How are you guys able to afford a nsx 2.0???

[bluejet]

I want one, but I'm broke in my late 20's. What's your secret?

 

[DocL]

We live with our parents, are entitled to handouts, and vote democratic. Other than that I'd never be able afford anything nice.

 

[powdbyrice]

sugar momma.

 

[RSO 34]

I want one, but I'm broke in my late 20's. What's your secret?

Then why did you just buy a gen 1 NSX? If you're broke get a job and stop buying exotic cars you can't afford and pick up an old civic.

 

[Jinks]

We live with our parents, are entitled to handouts, and vote democratic. Other than that I'd never be able afford anything nice.

Funny as hell. You forgot to mention smoking pot all day too.

 

[Speedmaster]

I want one, but I'm broke in my late 20's. What's your secret?

I have bad news for you, my friend. It gets worse.

How about you finally reach a time where you can afford the car (I don't mean the payments either) and decide that it is just not a prudent purchase.

I lusted after the 308gtsi. Boy, that and the 512BB. Love(d) them.

But, what kind of person would I be if I carried a mortgage that was less than the cost of said car?

So...beware what you wish for man. Once you have the money...you may prefer to spend it on a 529 plan or buy a fledgling internet website. Who knows.

 

[nsx#fan]

By not sitting in front of a computer and asking stupid questions.

 

[Bricks and Bio]

I got an biochemistry degree from a real school and got into Biotech in the 80s (hidden point 1, focus on industries with high growth rates and high margins).

I got my employer to pay for a lot of my MBA (invest in yourself early on)

I got married early and we bought our first house at 24 (the untold truth about real estate for most folks is that by buying the place you live in, you essentially fix your cost of living in the year your bought the place).

I diversified by buying rental property (my college landlord has an MB 450SEL and 450SL in 1977, when few had such rides, he told me about the benefits of multiple income streams).

I learned to find stocks that were worth buying (ex. Airgas, every tech company and xyz other industry uses bottled gas. The guy who started the company realized that he could consolidate the mom and pops and create amazing free cash flow). and when I changed jobs, I moved my 401(k) into a self managed IRA and hit pretty good on Apple and Under Armour.

I leveraged my science and business background to leave the lab and get into a better paying segment of Biotech, Regulatory Affairs.

I kept growing my real estate hobby and now it grosses way more than my overpaid job, and the millennials who can't buy anything are stuck paying me ever increasing rents (try to buy in the neighborhood next to the currently hot one).

My wife is also a well compensated professional.

And I am older and the kids are out of college.

 

[JD Cross]

I want one, but I'm broke in my late 20's. What's your secret?

As the old saying goes if you have to ask...............

 

[neuronbob]

B and B hits the nail on the head. I have to explain this occasionally to youngsters who approach me at Cars and Coffee. It boils down to "stay in school" and don't overspend when you're young.

 

[Yinzer]

If I were in the market for a 2.0 I would say along with some good advice here, learn the power of delayed gratification.

I would also say "stay in school" doesn't automatically mean "stay on campus," even though today's supposed political leaders always talk only about college after high school. Especially since my plumber, electrician, and HVAC guy probably make more than me and probably go to bed thinking about work less often than I do. And probably work less hours than I do, making time to enjoy the fruits of delayed gratification.

But I'm not in the market for a 2.0 so I better just say nothing.

 

[Valkyrie Pilot]

I got an biochemistry degree from a real school and got into Biotech in the 80s (hidden point 1, focus on industries with high growth rates and high margins).

I got my employer to pay for a lot of my MBA (invest in yourself early on)

I got married early and we bought our first house at 24 (the untold truth about real estate for most folks is that by buying the place you live in, you essentially fix your cost of living in the year your bought the place).

I diversified by buying rental property (my college landlord has an MB 450SEL and 450SL in 1977, when few had such rides, he told me about the benefits of multiple income streams).

I learned to find stocks that were worth buying (ex. Airgas, every tech company and xyz other industry uses bottled gas. The guy who started the company realized that he could consolidate the mom and pops and create amazing free cash flow). and when I changed jobs, I moved my 401(k) into a self managed IRA and hit pretty good on Apple and Under Armour.

I leveraged my science and business background to leave the lab and get into a better paying segment of Biotech, Regulatory Affairs.

I kept growing my real estate hobby and now it grosses way more than my overpaid job, and the millennials who can't buy anything are stuck paying me ever increasing rents (try to buy in the neighborhood next to the currently hot one).

My wife is also a well compensated professional.

And I am older and the kids are out of college.

Lot's of good stuff here. I like the subtleties that make a significant difference.

As you seem to imply, there is the value of hard work and the chance of opportunity. Some people say that "the harder they work, the luckier they get" but that does not mean opportunity is always there for all to the same extent.

And Yinzer's point is also excellent. Living simple will get your money to work for you faster.

Now let's get back to horsepower ratings lol.

 

[99problems]

1) Hookers
2) Blow
3) ????
4) Profit

But seriously, what B B said was the generic "catch all" of what every successful person more or less looks like.

 

[Olyar15]

Get a time machine, buy a house in Vancouver in the past, sell today: Instant multi-millionaire.

 

[chrisn]

Apart from having a trust fund, the universal success factors are: Good DNA, strong work ethic and thoughtful risk taking (called "luck" when it works out). Not all people who have such attributes will be successful, but virtually all successful people will have these attributes.

 

[Hothonda]

Generally, the smarter you work, the luckier you get.

 

[nosirrahx]

Luck is where preparation meets opportunity.

You exploit luck with hard work.

 

[chrisn]

Generally, the smarter you work, the luckier you get.

I agree, in part, but I prefer to think of this element as "Smart Risk Taking" and not "luck." "Luck" sounds too passive-- sitting around waiting to get lucky. The concept of "hard work makes you lucky" is closer to the truth, but I think the real difference is taking risks and having those "bets" pay off. If you always take the safest path, it doesn't matter how smart you are or how hard you work-- you won't do as well as someone who stretches/takes chances/bets on himself.

 

[Bricks and Bio]

Musings on luck

you cannot win without betting

if you never bet you can never win (I.e. Doing nothing gets you nowhere)

real life examples

In 1987 I had 2 job offers, Genzyme and Cambridge neuroscience. Genzyme looked at lot more like a company I it to serve customers and I went there. Cambridge neuroscience went out of business, and Genzyme was purchased a few years ago. A dollar invested in Genzyme back then would have returned about $37 over 25 years.

after have some experience in land lording I said, where in Boston is the most realistic opportunity to major upside. Harvard had collected hundreds of small properties in what I call the north brighton north Allston peninsula. They had loosely described a goal to extend their campus in that area. The area is pretty safe, near the highway and surprisingly centrally located relative to down town Boston, cambridge and brookline. I found a building I liked and it has been ok. Harvard has been really slow to develop due to the economy and feuding with the neighbors. Low and behold, the local sporting goods powerhouse New Balance decides to plunk $550 million (not a typo) into a mega development about 300 feet from my building.

That is what luck is about when you think about stuff and take a chance.

 

[chrisn]

It is important to acknowledge that not all risks, even the smart ones, are winners. I also honor and respect those that could "safely" drive a BMW, took a chance on getting "NSX money," and ended up in an Accord. The general public, on the other hand, only sees the "rich jerk" in the NSX and not the fine people who did everything "right" but whose stars weren't as aligned....

In general, we can only directly control our choices and efforts, not the outcomes.

 

[Hass]

Spend less time on the internet worrying about others money

 

[JD Cross]

Spend less time on the internet worrying about others money

Aha
The wisest words of all.

 

[G.Irish]

I want one, but I'm broke in my late 20's. What's your secret?

A. Get into a high salary career (e.g. IT, law, medicine, engineering)

You may need to go back to school to get to where you want to go. Go to a state school to save on tuition, move if you have to to get in-state tuition. In IT you could sign up for a 12 week development bootcamp that has job placement at the end, but you'll have to invest about $12k to enroll. Over time though a career in software development will easily repay that investment many times over.

To jump up the salary ladder quickly in your career, obviously there's hard work, but a lot of it is advocating for yourself and setting yourself up to succeed. That means learning and demonstrating the skills that are worth more to employers, and switching jobs to get big pay jumps, or asking for (and proving you deserve) raises rather than waiting on the typical 3-8% annual salary increase. No one is going to manage your career but you, so make the moves that are in your best interest, don't wait for your company to take you to where you want to be.

B. Start a business, become successful

A riskier path but one with a lot of upside. You've got to be someone who is self-motivated, inquisitive, clever, stubborn, and very hard-working to succeed with your own business. If you're already in a high-salary career it's much easier to shift into working for yourself, setting up a side gig, or buying a franchise. This is way easier to do before you have kids obviously. I'd say that even if you can set up a side gig bringing an 10-20% of your salary per year, you can invest that money and start really moving up.

C. Real Estate/Investments

Others covered this but one way to build wealth is to buy real estate in areas that are developing, preferably something that needs some work. The vast majority of people don't want to take on fixxer uppers and that's where you can get big returns on investment. If you could get into rental property, even if it means renting out a room in the house you're living in, that can put you well on your way to building wealth. My wife for example, bought a foreclosed property in an area that was starting a wave of redevelopment. She got a 203k home construction loan and renovated the place nicely, now about 6 years later the house is worth more than twice was she paid. There was some pain and uncertainty involved but it was a calculated risk.

D. Marry Rich

Easier said than done, but at the very least, marry someone who's not going to be a financial drag. Also, get a pre-nup.

 

[Matt Knight]

Here;'s how:

http://www.nsxprime.com/forum/showthread.php/98489-Easiest-way-to-own-a-NSX?

I'm sure this is still relevant and will apply to the 2.0.

 

[BBVNSX]

Easy! Just wait a few years! Then sell your appreciating NSX 1.0 and buy a depreciating NSX 2.0! But i think you would regret... :biggrin::biggrin::biggrin: