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  • I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    Timbuktu bag.

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    which one? those can get pricey

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    its a messenger bag. bought it new 9 years ago for 107. at the time was a crazy amount to spend.

    its still my daily bag through med school, residency, work, all airplane trips, multiple states/countries, etc.

    ranks in the top 10 of single best purchases ever made.

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    which bag was it? amazon link?

    in reply to: Briefcase #239416 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    Timbuktu bag.

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    which one? those can get pricey

    in reply to: Briefcase #238143 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    I’m a little bit of a car guy so I’m curious what car he wants. And I didn’t want to read 15 pages to find it.

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    570S

    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017
    Earnest refinancing bonus
    Has anywhere in the last 15 pages clarified what exactly the “supercar” is? As in make and model? 

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    Certainly not.  That would require another 15 pages of posts at least..

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    Why does that matter?

    in reply to: Partner wants to buy a Super Car worth 150k #237111 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    this isn’t directed at entrepreneurMD to be clear.

    i completely understand why people would want to keep things private, and would not post a picture of my car here.

    what is curious to me is when people say i have a mutual fund that has returned x% for the past y years.  why is that important to keep secret?  once you are in, isn’t the goal for more people to buy shares and drive up your own profit?  is there something proprietary about the selection process that might be revealed?   if more people buy, does it somehow hurt your ownership?   i have seen this a few times here, and it always struck me as curious.

    thanks!

     

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    I think it’s because if I tell you I just made 100k from stock XYZ last year. And this year stock XYZ crashes, you now know I just lost a ton of money (assuming I held it). Or if I brag about my portfolio of stocks and then they perform poorly, you’ll think I’m full of dookie.

    in reply to: Partner wants to buy a Super Car worth 150k #236181 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    So my partner posed this question to me:

     

    Is it possible to purchase the car under the practice LLC to tax deduct the ownership costs (maintenance, interest if he finances, etc). We do routinely drive to the hospital, visit other practices to advertise, give talks, etc. so it would function as a “company car.”

     

    If this is feasible this might be the smart play here?

     

     

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    I’m not trying to sound rude or snarky but about half of your topics are wanting to write various stuff off. I think if you have that many questions then you need a good accountant you can trust. I’ll preface this next recommendation with the typical “I’m not an accountant but…”. You can write off anything you want, but that doesn’t mean it’s a good idea or that the IRS won’t notice. I don’t think purchasing a “super car” under the practice LLC is the smart move here.

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    And the majority of your’s are not helpful to the conversation so who do you think is better for the forum?

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    I believe I answered your question with reasonable advice, no? Maybe you missed my preface about not trying to sound rude or snarky but if you really have questions about deductions, etc. then it is worth your time to get a good accountant.

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    Yes, I realize I can simply ask my local tax man, which I will.

    Though, the point of this forum is to hear different points of view and options from various business owners, CPA’s, tax coaches and other professionals. I can’t get all of those nuggets of info from merely asking my local tax man. Internet forums were invented for people to discuss topics…

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    U seem to like sketchy advice and sketchy financial strategies, so this forum may not be the best place for such.

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    I seem to be the one receiving “sketchy” advice. Not the one giving it…

     

    Nonetheless, this thread has been derailed mostly by your comments and jealousy of others’ successes. I won’t be surprised if mods lock it down.

    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017
    Splash Refinancing Bonus

    So my partner posed this question to me:

     

    Is it possible to purchase the car under the practice LLC to tax deduct the ownership costs (maintenance, interest if he finances, etc). We do routinely drive to the hospital, visit other practices to advertise, give talks, etc. so it would function as a “company car.”

     

    If this is feasible this might be the smart play here?

     

     

    Click to expand…

    I’m not trying to sound rude or snarky but about half of your topics are wanting to write various stuff off. I think if you have that many questions then you need a good accountant you can trust. I’ll preface this next recommendation with the typical “I’m not an accountant but…”. You can write off anything you want, but that doesn’t mean it’s a good idea or that the IRS won’t notice. I don’t think purchasing a “super car” under the practice LLC is the smart move here.

    Click to expand…

    And the majority of your’s are not helpful to the conversation so who do you think is better for the forum?

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    I believe I answered your question with reasonable advice, no? Maybe you missed my preface about not trying to sound rude or snarky but if you really have questions about deductions, etc. then it is worth your time to get a good accountant.

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    Yes, I realize I can simply ask my local tax man, which I will.

    Though, the point of this forum is to hear different points of view and options from various business owners, CPA’s, tax coaches and other professionals. I can’t get all of those nuggets of info from merely asking my local tax man. Internet forums were invented for people to discuss topics…

    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    So my partner posed this question to me:

     

    Is it possible to purchase the car under the practice LLC to tax deduct the ownership costs (maintenance, interest if he finances, etc). We do routinely drive to the hospital, visit other practices to advertise, give talks, etc. so it would function as a “company car.”

     

    If this is feasible this might be the smart play here?

     

     

    Click to expand…

    I’m not trying to sound rude or snarky but about half of your topics are wanting to write various stuff off. I think if you have that many questions then you need a good accountant you can trust. I’ll preface this next recommendation with the typical “I’m not an accountant but…”. You can write off anything you want, but that doesn’t mean it’s a good idea or that the IRS won’t notice. I don’t think purchasing a “super car” under the practice LLC is the smart move here.

    Click to expand…

    And the majority of your’s are not helpful to the conversation so who do you think is better for the forum?

    in reply to: Partner wants to buy a Super Car worth 150k #236038 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    So my partner posed this question to me:

     

    Is it possible to purchase the car under the practice LLC to tax deduct the ownership costs (maintenance, interest if he finances, etc). We do routinely drive to the hospital, visit other practices to advertise, give talks, etc. so it would function as a “company car.”

     

    If this is feasible this might be the smart play here?

     

     

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    I would not do it because of liability issue.  If you get into an accident, your practice will also be liable.

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    What if he is under a separate s corp?

    in reply to: Partner wants to buy a Super Car worth 150k #236036 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    So my partner posed this question to me:

     

    Is it possible to purchase the car under the practice LLC to tax deduct the ownership costs (maintenance, interest if he finances, etc). We do routinely drive to the hospital, visit other practices to advertise, give talks, etc. so it would function as a “company car.”

     

    If this is feasible this might be the smart play here?

     

     

    in reply to: Partner wants to buy a Super Car worth 150k #236010 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    I hate to bump this thread after it’s died down but it seem appropriate to add here that based on some comments I reached out to EntrepreneurMD with an offer to / in hopes of verifying his identity and he provided photos (cars, houses, screencaps from accounts) that support the general veracity of his claims. I asked for and he provided a photo of the Ferrari with a current newspaper laying on the hood. I believe that he’s a real doc with a crazy giant house and a Ferrari and money in the bank and at least two mutual fund holdings with 10yr annualized returns exceeding 30%.

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    Thanks for the verification. FLP stands by his comments regarding the wisdom (or lack thereof) of his personal finance habits.

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    I think we are all waiting for the apology….

    in reply to: Partner wants to buy a Super Car worth 150k #236007 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    Tim and OP,

    One thing the significantly wealthy do is they leverage their assets to become even more wealthy, while enjoying the asset – even a depreciating asset.

    I purchased my cars with cash, but have refinanced them when prudent on several occasions with sub 2% 6-year loans, for me up to $220K at a time. That kind of money can sprout a serious business. I have used these funds to further grow my business and real estate. In turn, I partially use the associated windfall to pay off the car loan.

    Then this process can be repeated indefinitely. Those depreciating assets over the decades can earn you hundreds of thousands, if not potentially millions. You can’t just think like a doctor or an attorney or a dentist or an accountant, it takes an entrepreneur to think out of the box.

    That is the only reason I have a current automobile loan obviously, with a $2M emergency fund and an auto loan interest rate lower than I get on the CD returns.

    This kind of leverage is one way (out of a plethora) the wealthy get wealthier with safe investments, and can help OP to leverage, over time, the final cost of supercar ownership while benefiting his business or diversifying into my favorite commercial real estate – for me, by doing this the car has paid for itself multiple times over. So for all the naysayers, my Ferrari has made me money, compared to their simple vehicle depreciation. In their stubbornness they can’t figure this out due to entrenched preconceptions.

    Yes I could have invested the $170K and not bothered with my passion for a supercar, but maybe some in the “crowd” want to actually live life and not be told their decisions are dumb for narcissistic disagreement on what others demand they must value versus their own intrinsic values.

    Tim, taking all my $13M and putting it in the markets simply for long term appreciation is not wise in the grand scheme of life, even if I will ultimately wind up ahead financially. Your definition of wise is simply not mine. So yes, I consider my Ferrari to be wise and simply adding to my $12M in appreciating assets to give up the enjoyment very, very unwise actually. Yes, I could have been a miser and not have purchased the cars or the big house. Is that the life you would consider wise? To quote Bette Midler, “It’s the soul afraid of dying that never learns to live.” Am I to live my entire life afraid to spend $150K here because it’s not “wise” financially? Would I look back at my life and say I lived it to the fullest? If you read my comments in this string, I recommended on one do it if they don’t expect to be a decamillionaire and have noted ownership is not for everyone.

    I don’t understand 95% of the advice coming from my 9 figure NW friends and neighbors until I research it in depth. It often conflicts with my understanding. I would never think of telling them their private jet is dumb, take a commercial flight. I gave up my preconceived notions a long time ago because I know my stubbornness and laziness to mimic success would be a major deterrent to achieving that success for myself. To each his own I guess. But some here have to give to each his own.

    OP did not ask if they should buy the car. Everyone should give OP the courtesy of answering the financing question posed. “Dumb” comments here are not a valuable perspective, rather a denial of our individuality.

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    THIS is the kind of information I was looking for!

    in reply to: Partner wants to buy a Super Car worth 150k #234194 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

     

    https://ibb.co/HphmVqj

    FLP’s car, 28K out the door, superior to the ferrari in almost all aspects other than “exclusivity” LOL

    If FLP notices a scratch on the car, instead of hyperventilating, FLP will just shrug and move on with life.

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    Are you wearing capri pants?

    Are those superior to regular pants because they were cheaper since it took less thread to make them? LOL

     

    On a serious note, what you describe is a general lack of caring. Personally, if I got a scratch on my Civic I would care a lot, not because its a cheap car, but because it’s my car. Now if I got a scuff on my shoes, no big deal. However there are sneakerheads that would immediately go clean it off. Just because you don’t care about something doesn’t mean no one else should either.

    At this point, I think you are just trying to put others down to justify yourself not being able to afford such a car.

     

     

     

     

    in reply to: Partner wants to buy a Super Car worth 150k #233900 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    Honestly if you can stomach not buying brand new, and dont hold forever it may not cost as much as you think. Let someone else take the depreciation hit. Check sites like ebay, etc…can get a ferrari for reasonable even, no one has to know when you’re on the road you didnt buy it brand new.

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    Absolutely, a lot of my buddies have car ADD and switch cars every couple years. The nice thing about sport cars is if you have a model desired by enthusiasts and its fully depreciated, you can essential drive it around for free or even make a couple grand when you sell it. Sure maintenance costs are higher but beats driving a Camry. You can buy a Ferrari 360 or F430 for 75-100k with the major already done, drive it for a couple years, spend maybe 1.5-2K a year on maintenance and 1-1.5K on insurance, and dump it for the same price and find the next toy.

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    How do you know when a car has fully depreciated?

    in reply to: Partner wants to buy a Super Car worth 150k #233593 Reply
    I Find This Humerus I Find This Humerus 
    Participant
    Status: Physician
    Posts: 243
    Joined: 12/02/2017

    I’ll chime in since I bought a 150K entry level supercar last year.

    While I could have paid cash, my approach was putting down enough cash that I will never be “upside down” on it and I do extra shifts each month to make the payment. If I ever reach the point where I decide the amount of extra work required to keep it isn’t worth it (not likely), I’ll get rid of it. No harm, no foul as it was all play money anyways.

    I notice that some are quick to judge but it’s hard to understand the draw if you are not a car guy. Car guys don’t do it for the luxury or prestige but because they appreciate the engineering, technology, and most importantly the way it drives, even when not thrashing it around a racetrack.

    Another misconception is that a person that buys such vehicles makes poor financial decisions. While it is an expensive hobby, as long as your are putting away a 1/3 of your income for investments, I don’t see the issue with it. Isn’t that the reason we work? Or is the goal to stop working in less than 10 years after spending 26 years in school/residency getting the degree.

    I give your partner the go ahead. You live only once. These cars are far enjoyable in my early to mid thirties than when you are 50+ and can barely get in and out.

    An added perk is the car community. I’ve met so many new and interesting friends thru car events in the past year. You also quickly learn that doctors are the small fish when you get to the 150K+ range.

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    Why did you choose to finance over cash? How much extra in interest is the car costing you overall?

    in reply to: Partner wants to buy a Super Car worth 150k #233342 Reply
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