Thinking of selling my car

662HP631TQ

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I have recently got the bug to develop wealth. I came into this car able to afford it and I still very well can. But the possession does nothing for me other than bring a little joy. That money could be making money for me. A lot of guys are older and have been wealth builders for some time but I am barely starting to see more clearly and material possessions don't make money. I also have like $60,000.00 worth in Jewelry I am going to be selling soon. I want to make smart financial decisions now while I am young so that I can have more freedom throughout my life and when I retire. I am far from being financially savvy and over the past 4 years have been more of a train wreck financially. So what do the smarter more experienced wealth builders think here. Im not looking to make 20K into 1 million. Hell I'd be happy to make 500 out of 10000. As long as it compounds and continues to grow. I have a lot of work and studying to do but my goals are realistic and when I'm old and gray I can get a Shelby, and if I can't at least I'll have my sanity and freedom. I think it's time to dump the car and make my money work for me. What does everyone think?
 

Snoopy49

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If you are thinking about investing in the stock market, you better know what your doing or hire someone who does. If you don't know what your doing, you might as well go to the nearest casino and give them your money.
 

VRYALT3R3D

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If you can't afford the loss/risk, don't do it.

Selling your GT500 at a loss isn't a good start imo.
 

Zemedici

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I would sell the jewelry, and keep the GT500. As long as you keep the miles off of her, and keep her in excellent shape, you can still sell her in a few years for a good chunk of change, and you'll get to enjoy her in the meantime. I wouldnt say "dont worry about your future so much", as younger guys like you and myself should definitely keep it in mind, but its also good to enjoy the "toys" before marriage, house purchasing and....the inevitable....kids. :beer:

You can use the jewelry money to invest and create a portfolio, and keep the car. Win Win.

Also, take a year or so and learn how the stock market works. The ins and outs, stocks/bonds and different types, high return vs small return, trends, etc. Even after you've learned a good bit, still hire an advisor, as this is their job, and they make money when you make money.
 
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662HP631TQ

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If you are thinking about investing in the stock market, you better know what your doing or hire someone who does. If you don't know what your doing, you might as well go to the nearest casino and give them your money.

I think you are assuming I'm about to dump a bunch of money into the stock market to try to get rich. Far from it. Obviously I'll hire someone to do part of my investing that is a sure shot. But building wealth is much more than stocks and bonds. It is really a wave of change in financial thinking. I'm talking about becoming EXTREMELY frugal or "cheap" if you will. Investing smartly and getting solid returns with no wild expectations just sound financial decisions. Building wealth isn't easy, but I think having the car or having wealth is an easy choice. I recently came to a point in this job I've held for 4 years and can't quit. If I'd been smarter with my money I'd be flipping the bird at my boss and hunting my next job. This building wealth deal is an awesome idea when done right. It will allow me more freedom. Yes there is risk but done right you minimize that risk. Just an idea I've had. And honestly I love the car, but I love my sanity more. If slow wealth accumulation will put me in a position to quit any job at any time in the future I don't feel comfortable with, well that is a freedom worth dumping this car over and any other material possession.

I risk my life everyday stressing at work, I have a better idea and I am taking control over my financial fitness! Oh and my physical fitness as well.
 

Kenwood1113

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Demonstrating financial discipline is just that, a discipline. The good news is you've already taken the first step toward achieving your financial goals. You've confronted the reality that you would have more peace of mind putting your money to work rather than wearing it or parking it in a garage. The next step is creating a plan that works for you, predicated on your age, your long term goals and your tolerance for risk. There are countless options.

I'm not going to offer suggestions as it relates to investments but I will suggest doing much due diligence before you cast your lot with an investor. Take your time, investigate their references and most importantly, find someone who will craft a program tailored for you. You'll know when you find the right person.

All that said, building wealth doesn't have to mean giving up all the things you enjoy. Establish a balance that works for you.

Good luck and congratulations on taking control. A sound financial position is priceless!
 

RLL

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If the stock market takes a 7 to 15% hit, look at good quality dividend paying stocks paying 3 to 5 percent. Don't try hitting home runs. Just grind it out and
you will be well off when you retire. I've been investing since the late 70's.
Slow and steady wins the race. Buy on the cannons, sell on the trumpets and
don't let your emotions rule your decisions.
Good luck.
 

ryan319

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you're right, material possessions don't make money. but at the same time you can't drive and enjoy a roth account.
 

OaktownACE

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I think you have to take a breath

When I read 60,000 in jewelry, instantly thought this guy is impulsive. Just ridding yourself of nice things won't make you rich. If you have a spending problem there is actually a 12 step group for spendaholics.

Before you do anything, I'd suggest taking a deep breath. If it's an extra car and a true toy then getting rid of the extra expense may make sense, however, the depreciation on the car is greatest in the first year or two and slows after that. If it's a daily driver then realize that you still have to drive to work etc.

I agree with the above, slow and steady wins the race. Make sure you are maximizing the tax benefits of Roth accounts, 401ks, IRAs etc. If you maximize that stuff and you can still afford the car then I'd enjoy it.

I'd suggest reading the book "The Millionaire Next Door." The book is an interesting read and a lot of the financial self help "gurus" have been found to be full of crap.

Good luck and congrats on your realization. It's not an easy change so take it easy on yourself and know that you will have slips.
 

eagle eye

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I have recently got the bug to develop wealth. I came into this car able to afford it and I still very well can. But the possession does nothing for me other than bring a little joy. That money could be making money for me. A lot of guys are older and have been wealth builders for some time but I am barely starting to see more clearly and material possessions don't make money. I also have like $60,000.00 worth in Jewelry I am going to be selling soon. I want to make smart financial decisions now while I am young so that I can have more freedom throughout my life and when I retire. I am far from being financially savvy and over the past 4 years have been more of a train wreck financially. So what do the smarter more experienced wealth builders think here. Im not looking to make 20K into 1 million. Hell I'd be happy to make 500 out of 10000. As long as it compounds and continues to grow. I have a lot of work and studying to do but my goals are realistic and when I'm old and gray I can get a Shelby, and if I can't at least I'll have my sanity and freedom. I think it's time to dump the car and make my money work for me. What does everyone think?



You have been watching Suze Orman to often.
If you have been living outside your means, then perhaps it's time to make some changes.
Investing in your future should be priority 1, and if your young, say in your 20s,
then time is on your side and is your best friend. Invest wisely now and you'll be in good shape.
On the other hand, you want to enjoy the fruits of your labor along the way.

Remember though, there will never be another Shelby like the 2013 & 2014
 

phil123

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Unless you are lucky cars only depreciate some faster than others but 99% of the time not an investment. I hate to say it but I commend your choice. As far as the jewelery if you are talking pure bling that is one thing. Quality diamonds and gold coins are another story and if that is what you have you may want to hang on. Congratulations on your determination and clear thinking. To be clear I am keeping mine though.
 

13COBRA

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I think you are assuming I'm about to dump a bunch of money into the stock market to try to get rich. Far from it. Obviously I'll hire someone to do part of my investing that is a sure shot. But building wealth is much more than stocks and bonds. It is really a wave of change in financial thinking. I'm talking about becoming EXTREMELY frugal or "cheap" if you will. Investing smartly and getting solid returns with no wild expectations just sound financial decisions. Building wealth isn't easy, but I think having the car or having wealth is an easy choice. I recently came to a point in this job I've held for 4 years and can't quit. If I'd been smarter with my money I'd be flipping the bird at my boss and hunting my next job. This building wealth deal is an awesome idea when done right. It will allow me more freedom. Yes there is risk but done right you minimize that risk. Just an idea I've had. And honestly I love the car, but I love my sanity more. If slow wealth accumulation will put me in a position to quit any job at any time in the future I don't feel comfortable with, well that is a freedom worth dumping this car over and any other material possession.

I risk my life everyday stressing at work, I have a better idea and I am taking control over my financial fitness! Oh and my physical fitness as well.


This sounds like it's straight out of one of those money conventions where the speaker explains to you how easy it is to be a millionaire.

Honestly, I'd sell the jewelry and start with that money and see how you do; if you end up doing well and would like more money to play with sell the car. The car isn't going to devalue substantially in the next several months up to a year.

Mark my words, if you sell it now, when you get older you're going to be showing your kids/grandkids pictures of the car you use to have and how you would give a lot of money to have it back. My dad did the same thing with a Boss 429, he sold it in the early 90's, it had 1700 original miles on it and he sold it for $45,000. Not only would it be awesome to have now, but they're bringing 10 times that too. :bash:

You only live once, and money saved today is money spent tomorrow.
 

USV8PWR

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Like others have said...sell the jewelry first. They aren't making any more 2013 Shelby GT500 convertibles, but they mine new diamonds, gold, and silver all day every day.

If you can afford to eat and live, I'd seriously consider hanging onto the car. Although not short term, it is very likely to be a good investment later on. ESPECIALLY for someone as young as you are. Take care of it, don't overly mod it, keep excessive mileage off of it and you will one day do well. The 2013/2014 are CS's last cars and they are likely to be the pinnacle of HP in a factory Mustang. We already know for certain that the 5.8L engine will not fit into the new Mustang. And there are only 808, probably less now, that were built!!

I am 34, max out my 401K ($17K a year), have a 15 year mortgage on my house, and am well on my way to being a millionaire before the age of 50. Hopefully I will have at least $1.5 million at 50. Anyway, as others have said the key is to saving and not living excessively. I don't consider the car excessive (unless you daily drive it and the expenses associated with it) because at the end of the day it will hold it's value very well and should appreciate as time goes on. It's the one investment I have that I can actually enjoy now, unlike my stocks & bonds.

Best of luck in whatever you decide to do! :rockon:
 

nix5o

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I see where your coming from, I've been in your position where, you want to walk out on the b.s. at work and you can't cause of your monthly payments.

My big eff this moment came after my race car was stolen. I had just lost everything I'd spent the last 6 years busting my ass for and the shit was getting deep at work. I didn't have much left after I paid off the credit cards and the other debt associated with the race car. So I decided that never again would I be stuck. I made a plan on what I was going to do different. You need to make you a plan of what you want now, and what you want in the future. I'm sure the plan will evolve as you get older and things change.

A year and a half after I said I would never be stuck, I was able to switch careers. It didn't work out how I would have liked, but I wasn't stuck because I put myself in that position not to be, and I went back to avation. Because I had set myself up nicely the transition wasn't painful, got me another job spinning wrenches and had a new outlook on avation.

I'm now working the best avation job I've ever had, good pay, benifits and schedule (28/28). My plan has evolved since I first started this mission. I've got a couple of business ventures that I'm able to comfortably invest in and not touch my nest egg, I have a new shelby, and a few other toys and I still get to go racing this time I'm driving for someone else.

My advice would be have enough cash to cover you for 6 months in the bank if you want the kind of f.u. freedom at a job.

Then I would consult a financial expert and weigh the benifits of financing your shelby (for example) vs paying it off or selling it in the grand scheme of your building wealth goals.

You definately need to balance having fun with your hard earned cash with putting it in the bank. just imo
 

Farmer-Ted

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I don't understand the need to "build wealth". I pay my bills, contribute to my retirement (401K, ESOP), save some money and spend the rest. Why work if you don't use and enjoy it. If you get frugal or cheap now and it become a lifestyle, you will be the same when you retire. You will continue to be cheap and die with a ton of money in the bank.
 

cbrmuscle

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Ask yourself, what is the purpose to building wealth?

To secure your future? Noble. To secure your children's future? Even better. To be able to afford toys and enjoy life a touch more? Great

But, if you do not have children, can comfortably pay your bills, and you already own a vehicle that 99.9% of people can never drive (or afford)... I say keep the car!

Just speaking from experience... I am 29, have no kids, and driving my dream car. Would it be nice to not have payments? Sure. Would I change a thing? Absolutely not.

Cheers
 

Husky44

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My $.02...

You own an amazing car, but guess what--there's lots of them. I'm just a few years younger than the Mustang, and have been a Mustang fanatic all my life, even though I haven't owned one for much of my life. I spent a lot of my time driving nice (not NICE cars), working a good job, owning nice homes, and raising my family.

When you talk about "building wealth", you've got at least the right terminology. I'd highly recommend avoiding investment advisors, and doing it yourself, with the idea of the long game. Real estate, purchased wisely, is a great wealth builder--starting with your personal residence. 401k--max it out to get all the matching money you can from your employer. My personal preference for additional investments is index mutual funds, rather than individual stocks. Buy and hold...

This approach has put me at being able to completely retire before my 48th birthday. My kids are grown and on their own, my wife and I are looking for a retirement home in a beach community, I've got some cool toys, we travel and enjoy life, and I'm in a place where I can work for someone who can't afford to pay me, making a difference in people's lives, and hopefully making this world a better place.

To do that, I passed on the several Cobra R models, the Terminator, and several other cars that I thought I would DIE if I couldn't own... I'm still alive and a lot better for it.

If you're still single, you might consider giving yourself a cheaper toy--like a Termi or something that you can play with, have fun, and not be financed to the gills. Going from the GT500 to a Prius may be too much of a shock to your system to follow through on. My toy for several years was my 95 GT convertible. Not a screamer, but she handles well, looks good, and is a genuine joy to drive.

I'm apparently the minority, but I'll tell you that I think you're on the right track.

PS: If your motivation is so you'll be in a position to tell your boss to pound sand whenever you feel he's being a jerk, then you're going to be miserable for most of your life--you'll eventually find yourself self-employed, and then it's really hard to tell your jerk boss to go f himself...

There's jerks in every workplace; quitting won't make them go away, and the buzz will wear off after a few days. Spend your time learning how to work with difficult people, how to positively influence them, and help make your company better. Much more rewarding, albeit much more difficult (at least in the near term).
 
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Tob

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You're a wise man Luis. I wish you all the luck in the world. May you do so well that you are forever hounded to pay your fair share! :)
 

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