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Partner wants to buy a Super Car worth 150k

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  • EntrepreneurMD
    replied
    Anne, thanks for your thought. The detailed conversation about the cars came up in a thread that requested it. No? Giving details about overall finances is as people requested details and inherent to CYAI. I find it difficult to get financial advice when I don't give specifics. Bragging? Maybe that's an interpretation.

    The $2M in annual expenses is to explain the reason for the size of the emergency fund. Annual expenses break down as follows in rough terms: $1M business, $300K office building, $360K income taxes, $110K IRA, 7K HSA, $80K tithe, $170K personal expenditure.

    You are not the only one who questioned the annual personal expenditures. So you can see the $170K in low COLA is after income taxes, donations, IRA and HSA. If this number is clearer, $170K plus tithe plus IRA/SEP plus the taxes paid on the $170K (about 30%) can be viewed as our personal annual expenses. It's just a matter of how one lines up the expenditures. Is to contributing to an IRA an expense to some yes to others no because the funds are still there. Is the principal paid on the commercial loan an expense some say yes others say no because the funds come back upon sale of the property. So what is personal expenses, it's broken down for interpretation.

    The Ferrari was purchased in 2010 so clearly that year was an outlier. The BMW's were both purchased used in 2011. So aside from maintenance, insurance, current $65K auto loan they do not impact our annual expenditure in terms of purchase price. The 20K purchase of the Mercedes this year will skew the $170K a little, not by 20K as it was on a trade.

    You too are killing it. Keep in mind I am primary care and my wife is a pharmacist, so it requires some extra "tricks" to get to where we are. I'm not that impressed either, so unsure why the genius comments.

    Anyway, I'll try to avoid discussing numbers or sizes even on a thread that asks about $150K supercars. Glad you got your thrill in an F-18, I'd be frightened out of my mind hence maybe why the wheels on the ground work for me.

    Leave a comment:


  • G
    replied
    Agree there are high NW docs. Many on this forum. I have my own expensive toys while clipping coupons and arguing with my wife to turn down the heat, so I get it. Not sure if it is the tone or what, but I'm put off. Ok, could be length of posts too.

    But generally kinda feels similar to when you're talking to the paranoid guy in the ER...story could be true, but the context is just off. Cargo shorts or capris reflected on Ferrari and credibility is gained.

    Leave a comment:


  • VagabondMD
    replied
    I like EMD’s posts. He provides some perspectives that are missing from this forum. While I cannot personally vouch for EMD’s posts about his income, wealth, businesses and possessions, I certainly know people at this level and higher and surely there are docs at this level.

    So even if you do not believe EMD’s story, it is surely someone’s story and is worthy of consideration.

    Leave a comment:


  • EndoRobert
    replied




    P.S.  Supercars are kind of boring to me now–I got to take multiple rides in a 2-seater F-18 as well as Cobras and other assorted incredible high performance aircraft as a Navy flight surgeon.  Once you go on a high speed low altitude ride in Rainbow Canyon it’s difficult to get excited about a Ferrari or Lamborghini.  And yes, I’m bragging.  And people say HPSP isn’t worth it!
    Click to expand...


    Call sign “Anne” buzzing the tower and then catching the ideal arresting wire with this post!

    Leave a comment:


  • Tim
    replied
    “the car I want is a Honda Accord, my dream forever car.”
    Option 2,
    1.9% financing through 9-3 for “qualified buyers”.
    Honda Finance will prequalify you in a couple hours. Pickup your car on Monday. 36 months. Dealers are starving to hit 7/31 targets. Each will promise a low price guarantee. I’ll bet the local dealer would deliver it to the house. Honda CRV EX for 25k, EXL 27k.
    I personally don’t like people staring at me when I get out of the car. Caution: I often find myself trying to get in my vehicles. License plate or something on the dash helps. The remote let’s me use the beep or panic button if needed. That’s embarrassing. People look and think, “He lost his car.” No kidding. They lose them too.

    Leave a comment:


  • Lordosis
    replied
    Yeah I am calling shenanigans. About the only thing that could give you any credibility at this point is a pic of the Ferrari with you in cargo pants reflected in the door. Get a copy of today's newspaper in it for good measure.
    Otherwise I will continue to skip over your posts like I did with ICB.

    Leave a comment:


  • Anne
    replied
    P.S.  Supercars are kind of boring to me now--I got to take multiple rides in a 2-seater F-18 as well as Cobras and other assorted incredible high performance aircraft as a Navy flight surgeon.  Once you go on a high speed low altitude ride in Rainbow Canyon it's difficult to get excited about a Ferrari or Lamborghini.  And yes, I'm bragging.  And people say HPSP isn't worth it!

    Leave a comment:


  • Tim
    replied
    “the car I want is a Honda Accord, my dream forever car.”

    Now I can help you. Two Accords are on their way out.
    • 2008 ExL - 70k miles
    • 2012 Ex - 75k miles
    You see I got 4 cars and two women in my life have reached milestones and both “want” to refresh” their rides. Soo......I am gonna keep one of the above and give the 2007 CRV (230k miles) to a BIL that needs wheels.
    I am shipping the 2008 next week, it’s in that good of shape. The 2012 is in better shape. Deadline is Monday noon. For just 9-10k, you don’t need to screw around with cars anymore!

    Leave a comment:


  • Anne
    replied
     

     

    Leave a comment:


  • xraygoggles
    replied
    Who knew a staid forum about personal finance for high income professionals could have such levity?

    Please do not stop feeding, I'm thoroughly enjoying this!

    Leave a comment:


  • EntrepreneurMD
    replied
    The moderators already have my info and know who I am. They could have already looked up the size of my residence on the property appraiser's website, my office building and business are online. I can show them all vehicle titles, service receipts, accounts, tax returns, etc. They'll have to stop by for a fridge inventory though, Ha!

    Leave a comment:


  • MPMD
    replied




    the thing I don’t understand is why your introduction to us was the “Can You Afford It” about your two kids’ anticipated higher education expenses. Seems such a ludicrous question for you to reach out and ask.
    Click to expand...


    I think when you add all of the assertions and questions together you arrive at a fairly clear conclusion of what is going on here.

    I hope the mods act accordingly and I think we (especially the Pig) should stop feeding.

    Leave a comment:


  • EntrepreneurMD
    replied







    Okay, here’s a compromise. There are several funds with 10 annualized returns over 30% and YTD returns over 50%. Clearly they all escaped your Morningstar research (FLP and Goggles). How about I name a fund that I don’t own? You clearly don’t even think they even exist.
    Click to expand…


    not interested, proves nothing.
    Click to expand...


    I know, that's why I haven't bothered already.

    Although if I was making this up, I would have gone with an appreciated Enzo or F12 TDF, not a depreciated F430. See, in my modesty I bought the poor man's Ferrari.

    This string had hysterical exchanges!

    Seriously speaking when I unload all this stuff, the car I want is a Honda Accord, my dream forever car along with a 1500 sq ft house. You are intellectually a world ahead of me with the Civic. I have to admit, it does look sharp.

    Whether OP gets the car or not, that wasn't the question posed. If he/she does they will enjoy it greatly. If not, I'm indifferent since there are better ways to invest the money. I'm not here to say yes or no to a question not posed.

    Leave a comment:


  • MPMD
    replied




    Who says they are doing illegal stuff on road? If you spend 200k on a performance car there’s a decent chance you’re going to track it at some point.

    Also the kitchen remodel is a horrible analogy. Make money? Get real. Thats what everyone tells themselves before they pour 100k into something that nobody else wants. You do it because you want the kitchen how you want it ( just like other home remodels). Doing it to make money? Maybe like 30 cents on dollar.
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    Tracking it sounds awesome. So rent it for that day and save $199k. Pretty sweet deal there.

    I'm not saying everyone makes money on every remodel. I'm saying you can def get some ROI on home improvement. If you do your kitchen w/ glass cabinets and a hot pink backsplash maybe not. There are definitely smart things to do with kitchens and bathrooms that can increase your home value.

    Leave a comment:


  • EntrepreneurMD
    replied




    the thing I don’t understand is why your introduction to us was the “Can You Afford It” about your two kids’ anticipated higher education expenses. Seems such a ludicrous question for you to reach out and ask.
    Click to expand...


    I don't know. I'm far from perfect. Clearly I was thinking an $800K tab was a load given my current debt load and annual expenses. Not sure Johanna would find the question ludicrous, but I don't want to speak for her. As a financial advisor/CPA, I'm sure she's gotten plenty of ludicrous questions. Interested to know if this one would be high on her list.

    I get it now, the educational expense is not going to be a big deal.

    The irony is I've been told the car at a $13M net worth is "ludicrous" to quote someone else. Now I'm confused about this dichotomy between the affordability of the kids education and the car!

    I get it, the educational investment is a world away from a depreciating supercar. But the question was regarding affordability in terms of dollar amounts. I think the general consensus here is sell the car (if it exists!). Ha. I'm no too attached to the car, but the sub 2% loans to help finance lucrative commercial real estate is probably why I've been holding on.

    Leave a comment:

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