HOW THE RICH BUY CARS VS AVERAGE PEOPLE | ELLIOT WISE
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- Опубликовано: 7 июл 2019
- This is just a quick video behind the mindset of the wealthier businessman and women I have had the pleasure of knowing and working with.
The concept of purchasing assets (working capital) to fund your more silly purchases (liabilities) is a fantastic way to ensure that you limit the financial inflexibility from these indulgent purchases!
Please comment with your opinion. If you do not agree please let me know why!
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Instagram: wiseelliot
website: www.evolutionwebs.co.uk
An absolutely smart man.
hi elliot on something like this do you pcp it and then upgrade after 3 years or do you always hp your cars?
Very clever way of looking at it
High pass filters are great. Use them.
provided such valuable insights into the different approaches the rich and average people take when buying cars. It's fascinating to see how mindset, financial strategy, and priorities differ between the two groups. Understanding these distinctions can help us make more informed decisions about our own purchases and financial goals. Thanks for shedding light on this topic, Elliot Wise
Great video and I 100% share the same opinion on this topic
Justin Wilkins thanks for the reply! Glad you are on the same page.
Imagine you go through with this method, then the government enacts an 18 month eviction moratorium so you cannot kick out the tenants who aren't paying you for 18 months. Easy way to lose everything. Debt is a risk, and most people don't calculate in that risk when looking at something like this.
Dont know lmao my father is rich he bought me first car in 2012 it was 2010 camry v6 it was used I still have it but looking for an Cadillac escalade 2022
If you are rich in the UK, you would probably be of normal income in Singapore. A Bentley Continental GT costs around 800k-900k.
Did you see my earlier comment mate? How much was the 68 plate Bentley!? Is that your new car now? Really shows how the other half live!
James Arcer hey, I was testing this Bentley to see if I wanted to buy it. I actually decided to stay with my V8 Bentley - I preferred it way more! My old white Bentley I sold and upgraded to the one I have now.
Hi Elliot,
How much would a 4 bed rental yield be and would it be able to fund a proper luxury car like a Ferrari or something like that?
What happened to the white Bentley you used to have in old videos? Is the blue one your new motor?
Keep the videos coming! Really nice to see how the other half live
James
James Arcer Hey James. On a 4 bed rental in the right area you could
Look at £800-£1000 per month profit net (sometimes higher). This probably wouldn’t quite make a Ferrari but certainly something like an r8 or a gtr (something extremely nice). Companies like lgm prestige (check on Instagram) will give you an idea of what you can finance a car for.
Why you hiding my replies 😂. I mean 30-40k for the car deposit.
Kate Austen Hi Kate, I am not hiding replies? If you leased this car you wouldn’t have a deposit at that level? Also the point was to change the way of thinking about funding liabilities with an income returning asset as apposed to buying it outright as I see a lot of people doing. That is the real point of this video. :)
My husband works in sales at Bentley B’ham. A deposit would be 30-60k or you would trade in another luxury car.
Your point is good, the example is awful
Hi Elliot
Thanks for the reply. Did you trade in the white Bentley then and get this 68 plate new?
Looks like an awesome machine!
Hi Elliot,
I followed your advise and looking at purchasing 2 bed flat in Sussex for £400k Thursday and will put it up for rent too.
Slightly concerned because I had the 40k deposit but still have a mortgage on the property so rental income will be covering that.
I don’t feel like it’s going to generate enough to even fund a fiesta ST or any vehicle at that rate given that the mortgage is now a liability.
I did enjoy your videos but feel like having acted on your advice in hindsight it’s not the best.
If you had 50k how can that buy a house?
Thanks
James
James Arcer Hi James,
I do not buy houses in the south for high rental yield. You need to really
Research areas and rental yields and start educating yourself
On the best areas to purchase real estate for your goals. Buying houses in the south with low deposits will give you little to no monthly yield but does tend to give you better long term
Appreciation. My buy to
Let’s are up north.
I see, thanks
Could you possibly send some links of properties which you think would be suitable for me up north as I don’t really know the area well?
Looking at around 40k deposit, 42k annualised salary and hopefully a 2 bed property.
Any examples would be great please, then want to find a nice car too but probably wouldn’t be brand new for me. Do you think a second hand Mercedes could be achieved ?
Thanks
James
Did you see my last message mate?
Hey, if they were suitable I would be buying them. I would recommend starting to research and get on some real estate courses etc and start to learn. It’s not just as easy as jumping straight in and you have to educate yourself thoroughly. There will be a lot
More videos on real
Estate etc going forward!
Ok so I need to make money to afford things. Got it
First I want to say love your work my name is javan and I am from Jamaica I am looking for some help financially wise I would be most grateful if you could reply
Basically saying he uses certain things to pay off things Just like people do when they buy homes they use other homes to pay off the homes but you're still using your money it's still money that you accumulate from your business to use to buy a car or a home there's no way of getting around paying the shit it's just a different way of paying it and if you pay payments you're paying more
But I get what he's saying put money in assets first so it can pay for liability purchases however I still think that financing things is the wrong idea
I would never buy a car like this from my own money I would rather lease it this way I can trade up , or have enough rental income from Esther your rental business or other business that pay you month after month then you can lease it. Or trade up for a different car lease every year. Thee cars only attract attention that you don’t want. From people . If you are a real estate agent and need to attract wealthy clients then I see it makes sense to lease this car.
You have to pay it in full in order to trade up, so unless you have the full amount you gotta finance, then keep low mileage, then trade up by choosing the right cars it's possible
Interesting watch.
I actually went to school with you. Would you want to catch up and discuss in person at some point?
Alex Reed sure, what are you up to business wise at the moment?!
@@ElliotWise I've actually only just got back to the UK, been toying with a couple of ideas but never done anything in business. Be good to get an idea and some direction though
I'm not sure if this is the right way to go about it
For example. If i want to buy a car that costs $300,000
Instead of 300k in a car, I buy an asset that is worth 300k, the yeild from that is likely to be 7%, which is 21k, meaning $1750 per month
This is DEFINITLY not enough to cover a car that costs 300k, maybe a cheap car, but then i wont be getting the fancy car i want.
The deposit would be 30-40k, this video is nonsense
Kate Austen hi Kate, how is a house deposit of £30-£40k on a house or investment in a company nonsense? A buy to let Mortgage deposit on a £120k house would be £33.75k with a loan to value of 75%. With other fees factored in would be shy of £40k. This would yield a 4 bedroom house with a rental income of roughly £1200 a month including bills. After tax and bills would net a tidy profit which would enable you to lease a very nice car at the same levels.
Yes but you haven’t factored in real life situations where some tenants may not pay, maybe new boiler etc , carpet changes etc. All together the profit you make as well with new tax rules in the Uk isn’t as much as you are mentioning in the video. Plus to finance a vehicle like that will be north of 1k a month anyway.
@@drajm259 I hope you didn't think he was telling you to buy a Bentley with one rental property lmao
Funny to see this youtuber felt comfortable enough to wear his ballet leggings to present us this video.