Post: #1

It's come to the point where I have decent savings and some very limited investments. A good job. Lots of stuff for hobbies. Now, I realize that I could do something like run out and buy a nicer vehicle or other toy and still have living expenses for 6+ months saved up. Like, something top of the line.

But, is it worth it? There's only so much enjoyment you can get out of material possessions. Anything bought new will also depreciate almost instantly.

There are also other options. Several thousand put on a new toy like a sports car or motorcycle could be held onto or used for other purposes. An extended vacation, maybe. An investment in another property. Maybe even business capital for a run at entrepreneurship?

Or, instead of something new and top of the line, a cheaper used toy with less features, and money left to spare?

How much money do you guys allocate to big dollar toys and hobbies? If you could get a top of the line model without really hurting financially and without having to go into debt, would you do it? Or, would you maybe do something else, like take flying lessons, or start a business? Or, do you just keep hoarding money in savings or investments?

Other ideas are certainly welcome.

Post: #2

If you want to buy something fun, but you're worried that it'll depreciate, get a gun or two. Guns can hold their value a long time if you take care of 'em. Heck, if you get a surplus rifle, the value might increase over the years. Compared to a car, you could consider that a cheaper toy/toys with money to spare.

Post: #3

Good idea. However, I have a small arsenal, safe, and ammo for days.

I think I'm trying to talk myself out of it. It's something I wanted for a long time.

Post: #4

I would travel, or put my money into something more lasting. I am in the process of buying a car, also started with wild ideas and realized there is no need to burn money. I rather have a slightly boring but reliable and cheap car then a flashy thing that always breaks.

I did some math and if I spend responsibly I can retire in just 10-15 years, move to a cheap country and live off from that. I was amazed how cheap some land and properties outside of cities.

I always think of money as the time I never get back while earning it. So, if you throw away money you throw away your life in a sense....

Post: #5

I'm in the same boat. I've got low monthly expenses compared to my income and I spend a good chunk of time fantasizing about buying a baller car. I'm constantly going back and forth between whatever luxury car I'm feeling at the moment and just gritting my teeth and saving as much as I can. Right now I really want an escalade, a 2010 ish would be doable but 0% practical.

Its hard to stick with it but I think the bigger picture is better. Spend your money on assets as opposed to something that can depreciate very quickly (ie. new benz) once you get something like a rental property that can by itsself consistently pay for your toy outside of your main source of income go for it. Ive seen too many guys where I am make 100 grand a year for 10 years and are broke as fuck by the end of it because they blew all their cash. They have 2 bikes an RV, boat, 3 cars etc they all bought new and now they're worth 20% of what they paid.

Then again you could always buy toys that depreciate minimally ie. get an older benz that has pretty much leveled off, make some modern updates and have fun for a while. Sell it when some major work is about to pop up. The one car I'd go full retard and drop 40 grand on without thinking is an Acura NSX. Its a bit of a gamble, but with the new NSX I think its going to appreciate in value as long as you keep it 100% original, at the very least I'll be able to sell it for the same price I paid. I've seen the same kind of thing going on with older range rovers etc.

I'd also do some introspection on your motivations for buying the toy. In all honesty I like a luxurious ride but I hardly drive, my car now is nice enough, but I just want to ball out for the status... thats part of the reason stopping me.

Post: #6

Thank you for the input. I think I'm going to ice any decision for at least a week. A test ride blew me away and I haven't slept on it enough. It was literally everything that I wanted, but I started counting the amount of work time the price added up to.

Maybe it's worth sitting down and writing all the other ideas I have for the same amount of cash. I'd really like to start building some passive income, real estate is a bit out of the question for me due to the insane market where I live.

Post: #7

Test Ride = Emotional Response

Always put it on ice for a bit.

I was playing with the thought of buying a used low end Harley, however I'd rather use that money to travel.

Post: #8

Here's what I did:

*Create a favourites folder in your internet browser's toolbar
*Go online window shopping and add any items you really want to the folder
*As time goes on, slowly delete hyperlinks from that folder, or move to another folder.

Think really hard about what you really want and what gives you pleasure and utility, rather than getting something for fun on an impulsive whim. Shiny new cars would fit the latter category.

I crossed off a new phone, headphones, shaving kit, coffee grinder, and numerous fashion/style items. At this moment all I have left to cross off the list are a travelbag, cigars and some wine-related items.

During this process, I realised that I really had very few needs. Once I cross off the final few items, there is really nothing more that I really want or need in a physical sense. All that's left are experiences and creature comforts. Study, pleasure and comfort are all that a man needs.

When you go out and see some shiny new toys in the future, you'll start thinking "did I put this on my list? Does it deserve to be on my list?" And when you decide no, you just keep walking on.

When you stop buying and consuming for it's own sake, it's a little frightening and very liberating.

Post: #9

(06-08-2015 08:34 PM)Tengen Wrote:  Here's what I did:

*Create a favourites folder in your internet browser's toolbar
*Go online window shopping and add any items you really want to the folder
*As time goes on, slowly delete hyperlinks from that folder, or move to another folder.

Think really hard about what you really want and what gives you pleasure and utility, rather than getting something for fun on an impulsive whim. Shiny new cars would fit the latter category.

I crossed off a new phone, headphones, shaving kit, coffee grinder, and numerous fashion/style items. At this moment all I have left to cross off the list are a travelbag, cigars and some wine-related items.

During this process, I realised that I really had very few needs. Once I cross off the final few items, there is really nothing more that I really want or need in a physical sense. All that's left are experiences and creature comforts. Study, pleasure and comfort are all that a man needs.

When you go out and see some shiny new toys in the future, you'll start thinking "did I put this on my list? Does it deserve to be on my list?" And when you decide no, you just keep walking on.

When you stop buying and consuming for it's own sake, it's a little frightening and very liberating.

This is really the best way to do things.

For me it goes along the same lines...except I have an evernote called "ideas thread" full of dope shit that I want to do or buy.

Overtime I realize that most are stupid and delete them. If it's a good purchase, however, I will keep it there and one day buy it. But, it will be at a time when I know I have the money, and when I know that I want it.

This allows you to look around, see options, and determine if the purchase is really worth the money.

I had Vibram FiveFingers on there for a while. I was unsure if they were going to be worth it. After a while I tried them on and knew that I had to get them. Then, because I had been doing my homework, I bought them on Amazon for $60 (retail ~$100). Good purchase.

I did the same with a gym membership...I'm now paying for the nicest health club in town, but it is worth every penny. I went so long with a shit gym membership...I knew what I was missing and what I wanted out of a gym. Now that I've "pulled the trigger," I won't look back or regret this purchase.

Thank rationally, make decisions, be a man.

Post: #10

^I really like this idea.

It's really easy to get oneitis for a shiny new toy and not look at the bigger picture. I just sorted through some other options and I know of something that may be just as good for 1/8 of the price to me. Think I'm going to check it out but leave the necessary paperwork at home so I a forced to evaluate all of my options.

This actually makes me think that I need to write down more ideas in general on what I'm planning to do. I've been organized about everything else but that it seems.

Post: #11

My suggestion is don't buy things compulsively. But if it is something you want then it's ok to splurge yourself. But from my experience the desire of buying stuff goes away just like when you have sex and reach orgasm.

Post: #12

One thing, if you want to drive a fun car just rent it. It is much much cheaper that way than owning it. I rent a cabrio during summer from time to time with friends, we have a blast and we give it back.

If I would live in the US I would rent a Corvette for a week and go on a road trip once-twice a year. You have your fun but without the headache of ownership.

Post: #13

(06-09-2015 12:26 AM)djk100 Wrote:  My suggestion is don't buy things compulsively. But if it is something you want then it's ok to splurge yourself. But from my experience the desire of buying stuff goes away just like when you have sex and reach orgasm.

I agree 100%. Wanting something and thinking about it is much more fun than when you actually own it. The fun fades away very quickly.

Post: #14

I agree on the guns thing however I know they aren't for everyone.

That being said, prices for military surplus guns are going through the roof. For example, in Canada, you could snag an M1 Garand for $800 five years ago. Today, starting price for a beater is $1200, and the average is about $1400.

They are the one toy that you can use and will appreciate in value.

Post: #15

I am quite shocked by how much people underestimate the cost of owning a car. It's not just depreciation, you can counteract that somewhat by buying an older, used car. But insurance, fuel (especially more powerful cars) and maintenance (especially a fancier car) really add up. So if even if you could sell these for the same price, you would lose a ton of money.

Now, 6+ months of savings is decent given how much an average person manages to save up but it's nowhere near financial independence, which I think is what everyone should strive for. Of course everyone has different priorities and has to make their own decisions but buying a fancy expensive car when you still have to work your ass off to make ends meet, is foolish in my book. Just think about how much money you're losing out on if you spend $50,000 on a car. If you were to invest that money in index funds, you could make 5% annually, after inflation. That would be $31,444.73 (81K - the initial 50K) after only 10 years. And now look how much things like this can shave off your working years:

Mr. Money Mustache - The Shockingly Simple Math Behind Early Retirement
Mr. Money Mustache - The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?”

I'm not suggesting that you mustn't spend money on entertainment, clothing or pussy. But cutting the spending that doesn't really contribute to your happiness can actually make your life easier and thus happier.

Also I don't understand why guns are recommended here. Ok, it's possible that they don't depreciate quickly but does this make them a good investment? Hell no. And he might not even find them interesting.

Post: #16

I decided early:

Decided against a new anything for the time being. Spent a couple hundred on one item that will increase the functionality and things I can do with what I've got.

However,I'm now seriously starting to think of options for better money investment. Looks like lots of good threads around here. Going to do my research.

Post: #17

The mindset I'm trying to cultivate is one where I buy experiences and not things.

Why not plan a ski trip.
Skydiving.
A hiking trip in some of the world's most pristine locations.
Go to a major sport event you've held off for sometime. Or try one you've had an interest in for some time.
Eat at a reputable location that far exceeds your usual dine-out budget.
Try a new hobby.. Go kart racing, climbing, shooting, etc.
And of course, travel.

Just some ideas.

Post: #18

(06-09-2015 10:37 AM)marty Wrote:  I am quite shocked by how much people underestimate the cost of owning a car. It's not just depreciation, you can counteract that somewhat by buying an older, used car. But insurance, fuel (especially more powerful cars) and maintenance (especially a fancier car) really add up. So if even if you could sell these for the same price, you would lose a ton of money.

Now, 6+ months of savings is decent given how much an average person manages to save up but it's nowhere near financial independence, which I think is what everyone should strive for. Of course everyone has different priorities and has to make their own decisions but buying a fancy expensive car when you still have to work your ass off to make ends meet, is foolish in my book. Just think about how much money you're losing out on if you spend $50,000 on a car. If you were to invest that money in index funds, you could make 5% annually, after inflation. That would be $31,444.73 (81K - the initial 50K) after only 10 years. And now look how much things like this can shave off your working years:

Mr. Money Mustache - The Shockingly Simple Math Behind Early Retirement
Mr. Money Mustache - The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?”

I'm not suggesting that you mustn't spend money on entertainment, clothing or pussy. But cutting the spending that doesn't really contribute to your happiness can actually make your life easier and thus happier.

Also I don't understand why guns are recommended here. Ok, it's possible that they don't depreciate quickly but does this make them a good investment? Hell no. And he might not even find them interesting.

Advice from someone that has bought a nice car, then wrecked it (deer)...rent it or lease it, then if you REALLY like it go ahead and buy it. However, you must REALLY like cars to want to own a nice car unless you have about equal amounts of money to spend for someone else to take care of it. Examples:
- insurance - mine went up by about 50% adding the car
- maintenance - $1000 for brakes because they were big, $800 for differential service, changing the oil all the time because the turbo temps eat it up.
- wear and tear - I always liked the saying "its fun to drive a slow car fast, but not a fast car slow"...if you drive it, like its capable of being driven you will eat up tires and brakes at least
- damage - having aluminum and carbon fiber exteriors makes things lighter but also makes them more breakable...one hailstorm could seriously mess that thing up.
- paranoia - see damage above.
- tools - again, if you aren't going to pay some technician that doesn't really care to work on your car you need a) garage space and b) tools to work on it.

I have a friend that has a restored car and a pimped out truck that literally gather dust because he doesn't want to get them dirty, dented or worn out. So he drives his beater car around instead...

I think buying a nice car is like getting really 'serious' about a hobby. You'd better have passion for it. I bought a car from one guy that his 'hobby' was owning and tinkering with about 6 nice cars which he rented warehouse space in a small town to garage and called it a 'dealership' so he could write off expenses and hide from his wife saying that people were coming to look at the cars etc.

Nowadays I have neither the time nor space to own a fancy car. My advice, if you have money to burn is to start paying people to do the things in your life you don't really like. I've written it elsewhere and I'll write it again...having an old lady that would do my laundry, clean my house and even clean up my dishes at my apartment was inexpensive ($180/month) and such a freedom for my downtime. My place was always in good shape and girls would always be amazed at how immaculate it was...not to mention I think their gold digger fangs flared when they heard 'housekeeper' as much as they did over the car...which was running twice that in maintenance and insurance.

If not housekeeper I'd also recommend having your groceries delivered or even a 1 week meal prep chef or just a drop off/chinese laundry.

Post: #19

Another good way to invest some spare cash is in any necessary wardrobe improvements. It doesn't take a huge amount to get a bespoke suit or two with a shoes, shirt, and tie of matching quality.....and it can make a huge difference for game, job interviews, presentations, and the like.

Either that or "invest" in yourself by increasing your budget of organic foods, buying juicers, fitness equipment you'll use, and so on. Another good way to use it is to wait until it's the vacation off season and take a trip somewhere.