CoSo Posted 27June, 2018 Report Share Posted 27June, 2018 Been awhile since I've been here, but my love for Porsches has not waned a single bit. Ever since joining this forum in September of 2016, I've been saving up money into a simple online savings account (haven't really decided whether to put it in a fund or do something else with it) with whatever else I can spare from expenses and other savings needs. The aim: A Porsche Cayman GTS in white, before February 2027 for my well-in-advance pre-planned 40th birthday present to myself. I think I'll consider the GT4 in another life... or under different circumstances. The challenges: Juggling a new job over the past 10 months and going down to a single income family. I also had a rather bad leg injury in early 2017, which led to me to sell the Toyota 86, and got a comfortable enough luxury car that both my wife and I share that will tide me over enough until I can get into the Porsche I want. The successes: This month, I've successfully cracked 20% of my target goal for savings! The future: So far, it has been hard yards and to be honest, I can foresee the savings account getting pretty inactive if we plan to have kids, buy a house, that sort of thing. But I'll keep working hard, do my late nights when I need to, continue to save up, browse Carsales and drive the wife crazy. Oh yeah also, I got married last year! Hope everyone has been well. I guess I'll keep squirrelling away what I can, in the meantime. Take care. Link to comment Share on other sites More sharing options...
symsy Posted 27June, 2018 Report Share Posted 27June, 2018 Good news it they are on their way down , turning market and nodoubt they will go up again , you could buy ..piece by piece and im serious atleast that way you cant dip into the money tin You should also get your arse down to Dak Dak for a coffee with your fellow Melb crew , check some cars and get your motivations refreshed Link to comment Share on other sites More sharing options...
brian in buddina Posted 27June, 2018 Report Share Posted 27June, 2018 @CoSo "we plan to have kids, buy a house..." a suggestion: use your funds as a deposit to get into a house buy a house that you can live in & rent a portion out. we lived in the basement & paid the house off in 5 years, DINK Then when its paid off... move upstairs & rent the basement. Just think all these baby boomers with flash P cars are going into nursing homes soon and the value of P cars is going to go to $h!t Link to comment Share on other sites More sharing options...
Rod C Posted 27June, 2018 Report Share Posted 27June, 2018 23 minutes ago, brian in buddina said: @CoSo "we plan to have kids, buy a house..." a suggestion: use your funds as a deposit to get into a house buy a house that you can live in & rent a portion out. we lived in the basement & paid the house off in 5 years, DINK Then when its paid off... move upstairs & rent the basement. Just think all these baby boomers with flash P cars are going into nursing homes soon and the value of P cars is going to go to $h!t Some wise words indeed!☝️ Link to comment Share on other sites More sharing options...
AdRock Posted 28June, 2018 Report Share Posted 28June, 2018 I admire your dedication! There's always little ways to make (legal) money on the side.... I've completely paid for some of my previous overseas holidays by importing furniture and selling it online. (This was before everybody was doing it.) I had no idea what I was doing - but I sold the furniture within a month and made a tidy little profit. Have a bit of a look around online - there are even some books about how to supplement your income with little side businesses. All of that extra money is Porsche money! You never know, maybe you'll make so much money that you will buy a more expensive car! :) You could always look at considering another car that is currently within your budget, that's going up in value and whilst you have and enjoy it for a few years and it (hopefully) appreciates you could sell it down the track for a profit and put it towards the dream car. That way you have a car to enjoy in the meantime and might make a bit of money off it. Although you would have to factor in maintenance costs, rego, etc. Link to comment Share on other sites More sharing options...
Philbee Posted 28June, 2018 Report Share Posted 28June, 2018 All the best, mate. Link to comment Share on other sites More sharing options...
TINGY Posted 28June, 2018 Report Share Posted 28June, 2018 My 2 cents is put the money you have saved towards a house before house prices become out of reach for younger people, you will never lose on a property these days. Link to comment Share on other sites More sharing options...
OZ930 Posted 28June, 2018 Report Share Posted 28June, 2018 46 minutes ago, TINGY944 said: My 2 cents is put the money you have saved towards a house before house prices become out of reach for younger people, you will never lose on a property these days. Get a loan with redraw facility, then when you have enough collateral and you feel comfortable you can redraw for a car. Link to comment Share on other sites More sharing options...
LeeM Posted 28June, 2018 Report Share Posted 28June, 2018 9 hours ago, brian in buddina said: a suggestion: use your funds as a deposit to get into a house Very wise words! Link to comment Share on other sites More sharing options...
Jason A Posted 28June, 2018 Report Share Posted 28June, 2018 Take protection, buy a house first and aim for a GT4, life is short Start with a Boxter, sounds like you could buy one now Link to comment Share on other sites More sharing options...
MARTY Posted 28June, 2018 Report Share Posted 28June, 2018 2 hours ago, Jason A said: Take protection, buy a house first and aim for a GT4, life is short Start with a Boxter, sounds like you could buy one now I’d second this idea surely you’d buy a house first Link to comment Share on other sites More sharing options...
edgy Posted 28June, 2018 Report Share Posted 28June, 2018 You’re getting lots of sound advice, property first, then play.... do it right and you’ll get that GT4 and some... Money in the bank is not always a good thing, sure you need to have some spare, but really, you can think of it as stagnant at best (bank interest is fuck all) or really, in relative terms it’s depreciating, think of what $50k gets you today versus 10 years back. If you have anything considerable saved , I’d want to convert it into either income producing asset or down payment on property, negatively geared (if servicing allows) to lower your taxable income, and it’s always good to spread the risk, with some diversity. IMO don’t get caught up your first place being your dream home or even one you’ll live in, sometimes it’s smarter to rent the place you want to live in than buy it, because it’s effectively less out of pocket than trying to service the mortgage on it, use the money saved by renting toward servicing a small investment and build from there... as they say, your mileage may vary! Link to comment Share on other sites More sharing options...
brian in buddina Posted 28June, 2018 Report Share Posted 28June, 2018 "don’t get caught up your first place being your dream home" This is much easier to do BEFORE you get married! Link to comment Share on other sites More sharing options...
CoSo Posted 28June, 2018 Author Report Share Posted 28June, 2018 We're not quite sure if we want to settle where we are. But still, I want to make sure property is on the agenda and the Porsche decision needs to be on top (not in lieu) of being able to get into property. But that decision won't be for awhile. Will be before committing to a Porsche, but not in the very near term. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.