Secret Entourage presents
How To Drive A Luxury
Car And Get Paid
Smashwords Edition
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Introduction
In the first installment of this series (How to Drive a Luxury Car for FREE), we discussed the car market from a dealerships perspective, how you can enjoy a sub-100K luxury car for FREE, and actually have the comfort of switching cars every year and keeping the process going. In this second installment, I will take you through a slightly more complex method that will not only include exotic cars, but will also include the business element that enabled me to get compensated $20,000 a year for driving now my own, Lamborghini Gallardo.
As an exotic car enthusiast and collector, I have always enjoyed driving beautiful and unique cars and have owned just about every marquee out there. From an AMG to a Lamborghini; each kept surpassing the previous, yet each one kept getting more expensive. Therefore, created a challenge when it came to upgrading yearly; actually it wasn’t as much of a challenge, but more of a really expensive hobby. The depreciation, which included the cost of ownership, simply made this hobby a bad investment and a poor financial decision on my part.
As with every challenge that comes our way, it is only matter of time that we as individuals find loopholes and what I call, shades of gray that we can use to our advantage. The financial and tax systems have many gray areas to benefit those that make the most money and enables them to get the monies they need to continue funding the economy with more spending. This being because ultimately the percentage of wealthiest individuals, which is about 10% in the U.S., control over half of the spending in the U.S.
I am going to break down for you these various gray areas, as well as show you three different examples of how this would work out. Ultimately, this method may or may not benefit you, or apply to you, but you will at least know where to refer to in order to position yourself for it to work.
It is imperative that you have read and understood the fist installment of this series titled
How to Drive a Luxury Car for FREE, otherwise you may not fully understand the concepts discussed here. There are many sections in this book that refer back to the first book and your understanding of it. Should you not have not read the previous book, you can pick up your copy here, and you can also email us at contactus@secretentourage.com should you have any questions regarding the content in the book after having read it.
Here is a brief Review of what we covered in the first book:
How to Drive a Luxury Car for FREE should have educated you on why buying a new car is ultimately one of the worst investments you can make. It should have also educated you on how to use the market to your advantage to ensure yourself that your money will not be lost when purchasing your next toy. We covered the car market in details, including the tools available to help you make an educated decision and how to inform yourself on which models make sense to purchase.
All of that content will apply here, as we look into a rather different breed of cars. We will examine the exotic car market, the do’s and don’ts, as well as the business element associated with your purchase. This will not only ensure you do not lose money, yet how to make money in most cases.
Before we begin, you should keep in mind that you must have the ability to purchase an exotic car and be able to afford its maintenance and expenses for this method to work. I will even go as far as saying that those that hope to drive and get paid, but cannot afford to purchase and maintain an exotic car, should avoid all together from acting on this method. As with any method out there, risk is always existent and, therefore, should you not calculate everything correctly. The loss could be significant on someone without the means.
It Is Not About Making More Money, But Rather Keeping More In Your Pocket. The Gap between Gross and Net Incomes
That’s right. The number one problem with this country is that it consumes itself rather than looking for ways to preserve its surroundings. Think about all those around you, they are on the constant pursuit of money and the constant pursuit of a better lifestyle. Yet, instead of working intelligently, those individuals keep working relentlessly to make more money; when in reality that additional money they work so hard for is already in place, but given away to taxes. Think about your paycheck and how much is deducted each pay period (individuals with W2 only), then imagine how much more you would have if you did not have any money deducted from your gross income. It is amazing how much of that money you can actually take back if you know what to do, though more importantly it is staggering to know how much of that money you do not have to acquire luxuries and other things you would like and never lose a dime off your net income which you have come dependent on.
Throughout this book, I will demonstrate how you can close the gap between your net and gross income. As well as leveraging your lifestyle in between that will enable you to purchase that exotic car you want without breaking your existing net income stream.
This method is not simple, does not work for everyone, and does not work on every car, though it will be a great baseline to start with. It will take you through all the ways to make it work as close as possible based on your situation and marquee of choice.
Table of Contents
INTRODUCTION
UNDERSTANDING THE EXOTIC CAR MARKET
How to Gauge the Right Marquee?
Why and How Exotics Depreciate?
Which Make and Models Work Best
Which Models to Avoid All Together
Maintenance, Cost Of Ownership, and Insurance
Typical Mistakes Exotic Buyers Make
The Financing
BUSINESS ELEMENT
Understanding What a Business Really Is
Proper Funding
Why a “Shell” Company is a Huge Risk
Schedule K-1 vs. Schedule C
The Relation of Your Business to Your Car
THE WRITE-OFF
Business Asset vs. Business Use
The Tax Write-Off
Converting Personal to Business Assets
Business Depreciation
Comparable Purchases
THE PROCESS DEFINED
The Gallardo and the Vantage
Changing Cars Yearly
Exit Strategy
Understanding The Exotic Car Market
How to Gauge the Right Marquee?
Finding the right exotic is half the battle for this scenario to function. It is often more important that we select the right marquee rather than the right model, color or option package. These all play an important role, but the marquee itself is the ultimate compromise you should not make. From Ferrari to Aston Martin, the choices for exotic marquees are endless and should be selected carefully or your money may be vanished forever.