O/T-For the more "Experienced" Generations - How did/do you make your $$$$

I am 30. After spending most of my early 20's partying and slacking, I decided it was time to set some goals. I went back to school for a bit, but really couldn't hack school full time and work full time. I burned myself out and dropped out. I started with a company five years ago, and started working towards where I wanted to be. After three months with this company, and a lot of luck, I got into the department i wanted to be in. Nowdays I find I am doing the exact job I was going to school for (engineering). I like my job and am considering a move that would allow me to take over a engineering design shop with the same company in another city.

I don't have a lot of shop space yet, but i am working on it. Currently I have a 1.5 car garage behind my house (my first). I have been in my house a little over a year and was only recently able to purchase my first project car. Keep after it, set goals. My first goal I set was to get out of debt, then to buy a house. It just so happened that I ran across my project car soon after I bought my house. While it wasn't in my plans at the time, it was such a good deal I couldn't pass it up. It has just all come together for me. Once i move, I am going to look for a house with a shop that comes with it.

Another thing that has helped me, I am single with no kids. I don't live extravagantly, and have really never wanted to.

 

Heck man... you got to just build it up over time. You know? I started out as low as it gets. Dad was out of work, pot head, good for nothing, we were as poor as it gets and stuck in freakin' Alaska. I don't have a huge shop yet but I've got a detached 900 sq ft garage that I'm converting into a shop. It'll just be a hobbiest type thing but I'll eventually have a lift and all that jazz. Already got the nice compressor and such.

Anyway... it just takes time and determination. And I'm all for guys who build their hot rods themselves. Street rodder to the core.

 

There's no secret - it's all about burning desire. Find something that you're really passionate about and make it happen. If you want something bad enough - you'll find a way to get there from here.

Seen guys build complete cars with $2K budgets. I've had motorcycles that were free - literally. Once you get them, it's what you make of them that's important; Aaron (Plowboy) is a great example of this.

Same holds true for careers and business. I started with nothing - literally - made it up the ladder a short ways, then chose to go down and start over again. I've had a few misfires along the way, but I've managed to reach middle age with *most* of my brain cells, a functional liver, and a wife and two kids that I love and am proud of.

There is one secret...the Orpheus Effect as it applies to wealth and fame (if fame is something you dig):

If you chase it merely for the sake of having it - it will elude you. Once you accept who you are and what you're capable of - it will come to you naturally.

 

Well, here's another chime in. I've been broke and well off several times. Been sick and well too. But I think I'm rich because I have a wife of 40 years who let's me be myself, my daughters are married to men that I like and admire. I have grandkids. They're healthy and doing OK in school. I've had most of my good friends for 30 years or more. I belong to a pretty cool car club and get to mess around with a race car. I'm finally building my dream cars, with the help from my good pals. I've got a bunch of crappy Craftsman tools and an overcrowded garage. It may take me a long time to get my car done, but that's OK. I know a few guys who have high buck rides, big houses and pretty trophy wives who are still miserable. Your happiness comes from how you see it. Work on having what you really like and liking what you have. Things are nice, sure, but you never know how long you'll get to walk on this ol' planet. you might not envy what I have, but it took me years to see the value of it. Sorry for the long winded story, but I know exactly how you feel. Your life is probably pretty good if you want to see it.

 

...if you really want to learn from a lot of people on makin' money and settin' goals, do a search on here for the thread I did called 'The Haves vs. the Have Nots'. There's a wealth of knowledge in that thread by a lot of good people here.

 

I'm 25 & I know that is young.

Not to sound like an old fart (50 plus years old) and give the speech about when I was young, crap... However, 30 years ago I worked two jobs (auto mechanic), purchased my first home at 24 years old, remodeled it myself and sold it, made decent investments, scripped and saved. My wife has always worked and still works full-time. I don't work two jobs anymore either. Work hard, set goals for yourself, not too loftly, ones that you can attain and be patient! Get as much education as you stomach and afford. Enjoy the time you speed with your hot rod, working with your hands and building something is great therapy.
Good Luck!
Steve

 

I had this conversation with my son this weekend, he is 26 and afraid he will never be able to buy a house or drive a car that dosen't need repair almost every day. I think it is much harder for the young people nowdays, the cost of home ownership is much higher today as well as cars. I am 53 and I work as a project engineer for an aerospace company and have the good fortune to work in that field for the last 25 years. I'm not rich but have at this point been able to have a few things like cars and bikes and a decent place to work on them. I sent him and my daughter to school for 5 years each, my daughter finished and now is in Law school, my son majored in beer pong and never did graduate.
I started out as a mechanic working in Harley shops for a long time, after being married for about five years and never having anything except a good time, I went to a two year technical school while my wife worked for 60 bucks a week. I studied and did tune ups out of a unheated garage in upstate NY. and got a degree and a job as a process engineer in a factory that offered paid continuing education and it took me another five years at night to get that four year engineering degree, after that I still went to school and ended up with a MBA. Switched jobs a couple of times and by the time I turned 40 started to get ahead, but never by much. I was lucky in that I live in such a depressed area homes were cheap, 4 bedroom colonial with a barn for 40K. Of course it needed work I never owned anything that didn't. Now I seem to have enough to get by and go to some good car shows and have some fun, but, it never came easy, not for me anyway. Things will come if you work toward achieving them. I remember asking the same question when I was in my twenties, but seeing that your also asking the questions, seems to me that you will figure out how to get there. And as to the question do you like your job the answer is no, but it pays the bills.

 

sell drugs.

j/k

I'm 26, I sell health insurance, hate my job, but i make enough to support a family, and buy guitars, and build hot rods. a job is only 40 hours a week, that leaves 128 hours a week to completely forget about the boring routine job and focus on the stuff that makes you happy.

and besides, just being aware of what you want is half the battle, some people never decide what the want out of life.

 

Well, I will be 42 in a few weeks and I've been well off and I've been broke several times. All working for someone else. I always liked my job (I paint cars) just didn't always like some of the idiots I worked for. So last year I got bronchitis and the Doc took me off work for 2 months. Long story short, he gave my job to someone else so I decided there was no time like the present to open my own place. It's been rough getting going but like alot of others have said, you have to set goals. It's starting to pic up as my name gets out there. It will happen. So hang in there whatever you decide to do. Just whatever you do, give it 100% and the good fortune will follow. Maybe it won't be monetary fortune, but there's alot to be said for doing what you love. Good luck.

 

I am 25, got a full shop and a new house....just started by getting what I could for free, free old beat up bullshit cars and parts and putting them back together and turning them over for a profit, and put that money immediatly back into the shop and tools and equip.
- for example -
Just sold a project (a rusted out old jeep a guy threw away, and I drug it home and hand built a steel body) and took that very same cash, that very day and bought a 35 ford and two new welders...been doing that for a few years. Its work, but rewarding in the end

its all about priorities.

 

I'm only 31, so I don't want to sound like I'm preaching to the choir here.
I'm a chef, have always been a chef and always will be a chef. I started cooking in high school and never looked back. My first job was washing dishes but I knew that I wanted more. I've busted my ass working between 60 and 90 hours a week since I was about 19. I'm currently working in my dream job at one of the best restaurants in the country doing what I love. I make good money and was able to finally purchase a small home with a one car garage.

I'm not trying to sound smug or self content, I appreciate everything that I have worked for. Like the others have stated, you need a goal. Follow your heart and the money will come. I think you will find yourself trapped only working for a large paycheck. One thing I wish I did differently, was to balance my personal life better with my professional life. I work every weekend, often during the night so I wind up missing out on 97% of all the hot rod shows and activities, making friends in the hot rod community, etc. The little time I have to work on my ride is precious to me.

I'll stop rambling, but to sum it up, you need to find a balance btween all your needs and wants.

good luck!

 

That's really it, Phil. lotsa guys tie their self-worth to stuff; when you lose all your stuff - you learn what's really important! 40 years with the same lady - congrats! The Peebmonster and I are only halfway to that number...20 and counting.

 

Live within your income and you'll live without worry...and a lot of other things. Seriously if you can't totally pay for it (mortgage exception) within 90 days you can't afford it. Never buy a new car. If you have to use a credit card pay the balance immediately. Take every class you can find time for, you'll always learn something valuable. Smokers make and retain less money. Drunks don't work. You won't meet your soulmate in a bar but you might meet a drinking buddy there. Save every penny possible but don't be a miser. Don't be a spendthrift either. Treat everyone with respect. Always do your best.

 

Set goals, work hard, take some educated risks and don't be affraid to step up and take on more responsibilityAnd never forget to put your family first I am 50, have 3 hot rods that I enjoy with my family and a lot of great freinds. I have hot rod friends all over the west coast, some have way more than I do, and some have less, however we all have one thing in common. We love these old cars and enjoy spending time together. We all started with our first car, and some still have it .You are young, set a goal, move towards it and soon you will have that goal under your belt. You don't need 10 cars or a 6,000 sq ft shop to be happy, of course I still dream about it. I can't tell you how many cars or garages I have built in my head going to and from work.
Have fun
Chuck

 

Very true...need to find what makes you truly happy and work towards that, its different for each person on this board.

I think a cool hot rod, good friends and a good DOG are a must....

 

the best piece of advice I can give is never mix business with pleasure. Sure, I know, there are those who are so into cars they work 20 hour days building rods, but those people are few and far between! 99% of us get burned out at some point, and are resigned to the fact owning a car business just isn't feasible. The best you can do is get a job, and treat it like your job, and save cars for your hobby. I say this because if you're the kind who gets bored easily, you will get bored with cars, and if that's your business it could put you out on the street. Just find a job that provides you with security and can finance your dreams, and keep them separate.

 

Wow 3 pages in a few Hours. I thought this would just get looked ouver and fall by the wayside quickly.

A few thoughts and responses to the stuff you guys have said.

#1. I don't want to get rich or have everything in the world or value my "self-worth" with stuff. Now that I read
my title and question I can see where some of you may get the idea that I'm just looking to make $$$... Not the case. I'm just @ that point today were it seems like my goals are unobtainable. Just want to live comfortably and have a few toys to occupy me.
my TV is a crappy 19" and most of my stuff including computer is 8 years old or older...making it Dinousaur compared to today's technology

#2. I am college educated even though I suck @ spelling if you couldn't already tell and have a B.S. in Human Resource Mgt.

#3. I have strong mecahincal & fabrication skills...just not to the level that I would like them to be - I just want the opportunity to practice and get better.

#4. I appreciate everything that I have and have worked hard to get where I am today. Single mom raised me in an aptartment for 18 years till I went off to college. We never had any $$$

Right now my biggest hurdles are my job & life balance as some of you have mentioned.
I can't seem to get away from my job...as it overtakes my living space. My truck is owned by the company...so when I'm in the truck "I'm @ work" when I'm @ home "I'm @ work"
& since I am just living with family right now I have no garage as my escape.
my '33 and tools are 100 miles away and I get to see them 1ce a week -

I'm also in the process of looking for a house and just like "oldspeed" said we have it a little harder than the days of then. That may not be true for all parts of this country...but CT has one of the highest costs of living in the Nation....Don't worry So-Cal Folk...I know it is expensive out there as well.
You can't find a Decent Ranch with 1100sq/ft & 1/2acre for less that $250K around here

Sorry guys I'm not trying to bitch, Just having one of those days I guess.
Thanks for all of your input

 

arkracing - move up here to Fairbanks, Alaska and help me open a hot rod shop. Just kidding. Well, mostly kidding... I honestly feel that a man who owns a hot rod should have at least built a little bit of it himself. Also, there is a big difference between building for yourself and building as a job.

Anyway, there is plenty of other opportunity to be had up here. But depending on the type of car you have/build, you'll only get to drive it maybe 4 months out of the year.

 

I have found a strong work ethic was my strong point. Being dead nuts reliable and asking if there was more to do when it looked like everything was finished, then jumping in when things needed to be done. I work the shitty shift with rotten days off (11PM to 7AM thursday and Friday mornings off). Education is important if working for somebody and they offer anything as to schooling help (Tuition assistance) take it. Classses in your line of work accept it and Pay attention to what is being taught.

Now the kicker is knowing when to bail as to dealing with somebody you work for is difficult.

Dawg

 

Ok here is a sure fire way to make a good amount of money in a few years. Providing you are single, have no kids, and are willing to travel. Military contracting is HUGE money. 1 year in Iraq, living on a secure compound (military post) pays between $100,000 and $300,000. Depending on what your skills are. Communication, computers, networking all pay insane money, all over $250,000 a year. Mechanics will be around $100,000 to $150,000. And the first $105,000 is tax free. Lockheed Martin (DS2), ITT, Browne and Route, are all major companies looking for people to work overseas. Is it the safest place in the world? No of course not, but thats why you get big money.

I am a self trained mechanic. I never went to a school or a tech class to learn anything. Everything was done on my own. The only diploma I have is for highschool. Any job I had gotten was done by proving to them I know what I am doing and that I am good at what I do. I am 30 years old and I will be putting $70,000 down on a new house before the year is over, and using the rest to start my dream. The old saying "it takes money to make money" applies. Once you get a good chunk, talk to a bank or a financial advisor. Let them know your plans and what you would like to do. Giving them a timeline and what types of risks you are willing to take with your money. They can put together an investment plan. I went a very conservative route, and I am still doing well.

Not the best way to make money, but it worked for me.

 

...or a brazing torch and a hacksaw!

-Bigchief.

 

"Sorry guys I'm not trying to bitch, Just having one of those days I guess.
Thanks for all of your input"

I understand. Once I had set the goal of getting out of debt, some days it seemed like i was standing still and would never reach that goal. If you just set a goal, and keep plugging away at it, you will eventually reach it.

 

i found one at an old timers place when he was going into a home
tig machine
brake
shear
beaverly shear
hand shear
30 model a 2 door
26 essex 2 door
and other misc stuff
ya it was 8,000 for the load but i got that for the essex( it was nice)
the 2 door a was almost mint
i am 27 have a house a wife and a dog
work an ok job but where i scored... my wife MAKES THE $$$$$$
i just sit back and enjoy the ride

 

Realistic goals, skills development, invest at least10% of your income, strive to live within your means on a more or less cash basis and attain some time in grade. I think most of these things have been mentioned in one way or another, but basically ya gotta bust butt for a long time, and if you're lucky; that is, made the right choices, and your health is good, ya get to enjoy it in the end years.

No guarantees though...

I'm 63, been retired a couple years, kids are grown up, still with my first partner., and I'm reasonably skilled and in good health. Some good planning but a real dose of good luck...knock on wood.

Hang in there!

Charlie

 

I'm not the best example, but I'll throw in my 2 cents anyways....
Golden rule #1: Never FINANCE ANYTHING that DEPRECIATES in value!!!

Most of "IT" is attitude. Just today there was a post about buying a drillpress. A common sentiment was - "Can't afford a "real" one so I bought this Sum Flung Dung model from so and so." - that REALLY is a shakey road IMHO. As a Hot Rodder - why not go out and find a used "cadilac machine" and fix it up a little- you'll always get your MONEY out if/when you decide to move on. It's THAT kind of mentality that will eventually have you finding yourself surrounded by some COOL tools!!! How many mechanics line up every week to pay their TAB with the TOOL MAN??? How many mechanics spend stupid money on tool boxes when there's BETTER stuff out there for less?? Lista comes to mind as one example. Swap meets/ flea markets/ garage sales - only places I have EVER bought Snap On tools. Again these are just SMALL examples - the botom line is to PAY attention. Taking advice from someone who's near broke themselves probably ain't gonna work too well either.

Getting "stuff" is EASY - doing it with your integrity intact is the DIFFICULT part. It WILL all happen IF you want it to. It may take a few years, but look at it this way - if every purchase you do is a step TOWARDS your goals THEN you are on the RIGHT track and THAT's more than half the battle right there. Throwing GOOD money after BAD is all too often the norm - especially with todays "I want it now" mindset. More and more cheap junk is sold today and we as consumers just seem to suck it right up - why??? Because we don't think (that's my take on it - anyways.)

Just a few short years ago - I was wondering what you are - hell somedays I STILL do!! But the reality check is - Am I moving in a POSITIVE direction?? If yes - pat yourself on the back and keep going...if not re-evaluate what you are doing and make some changes.


Here's a question I ask myself when buying something, "Is this gonna end up on the tree lawn in a month" - is so why buy it.

Antiques are COOL - go buy an antique stove and if you get tired of it in 5 or 10 years go SELL it - as it will STILL be worth something - a "normal" stove won't be worth shit in that time. Yeah - I know, not the greatest example but you get my point.

I work with a zillion guys - all make alot MORE than I do - It's always annoying to hear them bitch about how many cars I have. They just don't get it. I STILL have my first car - my second car - my third car(truck). One thing I NEVER had was a NEW CAR PAYMENT!!!!!

 

Option 1. live to work

Option 2. work to live

Option 3. everything in moderation

 

save all your money now, so when you are old you can buy all the toys you wanted when you were young.

option b. go live life.

 

I'm 23 and I think I have it figured out (reah right). 8 hrs at your normal job, 8 hrs at what you want your job to be, 4 hrs working on your rod (I mean the car), and 4 hrs sleeping. Grand Total 24hrs/ day. After all that, you can retire at 80 and sleep all day.

 

EDIT--- F-That. pay your bills and blow the rest on what makes you happy. I agree with all those guys that say live life.

 

It aint always about what ya make, but what you SAVE,,,, Dont owe anything on a car or a credit card,,Drive a BEATER. My car is a 87 Toyota pickup that I bought new .... Pay your credit card bill in FULL each month... Dont buy junk, and maintain and repair the stuff you have. Most my tools are over 20 yrs old. Dont spend a bunch of money on hi tech crap or stupid shit,,, Eat at home. Get rid of yer fukin' cell phone. You dont need it or a custom ringtone.
Stay married to one good woman... Divorces are expensive, I know this all sounds stupid, but it works. Trust me.