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  #101  
Old 10-02-2013
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Re: Why buy a brand new $150,000 sailboat?

If I had the money, I would buy me a brand new Morris M-36 in a heartbeat
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  #102  
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Re: Why buy a brand new $150,000 sailboat?

Quote:
Originally Posted by Group9 View Post
Try this one. It's an interesting read about wealth in the US.

The Millionaire Next Door: Thomas J. Stanley, William D. Danko: 9780671015206: Amazon.com: Books


The Millionaire Next Door,
by Thomas J. Stanley , William D. Danko
Great read for those interested in wealth creation and the buying habits of the wealthy in the United States. There are several follow on books as well.

As a financial advisor I find Staney's books to be priceless. To manage other people's money you first have to find people with money to manage. From there it's climbing the wall of trust to get a seat at the table. Stanley's books are a treasure trove of usable information.

For example in his first book, the one you have shown us here, Stanley tells us why most millionaires won't give you a ride in their limo. Why? Because most don't own or drive around in Limos! At the time that book was written the vehicle most owned by american millionaires was the Jeep Grand Cherokee.

A financial advisor looking for the money might run computer screens matching affluent zip codes to Jeep GC owners and then target market to the names on that list.
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  #103  
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Re: Why buy a brand new $150,000 sailboat?

A few quotes from notable people:
'My goal wasn't to make a ton of money. It was to build good computers.'
Steve Wozniak

"When I was 19, I made my first good week's pay as a club musician. It was enough money for me to quit my job at the factory and still pay the rent and buy some food. I freaked."
Billy Joel

"Business is a good game - lots of competition and a minimum of rules. You keep score with money."
Atari founder Nolan Bushnell
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  #104  
Old 10-02-2013
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Re: Why buy a brand new $150,000 sailboat?

Quote:
Originally Posted by JonEisberg View Post
Maybe, maybe not...

There are still a few Americans of true character, who made their fortunes in the USA, and are willing to take the hit in taxes, simply because they think it's the right thing to do...

Roger Penske, for example...


Penske is a class act - from racing driver to mega rich, all on his own. Notice he also has a reasonable major yacht, not a fleet of 300 footers, which he could easily afford.

He's an excellent example of how to do "rich" right.
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  #105  
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Re: Why buy a brand new $150,000 sailboat?

Quote:
Originally Posted by GeorgeB View Post
One of the things that is required from the Jones Act is all American flagged (commercial) vessels must be manned by union crews. That goes all the way down to maids, busboys and dishwashers. That is why you do not see very many US flagged cruise ships and large mega yachts that sport a large contingent of “domestic” help. Makes no sense for a yacht that is used on an occasional basis to have a full time union crew.
The operative word there is "commercial". The Jones act does not apply to private yachts, no matter how big the staff. If they are chartered for profit that may change, probably depending on how the charter was structured..
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  #106  
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Re: Why buy a brand new $150,000 sailboat?

Quote:
Originally Posted by TJC45 View Post
Great read for those interested in wealth creation and the buying habits of the wealthy in the United States. There are several follow on books as well.

As a financial advisor I find Staney's books to be priceless. To manage other people's money you first have to find people with money to manage. From there it's climbing the wall of trust to get a seat at the table. Stanley's books are a treasure trove of usable information.

For example in his first book, the one you have shown us here, Stanley tells us why most millionaires won't give you a ride in their limo. Why? Because most don't own or drive around in Limos! At the time that book was written the vehicle most owned by american millionaires was the Jeep Grand Cherokee.

A financial advisor looking for the money might run computer screens matching affluent zip codes to Jeep GC owners and then target market to the names on that list.
As I said in an earlier post, it's good that the vast majority of wealthy people in both our countries are like that. I doubt anyone but a few fanatics has anything but admiration for them. I know and have known a number of them - discreetly producing and creating wealth for themselves and others.

It's the ones that live like pimps, old time Arab princes or Russian kleptocrats that cause the "hatred" of the rich. Like that friend of Romney's with the private 18 hole golf course and that idiot Romney saying "I want EVERYONE to live like this".

The new gold standard in "Let them eat cake" stupidity.
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  #107  
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Re: Why buy a brand new $150,000 sailboat?

Quote:
Originally Posted by GeorgeB View Post
One of the things that is required from the Jones Act is all American flagged (commercial) vessels must be manned by union crews. That goes all the way down to maids, busboys and dishwashers. That is why you do not see very many US flagged cruise ships and large mega yachts that sport a large contingent of “domestic” help. Makes no sense for a yacht that is used on an occasional basis to have a full time union crew.
Not too many of the larger yachts I run into are being used on an "occasional basis' :-) Nor, is there any requirement that the crew necessarily be full-time...

but you're basically right, and indeed it's even quite a bit more complicated than that:

The Cost of American Megayacht Ownership

Yeah, even for a guy like Paul Allen, a million or so in additional operational or compliance costs per annum adds up to Real Money pretty quickly, and could really crimp his style :-) (On second thought, the fact that Allen also owns a smaller 303-footer, and a 199-foot 'Weekender', the cost of paying American crews could REALLY spiral out of control quickly)

That little Merritt tethered to the 'swim platform' of OCTOPUS is probably worth at least $4 million, alone...


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  #108  
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Re: Why buy a brand new $150,000 sailboat?

Quote:
Originally Posted by SloopJonB View Post
Penske is a class act - from racing driver to mega rich, all on his own. Notice he also has a reasonable major yacht, not a fleet of 300 footers, which he could easily afford.

He's an excellent example of how to do "rich" right.
I had the great privilege of working in association with Roger's IndyCar team for a 18 years... Without question, one of the most impressive people I've ever met, and the loyalty and respect he commands from all those who work for him really has to be seen, to be appreciated...

He possesses most of the qualities as a leader and executive, that I wish we could find in our Presidents...

But of course, he's WAY too smart to ever consider getting into politics... :-)
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Re: Why buy a brand new $150,000 sailboat?

Mitt Romney at a private fundraiser last month at the house of Papa John's founder John Schnatter:

What a welcome, what a place this is. My goodness. Who would have imagined pizza could build this, you know that? This is really something. Don’t you love this country? What a home this is, what grounds these are, the pool, the golf course. You know if a Democrat were here he’d look around and say no one should live like this, you know? Republicans come here and say everyone should live like this, all right. This is a real tribute to America, to entrepreneurship.
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  #110  
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Re: Why buy a brand new $150,000 sailboat?

I guess when everyone in America has their own golf course (is there even enough land for that?) they can just have all the work, groundskeeping etc. done by illegal aliens.

No, wait....... They've all been deported back home in this Republican paradise.

Damn, how are we going to get the grass cut?

Maybe if we bake a few cakes for them to eat.....
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