Partner wants to buy a Super Car worth 150k

[MPMD]

jacoavlu wrote:

the thing I don’t understand is why your introduction to us was the “Can You Afford It” about your two kids’ anticipated higher education expenses. Seems such a ludicrous question for you to reach out and ask.

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I think when you add all of the assertions and questions together you arrive at a fairly clear conclusion of what is going on here.

I hope the mods act accordingly and I think we (especially the Pig) should stop feeding.

[EntrepreneurMD]

The moderators already have my info and know who I am. They could have already looked up the size of my residence on the property appraiser's website, my office building and business are online. I can show them all vehicle titles, service receipts, accounts, tax returns, etc. They'll have to stop by for a fridge inventory though, Ha!

[xraygoggles]

Who knew a staid forum about personal finance for high income professionals could have such levity?

Please do not stop feeding, I'm thoroughly enjoying this!

[Anne]

 

 

[Tim]

“the car I want is a Honda Accord, my dream forever car.”

Now I can help you. Two Accords are on their way out.
• 2008 ExL - 70k miles
• 2012 Ex - 75k miles
You see I got 4 cars and two women in my life have reached milestones and both “want” to refresh” their rides. Soo......I am gonna keep one of the above and give the 2007 CRV (230k miles) to a BIL that needs wheels.
I am shipping the 2008 next week, it’s in that good of shape. The 2012 is in better shape. Deadline is Monday noon. For just 9-10k, you don’t need to screw around with cars anymore!

[Anne]

P.S.  Supercars are kind of boring to me now--I got to take multiple rides in a 2-seater F-18 as well as Cobras and other assorted incredible high performance aircraft as a Navy flight surgeon.  Once you go on a high speed low altitude ride in Rainbow Canyon it's difficult to get excited about a Ferrari or Lamborghini.  And yes, I'm bragging.  And people say HPSP isn't worth it!

[Lordosis]

Yeah I am calling shenanigans. About the only thing that could give you any credibility at this point is a pic of the Ferrari with you in cargo pants reflected in the door. Get a copy of today's newspaper in it for good measure.
Otherwise I will continue to skip over your posts like I did with ICB.

[Tim]

“the car I want is a Honda Accord, my dream forever car.”
Option 2,
1.9% financing through 9-3 for “qualified buyers”.
Honda Finance will prequalify you in a couple hours. Pickup your car on Monday. 36 months. Dealers are starving to hit 7/31 targets. Each will promise a low price guarantee. I’ll bet the local dealer would deliver it to the house. Honda CRV EX for 25k, EXL 27k.
I personally don’t like people staring at me when I get out of the car. Caution: I often find myself trying to get in my vehicles. License plate or something on the dash helps. The remote let’s me use the beep or panic button if needed. That’s embarrassing. People look and think, “He lost his car.” No kidding. They lose them too.

[EndoRobert]

Anne wrote:

P.S.  Supercars are kind of boring to me now–I got to take multiple rides in a 2-seater F-18 as well as Cobras and other assorted incredible high performance aircraft as a Navy flight surgeon.  Once you go on a high speed low altitude ride in Rainbow Canyon it’s difficult to get excited about a Ferrari or Lamborghini.  And yes, I’m bragging.  And people say HPSP isn’t worth it!

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Call sign “Anne” buzzing the tower and then catching the ideal arresting wire with this post!

[VagabondMD]

I like EMD’s posts. He provides some perspectives that are missing from this forum. While I cannot personally vouch for EMD’s posts about his income, wealth, businesses and possessions, I certainly know people at this level and higher and surely there are docs at this level.

So even if you do not believe EMD’s story, it is surely someone’s story and is worthy of consideration.

[G]

Agree there are high NW docs. Many on this forum. I have my own expensive toys while clipping coupons and arguing with my wife to turn down the heat, so I get it. Not sure if it is the tone or what, but I'm put off. Ok, could be length of posts too.

But generally kinda feels similar to when you're talking to the paranoid guy in the ER...story could be true, but the context is just off. Cargo shorts or capris reflected on Ferrari and credibility is gained.

[EntrepreneurMD]

Anne, thanks for your thought. The detailed conversation about the cars came up in a thread that requested it. No? Giving details about overall finances is as people requested details and inherent to CYAI. I find it difficult to get financial advice when I don't give specifics. Bragging? Maybe that's an interpretation.

The $2M in annual expenses is to explain the reason for the size of the emergency fund. Annual expenses break down as follows in rough terms: $1M business, $300K office building, $360K income taxes, $110K IRA, 7K HSA, $80K tithe, $170K personal expenditure.

You are not the only one who questioned the annual personal expenditures. So you can see the $170K in low COLA is after income taxes, donations, IRA and HSA. If this number is clearer, $170K plus tithe plus IRA/SEP plus the taxes paid on the $170K (about 30%) can be viewed as our personal annual expenses. It's just a matter of how one lines up the expenditures. Is to contributing to an IRA an expense to some yes to others no because the funds are still there. Is the principal paid on the commercial loan an expense some say yes others say no because the funds come back upon sale of the property. So what is personal expenses, it's broken down for interpretation.

The Ferrari was purchased in 2010 so clearly that year was an outlier. The BMW's were both purchased used in 2011. So aside from maintenance, insurance, current $65K auto loan they do not impact our annual expenditure in terms of purchase price. The 20K purchase of the Mercedes this year will skew the $170K a little, not by 20K as it was on a trade.

You too are killing it. Keep in mind I am primary care and my wife is a pharmacist, so it requires some extra "tricks" to get to where we are. I'm not that impressed either, so unsure why the genius comments.

Anyway, I'll try to avoid discussing numbers or sizes even on a thread that asks about $150K supercars. Glad you got your thrill in an F-18, I'd be frightened out of my mind hence maybe why the wheels on the ground work for me.

[Kamban]

EMD and FLP

I like you both and enjoy reading your perspectives. But in this thread you have been sniping at each other and sometimes going for each others throats and it gets tiresome after a while. Can we stop that. Thanks.

[Kamban]

Vagabond MD wrote:

I like EMD’s posts. He provides some perspectives that are missing from this forum. While I cannot personally vouch for EMD’s posts about his income, wealth, businesses and possessions, I certainly know people at this level and higher and surely there are docs at this level. So even if you do not believe EMD’s story, it is surely someone’s story and is worthy of consideration.

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I know 2 physician couples who have multiple medical and non medical businesses who are worth in the $50-100M range. I don't know what their worth was at age 46 but I suspect it could not be that much far off from where EMD is now, in yesterday's dollars.

If the investments pan out, it is easy to get wealthy. But just as easily you can also go broke.

 

[jacoavlu]

I hate to bump this thread after it's died down but it seem appropriate to add here that based on some comments I reached out to EntrepreneurMD with an offer to / in hopes of verifying his identity and he provided photos (cars, houses, screencaps from accounts) that support the general veracity of his claims. I asked for and he provided a photo of the Ferrari with a current newspaper laying on the hood. I believe that he's a real doc with a crazy giant house and a Ferrari and money in the bank and at least two mutual fund holdings with 10yr annualized returns exceeding 30%.