Porsche Ownership – Economics and Emotions Series
by Tom Kirk, Financial Advisor – Savant Wealth Management, tkirk@savantwealth.com, 321-241-1313
In my last article, I discussed the economics of Porsche ownership, focusing on how the premium paid for a Porsche can be seen as more of an investment than an expense. If you’re curious about how this works, you can check out the summer issue of Escape Velocity.
This article, however, is about emotions—the emotions tied to spending your hard-earned money on what some might consider an extravagance. It’s about the joy of purchasing something you want, not just something you need, and the satisfaction of enjoying the fruits of your labor without guilt.
Many of the families I’ve worked with over the years are first-generation wealth creators. They often come from modest beginnings, and through hard work, discipline, saving, and investing, they’ve helped build a great life for themselves and their families. These individuals have always lived within their means and understand the true value of money.
Yet, these very qualities—the discipline and the focus on saving—can sometimes make it difficult for them to fully enjoy the life they’ve created. After years of diligent saving, it can be hard to accept that they can now afford to indulge in things they once only dreamed of—like owning a new Porsche. So, how do they know if they truly can afford it?
An integrated financial plan can help provide the clarity they need. A comprehensive plan takes into account not only your financial goals but also your dreams, desires, and lifestyle aspirations. With such a plan, you’ll know with increased confidence whether you can afford to spend your money on what you want—whether it’s a new Porsche or something else—rather than leaving it behind for someone else to spend after you’re gone.
If you’d like help crafting a plan that allows you to live your ideal life, whatever that may be, I’d be happy to assist.
Just remember the words of Carroll Shelby: “Life is too short to drive boring cars.”
Is this in your future? A good financial plan is the right step to make it happen!