Scroll down for a discussion on BMW = Success? within the General Insurance Agent Discussions.
Originally Posted by GreenSky
Maybe he drives an Accord because unlike some people, he can't afford any car out there...
Rick
More SoCal wise-dumb let ...
Maybe he drives an Accord because unlike some people, he can't afford any car out there...
Rick
More SoCal wise-dumb let me see here, you drive a $65,000 car, wear a $2500 suit and live in a $10,000 double wide trailer, have the Jim Rome show on speed dial, and sell oranges to make some extra scratch.
LOL What are you talking about?? So if I do not claim anything that means I don't pay any tax's? Young bucks, drug lords, prostitution, holy cow where do you live East Orange New Jersey.....
In your case, you claim to receive 1099's. Drug dealers and prosititues don't get those. Then again, maybe the hookers get them from their pimps.
I know that I am new, and this site fascinates me. two key points come to mind though. Perception is reality to most. and b, have any of you ever read the book the millionaire next door? My accountant, and more importantly my mothers acountant(one in the same) lives in a modest house in an upscale neighborhood, free and clear for 15+ years. He also drives a honda civic, by looking at it i would guess 2002. He provides a service to me, one that I trust in, mainly because he has never done me nor my family wrong. Would I feel the same way if he drove bugatti? Yes, I would because we build relationships with people, not material posessions. Not to belabor the point, but research how stanford university was founded, it's amazing. Sorry I ranted but NO I do not think bmw=success>
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WHAT THE MIND CAN CONCEIVE AND BELIEVE, IT CAN ACHIEVE
I don't think it matters what you drive as long as it's a certain percentage of what you make. I sold cars (Beemers) for years and all too often people's monthly payment was a full week of pay. To me that's insane.
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Any Dave Ramsey fans? He's a financial guy that says "the paid off home mortgage has replace the BMW as the status symbol of choice" at the beginning of his radio and tv show.
Any Dave Ramsey fans? He's a financial guy that says "the paid off home mortgage has replace the BMW as the status symbol of choice" at the beginning of his radio and tv show.
Do a search on Dave Ramsey and you'll find several threads on him pro and con.
Any Dave Ramsey fans? He's a financial guy that says "the paid off home mortgage has replace the BMW as the status symbol of choice" at the beginning of his radio and tv show.
Dave Ramsey has found a niche as the financial planner to "white-trash" types.
A "paid-off mortgage" is one of the stupidest financial moves you can make.
It's a financial strategy based on not logic, but emotion.
First off, it makes you extremely "illiquid". Cash is king!
Number two, mortgage interest is one of the few tax-deductible items left. After-tax, a 6% mortgage costs you about 4.3%...
Assuming you can afford the payment (an important consideration), if you can find a return greater than 4.3%, you're ahead of the game.
These pundits will say, "but look at the interest you save!", without taking into account the earnings that you forfeited.
Dumb.
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[COLOR=blue]Don't steal - the government hates competition.[/COLOR]
Assuming you can afford the payment (an important consideration), if you can find a return greater than 4.3%, you're ahead of the game.
I just re-financed into a 15 yr. @ 4.875. If I pay an additional $400 per month, I finish this off in about 12 years.
Since my investment returns are taxable (either now or in the future), I would need a guaranteed rate of return over 4.875 to be "ahead of the game."
Where can I get a 12 year investment of $400 per month GUARANTEED to return at least 5-7% for the entire term. (If the investment is a wash with the increased mortgage payment, it's not an investment, just a trade of dollars).
And just as important, after paying the mortgage off, how about all the freed up cash I can then invest?
I'm not saying paying off the mortgage is a good or bad idea. What I am saying is that any investment that returns much more than the mortgage interest has some risk. You can't compare dollars at risk with guaranteed dollars.
Rick
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Once it's tied-up, maybe you can re-finance if you need cash...or maybe you can't...
Equities will return far in excess of 4.875% (after-tax) over the long term.
No, not guaranteed. But you are giving up liquidity.
There's no perfect solution, agreed.
Agreed, but what if you need the cash from your stock market investment but it's gone down 50%? In the long run no one loses in the market if the investment is allowed to remain.
If you liquidate at 50-75% of your investment, you cannot recoup unless you reinvest IMMEDIATELY.
The only perfect solution is to take every penny you have and go to Vegas. That's a sure thing!
Classic German engineering, V6 2.6 liter, my fav body design (1992) and I got it for under $4,000 4 years ago. Has 174k miles on in now and I need to get a couple of those horseshoe things for the grill.
Yes, it is "17-Mile Drive" in Carmel, where all of the rich and famous people live LOL. Runs though all of the big golf courses at Pebble Beach. Only 40 mins from my home.
Taken in late April on a nice driving day. My dad was visiting from NYS
I was checking out the info and found that you can apply a "MB Mileage Badge" to the grill for each 150,000 miles (or 250 km) on the car. So right now I can apply one. Just need to find out how to get it and who has to certify the mileage.
When I lived in Berlin I'd see many with 3 or 4 of those badges on there. That's a lot of miles.
Classic German engineering, V6 2.6 liter, my fav body design (1992) and I got it for under $4,000 4 years ago. Has 174k miles on in now and I need to get a couple of those horseshoe things for the grill.
This is one of the last of the 190-E Class cars they made. It did well but was originally designed with a 4 banger engine. People complained that with the weight ratio of a MB, it was too small so they bumped to the V6 which barely, and I mean barely fits between the grill and firewall. They went to the 300 Series after this to get a larger body and engine space for the V6 engines.
This is one of the last of the 190-E Class cars they made. It did well but was originally designed with a 4 banger engine. People complained that with the weight ratio of a MB, it was too small so they bumped to the V6 which barely, and I mean barely fits between the grill and firewall. They went to the 300 Series after this to get a larger body and engine space for the V6 engines.
In 1985 I had a really good year so wife and I in the summer went to the MB dealer and leased "his and hers" "baby" Benz 190e autos. The sales guy thought that Xmas had come early that year.
Worst cars we ever had. First of all, the 4 cyl. engine could not "drive" the AC unit such that with the AC on there was absolutely no power. It was dangerous. But what was worse is that in the first two years just about everything except the engine and drive-train broke. Door locks, electric windows and seat, radio. AC and heater, moon-roof and thus I about lived in the MB dealership. At one point they offered me a job to sell MBs since I had spent so much time there I learned the entire line. It's true.
I remember that the single windshield wiper broke. I took it down and they fixed it... but broke the windshield... which took about a month to replace as they had to order one from DE.
I remember when they wanted $400 to turn off the O2 sensor light. I would not pay it... and complained to the regional office... and it seems I was not the ONLY person to be upset about that such that they added it to the covered maint. of the car.
I never bought another MB again and even turned both of them in early (on the lease) and took a financial bath.... but ended up a Honda for me and a Toyota for Jane... cars that WORKED (what a concept!)
I think MB lost a whole generation of "yuppie" buyers with their poorly manufactured 190 series. I never bought another MB... and never will.
Dave I hope you like your 190s. Ours were a disaster.
There's no wrong car to buy - just the one you can't afford....being a Beemer sale rep I saw plenty of it.
Had an acquaintance - owed an S-class which led me to believe he was pretty successful.....all the way up to to the time it go repoed. Another person more concerned with appearance.
A used luxury car ( BMW or Mercedes ) is a great buy for me. I drive a 2001 Mercedes E320. People who see it whom are shallow and are looking for wealth see an extremely clean Mercedes. Those who are looking for financial awareness see a man who has an eight year old car. A true win - win for me. By the way I paid $12,000 for the car with 80k miles.
Al, sorry to hear about that. I am sure that they made improvements to the model during the run, and I have had no problems with mine except normal wear and tear stuff. With almost 200k on it, just little things but nothing major. Of course mine is V6 and plenty of power (2.6 liter) and 7 years newer than your experience. MB is way too heavy to run on a 4 cylinder engine, which they discovered in the last 80's and redid the line. Four years, 40,000 miles and I paid $3600 for it. I think I already got my money's worth.
Northwest, I agree. I like a good German car and they can be had used at a very good price. It's not about panache or impression (at least for me) but the quality of the car. A used MB/BMW/VW or Porsche may be used, but the quality is still there.
Re: BMW = Success?
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