Now, this may not seem significant, but it was a very hard decision for me. I love cars. I especially have been eyeing the BMW 3-series since I was about, oh… 8. Maybe earlier, I remember when it was the 2002. Most of my friends either also want one or already have one.
I’ve also been reading The Millionaire Next Door, which reveals interesting characteristics of wealthy people. What’s the most popular car driven by millionaires? A Ford. An F-150 to be more exact. The wife and I are planning to have kids in a few years, and we want them to grow up not feeling entitled to things like luxury vehicles. The nicest cars both of our families ever owned growing up was a Ford Taurus or similar. Up until we helped her dad buy a car (Ford Ranger interestingly enough) last year, he was driving a ~1980 El Camino!
Now, I know that there are plenty of families with nice cars that have kids that are perfectly good with money and happy and well-adjusted and all that. But I also would rather drive a perfectly adequate car, and take my kids traveling around the world with the difference. And I can probably have just as much fun car-wise by buying an old car and fixing it up.
Anyways, a Sunday morning epiphany. Maybe I ate too many eggs?
*until the kids are graduated from college.
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Well, here’s hoping our Ford F-150 will make us millionaires: http://www.golemgroup.com
That’s pretty freakin’ cool. I’m sure if you can build the controls for that beast you can be a millionaire.
It is important to teach kids to live below their means.
This requires two things:
1) Letting them know what the means are: what the family income is.
2) Letting them know how it is spent (below the means).
Many parents are against introducing money to their kids. I think this is a mistake. They end up as adults who know nothing about money and have to learn from mistakes… mistakes from which they may not recover before parents die.
That El Camino rocks. Now I’ll have to take a picture of our ’78 Toyota Pickup 😉
BMW high way robery.they are expenceve but they are not the best.buy american car.at list u will not be charged 100% tax.and monopole of BMW dealler.they will charge u the price of new car just to fix it.
Owning a BMW can be a love/hate relationship. First and foremost, if you really want a Bimmer be prepared for expensive maintenance, expensive parts, and dealers who’ll suck your wallet dry in their service departments. Your best bet, if you want a brand new BMW is to lease one. BMW’s don’t age too well, and once your warranty expires you’ll need to refinance your home to keep your baby humming along. I know from experience the cost and frustration of keeping a BMW alive. Some people think that they’re getting a great deal on a late model used BMW, until they’re hit with maintenance costs and repairs; then it suddenly becomes a sour deal. European cars as a whole are the most expensive to maintain and are generally the least reliable. Japanese and American built autos are your best bet in terms of reliability and cost of operation. Sure a BMW offers a “unique” driving experience, but unless cost and frequent repairs aren’t a problem for you, then a BMW might just be your car.