If You Had $300,00 Would You Buy A Lamborghini?

Saw this orange Lamborghini in Yaletown, where else right? The going price for a Lamborghini is about $300,000. If you had the money would you buy a Lamborghini? Even if I was really rich, I don’t think I could spend $300k on  a car. Hell, I have a hard time buying organic food cause it costs a bit more. I still feel like I’m making $17 per like as a cabinet maker. It’s hard to get out of the worker mindset. In one way I think it’s good because I don’t really blow my money. The only dumb thing I blew cash on was my Escalade, but I bought it used  for $50,000 so I saved about $30,000 of a new vehicle price. I need to buy an SUV or some type of mini van for the family so it wasn’t completely out of line.

Orange Lamborghini In YaleTown

Orange Lamborghini in YaleTown, Downtown Vancouver, B.C. June 15, 2008

For me personally I like to reinvest my money into real estate, so then I don’t have to worry about a real job ever again. Once you have $5,000 monthly or more coming in from real estate, then you don’t really need a job anymore. You are definitely not rich but that $5k is $60,000 per year, enough to live off of for for sure.

Toys are cool but they won’t get you financial freedom. Once you have financial freedom then buying toys is ok.  Iv’e seen lots of people make big money and buy all these toys, then they loose their job or income stream then they are basically screwed. Once you have money rolling, I think you should buy a place for YOU to live. Rent is complete waste of money, once you buy your own place instead of paying $1500 for rent you pay a $1500 mortgage on a condo that will appreciate in price. That is probably the number one rule, buy your own home first! And if you are renting and can’t buy a place are you get the cheapest possible rent? If you can rent a cheaper place for $800 instead of $1000, then you can save $200 per month, that works out to $2400 a year. If you do that for $5years, it works out to $14,400! With $14,400 you can put down 5% on an apartment,and then pay a  mortgage on the condo instead of paying rent. It’s amazing how saving $200 a month can add up to $14,400 in only 5 short years. And what is $200 really? If you put $200 every month in a shoebox you probably wouldn’t even miss it. 5 years later you have $14,400 to drop a down payment on a used condo. Not too shabby right? Then you will be set, your own place, that you OWN forever. That is how financial freedom begins. Easy but powerful tip that anyone can use to make big changes in their life. Control your own destiny, don’t let destiny control you, put yourself in the driver seat.

PS:The dude who owns that Lamborghini probably owns his own home, if he’s renting then he’s a complete moron.

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