spectator -- how did you do it??

[SYCO GT]

I was so used to working for a salary and benefits, that I could see how people get stuck on that track. It is hard to leave that, particularly, when the compensation is high, and you have regular financial obligations (mortgage and family).

This is my first and only exotic car so I am sure that there are people here with considerably more financial net worth than I have.

But, since you have asked, and I believe earnestly, I will share my thoughts, for what they may be worth. I think one of the keys to making money, and actually keeping a good percentage of it, is to leverage what money you do have, to a degree that you are comfortable with, and a level of risk that you are comfortable with.

I actually believe myself to be reasonably conservative, and methodical, when it comes to risk, so for me to obtain leverage, it comes through structure.

A business owner, or real estate investor, uses money to make more money, and repeatedly does this time and time again, in a repeatable system.

If you own a business, you likely have others working for you, and are making money from their efforts. For real estate, properties have the ability to be improved and appreciate, and owning multiple properties would leverage this potential, as well as the ability to borrow and leverage investments with tax favorable strategies.

If you are salaried, you are only one person, and to a certain extent, your financial rewards are not leveraged/multiplied. This does not mean that there are not salaried individuals out there, with compensation packages that are far in excess of my annual compensation, but generally speaking, one person alone, can only earn so much, if they are working for another person or corporation. I have been there. I have made $5/hr for a company, and I have been paid six figures, while I probably made a company many times my salary. Basically, I got tired of that arrangement.

 

[BlackStorm]

Intresting, that is one of the most potent things on my mind when I begin to think about making money in any way. I have thought about real estate, and it, as well as buisness ownership, has that ability to get bigger and better, to build off of itself; not a set monetary level that doesn't change.

Right now, I'm a waiter, so the money is a result of the work I put into it (most of the time :bored ) and I sometimes roleplay a nights work into a business scenario. If I expand my business (pick up more tables) I bring in more profit but it requires more work (with the risk of being over-worked, and it being physically impossible to respond to all the needs of my guests), after waiting tables for a little while I perfect my "business" and now my profits rise for the simple fact that I am doing better, so my "quality" is now better. What if I paid someone to get all the drinks for me and to keep them full? I could take on alot more tables, bringing in even more profit. I just love that idea of building on yourself and doing better and better.

The phrase of "It takes money to make money" is one that clicks through my head alot because it seems like such a big part of making money in alot of different ways. Baby steps to success.

I like when you said "leverage what money you do have, to a degree that you are comfortable with, and a level of risk that you are comfortable with," that single line makes so much sense (I'm like you, I'm conservative and methodical), and is something that should always be taken into consideration.

If you are salaried, you are only one person, and to a certain extent, your financial rewards are not leveraged/multiplied. This does not mean that there are not salaried individuals out there, with compensation packages that are far in excess of my annual compensation, but generally speaking, one person alone, can only earn so much, if they are working for another person or corporation. I have been there. I have made $5/hr for a company, and I have been paid six figures, while I probably made a company many times my salary. Basically, I got tired of that arrangement.

That is why salary is less appealing to me, I think I would get tired of that too, but it is the way that business works. Now the idea of practicing law and also being a business owner is appealing, such as having my own firm and business. That is alot of work though, I know. Walk before I run I suppose.

Thanks again for the response.

 

[Neilda]

In my experience, setting out to be a millionaire, or a multi-millionaire is a bit like trying to find a girlfriend when you're single. It never happens.

It ususally happens whilst you're busy doing something else.

There are many paths to business success and there are rarely two stories that share the same steps. It's all about passion, curiosity, confidence and customer service!

Get that right and you and your team become contagious - people will want a bit of your DNA, either to work for or to become a customer of.....

 

[BH1]

Twenty-one years law enforcement; now District Attorney. I manage on my fixed income.

Come on over to the dark side............

 

[DeaconBlues]

:biggrin Very good!! When I try to steal young lawyers from private firms, I tell them to walk toward the light, it'll be good for their soul.

 

[SLF360]

In my experience, setting out to be a millionaire, or a multi-millionaire is a bit like trying to find a girlfriend when you're single. It never happens.

It ususally happens whilst you're busy doing something else.

There are many paths to business success and there are rarely two stories that share the same steps. It's all about passion, curiosity, confidence and customer service!

Get that right and you and your team become contagious - people will want a bit of your DNA, either to work for or to become a customer of.....

Truth well told, Neil !

 

[ChipBeck]

Here you go!

....but my dream garage (primary hobby) consists of a 427 Shelby Cobra, and The Ford GT.... Rob C.

Rob,
Excellent taste in cars!! Here's a repost of advise I gave to a similar question asked months ago along with a photo of my garage. All the best.

Chip

FIRST....if you're living in a socialist country like Canada, get out! 2. Start your own business. 3. Don't buy anything, especially luxury goods like the GT. 4. Eleminate all debt. 5. Work hard. 6. (Very important) Don't get a divorce. If you do get a divorce, start over at step one. 7. When the purchase price becomes irrelevant, write the check and ENJOY. :banana :thumbsup :cheers :biggrin
Oh yeah, I own and operate a service station. The toughest step for me was #6.

 

[Kayvan]

Read Fortune:

http://money.cnn.com/magazines/fortune/fortune_archive/2006/10/30/8391794/index.htm

 

[futuregtowner]

Hi again Rob,

GT owner "Kayvan" posted a very good article and to quote from the CNN Money.com article:
"You will achieve greatness only through an enormous amount of hard work over many years".

I said in my first post yesterday that you will read a lot of the same "threads" throughout most of the posts. Not to bore you with all the many things I have personally done over all the years, or the different businesses I've owned and operated one thing has stood out and it is this: You must, must do that thing that makes YOU the happiest. Time and time again I have found that once you figure out what it is you want or want to do, getting it is the easy part.

If you chase money, "things", you'll never catch them. Do what you love and the money will follow is true now as it's EVER been. And by far the MAJORITY of the guys I know that do well, all own their own businesses. But if you choose to wear the big hat, you'll work far harder and put in more hours than anyone else! THERE ARE NO SHORTCUTS! GOOD LUCK!!!

PS. Any things you'd like to know with regards ALL aspects of Real Estate, I'd be happy to answer. Commercial, Industrial, Land, Rental property. I own it or have owned or developed it.

 

[711]

Don't! become a Lawyer It's the last thing this world needs. Do like I did find a good woman and put her to work! Then go play.
P.S. It helps to take her with every so often

 

[FrankBarba]

Like what? Again, I'm curious, because if it was so easy to make alot of money, why doesn't everyone do it?

Because there is only 5 % of the population that is willing to go the distance to achieve financial freedom.

 

[Indy GT]

Work and save to fulfill your dream

These are great and insightful words of wisdom and why the views expressed on this Forum are so interesting to read! We owners are very lucky to have this Forum and share so many similarities. I echo the same sentiments as previous posts; get a good education, work hard, live below your means and save for your dreams. Avoid debt to control your denstiny. I too had dreams of owning a Mark IV when they were offered in the late sixties. But I had to dream and work and save to be able to write the check for my GT when it was reborn.

 

[Musclecar67]

Thank You

Wow I am so great full so many of you replied to my question. Thanks for your wisdom and time! I believe in hard work and being good to people in life. Although (like mentioned) people take advantage of honest, good, hard working people; i have been there, I try my best to keep my goals in site like my father always says. Everyone here helped me a lot and I am very thankful. Its very intimidating entering the "adult world" not knowing where you will end up or what you will do... honestly it is down right scary,but I take each day and make the best out of it keeping time to enjoy life... you only live once right !
I can say I feel better thanks to everyone here :cheers. I find the hardest part in accomplishing anything is keeping the goals in site. I like that saying " if you expect a lot out of life you will get a lot from it" Thanks everyone :biggrin safe travels ~ Rob of Clifton Nj

P.S ChipBeck - WOW ! that is one sweet garage ... I love the Kirkham cobra I have their poster and everything. Im a big cobra guy I saw my first at an air show when I was like 12 and was hooked aka snake bitten. Nice to see someone has the same taste in cars haha. All the best

 

[BELIZE91]

I wonder also the background of many of the owners, I am 50 have made enough I don't have to work but do. I recomend find somthing you like to do, invest your money in the market as it can work 24 hours a day, you can't. I bought it as an investment along with my 69 Boss 429. Someday I may sell it to pay for health insurance. Till them I will drive it on nice days keep the mileage low

 

[Musclecar67]

Real estate advice?

Rob,
Excellent taste in cars!! Here's a repost of advise I gave to a similar question asked months ago along with a photo of my garage. All the best.

Chip

FIRST....if you're living in a socialist country like Canada, get out! 2. Start your own business. 3. Don't buy anything, especially luxury goods like the GT. 4. Eleminate all debt. 5. Work hard. 6. (Very important) Don't get a divorce. If you do get a divorce, start over at step one. 7. When the purchase price becomes irrelevant, write the check and ENJOY. :banana :thumbsup :cheers :biggrin
Oh yeah, I own and operate a service station. The toughest step for me was #6.

I would be interested in any real estate advice! My uncle and grandfather were custom home builders and I have always enjoyed architecture and design. I'm not a math person so becoming an architect was not in my line up of applicable careers. What area of real estate pays the most? are turn around houses harder then they seam? My great grandfather made a lot of money in real estate tho I never met him due to family issues he was very successful and I wish I knew him. Real estate seems like a great fun money maker it's "The one thing they dont make anymore" ~Rob

 

[Kayvan]

You have 3 choices: Study, work-hard or take risks....

In a nutshell if you want it you have to pick one of the above strategies:

-Study: become a professional - Doctor, Lawyer, Engineer, etc....figure early forties b-4 you pay off debt & start spending the bucks

-Work hard: become a business owner....this will take alot of hard work, blood, sweat, tears...but payoff/risks tends to be huge. Figure late 30s/early 40s before you can spend big (most people on this board seem to be in this category)

-Take massive risks: head to Wall St. (banker, hedge fund, PE) or become a Real estate investor....you will need credentials, capital, or connections; Could be spending by early 30s. Risk here is very high (you could owN or owE a lot); repo'd exotics are mostly from this category.

Rest of the strategies take decades (corporate america) and most likely you will be spending bucks in your 60s...which might not even matter then ;-).

 

[SYCO GT]

I am a lawyer, real estate broker, and certified commercial investment member (designation held by about 6% of the 125,000 or so commerical real estate brokers). I am currently working as a real estate developer / investor. I've had several other careers and degrees and licenses. Always working during school and grad school, which provided experience, contacts, and knowledge. I'm no expert at real estate, and the following is a grossly oversimplified generic opinion.

Most people enter commercial real estate after working in other industries. So, most have a strong business background and years of work outside of real estate, which helps them navigate the waters. Few people go to school thinking they want to be in real estate, although the popular media seems to be changing that as of late.

The "easy" money in real estate, I would say, would be residential real estate in a rising market. Those days are disappearing. There may be more licensed sales people now then there are homes on the market. Every one thinks it's easy money, so they go get their state license. Then, a year or less later, they drop out and give up. From the investment side, the favorable treatment of tax exemption on sale of a personal residence is, in my personal opinion, one of the best investment deals available anywhere, inside or outside of real estate. Do the research and take advantage if and while you can - tax laws and interpretations change over time. You should be selling, buying and moving every 2-3 years in a rising market, while practical. Most people with families will not do this. But again, the signs and times are a changing. Real estate, like business, has cycles, and different areas of real estate have different cycles. What no one knows for sure is, what point are we precisely at in the cycle, and when will we hit the next slope. One thing for sure, it is coming, just don't know when. Subprime mortgage fallouts will be a factor also. The experienced investors have patience, since they have been hurt before, or have lived through cycles that were painful for others.

But, it takes discipline and patience. Even much more so on the commercial side, and even much more on the development side. And increasingly risky also. Deals may take a long time to pursue due diligence and close. Deals not properly researched can easily go awry on multiple aspects. Due diligence that takes too long, will lead to another buyer stepping in and taking the project, if it is a good one.

Yes, to be ethical and successful, there are no short cuts to wealth for the vast majority.

Education / Experience / Perserverance / Passion

 

[Spirit]

You have 3 choices: Study, work-hard or take risks....

In a nutshell if you want it you have to pick one of the above strategies:.......

AGREED -
HOWEVER -
I would say it actually takes all three of these working together and in harmony to truly be successful in any endeavor, along with one heck of a lot of self-discipline.

IMHO

Good Luck On Your Journey -

It can be quite an adventure.

 

[Matavarium]

why did no one mention:

BECOME A ROCK STAR!

 

[BlackICE]

why did no one mention:

BECOME A ROCK STAR!

Although they make a lot of money for a short period of time, most of them put most money up their noses and the rest goes to their manager and entourage and they generally are too f***up to know what is really happening. Then they wake up one day broke!