[WestCoast]

@wwt you don't strike me as someone who would enjoy retirement. Just saying I know we have never met still I get that vibe.

I feel you on the working maybe 20 hours a week in the future part though. But if you like your work it's tough to quit.

[worldwidetraveler]

(02-25-2014 06:37 PM)WestCoast Wrote:  

@wwt you don't strike me as someone who would enjoy retirement. Just saying I know we have never met still I get that vibe.

I feel you on the working maybe 20 hours a week in the future part though. But if you like your work it's tough to quit.

Ha! That actually goes into what I was saying to the OP. When I was young, I always said I would retire in my 40's. Now that I am there, I couldn't ever see me really retiring. I now see retirement as a death sentence.

I guess retirement for me would be less work. Like you said, 20 hours a week would be good for me. It's hard for me to stop working or thinking about work when I get excited about a project. So I doubt I could limit it to 20 hours. haha

I learned you need to keep the mind and body busy otherwise you will waste away. I have seen what happens when you don't have anything to look forward too and it isn't pretty.

[WestCoast]

^ ha sounds about right.

[Tresdus]

(02-25-2014 12:53 AM)lavidaloca Wrote:  

(02-24-2014 10:48 PM)Tresdus Wrote:  

(02-24-2014 11:20 AM)EuroSlumming Wrote:  

OP, you're still in High School, you should be more focused on working out and hitting some pussy rather than thinking about a jet you could own in 20 years. Nothing wrong with ambition, it just depends on what is fuelling that ambition as to whether it is a positive or negative in your life.

I don't have Jet owner level cash but I do have a fair amount and I'd swap that in a second to be starting out again in high school.

Maybe if that's your priorities. I'm a year out of highschool and I'd rather spend my time now making money. I'm on my way to easily hit 1mil+ when I'm 30. Then I can retire (well work on my investments, but anyway) and my SMV will be 10 times higher than now which means less time spent looking for new girls. I still get laid now, I just don't invest any time into it.

Retiring with 1 million at 30 might not be the smartest move. You'd have to be highly leveraged in equities to be able to keep up with inflation. Its fine if you are completely willing to go back to the workforce at some point and you have a career that would allow this. But 1 million dollars while it may seem like a lot now, is hardly drop out of the rat race at 30 type of money. Remember, you'd need to be prepared to live till 90 and unless you are investing in equities your money would continue to buy less and less as inflation rose. During a correction your spending would have to be highly curbed. 1 million at 50 retiring is a lot different than 1 million at 30 in terms of retiring on it.

Maybe I'm completely off base here and plenty of people would be comfortable retiring with a million at 30. Personally for me to drop off I'd need about 3-5 times that amount.

I know that 1mil is not much I meant it more as retiring from the work force and working completely on investments (which for me would be Real Estate), so no, not a full retirement.

[CaliforniaSupreme]

(02-25-2014 12:58 PM)Laner Wrote:  

Why are you doing two years of Community College?

Is this a financial move or strategic move?

I thought you were a rich kid you talk of owning Gucci shoes and sporting $5000 watches so I am surprised to hear the CC route.

And yeah, if you can invent and patent medical devices and techniques there is money to be made for sure. Although I could think of less rigorous ways than 10 years of training in order to start out in a field.

Haven't decided on whether I'm going to CC or a straight 4 year school. My plan was to either go to a good 4 year school or go to a CC for two years and transfer over to a top-tier school, probably UCLA or USC. The cost isn't my biggest issue, the planning is. I have a community college very close to me, so that's another reason I'm considering CC.

[hun73r]

I went to UCLA, and my good friend went to USC. I didn't see a huge difference in connections or education 10 years after.

If you want to develop a surgical device, why not go to UC Berkeley or (better yet) Stanford where you'll be surrounded by software entrepreneurs?

[CaliforniaSupreme]

(02-26-2014 04:43 PM)hun73r Wrote:  

I went to UCLA, and my good friend went to USC. I didn't see a huge difference in connections or education 10 years after.

If you want to develop a surgical device, why not go to UC Berkeley or (better yet) Stanford where you'll be surrounded by software entrepreneurs?

I'm trying to stay close to where I live, L.A.

[Rutting Elephant]

I remember this from 2008. The cost he cites seems highly inflated compared to the info shared on this thread, though. Did fuel prices go that much through the roof?
(btw: his acting career!)

Rapper Sean P. Diddy Combs abandons private jet over high fuel prices
http://www.telegraph.co.uk/news/celebrit...rices.html
...Combs, who has grumbled that despite being worth an estimated £200 million, he can no longer afford to [sic] his trips by private jet to pursue his nascent acting career in Hollywood.
In a sign that rising oil prices are forcing even the super-rich to tighten their belts, Combs, previously known as Puff Daddy, has confessed that he has now been reduced to slumming it in first class on regular commercial airlines...
Now, if I'm flying back and forth twice a month, that's like $200,000, $250,00 [sic] round trip.

[DaveR]

(03-04-2014 06:46 AM)Rutting Elephant Wrote:  

I remember this from 2008. The cost he cites seems highly inflated compared to the info shared on this thread, though. Did fuel prices go that much through the roof?
(btw: his acting career!)

Actually, those figures are about right based on charter rates. Check privatefly.com - roughly $300k roundtrip LA-London. You need a much bigger jet to do intercontinental flights.

[Hispanic_Reasoning]

(02-25-2014 11:09 PM)CaliforniaSupreme Wrote:  

(02-25-2014 12:58 PM)Laner Wrote:  

Why are you doing two years of Community College?

Is this a financial move or strategic move?

I thought you were a rich kid you talk of owning Gucci shoes and sporting $5000 watches so I am surprised to hear the CC route.

And yeah, if you can invent and patent medical devices and techniques there is money to be made for sure. Although I could think of less rigorous ways than 10 years of training in order to start out in a field.

Haven't decided on whether I'm going to CC or a straight 4 year school. My plan was to either go to a good 4 year school or go to a CC for two years and transfer over to a top-tier school, probably UCLA or USC. The cost isn't my biggest issue, the planning is. I have a community college very close to me, so that's another reason I'm considering CC.

if I were you, I would go to a CC. you save lots of money, you can still network big time, and you have a cushion place if you fuck up.

[booshala]

I read that the new Yankee's pitcher Masahiro Tanaka chartered an entire 787 one way for $200k. Seems awfully low compared to some of the numbers I'm reading in this thread for a much smaller jet.

http://www.nytimes.com/2014/02/11/sports....html?_r=0

[Hotwheels]

I found a Lear 26 for a great price.

Well seemingly....

Kinda curious what the engine costs are per year.


Needs inspections as well.

[FlyBoy]

(05-20-2015 04:22 AM)Hotwheels Wrote:  

I found a Lear 26 for a great price.

Well seemingly....

Kinda curious what the engine costs are per year.


Needs inspections as well.

Old learjets -2X- should be avoided. They are cheap for a reason.

Use this rule of thumb for jet costs:

Assuming you are in the USA and flying about 400 hours a year, plan on the jet costing you between 10%-15% of it's price a year. If you bought a used jet, then use the price of a new jet with comparable performance as your reference.

Example: Embraer Phenom 300, costs ~ 10 mil. Plan on spending 1.5 mil a year and you should be good to go!

[Disco_Volante]

I plan on getting a pilots license within the next few months.

There's a lot of light sport aircraft or kit planes that are relatively cheap (120k to 200k)

Like this Flight Design CTLS. It's small but you can travel 1000 miles per tank a lot faster than driving.


Or this velocity kit plane, supposedly the canard is designed so it can't stall.


I think these smaller planes would be a quick way to travel between multiple states quickly. I think theyre pretty cool

Does anyone have experience with kit planes?

[Gringuito]

(05-20-2015 08:26 AM)FlyBoy Wrote:  

(05-20-2015 04:22 AM)Hotwheels Wrote:  

I found a Lear 26 for a great price.

Well seemingly....

Kinda curious what the engine costs are per year.


Needs inspections as well.

Old learjets -2X- should be avoided. They are cheap for a reason.

Use this rule of thumb for jet costs:

Assuming you are in the USA and flying about 400 hours a year, plan on the jet costing you between 10%-15% of it's price a year. If you bought a used jet, then use the price of a new jet with comparable performance as your reference.

Example: Embraer Phenom 300, costs ~ 10 mil. Plan on spending 1.5 mil a year and you should be good to go!

You're quite right about the costs often being much higher than the initial purchase price. I've known a few people that have bought a jet that killed them in the overhead costs.

If you're interested in owning a jet send me a PM HotWheels. I've owned and currently own a jet but not the lear.

[Gringuito]

(05-20-2015 01:34 PM)Disco_Volante Wrote:  

I plan on getting a pilots license within the next few months.

There's a lot of light sport aircraft or kit planes that are relatively cheap (120k to 200k)

Like this Flight Design CTLS. It's small but you can travel 1000 miles per tank a lot faster than driving.

Or this velocity kit plane, supposedly the canard is designed so it can't stall.

I think these smaller planes would be a quick way to travel between multiple states quickly. I think theyre pretty cool

Does anyone have experience with kit planes?

I would stay away from kit planes until you've logged quite a few hours. Flying isn't like driving, you have to take it seriously or you're going to get in trouble. I would stick with a Cesna 172/182 to start. They are extremely easy to fly. If you're more upscale you can start on the Cirrus SR22 but be sure to pick a good school as the avionics can be a bit tough for some people to grasp.

[djk100]

(05-20-2015 02:51 PM)Gringuito Wrote:  

(05-20-2015 08:26 AM)FlyBoy Wrote:  

(05-20-2015 04:22 AM)Hotwheels Wrote:  

I found a Lear 26 for a great price.

Well seemingly....

Kinda curious what the engine costs are per year.


Needs inspections as well.

Old learjets -2X- should be avoided. They are cheap for a reason.

Use this rule of thumb for jet costs:

Assuming you are in the USA and flying about 400 hours a year, plan on the jet costing you between 10%-15% of it's price a year. If you bought a used jet, then use the price of a new jet with comparable performance as your reference.

Example: Embraer Phenom 300, costs ~ 10 mil. Plan on spending 1.5 mil a year and you should be good to go!

You're quite right about the costs often being much higher than the initial purchase price. I've known a few people that have bought a jet that killed them in the overhead costs.

If you're interested in owning a jet send me a PM HotWheels. I've owned and currently own a jet but not the lear.

mind you asking, which jet do you own? and was it financed through your credit line and how was the process of buying it?

[Gringuito]

(05-20-2015 03:38 PM)djk100 Wrote:  

mind you asking, which jet do you own? and was it financed through your credit line and how was the process of buying it?

I won't give you the exact model. There are so few aircraft owners it gives it away. It's a type of Gulfstream and I bought it cash.

[FlyBoy]

(05-20-2015 03:38 PM)djk100 Wrote:  

mind you asking, which jet do you own? and was it financed through your credit line and how was the process of buying it?

The only ones (other than businesses) who I have seen finance their jets are doing it for money management purposes. Example: They would invest in financial instruments that pay more than the interest on the loan to buy the jet. The loan is usually tied to the financial instruments themselves and not to the jet.

Either way, it doesn't matter how you got the jet; keeping it going is what will kill you if you can't afford it.

Just to give you an idea of the crazy costs involved. Last year a fuel truck struck and damaged the static wick on the jet. A static wick is a piece of wire that is attached to the structure in many places (especially the wing) to dissipate the build up of static electricity due to the friction between the metal and the airflow

Not this one, but similar.


We called the factory for a replacement and were told that it cost 6000 dollars. For a piece of fucking wire? Yep!! Welcome to the world of jets.

[AntiTrace]

(05-20-2015 02:55 PM)Gringuito Wrote:  

(05-20-2015 01:34 PM)Disco_Volante Wrote:  

I plan on getting a pilots license within the next few months.

There's a lot of light sport aircraft or kit planes that are relatively cheap (120k to 200k)

Like this Flight Design CTLS. It's small but you can travel 1000 miles per tank a lot faster than driving.

Or this velocity kit plane, supposedly the canard is designed so it can't stall.

I think these smaller planes would be a quick way to travel between multiple states quickly. I think theyre pretty cool

Does anyone have experience with kit planes?

I would stay away from kit planes until you've logged quite a few hours. Flying isn't like driving, you have to take it seriously or you're going to get in trouble. I would stick with a Cesna 172/182 to start. They are extremely easy to fly. If you're more upscale you can start on the Cirrus SR22 but be sure to pick a good school as the avionics can be a bit tough for some people to grasp.

There is an old joke whenever some well-off guy balls up his plane his plane on the runway.

"You hear about the pilot that crashed on 35 yesterday"

"No, but I heard about the doctor that did"

[Suits]

Thread about jet ownership gets started by a big-baller-troll who is later banned for his big-baller wannabe behaviour.

Later, an actual multimillionaire jet owner comments on that thread and provides excellent information to the forum.

I love the RVF.

[Hotwheels]

How's that saying go again?

If it it floats, flys or fucks....

Can buy a jet for a couple hundred but that's just starters...(actually found a Lear for 100K but you know it needs work. A lot.) And i can't even land it at the airport closest to my parents... Think I'll buy a ride before the plane.

One can park a Gallardo in front of the saloon.

A jet? Not so much.

edit-I should note that I am not like a lot of the people on RVF. i have little desire to travel to other countries as there is plenty of trim here in the US.

[Hotwheels]

(05-20-2015 02:51 PM)Gringuito Wrote:  

(05-20-2015 08:26 AM)FlyBoy Wrote:  

(05-20-2015 04:22 AM)Hotwheels Wrote:  

I found a Lear 26 for a great price.

Well seemingly....

Kinda curious what the engine costs are per year.


Needs inspections as well.

Old learjets -2X- should be avoided. They are cheap for a reason.

Use this rule of thumb for jet costs:

Assuming you are in the USA and flying about 400 hours a year, plan on the jet costing you between 10%-15% of it's price a year. If you bought a used jet, then use the price of a new jet with comparable performance as your reference.

Example: Embraer Phenom 300, costs ~ 10 mil. Plan on spending 1.5 mil a year and you should be good to go!

You're quite right about the costs often being much higher than the initial purchase price. I've known a few people that have bought a jet that killed them in the overhead costs.

If you're interested in owning a jet send me a PM HotWheels. I've owned and currently own a jet but not the lear.

If and when I jump on this you will be the first guy I contact. It's clear you know how the story goes.

I know zero about jets, however I do know that if a guy can buy one for a 100K he might as well figure on at least another 200, or more, to get it legal and safe.

It's a small jet but I am intrigued. 1200 mile range is fine for me.

[Gringuito]

(05-29-2015 04:20 AM)Hotwheels Wrote:  

If and when I jump on this you will be the first guy I contact. It's clear you know how the story goes.

I know zero about jets, however I do know that if a guy can buy one for a 100K he might as well figure on at least another 200, or more, to get it legal and safe.

It's a small jet but I am intrigued. 1200 mile range is fine for me.

I can't imagine the problems with a 100k jet. If it seems to good to be true applies here. If it has a damage history or corrosion problems you wouldn't want to risk your life in it. Also, 1200 mile range without a bathroom can make flights very interesting.

A decent Cessna Ultra V could be bought for around 1M. The yearly upkeep could be 600k a year. It's easy to fly and maintain. It doesn't have a stand-up cabin but it will fly around the US just fine.

You should first charter for a few years before even thinking about buying. If you find that you're chartering for over 200 hours a year then you should looking into buying a jet. HotWheels, have you ever flown private?

[VolandoVengoVolandoVoy]

It seems insane to me to sink a couple million a year into a jet. Just doesn't seem sustainable or prudent.

Assuming that capital yields about 4% in spendable income after inflation, taxes, etc are taken out, the maintenance and operation of a jet ties up the investment income of 50 MM in liquid assets, nearly double the threshold for UHNW. And all of it spent on a single form of transportation.

Run two scenarios. One scenario where you let that 50 MM grow for a decade and reinvest the income, and one where you use it to have a jet. Two very different results.