There are five money activities to control in your life:
- Earn
- Saving
- Invest
- Expenditure
- Give
This message is completely about expenses. As part of our 25 -year anniversary, I rented a Supercar (as a surprise for Katie) for a few days when we went from event to event. As with most new experiences in life, a few lessons were learned.
Supercars are fun
For you ‘car people’, I rented a McLaren MP4-12C. I think it was a 2014. It had 37,000 miles on it. It has a top speed of 207 mph and a 0-60 time of 3.2 seconds. The engine is behind you and the car has a very nice rumbling. While the RPMs are climbing, you are thrown back into your chair. The engine roars, and although I never got it somewhere near 200 km / h, you quickly get above 100 km / h. It is very low in front of the ground and follows incredibly well around the corners. It is just very nice to drive and show off.
Teslas are faster
The most depressing thing is that you can spend hundreds of thousands (or even millions) on a supercar, and your doctor is still faster from the line. The torque that is inherent to an electric car eliminates the hesitation that you get with a gas engine. The Tesla S Plaid goes 0-60 in less than two seconds and costs a lot less than a McLaren. But it is not rumbling and it is now far too usual to impress someone.
More information here:
Why Tesla owns those doctors, hate me
I just bought a Tesla (and this is not a joke from April fool)
Supercars are terribly impractical
The gas tank is much too small, even if it might be huge compared to the trunk (in the front of a McLaren). I just don’t intend to bring more things than about one and a half hand luggage if you take a McLaren on a trip. You can only wear two people; You are so low in the ground that you think you might never stand up; And if you spend more than an hour in it, your back may not think very high. I prefer my F-250 (5.5 seconds 0-60) for a road trip, and it certainly wears and attracts much more!
On the way to the Kenny Chesney concert … There is hardly any room in this car for cowboy hats
You can’t take it with you
Although Supercars are expensive, the point of money is not just to accumulate. It is also to pay for experiences you would like to have in your life. You should use all that money to improve your life, help others and have a little fun. On my scale of 0-10 expensive things you can do for sensation, I give driving a McLaren a solid 8.5. Heli-skiing gets a 9.5, Sky-Diving only gets an 8 and a trip to Europe gets about 9.
More information here:
Phase of life expenditure
How much this Fi -doctor family actually spends in a year
Celebrate!
Not many days in our lives are more important than a 25 -year anniversary. We are now also quite rich, given that we have been working for six years since we have financial independence. We can certainly afford to drive a McLaren on a special occasion. So why not? Make sure you celebrate important days in your life, as well as financial milestones that touch you. We have missed way too much of these. I don’t want to miss anymore.
Do not buy rent
The old saying is: “If it flies, drives or flirts, buy, don’t rent.” Although there is some wisdom there, I certainly did not follow that directive, because I am both married and the owner of countless boats (ranging from a Packkraft to 1/48 of an 80-foot houseboat). A supercar certainly fits in for me in the “Rent Don’t Buy” category. As nice as this car was a few days, there is no way to possess it in the long term. Too much storage, maintenance costs and hassle for such impractical toys.
The original MSRP of the car was $ 219,000 in 2014, but it can probably be bought now for something like $ 100,000 (and that is only 37,000 miles on it). Those are all big numbers. Renting was not cheap, but it was very cheaper than buying. In my case, the total rental costs were slightly less than $ 2,000 for a few days. In exchange, we had to bring it everywhere, the children had to drive it all around the block and a few selected friends (all “car boys”) had to take it for a short twist. We drove it a total of 200 miles. If we wanted to control it more than that, it would have cost $ 10 per mile.
More information here:
It is a lifestyle, not a vacation
How to add adventure to your life
You are not what you drive
I often tell wciers that you are not what you are driving. Now I am not really a car man, so that’s easy for me to say. But I am exactly the same person, whether I drive a McLaren or the beater that our daughter controls. Even I was surprised by how many people I met who did not understand this principle. I occasionally get a compliment on my new truck, but that was nothing compared to all the people who stared at these McLaren for two days or complimented us. A child who pushed shopping carts even asked me what I did for a living, such as that scene Pursuance.
If you want that kind of attention, if you really feed your ego (and I admit that it is a bit fun), renting or buying a supercar is a great way to get it.
Doctors train for years to learn about medicines. But financial literacy was not part of the curriculum. That is where the white Coat Investor comes in by offering tons of entry information to let you start on the right way. We have a free e-mail series called WCI 101 that rates the base in bite-sized chunks. You can view our Start Here page to learn everything about personal finances for doctors. And you can view our frequently asked questions to get even more info. It is easy to feel overwhelmed when learning about finances. WCI is here to help!
What do you think? Have you ever driven a supercar? Which one? Have you rented or bought? Was it worth it?
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