early 2000's, a contract job put me in the orbit of several multi-millionaires, one of whom made an unsuccessful run for GA governor. Every single of of them drove a top-trim F-150...I think the King Ranch was the big dog back then. One of them admitted he bought it only because he liked the logo on the arm rest. None of 'em were car guys.

calteg said:

The "average" millionaire drives an F-150

You almost have to be in order to afford a new one.

ArmednHammerd said:

calteg said:

The "average" millionaire drives an F-150

You almost have to be in order to afford a new one.

Back when I bought mine, it was under $30K out the door, but with top-trim new ones disconcertingly nearing $100K, yeah...

FrenchyD......"major scoreboard" on your neighborhood bro ..... to die for locale.... screw that prancing horse get one of or have Cousin Eddie create a pristine Camry for you and the missus to tool around the peninsula ......wink 

"At my age even with the lake at my front door  a short walk away I need to be selective  of when  I go boating.  
  My wife can no longer step onto even the pontoon  and any waves prevent her from accessing it at all. 
   It matters little, near a lifetime of cruising upon these waters has imprinted on my brain  the pleasures to be found.  
 Last year we used the pontoon only 6.5 hours or so.  This year it's doubtful we'll even use it that much.  
  But I enjoy the morning call of a loon seeking its mate or children.  Watching families boating or swimming  in the bay.

 The sounds of neighbors children or grand children playing.  Eagles ghosting along on a breeze looking for its next meal. Or fish leasurly swimming under the dock

 My wife loves watching the flock of geese training to form the V they will fly in this fall, in the lake until the drill instructor lead goose is satisfied.  She then heads into the wind with the whole great flock behind her taking off as she does.  A day or two later they are headed south to warmer weather and trees will shed the leaves that have been changing color all fall. 
Maybe you can tell the love I have for this lake? 
  Profit?  Why?  I'm not an accountant who's goal in life is to tally more numbers then someone else.   This is the only life I will get.  My goal is to enjoy the gifts  and be thankful for them. "   Amen

kb58 said:

aircooled said:

For the vast majority of people actually driving Ferrari's, it's far more an indication of poor financial decision making than an indication of wealth.

Based upon what I'm seeing on BaT, you buy any Ferrari or high end Porsche, sit on it for a few years, and make good money at auction. Hard to see how that was a poor financial decision.

That's why I said "actually driving". 

Put a bunch of miles on a Ferrari and see how good an investment it is.  If for no other reason, because there are very few out there with any kind of mileage.

codrus (Forum Supporter) said:

aircooled said:

I am very close to the Rams in-season training facility, so maybe that?  Someone has a very low concern about spending "too much".

I dunno if it's still going on, but in the bay area 5 or 6 years ago there were a lot of houses being bought by overseas investors (mostly China) and then left vacant.  Supposedly it was a way for them to put money somewhere that the Chinese government couldn't get at it...

https://abc7news.com/real-estate-trade-show-buy-sell-american-properties/506609/

I am aware of that trend (apparently a very big issue in parts of Canada also), but I would expect the house to just sit.  They are putting a LOT of work into it, which is unlikely to raise the value much realistically (e.g. throwing money away, investment wise).

I am also pretty sure the Chinese government put a bit of a stop to that.  They don't want wealth leaving the country (apparently there are signs of a really bad economic trend in China currently).  Not that I am sure there are ways around the restrictions.

I will keep an eye out for someone that looks like an occupant.  If that happens right around regular football season, that might be a good indicator (seems to be on track for that now)

In reply to aircooled :

I wonder if actual mileage really matters?  I mean you could seal up a Ferrari  for a decade, pull it out and truck it to the dealership  spending $50,000 or more getting the delayed servicing done. 
   Isnt it possible to reset odometers on newer Ferrari's if you have the right tools?  
   I doubt mileage means a whole lot to that group.  Didn't David Love's 1958 Ferrari Testa Rossa sell for 56 million?   That car was regularly  raced since new. ( by David Love)  

759NRNG said:

FrenchyD......"major scoreboard" on your neighborhood bro ..... to die for locale.... screw that prancing horse get one of or have Cousin Eddie create a pristine Avalon for you and the missus to tool around the peninsula ......wink 

FTFY -- Avalon goes much better with anything that has "at my age" in it.

Karacticus said:

759NRNG said:

FrenchyD......"major scoreboard" on your neighborhood bro ..... to die for locale.... screw that prancing horse get one of or have Cousin Eddie create a pristine Avalon for you and the missus to tool around the peninsula ......wink 

FTFY -- Avalon goes much better with anything that has "at my age" in it.

Fist bump Brah thankz

calteg said:

The "average" millionaire drives an F-150

I would think the correct statement would be "in addition to the other vehicles they own". I think most wealthy people own a pickup truck as it's a nice "tool" to have around. You might only need a truck a few times a year, but when you need one, you need one. 

Wait, when you throw around the term "millionaire" do you mean net worth?

Like house + retirement accounts+ savings + checking+ vehicle value? For a married couple?

That's not as hard to arrive at anymore. I mean, I live in a higher cost of living area, but still...   Might have been impressive 20+ years ago, but inflation has made it much more mundane. 

I was just playing around with an inflation calculator, about 1993-4 is the point where today's million is worth half of what it was then.

In reply to Apexcarver :

Aw, please don't get technical.  I'm just

an old Geezer. A millionaire is just a person who has more money then he needs. Driving around in a Ferrari is a way to show that.   Paying  millions for a lot to build your house on is another sign. 

   I paid $107,000 for this place including the lot.  I drove a pickup for 20 years. Junked it. Bought another pickup. Pretty plain Jane one actually.  Had it 6 ? Years now.  14 to go.  OK we are 2 houses apart  and I have a 12 cylinder Jaguar I paid $500 for. 
       
     He wins.  But I sure don't feel like a loser. 
  
 

update; the neighbor 1 house over had a party tonight and the noise woke my wife who went into a tirade about trust fund babies bad manners, etc. 

    Turns out the husband comes from a family downtown who own one of the bigger buildings with their name on it.   Apparently the new wife comes from another trust fund family with their name on a big downtown building.  Both have 4 children each except apparently they are college age or thereabouts  ( explains the 9 bedrooms ) 

Luckily they seem to have one party a year so it isn't that much of an issue with me.   

kb58 said:

aircooled said:

For the vast majority of people actually driving Ferrari's, it's far more an indication of poor financial decision making than an indication of wealth.

Based upon what I'm seeing on BaT, you buy any Ferrari or high end Porsche, sit on it for a few years, and make good money at auction. Hard to see how that was a poor financial decision.

If I didn't know better I'd say that sounds like money laundering. Couldn't be...

I mean between 401k and investments and house I'm easily a millionaire.  
 

Still love the champagne of beers and drive a 2003 rusty 203k mile suburban. 

Read the "Millionaire Next Door" and realize that when you get to the expensive part of town (that's Indian Hill for those of us around Cincinnati) and find out that most of the houses have very little furniture in them.  When they have parties they rent furniture.  For most it's all image from the front of the house to the curb.