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Originally Posted by Lous69
Slightly off the point he raised but I would encourage the original poster to realize that it sounds like he is a very rich man in the most important ways.
There are people who can afford to spend lots and lots of money on hobbies but who are not lucky enough to have a nice family (like the one it sounds the original poster has been blessed with)
Everything is relative. The secret is to enjoy whatever we can afford, to its fullest, each and every day.
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I completely agree. I do have a wonderful, understanding and very selfless wife, two great, healthy kids, etc. and I am VERY grateful for that! Like most on this site (I assume) the car hobby is and always has been a passion for me...it's all I've ever wanted...a dream to have that car like the ones I see and it seems so many others have. I can be honest and admit it's a lot of envy and jealousy.
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To be honest, I was fortunate to fund Dust Off. I could just as easily have wound up with nothing. I had been saving for the build for several years and had a little over $15,000 saved. When the housing market and stocks took a dump during the 2007-8 recession and everyone was getting out of the stock market, it became increasingly apparent to me that stock prices were not likely to go much lower. Then when I heard one economist comment that stocks were at a 60 year low, I purchased $15,000 worth of stocks and crossed my fingers. This was either going to be the best or the worst investment decision I had ever made. Three years later my stock portfolio had increased in value by a cumulative factor of more than 4 times and it was time to sell. Believe it or don't, but that is how I funded my project.
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Steve - Thank you for the honesty and openness. I guess this is the kind of information I was looking for. How does the "average" guy do it?
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Originally Posted by Bryan O
No offense intended here but IMHO, "excellent credit" (assuming you are using the credit) and "responsible with our money" are contradictory statements. In the context of your post it seems you'd contemplate building a car on credit. Not wise.
I had Alchemy built in 1 1/2 years at Best of Show on a monthly budget. Was not self employed. The income was good at the time but we didn't have GW money.
I love my car. But, I love being debt free much more than having the car.
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Bryan,
No offense taken, I basically just meant that I have an excellent credit score, always made payments on time, never written anything off, not paid someone I owe, etc, etc. My only current debt is my house, my truck and my wives car, all of which are what I would call reasonable amounts for those things. We don't live above our means. I fund my project now as I can with side job money but it's a very slow process. I have always put my family, kids and so on first and always will, but there comes a time when you start to think if you will ever have "your time" and be able to do something you've always dreamed of.