Has anyone felt guilty for buying a lambo? In the sense that you could be using that money for so many better things like buying an investment property, throwing it into the stock market, saving it for early retirement, gifting it to parents, etc?
My current situation:
I'm 34, own my own business. My income is roughly $700K+ with a rough NW of 5M+ most of which is tied in the business itself so if the business went under, a significant portion of my NW would die with it. I probably have in the range of $300k - $500k liquid at any given time. A lot of money gets invested back in the business so depending on business needs my cash position fluctuates. House is 1.5M half of which is paid off. Also have a 1yr old kid if that matters. I also have a few random other investments in private companies and stuff, but the stock isn't liquid so I don't count that in my NW.
So I think I can afford a lambo without thinking TOO hard about it. Buying a used huracan at $200k and selling it for $100k+ after 5 years is 20k a year in depreciation which to me, seems manageable given my income. BUT, it's incredibly hard to shake the feeling that I'd be making a really dumb purchase and that that money could be used somewhere else to make even more money. I mean I didn't get to where I am by being dumb with money so the whole idea of spending 200k on a frivolous purchase absolutely hurts my soul a bit. Not to mention in my circles (rich people) a lambo is actually seen as obscene and low brow. Crazy right? But I grew up loving the car and the brand so I can't help but want one.
So anyone have any advice or felt similarly? Like how do you justify buying the car instead of using that money for better things like an investment or to help family out, etc?
I've also thought about waiting 5 more years until like 1.5m+ income or 10m networth, but a part of me likes the idea of driving it in my mid 30s instead of when I'm 40. Typing that out though, it's SO superficial it hurts lol. Advice?
My current situation:
I'm 34, own my own business. My income is roughly $700K+ with a rough NW of 5M+ most of which is tied in the business itself so if the business went under, a significant portion of my NW would die with it. I probably have in the range of $300k - $500k liquid at any given time. A lot of money gets invested back in the business so depending on business needs my cash position fluctuates. House is 1.5M half of which is paid off. Also have a 1yr old kid if that matters. I also have a few random other investments in private companies and stuff, but the stock isn't liquid so I don't count that in my NW.
So I think I can afford a lambo without thinking TOO hard about it. Buying a used huracan at $200k and selling it for $100k+ after 5 years is 20k a year in depreciation which to me, seems manageable given my income. BUT, it's incredibly hard to shake the feeling that I'd be making a really dumb purchase and that that money could be used somewhere else to make even more money. I mean I didn't get to where I am by being dumb with money so the whole idea of spending 200k on a frivolous purchase absolutely hurts my soul a bit. Not to mention in my circles (rich people) a lambo is actually seen as obscene and low brow. Crazy right? But I grew up loving the car and the brand so I can't help but want one.
So anyone have any advice or felt similarly? Like how do you justify buying the car instead of using that money for better things like an investment or to help family out, etc?
I've also thought about waiting 5 more years until like 1.5m+ income or 10m networth, but a part of me likes the idea of driving it in my mid 30s instead of when I'm 40. Typing that out though, it's SO superficial it hurts lol. Advice?
