One of the biggest financial mistakes I made when I was younger was trading cars ALL the time. It was so stupid, but I was never satisfied so I kept changing. I don’t want to even think of how much money I wasted by changing cars every few months (and no that’s not an exaggeration). The last couple years have resulted in a complete shift in my mindset.
The advice Pete is giving you about starting out without a mortgage is priceless. If you position yourself like he’s telling you, you will have so many other opportunities to invest that others won’t. Don’t rush to get the shiny new BMW and 10,000 sq ft mansion. Many people are living a life they can’t afford and it’s only a matter of time before the house of cards falls. Foreclosures are happening at all price levels. For most people, the more they make the more they spend so even people making well into the six figure range are still tied to their jobs because they’ve got more expensive toys. If you can live below your means for a time in your life, the ability to afford those expensive things will come.
Great point Justin.
Having CASH in times like this is PRICELESS.
I picked up a Dodge Viper last year for less than the cost of a one year old Ford Fusion. The guy sellling it owned a marine motor repair business. With gas at $5/gallon and almost NO ONE even putting their boats in the water last summer, his business died.
The car was never driven in the rain, kept in a climate controlled garage, and had service records going back to day one.
This is what opportunity looks like. Now it’s a year later…Chrysler in their backruptcy filing has stated that they do not have a buyer for VIPER. The REAL story is that FIAT owns Ferrari and has NO DESIRE to sell $100,000 Vipers in competition with their hallmark brand FERARRI.
Viper is DEAD…
Now watch what happens to the PRICES of Vipers over the next 10 to 15 years. They’ll do what all race bred, high horse power, beautiful, limited edition cars do…Prices will go through the roof!! Everytime I drive this car it attracts attention. KIDS, especially young kids, go crazy over this car. My son gets a kick out of being dropped of at school in it. These KIDS will be grownups someday. The cars they dreamed about as kids will be the cars they WANT as adults. Shelby Cobras that wouldn’t sell for $6000 in 1967 now command MILLIONS, Hemi Cudas that in 1972 were being sold for $1200 because gas hit $1.00 now cost $250,000. The list is endless.
The point is…with CASH, opportunities come along almost everyday!!!
My wife and I recently started collecting Thos. Moser furniture. This furniture is literally hand made and very expensive. Like $6000 for a dining room table WITHOUT chairs. Moser furniture is made to last hundreds of years. It’s all mortised, tenioned, wedged and doweled. Made from American Black Cherry and Ash, no screws, no fasteners, just craftmanship and quality materials. If you’re a carpenter or wood worker this stuff MEANS something to you. His simple Continous Arm Chairs are in Art Museums, they sell for $1300 EACH. Here’s the point…I would NEVER spend $6000 on a table…BUT…I sure would spend $2000 to buy that table off of CRAIGSLIST with CHAIRS!!! A guy put a set on there last month. It was his mothers, she had passed away and he was selling what she had. I happened to see it within minutes of the ad being placed.
I picked up a Thos. Moser dining table with 4 bow back chairs and 2 Continuous Arm Chairs for $2000!!! The stuff is in PERFECT condition. I had a friend of mine that owns a high end antique shop come by and take a look. He said he could get me $7000 for the set THAT DAY!!!
Think about this…Most people buy furniture that DROPS in value the second it leaves the store. Most of it is DESIGNED to last about 10 years.
A dining room set from almost any furniture store is worth less than HALF it’s value once used. Thos Moser furniture RARELY comes up for sale used.
There’s a demand for it, and the prices are very high. Having cash, a little knowledge, and being READY to jump can make you money on ANYTHING.
When I called the guy for this furniture I told him I was ON MY WAY with CASH and would take every piece of Moser he had. That did it!
http://www.thosmoser.com/image.php?file_id=7696
http://www.thosmoser.com/image.php?file_id=7698
http://www.thosmoser.com/image.php?file_id=2266
http://www.thosmoser.com/image.php?file_id=2271
There’s money in ANYTHING if you’re willing to LEARN how to find it.