Success in 23 (not so) easy steps.
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.
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