I own a Camry
Wow, I lease a corolla, so you’re crazy extravagant with your owning a Camry 
excuse me. Why would you lease a Carolla? Why not just buy it?
Should have quoted this for reference:
The #1 car for Real millionaires is a Camry. Affordable. Reliable. Fixable. Durable. Suitable to purpose.
Whoa Mr money bags here with enough cash lying around to just buy a corolla!
It’s cheaper to buy than to rent. Why rent a car, and if you are going to rent, why rent a carolla?
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I guess if you have a need to drive a <3 year old car at all times then it might be cheaper to lease. Although Toyotas hold their value pretty well, so maybe not for a Corolla.
My car investment strategy is the same as my overall investment strategy: buy and hold. I buy new and then keep the car forever.
Like… it felt REALLY extravagant to replace my 16 year old car, because really, it was fine. I could’ve driven it a few more years. But I really wanted heated/cooled seats and a backup camera, so I splurged.
Depends on the price and the rent. Don’t make me go medieval actuary on yer ass!
And that’s why I’m driving an 8 year old vehicle. It has backup, heated seats, and every other option I could stuff in. New vehicles don’t add anything in terms of functionality.
Repair wise, it’s as solid as new because I stay on top of it. I do non urgent maintenance regularly.
Body is becoming an issue right now but a few thousand fixes that and gives me another four or five years.
Since this car may be the last I buy that has a CD player, I’m honestly hoping I can get 20 years out of it.
Then I’ll be forced to adopt whatever technology is en vogue at that point in time.
well my current vehicle fits in this thread. I didn’t need a vehicle anywhere near that expensive. But, I bought it just because. All the toys. Because I could.
Haven’t regretted it for a minute. I like driving my vehicle. I’m doing a 9 hour drive this week in it (and 9 hours back next week) and I’m looking forward to it.
Oh, now’s probably a good time to announce that I’ll be in the bush just outside of cochrane ontario next week. So if there’s server problems, well, good luck everybody :).
48.861446,-80.807938 on the satellite maps for anyone interested. That’s center of camp.
I’ve replaced my in-dash six-CD changer/player when it stopped ejecting them, oh, at least seven years ago (so, 12 years of use). Went for tray-inside-for-ipod-touch. I borrowed the external drive my brother-in-law had with his CDs already burned there, picked-and-chose what I wanted, added the rest from my own collection. Recently bought second iPod touch, 'cause the last one (first gen) got overheated in the tray (now know not to store there in the sun), which I bought just because, so relevant to thread. No, I do not want an iPhone. And I didn’t want more mechanical things that might eat my CDs. Works pretty good, also has an external USB for devices that will not fit in the tray (like my wife’s iPhone).
Something like this, now discontinued:
https://www.amazon.com/Sony-DSXS300BTX-bluetooth-Discontinued-Manufacturer/dp/B0042X96L0
Mine was only $120 or so.
A Sony Diskman would probably work in 20 years to play your CD’s. Just that and either a cable or bluetooth broadcaster. You’ll be good till you die or get your DL taken away, which ever comes first.
Wonder if the price increase has to do with the manufacturer discontinuing the item.
Also, it is getting harder and harder to replace the radio/media player in an auto because it is connected to everything else in the car and often helps control the computer of the car and isn’t just a radio anymore. After market radio/media players are becoming a thing of the past.
I mean I’m sure it is impossible to replace the Telsa one with an after market version.
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That is one thing preventing me from buying a new car: that all-in-one electronic dependence. And, I do not want the distraction of a large monitor in my field of vision. My wife’s car (Lexus) has the option of “folding down” the monitor with the touch of a toggle, but then you don’t know what radio station is on or is playing, or (for the kiddies) how much time is left on your “Office Ladies” podcast.
For our anniversary this week, my wife bought us a $450 bottle of wine 2008 vintage. It was the year we got married.
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Define real millionaire? Not sure I understand this term. You’re talking net worth I assume, but there are different types of debt right? Debt on a house is very different than debt on a car which is very different from debt on a wardrobe of clothes. My thought has always been to have debt on real stuff like a house or real estate is fine. And not a real impact to net worth because it can be sold and have the debt wiped out fairly easily. Debt on a bunch of clothes or meals at expensive restaurants is very different. You owe money for something only you consumed and you can’t get rid of it.
IMO living in a nice house is something most should do. There is no reason not to in the US. You can liquidate it whenever you want with not much risk of losing significant money. In the interim you get to live in a nice house which makes for a better life than having money invested in an index fund. I think you are overly focused on money in the bank and not focused enough on your life quality. You only get to live so many years then you die. They might as well be enjoyed.
But I’m relatively young and constantly on the look for the new and bougie.
I see the appeal in old houses, just not for me. Especially when MH said she wouldn’t spend anything more than 300k on a house in the Boston area…I’m like that’s definitely not for me.
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I’d make it even simpler than that.
Total assets - Total debt = net worth
With the caveat that Assets are the fair market value less transaction costs.
So a $600 pair of Gucci shoes that you wore once probably have a value of $20, not $600. And your house is what you’d get when you sell it after (usually considerable) transaction costs.
I’d also note that net worth is not the right metric for calculating whether you can retire or not. If you retire and live in a $1,000,000 house while retired and I retire and live in a $100,000 house while retired and our expenditures are otherwise the same then you will need a net worth $900,000 higher than me to retire.
For retirement you should only be considering assets that you actually plan on spending in retirement.
If you’re going to keep your yacht and Lamborghini in retirement and enjoy them… well they are part of your net worth but they are not retirement accounts. On the other hand if your plan is to sell the Lamborghini when you retire then count what you reasonably expect to get for it based on its age/mileage/condition/transaction costs.
Can we re-hash what ‘rich’ is again? :ducks: