Hello everyone, I've been lurking for a few months now and have always had the desire to ask this question. What do you guys do for a living? Do you own a lot of assets and just make your living from that, or are you a CEO of a big company? Just curious what you guys do and what tips you have for a 20 year old college student who is trying to acquire assets before he leaves college, but doesn't know where to start. If the mods aren't a fan of a thread like this then by all means delete it. Just curious to see what the owners of my dream car do to be able to afford these cars (and the ferraris, porches, etc) :biggrin
Another 'What do you do for a living' thread.
- Thread starter Caboose
- Start date
Empty Pockets
ex-GT Owner
As you suggested, this isn't the 1st time your question has been asked, and the STRAIGHT answer is there are people on The 'Forum from practically any walk of life you can mention. Most (predictably) have professional backgrounds (there are past and present CEO's, business owners, doctors, attorneys - all the usual suspects :lol), but there are other professionals like stuntmen and pro racers as well. And there are NON professionals too. Like I said, pretty much whatever background you can think of.
As far as investment/asset advice - I never give any! That prevents bombs from showing up in my mailbox!
As far as investment/asset advice - I never give any! That prevents bombs from showing up in my mailbox!
Mullet
FORD GT OWNER
soroush
Ford Gt Owner
- Aug 8, 2007
- 5,256
JCSB
Ex GT Owner
Success in 23 (not so) easy steps.
1. You don't acquire assets before you leave college. Forget about assets and exotic cars. You can read about them in "Road & Track" though.
2. Most people who can afford these cars own and operate a business.
3. Study business in college.
4. Work long hours in someone elses business during your 20's. Make all your stupid mistakes with somebody elses money.
5. Forget about exotic cars in your 20's.
6. Don't buy anything that is not essential. Accumulate capital. Houses and cars are not investments.
8. Don't get a divorce!!!
9. Continue to work long hours in your 30's. Forget about exotic cars.
10. When you have accumulated $500,000 to $1,000,000 of free after tax cash, use that money as a down payment to build, buy into, or purchase your first business.
11. Forget about exotic cars, you won't have time to drive one anyway.
12. Don't buy anything, unless it's essential.
13. Continue to work long hours in your 40's. Use every spare dime to pay down your business loans.
15. DON'T GET A DIVORCE!!
16. Forget about exotic cars in your 40's unless you have been very talented and/or luckey so far.
17. Continue to work long hours.
18. Don't buy anything, unless it's essential. Pay off everything!!!
19. DON"T GET A DIVORCE!!!!!!! If you do get a divorce, start over at step one.
20. In your 50's, IF...everything is paid off, your kids college expenses are paid for, your business is solidly profitable, your retirement is secure, AND you have sufficent assets to write a check for $200,000 to buy an exotic car without changing your lifestyle a bit, you are ready.
21. Buy your first Ford GT and join all your fellow 50 something owners at the next annual GT Rally.
22. Regretably, you will not see me at your first Rally. I will have been long dead. DBK may still be around, but Bony and Chip will toast you from above with a Makers Mark Manhatten.
23. Now, there is no time to waste. Get to work. 30 years of effort begins with a single step. Good luck.
Chip Beck
Age - 55
1. You don't acquire assets before you leave college. Forget about assets and exotic cars. You can read about them in "Road & Track" though.
2. Most people who can afford these cars own and operate a business.
3. Study business in college.
4. Work long hours in someone elses business during your 20's. Make all your stupid mistakes with somebody elses money.
5. Forget about exotic cars in your 20's.
6. Don't buy anything that is not essential. Accumulate capital. Houses and cars are not investments.
8. Don't get a divorce!!!
9. Continue to work long hours in your 30's. Forget about exotic cars.
10. When you have accumulated $500,000 to $1,000,000 of free after tax cash, use that money as a down payment to build, buy into, or purchase your first business.
11. Forget about exotic cars, you won't have time to drive one anyway.
12. Don't buy anything, unless it's essential.
13. Continue to work long hours in your 40's. Use every spare dime to pay down your business loans.
15. DON'T GET A DIVORCE!!
16. Forget about exotic cars in your 40's unless you have been very talented and/or luckey so far.
17. Continue to work long hours.
18. Don't buy anything, unless it's essential. Pay off everything!!!
19. DON"T GET A DIVORCE!!!!!!! If you do get a divorce, start over at step one.
20. In your 50's, IF...everything is paid off, your kids college expenses are paid for, your business is solidly profitable, your retirement is secure, AND you have sufficent assets to write a check for $200,000 to buy an exotic car without changing your lifestyle a bit, you are ready.
21. Buy your first Ford GT and join all your fellow 50 something owners at the next annual GT Rally.
22. Regretably, you will not see me at your first Rally. I will have been long dead. DBK may still be around, but Bony and Chip will toast you from above with a Makers Mark Manhatten.
23. Now, there is no time to waste. Get to work. 30 years of effort begins with a single step. Good luck.
Chip Beck
Age - 55
JCSB
Ex GT Owner
Chip,
I agree with everything you said except why only 2 exclamations on line 15? Should be more. Age 62. My older brother said I was catching up to him, but I told him it was a mathematically impossible. :lol
John
I agree with everything you said except why only 2 exclamations on line 15? Should be more. Age 62. My older brother said I was catching up to him, but I told him it was a mathematically impossible. :lol
John
I'm curious why you would say that you don't acquire assets before leaving college? An asset is quite simply something that makes you money, without you having to do any work for it to make you that money. And I do understand that for people in their 50s and 60s the ONLY way to make a living was to work as hard as possible for as long as possible and just save save save, but it seems like today knowledge means 10x what hard work does. Just curious on your opinion on this.
H
HHGT
Guest
NardoGT, Nota4Re, Empty Pockets, Gino, Kingman, SteveA & BlackICE all met on the shoot of a PlayGirl Calendar back in the 1970's - they were drooling spectators!
They made their big money by providing comfort & companionship to a lifetime supply of Gloria Marshall rejects!
Only one of them is funny in a special kind of way though! Hint...He stays at the Wynn in Las Vegas....
They made their big money by providing comfort & companionship to a lifetime supply of Gloria Marshall rejects!
Only one of them is funny in a special kind of way though! Hint...He stays at the Wynn in Las Vegas....
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Joe Dozzo
Well-known member
" knowledge means 10x what hard work does"...
I MIGHT concede the point if you insert "INSIDER"... BUt then that's probably bordering on illegal...
Sorry... Give me hard work... I've met 100's who thought they knew everything and haven't gotten anywhere... Darn few who work hard all day every day and haven't made something good of their lives...
55...
I MIGHT concede the point if you insert "INSIDER"... BUt then that's probably bordering on illegal...
Sorry... Give me hard work... I've met 100's who thought they knew everything and haven't gotten anywhere... Darn few who work hard all day every day and haven't made something good of their lives...
55...
H
HHGT
Guest
In my lifetime, and no disrespect to anyone here on the forum the higher the degree the lesser the business sense!
I'll take a "I want to learn it all" over a "I know it all" any day of the week.
I'll take a "I want to learn it all" over a "I know it all" any day of the week.
Definitely not talking about those types of assets haha. And I disagree about hard work essentially guaranteeing success. Of course it's not from personal experience as I am too young to have any input into that, but as an observer I've noticed that although my dad is an incredibly hard worker, he's always struggled with paying bills and always will. In my eyes I look at the fact that he has no idea what a true asset is. Everything in his life is a liability, except his paycheck after taxes.
That's why I'm here asking these questions.
If it sounds like I'm being negative about what you guys are saying, I apologize as that's not my true intention. The best way that I learn is by asking questions and debating whether the answer I'm given is correct. It allows me to see multiple points of view and not got caught up in 1 set way. Sorry for the double post.
H
HHGT
Guest
That's why I'm here asking these questions.
What do you hope to get out of college apart from a degree?
What passions drive you in life and how do you intend on matching them up with a career?
Where do you see yourself in 10, 20 & 30 years?
Success is not necessarily mimicking someone else's accomplishments! Make YOUR mark on life.
I could care less if I left college with a degree in my hand. Knowledge has always, and will always be my first priority in life. I love learning, but school has always been rough for me because I find it to be way too simple. I'm looking forward to leaving college and that is where I believe my true education will begin. At the moment I'm pursuing a degree in computer science. Its interesting to me because I have to essentially start from scratch and since it will keep progressing and changing every ~18 months, it won't get boring for me as easily. Of course, as it is with most people, my true desire is to acquire enough money where I don't need to work and I can do the things I love to do. Such as travel and spend time with family. College, to me, is more of a means to an end. It provides me with more knowledge then I would've acquired working at McDonald's or continuing my old career path as a mechanic and it gives me a decent foundation to which I can expand upon after leaving college.
GTdrummer
GT Owner
Forget everything you have read here except "don't get divorced" and I would add and make sure you marry really, really well--then screw hard work and degrees.
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SteveA
GT Owner/B.O.D
Which one of you guys got away with my Angel Flight pants and platform shoes?
Caboose, the need for Instant Gratification and the pursuit of Style over Substance is the scourge of your generation, fight falling into this trap with all your might. Finnish school, work not only hard but smart, A DEGREE IS NOT A SUBSTITUTE FOR THE USE COMMON SENSE. Listen to, take advise and learn from those that are successful in your chosen trade. Save and reinvest, reinvest, reinvest and THEN the toys will appear like magic.
RPM217
2005 white/blue stripe
Some very sage advice in even the "humorous" responses. Correct Chip's post to make sure you have $500,000 to write out the check to buy a GT in 30 years, if there are any for sale!!! Also, somewhere someone has posted something about "make your own luck, the harder you work, the luckier you'll be"`Just a point of reference for you; my daughter's education cost me $380,000 after tax dollars, and I only had one child. 4 years undergrad=$180,000, 3 years law school=$200,000. Fast forward to when you have kids, and they become of age, what will it cost then? These cars are absolutely a dream to own and drive, make sure you have all your realities taken care of, before you move on to your dreams. Best of luck to you!!!