Temptation

[Perry Rico]

Hello Guys!

I wanted to share that last 2015, my business was a success. I am not saying success by means of earning millions of dollars but I was able to hit my target Net of Sales and paid all the bills etc. As of now all of my net of sales were placed to my returned earnings in my business.

Other than my business, I have steady income coming in. So my business is just for me and would not affect my family by any means (I guess).

Very much tempted to reward my self a new SUV. I know it will raise eyebrow to all of you guys here. The SUV is worth half of my company 2015 net income. I believe it will make me motivated to do more in 2016. However; I know that I can use this to further expand my business.

Again, need a motivation from you guys to dump the new SUV idea.

Thank you

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CMA]

Will this SUV get you closer to your goals?

No. Then pass.

 

[juan917]

can u buy it in cash and are u taking taxes into consideration

 

[Perry Rico]

no, my current brings me from point A-B. it will only serve me as a reminder of my milestone. I need people to bash me as I am holding tight not to give on it.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Perry Rico]

can u buy it in cash and are u taking taxes into consideration

no. I can pay half upfront without hurting me

 

[juan917]

no. I can pay half upfront without hurting me

Dug into the book to find this

Wealth isn’t embodied in a car but in the freedom to know that you can buy it. Freedom to walk into the dealership, know your price, pay cash, and drive away.

For a gift, I bought my brother a new Lexus. It was the easiest transaction I ever did.

I researched the car and determined the price I wanted to pay. I walked into the dealership with a cashier’s check and told the salesman, “I have a cashier’s check for $44,000 and I want to buy that car. I need a YES or a NO.”

Twenty minutes later, I owned a Lexus. This is wealth, not an impersonation of wealth.

 

[Kingmaker]

Read this thread, a cautionary tale: https://www.thefastlaneforum.com/co...ut-me-in-more-debt-than-i-ever-thought.64730/

and this one: https://www.thefastlaneforum.com/co...e-why-you-should-not-buy-a-lamborghini.55569/

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Brentnal]

This made me remember a phrase from the book it goes something like this: If you need to think if you can afford it you can't.
So don't buy it. Get a used suv

 

[Perry Rico]

thank you all guys...I am almost out of the temptation.

 

[Ross Morgan]

Eat some instead.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Vigilante]

winners pay cash

losers take loans

you choose

full disclosure : at my peak debt I had $2,000/month in car payments, and prior to that lost one vehicle in repossession.

 

[DrkSide]

winners pay cash

losers take loans

Not necessarily
1. Put $$$ for vehicle into investment
2. Finance vehicle for 0% interest
3. Profit

But seriously. If you can't afford to go pay cash now in full it sounds like you should pass.

 

[AgainstAllOdds]

Richest guy I know ($100MM net worth) leases his cars. He puts the money he would've spent on the car into his business, and then uses the returns from the investment to pay the lease + has some left over.

However, before he got wealthy, he drove the same car until the wheels fell off. He didn't spend a penny before having it.

Wait another year. Grow the business. Then pay for a lease with the returns that you invested this year.

For example, if the car is worth $20,000, and you put that money into your business at a 15% return, then next year you'll have $3,000 to pay the lease. There's a lot of nice cars that you can lease for $250 a month.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Perry Rico]

Eat some View attachment 11390 instead.

best quote so far.

 

[Perry Rico]

I am done! I am dumping that SUV.

My question is, is it good idea to renovate your office instead to make it better? Or don't fix what ain't broken?
I want to make my facilities better like new computers, better desk, etc. however; that renovation wont add immediate direct money
but just a better office. Far cheaper than SUV

 

[jon.a]

We drive a 1995 Dodge Ram and bank money every month.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Vigilante]

I am done! I am dumping that SUV.

My question is, is it good idea to renovate your office instead to make it better? Or don't fix what ain't broken?
I want to make my facilities better like new computers, better desk, etc. however; that renovation wont add immediate direct money
but just a better office. Far cheaper than SUV

Ruthlessly reduce expenses

 

[Ninjakid]

Tell me the make and model, and I'll let you know if it's worth it

 

[FastNAwesome]

I am done! I am dumping that SUV.

My question is, is it good idea to renovate your office instead to make it better? Or don't fix what ain't broken?

Seems like money's itching you...

Try not to scratch that itch, it will pass. Keep the money.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Red]

My take on this is probably a little different than most chiming in...

What's your past history with money? Were you brought up with a scarcity mindset (ie: parents lived through the great depression/poverty & instilled in you that money is fleeting/scarce) or were all of your needs taken care of without thought growing up? Prior to achieving this financial success, were you a person that spent every penny that came in the door? Or were you a budget-er & a saver? This conundrum you're facing isn't actually about money, but how you manage resources & your belief in yourself to continue on this path.

There are some people here who should absolutely buy the SUV. It will motivate, drive & empower them by quantifying that they are capable of achieving goals & making things happen. Many people here should not buy the SUV. Pouring that much of annual profits into a non-necessary item this early in the game of your company would be reckless & set them up for pitfalls down the road.

You have to know who you are & how you operate/are wired in order to make the best decision for yourself. It sounds like you had hesitations, hence this post. That's a big indicator right there. Were you sure of yourself, you wouldn't have even queried this group for input. In this case, your first instinct to hold off may be what your gut is telling you & I can't find any fault with that approach.

 

[Perry Rico]

thanks guys. I'll just forget about it and go to our moto.

If you can't pay cash as if buying a candy then you can't buy it