How did you come to afford your raptor?

[Joe Soper]

been working 20 years as contract firefighter overseas, moneys not bad but much better now that beat the ex in the alimony case.... the last 12 years of alimony could have paid for the truck 5 or 6 times over...

 

[nmp1]

no kids, no wife, no problem.

 

[Goosed]

So not bragging but I make into the 6 figure range and my wife makes over $50k but I still can’t figure out/justify getting into a Raptor. Anyone else felt this way before they took the plunge?

I suppose the $500 in student loan payments we have and $300 529 account contributions are the reason for not pulling the trigger. But hey, we’ll have all of those student loans paid off in 2039...

 

[dirtgod]

I slugged my way as a single parent through my son’s 8 yrs of Ivy tuition
(U Penn Med grad) and expenses so he could start life debt free. Those were some lean years as far as toys for me but all worth it. Bought myself a Raptor through my business to celebrate his MD and no more tuition etc for me. Now I got a grateful doc on call for life too lol.

 

[GCATX]

I served 8 years in the Army and when you’re sent to war zones, then you start to question your life decisions. I read up on successful people (Kiyosaki, Trump, etc.) and found a common connection was they built their wealth through real estate. I bought a rental property after getting out in SoCal when the market tanked. I then started working for the government and bought another rental and it just kept growing. You have to be comfortable in being uncomfortable.

I flipped some houses and it was the most scared and exciting times I’ve had since you’ve got your life savings on the line taking calculated risks. I financed the toys and let my passive income pay for all my expenses. I could retire from my investments, but I work since I’m almost 40 and target new investment options. The markets at the moment are on fire and scary times with the fed printing money like no tomorrow. The real estate market in SoCal is either going to stay high due to shortage of inventory or crash in a huge way with unemployment and interest rates rising.

Real estate investing is a tax favored asset where you get depreciation, appreciation, and principal pay down from your tenants. It does take work and headaches dealing with people, but what business doesn’t require work and dealing with people? Just think like Les Brown said, “The graveyard is the richest place on earth, because it is here that you will find all the hopes and dreams that were never fulfilled, the books that were never written, the songs that were never sung, the inventions that were never shared, the cures that were never discovered, all because someone was too afraid to take that first step, keep with the problem, or determined to carry out their dream.”


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I like that. I am not full tilt risk taker, but like to dip my toes when opportunity presents. A lot of my buddies are "Yeah, but..." Real estate is gold. I don't know any broke ***** with a bunch of real estate.

 

[GCATX]

Still, kids and money.

I’m guessing CMA = Accountant. Good gig at 22 but he should work a couple years and go for an MBA and/or JD.

We call them CPA's down here. Maybe so.

 

[GT3_Bill]

We call them CPA's down here. Maybe so.

Similar but different. CMA is more internal/corporate.

 

[GCATX]

Similar but different. CMA is more internal/corporate.

Gothca. Had to look it up. I've been a one man band for so long, I've forgotten most of my university stuff.
Just glad he/she didn't mean Country Music Award.

 

[Chazzersgarage]

Retired Marine, 22 years. VA Disability. NFA 072 Manufacturer.

 

[BroncoAZ]

So not bragging but I make into the 6 figure range and my wife makes over $50k but I still can’t figure out/justify getting into a Raptor. Anyone else felt this way before they took the plunge?

I suppose the $500 in student loan payments we have and $300 529 account contributions are the reason for not pulling the trigger. But hey, we’ll have all of those student loans paid off in 2039...

You and your wife making over $160K should be able to accelerate those student loan payments and dump that debt in under 5 years. Don’t be a slave to it.

My wife and I paid off $185K in debt and student loans in 5 years earning $100K to start and $140K by the end. We relaxed a bit and saved the $100K for our 20% house down payment in 4 years, then saved enough to buy the Raptor for cash in another 3 years. Once I could cash flow the Raptor I was comfortable putting 1/3 down and borrowing the other 2/3. I had to pay off my Raptor to sell it due to a career change and cross country move, but put that cash in the bank. I used some of it this week to buy a Noreast 186cc and will use some to pay cash for the 2021 Bronco 2 door is Black Diamond in Velocity Blue that I ordered this week (no idea on delivery date).