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I gave up driving several years ago and sold my 1980 Rolls Royce Silver Shadow II. I walk most places; and if it's too far to walk, I take a cab. And, when I go out on the town, I hire a limo. At my age, I don't want to be burdened with possessions, and owning a car can be burdensome. As Ruskin put it: "Every new possession loads us with new weariness.”
I understand the appeal of a 911 even a used one especially since you live in LA. Don't fall for it, LA is all about appearances. People with real money which is what I'm supposing you want to accomplish know better than to flash it. They use it to make more money. The more you flash it the more users will target you. Learn what old money had learned.
Buy a Miata.
If the OP is still living home with his mom (assuming it is a he) he is probably young and single. Hence, a flashy expensive car can be very important to a young guy. (a chic magnet) Though, those magnets can sometimes get you into trouble by attracting the wrong kind of girls, I do understand the draw.
Only thing I caution you. Though you have undoubtedly done well so far, you do not exactly have a secure job that has a steady pay check, so if your luck turns, your stash could quickly disappear. You are a gambler by trade, and thus far probably a good one, but still a gambler.
If you have earned your stash over a period of many years, then I say go ahead. I would try and keep it under $60,000 if it were me. If on the other hand, if you inherited some money, and made a few good bets over the last year, I would say, you were just lucky and don't really have a skill to depend on for future income, and you could just as easy lose it, as quickly as you earned it. You know the answer to that one.
In reality, other than attracting woman looking for a guy with money, the thrill of owning a fast, road hugging status car, will lose a lot of it's luster after a year or so. But if it is something you want with a passion and have for a very long time, then go for it.
There is no need to make snide remarks for the OP question. I think that because he has had a hard time deciding what to do is commendable and shows maturity and common sense. He should be commended for it, not ridiculed. It's smart to be frugal while trying to accumulate your fortune or your future retirement. But does that really translate into never ever purchasing an extravagance once in a while? It doesn't sound like this is an impulsive spend thrift kind of guy to me.
Last edited by modhatter; 08-17-2014 at 11:02 AM..
currently living at moms house. Living expenses, I spend about 1,500 / mo on food/entertainment and random other things.
No "emergency fund", the 1.5m is my emergency fund. The money "set aside" each month is the same as the 1.5 mil. No monthly income yet. The trading has effiectively been functioning as my "job".
Originally Posted by cancerous currently living at moms house. Living expenses, I spend about 1,500 / mo on food/entertainment and random other things.
No "emergency fund", the 1.5m is my emergency fund. The money "set aside" each month is the same as the 1.5 mil. No monthly income yet. The trading has effiectively been functioning as my "job".
Start paying Mom $1000 a month in rent and go buy a Toyota Corolla.
Just want advice on how much to spend on a car. In my original post I thought 100k was frugal but then I started having doubts so I started this one.
If you're not going to contribute to the thread, YOU are the troll. Let's stay on topic.
Where did the 1.5mm come from?
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