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F10 / F11 (2011 - Current)
The new chapter in the highly successful story of the BMW 5 Series Sedan (F10) and wagon (F11)

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  #101  
Old 09-10-2012, 03:18 PM
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The income achieved by F10 drivers is not all that interesting to me. Interesting, however, would be the F10 drivers' occupations and the stories of hard work that got them to where they are today.

Some of the members on this forum show pictures of garages, cars, and other things that are beyond the reach of the income of mere mortals. Certainly some here have started and sold off businesses, etc. These are the stories that would be most interesting, perhaps because I currently own and operate a software business and am working towards my first big pay day (read: acquisition of the company).

The kind of success achieved by many of the forum's members usually only occurs through hard work and the use of a noggin. I enjoy reading about this.

-Corey
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  #102  
Old 09-10-2012, 04:25 PM
Sam-F10 Sam-F10 is offline
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bmws are considered a luxury item. Life is too short not to enjoy the little things. But of course, you need to know your finances, budget and be within your limits.
+1
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  #103  
Old 09-10-2012, 06:13 PM
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i think that the number is quite low. A family making $200k a year can spend between $333 and $500 a month on a car? If you make $500k a year you should budget between $833 and $1250? It's impossible to say there is a correct percentage. There is a massive difference in cost of living from one region to another which will completely change how the numbers come out. Personal finances also play a huge roll. A person owns their home outright vs someone heavy in mortgage debt there will have a lot more disposable income...
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  #104  
Old 09-10-2012, 06:16 PM
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Originally Posted by Stavrs View Post
This is why we need more regulation in this country! Tax returns should determine if somebody is allowed to make a specific large purchase
No thanks, the taxes I pay are enough to regulate me and my family.
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  #105  
Old 09-10-2012, 06:22 PM
jammat jammat is offline
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Originally Posted by Stealth.Pilot View Post
It is low, although most families have 2 cars.

But you are right, net worth, whether you paid off your mortgage, regional factors etc. make a big difference.

Nonetheless I would discourage a young person from spending a lot on a car. The value of investing for young people is very high.

I find that cars is where most people piss away money and struggle later in life.
If I have 100 or 150k less when I retire to drives cars I like, I don't care. Who says I will live long enough to enjoys that money anyway? When I am old and rigid I wont need a car so less expenditure there, I will save the car payment then to make up the 100 - 150k. It's a trade off as long as you have enough income when you retire, you may choose to save a little less now.
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  #106  
Old 09-10-2012, 06:27 PM
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If I have 100 or 150k less when I retire to drives cars I like, I don't care. Who says I will live long enough to enjoys that money anyway? When I am old and rigid I wont need a car so less expenditure there, I will save the car payment then to make up the 100 - 150k. It's a trade off as long as you have enough income when you retire, you may choose to save a little less now.
Hmmm, that's the line my wife tells me when she goes on a shopping spree.
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  #107  
Old 09-10-2012, 06:31 PM
jammat jammat is offline
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Hmmm, that's the line my wife tells me when she goes on a shopping spree.
She is right
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  #108  
Old 09-10-2012, 08:08 PM
Beemerican Beemerican is offline
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Originally Posted by Stealth.Pilot View Post
Great idea. And I will open a DUI defense shop a mile down the street. I can even give you guys a cut for demand generation.
I can run your document prep and open a cut rate insurance agency for those drivers. Soon we will all make enough to drive F10 M5's!!
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  #109  
Old 09-10-2012, 08:43 PM
PeterC4 PeterC4 is offline
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I'll give you one observation. Those that have large incomes, but work in volatile industries, like investment banking, seem to pay for these cars in cash with bonus money or on big pay days, because when they have it, they have it.
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  #110  
Old 09-10-2012, 09:25 PM
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At the Jersey shore this Summer I saw a popular T-Shirt phrase: YOLO (You only live once).

Which depending on your beliefs, may hold true or not. I think I only have one go at life, so it's a challenge to find balance the near term enjoyment and long term planning for 40 yrs of retirement. Yes, I wrote 40 years given the odds at least one of us will live to 90 are pretty good (my money is on Mrs. D). Today, I could stop making double mortgage payments and buy Vanquish (my oops in another thread) without interupting any retirement investments (after 40 all investments are retiement investments), but the cheaper Vantage would be a much more prudent choice. Forty years of retirement weighs in heavily in any financial decision such that I shouldn't trade-in my 550 for a Vantage, since I didn't get enough use out of it yet. Conservative me says the 550 needs to hang around to 2015 or at least one full year after it is paid off. Conservative me usually wins.

Now if only I could embrace YOLO.
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  #111  
Old 09-10-2012, 09:33 PM
PeterC4 PeterC4 is offline
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I'm convinced most people will retire in quiet desperation. It takes a heck of a lot of money to live out your retirement in a decent life style - for 30 years anyway. At 100k a year, assuming little or no interest, you'd need $3 million tax paid dollars to live out 30 years, at least $2 million anyway with some returns and such and more conservative living. Assuming you don't have any debts, your kids are graduated and not dependant upon you, and you have insurance for all your necessities, you might be okay with $2 million for you and your spouse. At $60k a year you could get away with $1.8 assuming no ROI. If you have a company sponsored pension, you may not need to save as much, but it can get tight fast.
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  #112  
Old 09-11-2012, 05:16 AM
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Don't forget about inflation. With 3% inflation, $100k is only worth $41k after 30yrs.
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  #113  
Old 09-11-2012, 05:24 AM
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Originally Posted by miamiboyca View Post
I say live now and enjoy the ride. At some point life will FORCE you to be prudent, fight it as long as you can.
I do understand the sentiment, all I can say is that thankfully I have a wife who doesn't.

My first year of college in a small private college was about 5k, room and board included. Things are very different today.

My oldest is a Junior this year, middle son a freshman and my daughter is a senior in HS. Oldest goes to a moderately priced school, middle to a damn expensive one. My daughter is trying hard to go to Vanderbilt (32 on latest ACT, so borderline). So far the only financial aid that any have qualified for is a 5K a year national merit scholarship.

Next year I'll have to shell out almost 150K, and they all are looking to graduate school. I will have an M6 Coupe, but am perfectly willing to put it off (and have done so for quite some time) so my children don't start out in a deep hole.
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  #114  
Old 09-11-2012, 05:34 AM
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Originally Posted by dunderhi View Post
At the Jersey shore this Summer I saw a popular T-Shirt phrase: YOLO (You only live once).

Which depending on your beliefs, may hold true or not.
Even if there is a after life, you cant drive a BMW there
My plan is to put my son thru college and spend every cent I have before I die
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  #115  
Old 09-11-2012, 06:25 AM
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AggieKnight AggieKnight is offline
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Originally Posted by miamiboyca View Post
Don't get me started. Its amazing how you mature and your thinking really changes over the years.

Then
What a bunch of morons to pay all that money just to live in California for weather. Bunch of hippy. sissy ass, coffee drinking, wine sipping... well you get the idea.

Now
I miss the weather and complain when it is below 40 or above 85, stand in line at Starbucks for 15 minutes, order my wine from my favorite winery directly in Napa (where I am on first name basis with the guy).

Oh California how I miss you...

Now I am in TX.. great people but OMFG 106 degrees... really? I mean really?
I definitely understand what people like about Cali, but it ain't for me. Give me seasons, snow, mountains.

Of course, as a native Texan, I think you've gotta be nuts to live in Dallas the last few summers.

The attached pic is while sitting on 635 in Dallas last August. Poor bimmer couldn't keep up with the cool air.

Quote:
Originally Posted by cordoor View Post
The income achieved by F10 drivers is not all that interesting to me. Interesting, however, would be the F10 drivers' occupations and the stories of hard work that got them to where they are today.
...
The kind of success achieved by many of the forum's members usually only occurs through hard work and the use of a noggin. I enjoy reading about this.
I think this would be a very interesting thread.
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  #116  
Old 09-11-2012, 06:47 AM
kc1953 kc1953 is offline
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Originally Posted by tadtaggert View Post
I do understand the sentiment, all I can say is that thankfully I have a wife who doesn't.

My first year of college in a small private college was about 5k, room and board included. Things are very different today.

My oldest is a Junior this year, middle son a freshman and my daughter is a senior in HS. Oldest goes to a moderately priced school, middle to a damn expensive one. My daughter is trying hard to go to Vanderbilt (32 on latest ACT, so borderline). So far the only financial aid that any have qualified for is a 5K a year national merit scholarship.

Next year I'll have to shell out almost 150K, and they all are looking to graduate school. I will have an M6 Coupe, but am perfectly willing to put it off (and have done so for quite some time) so my children don't start out in a deep hole.
I can relate. I have 2 in college now and another that will be there in a couple more years. And I live in Cali. And, I am one that came from very little, and have seen many squander their money and have a difficult retirement period. So I don't want that either. I try to balance things and spend some and save more. I buy my cars cash, so the 535i was just fine with me. But I am probably closer to retirement age than many on this board, so that may account for my more conservative fiscal practices.
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  #117  
Old 09-11-2012, 07:41 AM
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miamiboyca miamiboyca is offline
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Quote:
Originally Posted by tadtaggert View Post
I do understand the sentiment, all I can say is that thankfully I have a wife who doesn't.

My first year of college in a small private college was about 5k, room and board included. Things are very different today.

My oldest is a Junior this year, middle son a freshman and my daughter is a senior in HS. Oldest goes to a moderately priced school, middle to a damn expensive one. My daughter is trying hard to go to Vanderbilt (32 on latest ACT, so borderline). So far the only financial aid that any have qualified for is a 5K a year national merit scholarship.

Next year I'll have to shell out almost 150K, and they all are looking to graduate school. I will have an M6 Coupe, but am perfectly willing to put it off (and have done so for quite some time) so my children don't start out in a deep hole.
TAD, you made my point for me. Things in life force you to re prioritize. I don't have kids and the closest I have come is my Xs daughter. I would have driven a Chevette for her (the daughter not the X... LOL) and in part chose Hyundai to have room to pay for her private school.
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  #118  
Old 09-11-2012, 07:46 AM
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miamiboyca miamiboyca is offline
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Originally Posted by AggieKnight View Post
I definitely understand what people like about Cali, but it ain't for me. Give me seasons, snow, mountains.

Of course, as a native Texan, I think you've gotta be nuts to live in Dallas the last few summers.

The attached pic is while sitting on 635 in Dallas last August. Poor bimmer couldn't keep up with the cool air.


I think this would be a very interesting thread.
Have you ever lived in CA? I used to think the same way... I am also a conservative (I know right a conservative driving a BMW ) and the Left coast was of concern. I wound up loving it.

Also seasons in in GA... LOL Sure... OK.
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  #119  
Old 09-11-2012, 08:18 AM
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Quote:
Originally Posted by PeterC4 View Post
I'm convinced most people will retire in quiet desperation. It takes a heck of a lot of money to live out your retirement in a decent life style - for 30 years anyway. At 100k a year, assuming little or no interest, you'd need $3 million tax paid dollars to live out 30 years, at least $2 million anyway with some returns and such and more conservative living. Assuming you don't have any debts, your kids are graduated and not dependant upon you, and you have insurance for all your necessities, you might be okay with $2 million for you and your spouse. At $60k a year you could get away with $1.8 assuming no ROI. If you have a company sponsored pension, you may not need to save as much, but it can get tight fast.
Depending on the retirement lifestyle you want to live, I believe one will spend less as they move further along retirement. Your need for a luxury vehicle every 3 years or whatever your turnaround is will diminish. You won't have a commute so you will drive less. That equals less gas. Most retired couples I know downsize to a smaller property which means less maintenance.
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  #120  
Old 09-11-2012, 08:41 AM
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Originally Posted by Decboy View Post
. . . Your need for a luxury vehicle every 3 years or whatever your turnaround is will diminish. . .
Who says?
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  #121  
Old 09-11-2012, 10:27 AM
tadtaggert tadtaggert is offline
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Originally Posted by miamiboyca View Post
TAD, you made my point for me. Things in life force you to re prioritize. I don't have kids and the closest I have come is my Xs daughter. I would have driven a Chevette for her (the daughter not the X... LOL) and in part chose Hyundai to have room to pay for her private school.
Well I wish you much luck then.

My point was I started saving the day I started to work. I didn't get married until later in life (33) and if I had waited until then or my children were born, I'd be living a completely different life today. Things are different today, it's much harder and all I see are people with small houses, large car notes, and children starting life with outrageous student loans.
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  #122  
Old 09-11-2012, 12:57 PM
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Quote:
Originally Posted by tadtaggert View Post
I do understand the sentiment, all I can say is that thankfully I have a wife who doesn't.

My first year of college in a small private college was about 5k, room and board included. Things are very different today.

My oldest is a Junior this year, middle son a freshman and my daughter is a senior in HS. Oldest goes to a moderately priced school, middle to a damn expensive one. My daughter is trying hard to go to Vanderbilt (32 on latest ACT, so borderline). So far the only financial aid that any have qualified for is a 5K a year national merit scholarship.

Next year I'll have to shell out almost 150K, and they all are looking to graduate school. I will have an M6 Coupe, but am perfectly willing to put it off (and have done so for quite some time) so my children don't start out in a deep hole.
I feel your pain! ..... but you forgot to mention the expense of the wedding ......
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  #123  
Old 09-11-2012, 05:18 PM
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Speaking of gross income...Anyone cash-out and short the market today?
Nice little run today...they'll need to bring up Greece soon.
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  #124  
Old 09-11-2012, 05:25 PM
Emilner Emilner is offline
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Speaking of gross income...Anyone cash-out and short the market today?
Nice little run today...they'll need to bring up Greece soon.
Im waiting for a "surprise" Spain/Italy/Spain crisis update to restart the cycle....
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  #125  
Old 09-11-2012, 06:02 PM
Ionic202 Ionic202 is offline
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Well, I have no income to speak of because of the economy but, I'm retired at 51 and paying all with cash too. I finally get to enjoy life from all the hard work I put in.
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