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#361 - How My Stock Portfolio Bought Me This $565k Ferrari (All Cash) · Money Grows on Trees

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My stock portfolio just bought me a $565,000 Ferrari,
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all cash. And most people think that that kind of money requires a massive
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salary, a property empire, or getting lucky. But the reality is it
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comes from understanding the one thing that most people never learn, how
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to actually make your portfolio work hard enough that it starts buying
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things for you. I'm Lloyd J. Ross, seven-figure investor entrepreneur, and
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I've helped thousands of everyday Australians, Americans, New Zealanders, Canadians, and
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people who are in Europe get out of debt and build real wealth. And in this video, I'm
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going to break down exactly how this works, how
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my portfolio got there, and the structure I used to buy a
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supercar and save six figures in tax at
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the same time. So I want you to stay to the end because I'm going to talk to you about the
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structure that we bought in that hopefully going to help you if you decide to buy a
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supercar. And I hope you do. How to save a ton of tax per
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the laws in Australia. But that being said, let's dive into this. This
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is going to be fun. You can see behind me, new cars. It's a lot of fun. And
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it's really difficult to do a podcast episode or do anything for that matter
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sometimes with a Ferrari without being like a wanker. It's just a little bit tricky
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sometimes, but I thought, what a cool opportunity this is going to be to
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take you through the journey of how this happened, how you can
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do it, and if you decide to buy a supercar, the best way to
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approach it, how I've personally done it, and basically just roll back the curtain and
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give you a really authentic play-by-play on
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why I bought a Ferrari, how you can buy a Ferrari, and some of
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the cool stuff that it can do for you. I think from when I was the age
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of six, when I was playing with matchbox cars, I wanted a Ferrari. at
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6 or 7 or 8 doesn't want a Ferrari, right? I had a F40 on my
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wall, I'm sure you did too, and it's like the preeminent car.
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When people talk about supercars and buying supercars, there are
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different ones you can choose from. You can get a Lambo, you can get a McLaren, you
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can get Aston Martins, you can get Rolls Royces, you can get Porsches, and
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you can of course get Ferraris. And one thing I've learnt, I have been a car
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guy my whole life, I love cars, I used to race motorbikes as a kid, but For
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a long time, I put it off buying a Ferrari. But one thing I've learned about it is
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that whilst all those cars exist, and you may or may not agree with me, and that's okay, but
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there's only one supercar that people talk about when you become successful or
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a success car. They don't say, oh, they might say get the Lambo, but
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most often they'll say the Ferrari. And the reason for that is because if
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you understand the history of Ferrari as a motor car and a motor
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racing company, which is how it started in the sixties with Enzo Ferrari, you
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understand the heritage and you really do get to grasp how
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much value they've put into this brand over time with
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being the leaders in formula one, with being the leaders in motor car
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and sportiness in cars. And they have built this brand.
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And even Warren Buffett has said, he said this at the Berkshire Hathaway meeting, Ferrari
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is the only car company in the world with a genuine brand.
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He said that, and it's the only car company, if you dive deep into
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Ferrari's business model, it's the only car company that actually
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has 20% plus margins, which is quite amazing for
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a car company. If you look at GM and these other car companies, they've got 4% margins, they're
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big mass producers, but Ferrari is often described as
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a luxury brand. that happens to make great motorcars.
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And it's fascinating. And I kind of didn't really know what that meant until you
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own one and you see what sort of emotion that
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the brand elicits in people. So when people see a Ferrari, they're
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seeing 65 years or more of a
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brand build of winning, not just in
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motorsports, but winning in terms of design, luxury,
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and You've only got to drive a Ferrari down the street where people
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know it's a Ferrari because it's in Rosso Corsa red. It owns that color
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and they see it a mile away. And when you're driving it, the young boys,
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they immediately gravitate to it. So they know what it is. The
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guys in the showroom were telling me that there's kids that come in and there was a kid that came
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in the other day to look at it and he just cried. Now, I'm gonna
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tell ya, that when in the past I've been fortunate enough to drive Porsches
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and Aston Martins and supercars, I've been around, my dad's been super successful in
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his past too, so I've been around, I remember when I was four, he had a 944 Porsche,
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so I've been around supercars, I've been around nice cars, and
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so I understood the emotiveness of what it does to people. I've
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seen it, but when I bought this, I had no idea just
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how, how, emotive the Ferrari brand specifically
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is, specifically for this car. Kind of seduces people, it's incredible. So
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there's this whole Ferrari brand build that's happened behind the scenes. Someone said
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the other day, with a supercar you don't buy it for people
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today to show off, you buy it for the six-year-old you.
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That's who you buy it for and that's who I bought it for. I didn't buy the car to sit it in
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a garage and just collect it. Although, by the way, sometimes you don't know whether
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just to sit there and look at it or drive it. It's beautiful. It's
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a piece of art and you're like, oh, if I'm going to drive this thing, it's beautiful.
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It's so fun. So this episode, I want some objectives for you because I want to impart some value
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to you. I don't want to dick pick this into your living room and just swing this. I
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just don't want to. So here's what I want to do. I'm going to talk to you a little bit
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about my investing journey that positioned me in a
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place to buy the car. Then I'm going to explain to you and impart some wisdom
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to you hopefully as to why now. And perhaps I've
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had friends who've messaged me and said, thank you for posting that because it's inspired
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me to just do this now. Because you're going to die one day, right? I want to talk about
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that. Then I want to talk about some of the structures. I'll talk about the money, the
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structures. Really just dive deep and just leave nothing unexposed so
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I can help you understand this a lot better. And hopefully it will inspire you
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or give you some idea of how to do it. So here we go. I
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started investing when I was 20, I
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must have been 22, 23 and the first
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stock I bought was Westpac Bank shares and I paid a dividend. It was a fun experience
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to get my first dividend. I wanted to do it because I felt like
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shares and investing was my pathway to freedom. You
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either choose property or shares or something like that to
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get some sort of passive wealth building. Whereas to
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really get wealthy quickly, the only plausible path
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is business. I want you to know this. You're not going to invest your
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way to this massive freedom thing. You're not going to property
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flip your way. It's going to take time. But if you want to really get
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rich faster, and people talk about, it's not a get rich quick scheme. And by
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all accounts, it's not. But business is how you do it. We
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have named our car, my wife and I, Dolly, because the
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day we bought it, Dolly Parton died. It's a lady, even the number plate La Rosa,
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just so you know, it's actually Italian and it means the
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red lady. The red lady, and it's what they call the
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two Formula One cars, La Rosa, the red ladies. And
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this is the number plate we got, and it was still available, which is cool. Ferraris, I can't believe that's available.
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So we bought it. So if you see this car, and I hope you do, photograph it, share it
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to Instagram. I want you to participate in the fun with it too. But La Rossa
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means the red lady or the redhead in Italian. So, and
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it's a little bit like my last name and LNA is my wife's name and my initials, so
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it's fun. Anyway, I digress. So I took Dolly to the petrol station, filling up, walked
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inside, and this guy stops me. And this is what I'm talking
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about. This is how it happens. More than I ever anticipated it would
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happen. People stop you. It inflicts some
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sort of emotional response from people. Even Alex, who's behind the camera now,
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who's a legend, he said, I drove in today, he goes, man, I almost opened
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the door for you. I was like, I know. It's the car. It
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does that. They don't care about me. They care about the car. And I wanted to care about the
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car because it's beautiful, right? He said to me in the service, he pulled me up. He says, hey man, I
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don't mean to pry, but can I ask you a question? I'm like, sure, what's up? What do
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you have to do to get a car like that? And the most important piece of advice I
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can give, which I did give him was you've got to start a business. With the
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tax legislation of PAYG wages at taking half what you
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earn over 200K, it's so hard to get there without a business because you've
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got to separate your time from your money making. Anyway, I digress.
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So I started investing at 22 because I wanted
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to build a portfolio that freed me from 9 to
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5. That was my real objective. I didn't want to work in 9 to 5. And if you're in
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9 to 5 and you hate it, I get it. I wouldn't last a single day in
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there on some of those teams. I just wouldn't. And so that
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was my plan. So what I did was I left, I was
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incidentally, I worked on the Formula One circuit in Abu Dhabi when
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I was 23. Now for the first four years of that career, the
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Ferrari World Theme Park. So I've had this kind of like love affair
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with Ferrari for a long time. But when I was there, I was like, I can't stay here, I
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gotta get out. So I left and I jumped into property investment planning
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with my dad. And the business was going through real challenges at the time. I could
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do a whole episode on just the challenges that was happening at the time that you wouldn't even
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believe. Long story short, we ride it, it got going, started learning the craft
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of how to make money without my time necessarily. But it wasn't until we got into
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network marketing and scaled that online that I started getting an online business. And since then,
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we've now got five companies, five businesses in multiple different industries that
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we're growing and scaling. However, when I got into
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the property business, I made a decision that I wanted to also
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invest my money. So what I did was, because I was a Warren Buffett
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disciple, I was just going to give my money to him to
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manage. Fascinating, isn't it? I think that's a pretty wise thing to do.
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So I didn't buy index funds back then. Had I known what I know now, I would
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have invested in like the S&P 500 index fund. I would have done that immediately, but
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I didn't. And it's okay. It worked out fine. How I built my million dollar
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portfolio is this. My first million dollars in my portfolio. So
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I would sell real estate, I'd get paid commission, and
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I'd keep half for myself, and I'd give half to Warren Buffett. And
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so I played this game for seven years. Make money, keep
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half, invest half. And I invested in Berkshire Hathaway B-class
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shares, which at the time was selling for about, I started buying them at
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$80. Now, if you look now at a Berkshire Hathaway B-class
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share, as of today, it's $507. So you
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can see that it's over 5X since I started buying. 500% return.
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So that's what I started to do. And I got that up to about, God,
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I remember I got it probably to 400,000. That's how I kind of started.
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I just played that game day in, day out, week in, week out.
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And people often like, how do I build wealth? I'm like, you're not going to like the answer. It's very
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stoic. It's like work. Don't overspend your
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income. Underspend it and then put money to work.
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And I just played that game. And so the portfolio grew to a certain point that I knew it
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could compound. But did I stop there? No. Most people
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think they can just stay in that particular role that they're comfy in, invest in
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stocks, and then buy a Ferrari. You just can't do that. I think it's important for
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you to start that and do that. But then what I did was I recognized that
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there was other opportunities with the money I could do, which just means I started a network marketing business, scaled
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up money there. It enabled me to invest even more. in our
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share portfolio. Then I started to move away from
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just owning Berkshire Hathaway, which is like its own index fund to be fair, and
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I started to actually buy individual stocks. And
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so I got to a point where I'd saved up about $100,000 and I
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was like, do I want to buy more Berkshire Hathaway stock or do I want to
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start investing in individual companies? So I knew enough from my training
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and so forth to be able to do that. So the opportunity came where
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Bank of America was selling for $12 or $13 a share. It
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was in 2011. And I was like, I'm going to swing at that because Warren
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Buffett just parked. He put in $10 billion, and then
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he had convertible notes on it. So he ended up converting it to $20 billion.
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Anyway, he made it a really big position. And so I understood enough
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about banks. With banks, how they make money is they have a net interest margin. And
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if you can get a big bank like Bank of America that ain't going out
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of business very soon, and Warren Buffett backs
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it, I think it was 0.6% of book value. That
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means if you bought the whole bank and sold off its physical
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assets, it was tangible book value. It was selling for less
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than what you could actually break up the company for and sell it. I was like, okay, that makes sense. And
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I put in the whole 100K. Now, I doubled my money in a year. And
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I think it's interesting because people often don't think you can do that, but
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you can with individual stocks. But I'm not saying rush out and do it. I'm saying that's some
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of the stuff I started to do. But it enabled the portfolio to
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grow a little bit quicker. And I did it with Commonwealth Bank. I started buying
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that at probably $75. And I, to be fair, I exited
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at $120. But it was paying some dividends too. I bought Citigroup, which
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is another bank for super cheap, was like $40. cents
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on the dollar. I bought JB Hi-Fi cheap. I exited Bank
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of America and when the banking crisis happened again, a couple,
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three or four years ago, where all those regional banks were going broke in America, Bank
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of America fell to $25, $26 a share and I
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parked half a million in it. So I'm learning as I'm going as
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to how to invest in really cool opportunities like
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that. So I was building this confidence with it. But when another
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opportunity to buy Bank of America came and I saw Li Lu put
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in a ton of money, I think Warren was even buying back then again. So
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I'm watching all Superinvest doing, and I knew the company because I'd already done
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the due diligence. So I parked, I remember, I shared on my Instagram stories. I think I
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parked in, to be fair, $560,000. It's
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the same price as this car behind me. So I parked in 560K. Now
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what happened then was Bank of America doubled and it took about 18 months.
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So I made 500, like a lot of money back then. I
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thought it was a lot of money, probably is now too. I thought it was pretty cool. So I was like, you know
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what? So then the portfolio is approaching, I think
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at that point it was a couple million bucks. What's interesting about that is that we
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had built it. This is not including our businesses that are producing money
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and growing at the same time. We had built it in a trust, right? So
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we had actually, through a discretionary trust before labor
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change of policies, you would take some of your business income, you could
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pay the trust a dividend and it distributes to the beneficiaries. And
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you could distribute to beneficiaries who are personally my wife and also companies.
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Now you can't do the company part. So we did that and for a long time I underspent my income
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so much that I was just pouring money into the share portfolio. So
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wind the clock forward to, I would say even a month ago, we
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had millions of dollars in a trust where
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the beneficiaries had lent the money back to the trust and the equity portfolio
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sat in the trust. Now, what's fascinating is there's
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a few million in there in great companies. I have oil
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companies. By the way, part of the return to us, I
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bet big in February, I put $700,000 in
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oil equities. That was up 35%, I think, since
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then. I didn't know the Iran war was going to happen. That was luck. We
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were in a secular bear market for oil, now we're in a secular bull market for
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oil. There's a whole other episode, but there's probably
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a quick 300,000 there too. The ability to buy individual
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stocks at the right time can enhance your portfolio gains a lot, obviously. I
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had Google, blah, blah. I had these growth stock. I had Alibaba that you
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know for a long time, because I've spoken about that on X for so long, and
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I still think that's a wonderful business. But I had those growth companies. And what I
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noticed was, I was like, huh, there's a shift happening in the AI
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space, and I'm not too sure what's going to happen with growth
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stocks with this oil thing going on. Because if oil goes to $2 or $3 million
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a barrel, which it could, and interest rates are going to go up. So just as interest rates are going
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up, Growth stocks become less valuable. So I had like maybe
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one and a half million or more in growth stocks. And
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then I had on the other side, same tune, rail, oil, copper.
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And part of me is just like, I don't know what I'm gonna do here. So I liquidated the
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growth stocks. I chucked in, what, one to one and a half million
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dollars into a term deposit because rates are going up. So that's currently a good play
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at the moment because of rates. And then I was like, oh, I
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could probably just carve out some money here too and buy a new car. Now,
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what's fascinating about that is because it was in a trust, the trust
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actually had borrowed from the beneficiaries, which is myself and my wife, over a
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20-year period. So this portfolio has been built effectively
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in our personal in over a 20-year period. What's interesting about
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that is that when it came time to buy the cars, having a conversation with my accountant about
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that because that's a smart thing to do, And if you need a good accountant, DM
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me. I have an accounting business. We have an accounting advisory business now. If you're a genuine
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business owner and you're making multiple seven figures and you need a good advisor
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and accountant, let me know. Hit me up. I don't know. Find me on Instagram.
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So anyway, talking about accounting and we're like, how do you buy a supercar? There's no books on it. How
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do you buy a supercar in Australia? And it turns out if you buy a
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supercar in a company and you use it
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on a personal basis, like right now, this is business, right? What would you be using it for?
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Really? It's branding. It's part of this podcasting,
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which is business. More often than not, it's personal. It's a personal thing, right?
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You got to be careful because the interesting about that is one, if
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you buy in a company and you use it
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for personal use, the tax office deems it
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a dividend to you personally from the company. For example, if you buy a
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$565,000 motor car, right? It's actually 530, but the stamp duty is 6%. Just
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so you know, stamp duty on supercars is 6%. Houses, personal
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PPR homes is 3%. So stamp duty on this car here
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is the same as stamp duty what would be on a $1.1 million house, just
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so you know. So yes, it's quite a bit of money. It was funny at the DMV, she goes,
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how would you like to pay the $32,000? I'm like, how do you normally take? She
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goes, I don't normally do it. I was like, okay, what do we do? She goes, check. I'm like, no
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one uses checks. She's like, cash? I don't have cash. The banks don't even let
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you take out $32,000 cash anymore in Australia. So I was like, what are
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we going to? And she said, card. I'm like, we can give it a go. Bang, it went through, thankfully. I
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was like, oh my God. Thank God for that. So you have the
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cash. You buy a company. You then, at
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$560,000, you are deemed to have paid that
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amount as a dividend to you personally. Now,
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of course, if you do that, you're gonna pay the top-up tax from
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say 30% or 25% base rate in a company, top-up
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tax could be 15%. So all of a sudden, if
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you take 560 by 15%, you're looking at $130,000 of what's
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called fringe benefits tax. So you're getting a fringe benefit yourself personally
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from a company purchase, and the tax office deems it to be a
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dividend. So we would have had to pay, if I bought it in the company, we would have had to pay more
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than six figures in fringe benefits tax, like in a top-up tax for the dividend.
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So you'd be careful with that. So to be fair, over
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time we've paid some personal tax on that money, but because we were
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lower earners back then, and because we had distributed through the trust,
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we were able to take advantage of our marginal rates up to 35%, 37%, and
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build that portfolio over time in our personal name effectively. It's in a trust, so
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it's protected, but it's deemed to be in personal name. So when I liquidated some
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to move some into a term deposit, I took some out
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and I paid that back to my wife, Alicia,
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in the loans that I had done. So like, it was actually our personal money. So it
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turned out that by all those years of 20 years, from when I
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first started when I was 23, investing in shares, that
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it actually paid off the fact that it was in a trust structure, and
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we happened to be the personal beneficiaries in that. So it's a loan paid back
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to the beneficiaries. Without going into the law, you can do that. But
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talk to your accountant about it, of course. This is not financial advice. And now I'm just
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trying to take you through what happened. And what's interesting too,
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is I always learned from my dad, if you buy a supercar, as long as you trust your wife,
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buy your supercar in your wife's name. For no other reason than if you're
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in business, and we are, I've got, again, I'm a director of five companies in Australia. There's
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risk that comes with being a director of a company. There's a level of asset protection you
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want to make. This is a very important asset behind me. It's not a
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small amount of money. So the last thing I'm going to do is roll around in
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a company, in an operating company, this car, and also my own
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personal name, not that it matters too much, but I'm very conscious of
18:47
asset protection as I move forward. Because whilst you do your best
18:50
to always make sure you're doing the right thing and having integrity, sometimes you
18:54
just can't read the future or what's going to happen. And so it's a risk protection mechanism
18:58
of what you can't see. I don't ever intend to
19:02
go through any litigation or anything like that. And our businesses aren't
19:05
in a position where we would get litigated, but I just want to be careful. So I'm like, you know what,
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honey, it will be in your name. So it's in her name. So this is her car. And
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I told you, I'm going to tell you exactly how it went down. So I'm
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like paying cash, did it over liquidating some of our share portfolio based
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on the moves we'd made over a 20-year period. It wasn't overnight. And
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then bought it in my wife's name, paid in full. Now, if you
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have a car like this, just to understand the numbers too, is
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my candidate said to me, she said, Hey, have you done the numbers on this long-term? Like I
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have remiss of me to be a financial educator and not do the numbers on
19:37
a Ferrari purchase. So the purchase, as I mentioned, is
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530 plus you have to pay capital gains tax. So 565, that's the capital
19:44
purchase. Now what's interesting about Ferraris is that they don't actually
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depreciate that much. If you look at other supercars, like
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if you look at Rolls-Royce specifically, not to tarnish the brand, but there's
19:55
a fairly significant amount of depreciation out of Rolls-Royces specifically.
19:59
If you don't believe me, go check out what they retail for and just look at the pre-love market
20:03
after that. They tend to, even though I love them. I
20:06
would say to some extent Lamborghini, although they do hold value pretty
20:09
well too, depending on what model, but Ferrari without question, they
20:13
do because they actually go up in value. And the reason for that
20:17
is because Enzo Ferrari's business model, and they explain this,
20:20
if you go to Ferrari, like we went to Brisbane Ferrari, by the way, big shout out
20:23
to Ferrari Brisbane and the team there, especially Maria. I'll
20:26
come to the story of how we bought it in a second. But one thing
20:30
I learned is that Ferrari Enzo's business model has
20:33
always been, we will always make one less Ferrari than the market
20:36
wants. And so there's this branding lesson
20:40
in there about generating scarcity, which
20:43
is what they do. And if you go and buy some of these handbags like YSL and
20:47
Birkins and so forth, If you go to the shop, they actually have rope
20:50
across it you can't get in. So they're creating artificial scarcity and
20:54
lux by doing that. So Ferrari has done that by not creating
20:57
too many cars. So that's why this car behind me is now a collector's model because
21:01
they don't make any 488 Spiders anymore. In fact, I believe there's
21:04
10 in Queensland. There's not that many because once they make them, they're done. I
21:08
believe there was 7,500 of this model built completely. So there's not
21:11
that many around the world. I don't know how many in Australia. The interesting thing is when
21:14
you buy it, as long as you don't thrash it and you put
21:18
tons of Ks on it, it will go up
21:21
in value. Like right now, the 458s, they're going up in value because they're the last naturally
21:24
aspirated Ferrari around. So you'll see some of these models. If
21:27
you look at old Testarossas, you look at obviously old F40s and
21:31
so forth, but just the, like even the 348s, the 355 Billionaires,
21:35
the last gated manual 355, beautiful car. Jeremy Clarkson
21:38
from Top Gear said it's the most beautiful car he's
21:42
ever driven and he went out there's an episode you can watch on geo he went and bought it
21:45
and he had his red it was a beautiful gts which is a semi-convertible f355
21:50
beautiful car gated manual i toss up getting one because they're so
21:53
cool they're the last analog ferrari so
21:57
there's these collectors like They're actually a work
22:00
of art. When you own one and you sit there, you don't know whether to look at it or drive it. It's just a
22:03
weird thing. And so that is also interesting from
22:07
a depreciation standpoint. It's actually an investment incidentally. So
22:10
going back to the original prompt of how much does a car like
22:13
this cost to run? So let me break it down for you depending on your
22:17
specific situation. So again, it's not advice, but just depending who
22:21
you're driving history, blah, blah, blah. The insurance, depending on
22:24
who you go to as well, might be in the vicinity of about 5,000 a year
22:28
and less if you're a pretty good driver. We don't have any, an unblemished record like
22:31
my wife. So 5,000 roughly is probably what you're looking for insurance. I
22:34
think I haven't serviced it yet, so I don't know, but the servicing probably, and again,
22:39
It depends on what you need done, but it could be to the tune of maybe two to
22:42
two and a half, maybe even $3,000 a year, depending. Okay. Now
22:46
what you want to do with a freight, you want to make sure it's got an impeccable service record. Like
22:49
with this car, it's got its own original letter in the front. It's
22:52
got its, everything's like collectors. So it's like impeccable service
22:56
history. So you have to get it serviced with Ferrari. By
22:59
the way, I asked the guys too, I said, hey, is there really this list that goes
23:03
around, like the blacklist for a Ferrari, where if you change
23:07
the color of the paint and stuff like that, and you put your own branding on it and
23:10
spec it up, do they blacklist you from owning a Ferrari? And the answer is yes.
23:15
That's a real thing. Now, I said, how do they police that? And they
23:18
said, guess who services all the Ferraris? Ferrari. You
23:21
don't take your Ferrari to get serviced by someone else. You take your Ferrari to
23:24
get serviced by a Ferrari. So they know all the owners. They know
23:28
how many cars are registered. They know all, like they know. And
23:31
so you're not going to get access to a brand new model
23:34
through them if you've seen to be tarnishing the brand. So that's how much it
23:37
costs. So that's the servicing, that's the insurance. And of course, we
23:41
can't forget the registration, which because this is registered
23:45
to next year, I can't tell you what that is, but I'm pretty sure it'd be around the tune of maybe two to
23:48
three grand. So I think all in all, aside from
23:51
petrol, and by the way, I filled this car up now four times since I've owned it. And I've only owned it for not
23:54
very long, like a month. I've put a thousand. Yeah, you're gonna
23:58
use it. But yeah, guys, it's a V8 twin turbo. It's
24:01
gonna use a lot of petrol. But outside the petrol, 10,000 pro to
24:04
run the car a year. So if you don't have that type of money to run it, don't get it.
24:08
But also when you buy it, it's a cheap deal. I feel personally,
24:12
frankly, and again, it's depending on who you are and what you do. I
24:15
haven't even thought about the money since we parted with it. I haven't. I feel
24:18
like it's, that's an unbelievable deal for what the car gives you.
24:22
the joy that it's it's such a cheap deal
24:26
i feel like i'm getting the deal right so
24:29
worth it so going back to the timing of when you should
24:33
buy a supercar and i know this is probably a longer episode but i want to make sure it's done well
24:36
because i only get one chance to tell you about how i bought this ferrari i'm
24:41
43 Now, there's people out there that buy Ferraris, it's getting younger and younger. There's 20-year-olds,
24:45
there's 30-year-olds, whatever, it doesn't matter. I didn't hit it big and build after
24:48
paying, sell it for a billion dollars and go, I didn't do that. I've just
24:51
built business over time and a portfolio over time
24:55
and stayed out of debt and that's all I've done.
24:59
I haven't done it, I haven't like, oh, I've exited that for a hundred million, not that. I've
25:03
just grinded it out for 20 years and had
25:06
fun along the way. The old saying goes, when should you buy a supercar? When
25:09
your watch is worth more than the car you drive, maybe that's
25:13
a good sign. I've always wanted a car, always thought about it, talked about it. We
25:16
had this goal in one of our businesses, if we hit the goal, I'll get one. We came
25:19
close to it, but I was like, you know what, why am I setting these ridiculous goals? So
25:23
I'm starting to plan in my head. our broker platform that we use
25:27
to place trades, something happened. There was a bit of a glitch and I didn't place
25:31
a trade correctly and I spoke to them and they said, sorry about that. There was just,
25:34
you have to do it in tranches, blah, blah, blah. I was like, that's all cool. They said, by the
25:37
way, put our best foot forward. We're going to invite you to Ferrari for
25:41
a launch night, which we did in Ferrari Brisbane. I'm like, cool. That sounds good. Took my wife, went
25:44
up there, had a launch night. It was beautiful, did this presentation. I was like, cool. So
25:47
now we're in, now we're like in the click. I connected with the lady there, Bro Brisbane
25:50
Maria, grabbed her card, and I grabbed her card on purpose, because I said, I
25:54
want to buy a Ferrari, I want to buy a 488, I know what I want, because I've been thinking about it
25:57
for so long. So that was the first step. It's a little bit like when you get married, the very first
26:00
step you've got to take for anyone who's not married and you want to get married, buy the ring. It's
26:03
the most, once you buy the ring, everything else happens. So
26:07
just buy the ring. Then, because it was such a fun experience, I
26:10
had the card next to me on my desk, and I used it as motivation. I was like, I'm just going to
26:13
leave it there, I'm going to get a car. So I was like, I'm starting to manifest this. And
26:16
then they invite us to this next thing, the launch of the Amalfi at Sereme. So they
26:19
invited us. We're like, cool, let's go along. And they put on this beautiful three
26:23
course lunch and they launched the car. We went for a drive in it and
26:26
it was just nice people and I connected with them. And that was just cool, good people
26:30
there. Really nice. They'd all got flipping Ferraris coming out of their wazoo.
26:33
I was like, oh my God. So then I felt like we don't have a car and we're in this clique,
26:36
in this group, in this great community. And so then my wife said to
26:40
me, you know that they're grooming you, right? And I said to
26:43
her, you know I'm letting him. So that's how
26:46
we started to get a relationship right now. One thing is this, with Ferrari, you
26:49
can't just walk in and buy a car. You can't just walk in the showroom and say, I'll take it. They
26:53
almost like vet you. And so especially you
26:57
can't just buy pre-love models like this. This is a 2019 delivered
27:01
488 Spyder. You can't just walk in and get them either. This is a six to 12 month
27:05
find. And so when we went to the Cereme experience,
27:09
I enjoyed it so much. But they give you access to the owner's app to
27:12
get access to the event. So all of a sudden, it's a beautiful bubble
27:16
bath experience of how they're bringing you into their community. And there's a lot of business
27:19
lessons to learn about that. In fact, we did an event last Monday in
27:23
our accounting business because we modeled what Ferrari did in their first event.
27:26
So we were starting to model what a world-class brand does. So there's some great lessons
27:30
in that. And the fact they're just spoiling us and giving us reciprocity. There's
27:33
a lot of reciprocity influence. But you get to
27:37
participate. So here's what happened. I'm walking into service
27:40
paradise to get ice cream with my wife one day and
27:43
I'm walking along back and then my left leg starts to buckle and
27:47
I started to get confused and I started to feel faint like I was going to pass out. And
27:50
then I was a bit numb on my left side of my body and I was like, I
27:53
was like, holy shit, am I having a stroke? And I do what everyone
27:57
would do, I went to chat GPT. I chucked in the symptoms, I
28:00
was having a stroke, and it said, yes, you're having a stroke. I was like, holy shit. So my
28:03
wife said, you okay? I'm like, not really, I think I'm having a stroke. She goes, let's go to the hospital. So
28:06
we went to the hospital, and they walk in there, and they just shave your chest, and they plug
28:10
you all these things, and I'm like slaying on this bed, and there's just
28:13
these wires down me, and I'm like, holy shit, my heart rate's up, holy fuck.
28:17
Am I gonna die? Is this the end? Am I having a stroke? I'm
28:21
only telling you this because I'm going to explain to you what prompted me to buy this car. And
28:25
in my mind, I thought, I've traveled the world. I've got the love of my
28:28
life, my ride or die, my wife, Alicia. I've traveled the world. Literally, I've
28:31
traveled and traveled. I've been on 60s again, but I've traveled everywhere I
28:35
want to go. I have built great businesses. We've built financial independence
28:38
and freedom. We've got a loving family. I was like, I sat in front of a baby, which we're
28:41
working on. I didn't have any regrets, but one regret. I sat there,
28:44
not just like, and this is my thought, I'm like, you dickhead. You
28:48
have done this and you didn't even buy the Ferrari. So
28:52
when I came, so by the way, I'm okay. What had happened was the
28:56
arteries in the back of my head, this thing called a visceral migraine, where the arteries in your back
28:59
of your neck open up very quickly for whatever reason, and
29:02
all the blood rushes through, and it mimics the symptoms of a stroke. So
29:06
the doctor said, your CT scan's good, we're all good. I think you've had a vascular migraine. It
29:09
mimics the symptoms of a stroke, but you're okay. I was like, thank God. I
29:13
was like, false alarm, thank God. So I left. At the hospital,
29:17
he said, just watch this and this, because this can set it off. I said, cool. And
29:20
then my wife said to me, so how was that? I was like, you wouldn't believe this. But I didn't
29:24
think about you. I didn't think about my family. I just
29:27
thought I didn't buy the supercar. And she said, that's funny. We laughed about
29:31
it. And so that prompted it. I was like, maybe
29:34
it's time. And then my brother, I'm walking back from the gym one day. Don't
29:38
forget, I've got Maria's business card, so I'm halfway there.
29:42
And I'm looking at the Ferrari app, and I saw this beautiful
29:46
488 Spider in Melbourne. I was just like, that's what I want. It was perfect. And
29:51
so I knew it was there. So I'm walking back from the gym. My brother sends
29:54
me this reel on Instagram, and it says, you know you're going to die on some random day
29:58
with unanswered emails, and your life's going to go on. The world's
30:02
going to go on without you. And I remember stopping dead, and I was like, shit.
30:06
And at that moment, I was like, man, I need to get this car.
30:10
But also, one of our business and education business, we
30:14
have these monthly meetings. And one of my business partners said to me, why are
30:17
we building business? For what purpose? Are we collecting money? And I was
30:20
like, that's a good question. Are we just collecting money? What's the purpose? He said,
30:23
I'm not going to retire. Well, I'm not going to retire because we love what we do. So if we're not going
30:26
to retire, what are we saving for exactly? And that's why I love this notion
30:30
of get rid of the word of retirement. And if you do that, you
30:33
start to work differently in a way that's sustainable, that you love, that you could just work until
30:37
you're 90. So we have done that. So it's like, what do we
30:40
actually say? We're not saving for retirement. What are we NASDAQing for
30:43
here? So we started chatting about it. He said, you know what? I've been listening to Bill Perkins.
30:47
And Bill Perkins wrote the book, Die With Zero. So he
30:50
sent me a YouTube clip and I started watching it and Bill Perkins talks about these things
30:53
called memory dividends. He talks about how you should spread
30:57
your money spending it over your life so you can actually collect memory dividends along the
31:00
way. Now, by all accounts, just so you know, I had done that.
31:04
I have run ultra marathons, I've done bodybuilding comps, I have done boxing
31:07
fights, I have traveled the world with my wife, I have gone to kick-ass ski
31:11
holidays, I have got married in a beautiful flipping wedding off its face.
31:14
I have got my memory dividends, right? Bill business, I
31:17
have no regrets. But the only memory gym I hadn't created was two
31:21
things, children, again, which we work on, but also the car. So it's like, that
31:24
makes sense to me. So I'm taking this on. And what's happening is,
31:28
after it is, I'm coaching myself. So I coach people when
31:31
it comes to money, right? In our education business, mentoring, coaching, and
31:34
education. Learning how to let go of money and give and receive
31:38
and all these things. So part of that process is I'm walking around from the gym
31:41
and I'm coaching myself. on this, the Bill
31:44
Perkins stuff. And so all those things meshed
31:48
into one, and I just stopped, and I just called Maria.
31:52
And she said, hello. I said, how are you going? She goes, I said, let's
31:55
get a car. So I said, there's one in Melbourne I want. Here it is.
31:58
She said, hey, you wouldn't believe this. Now, this
32:01
is actually true, but this is what happened. She said, hey, you wouldn't believe
32:05
this. But a 488 Spy has just come
32:08
in cosignment, which is where someone sells it through the dealership, to us
32:11
today. And I was like, favored by God, blessed,
32:15
right? She said, would you like the one in Melbourne? You got to put it on a truck and
32:18
bring it up? Or do you want to come and look at this one? I said,
32:22
send me photos. She sent me photos. And I was like, beautiful. I
32:25
was like, Can we come and see it this Saturday?" She's like, yes. I'm like, sick. I
32:29
didn't tell my wife. So for all of you out there who think you need permission from your spouse to
32:32
buy anything, you don't. I don't know why you would. Whatever
32:35
excuse. So get an
32:39
indication from them before you propose, right? Get an indication of things, but
32:42
you don't have to ask permission. So I was like, okay, hold it for me. She's
32:45
like, okay. I said, my wife jumped in the car. We went up to Brisbane together in, in
32:48
the range. We drove up there and she was onto it. She's like, why
32:52
are you driving to Brisbane on a Saturday? You hate Brisbane. What
32:55
the hell's going on? I was like, that's fair. So we got there and walked in the back and
32:58
there it was. And I was like, there's that car, had a little dog with us. And
33:02
she said, is that ours? I'm like, it can be, we're gonna buy
33:05
it. She goes, how? And we, boom, bought on the spot,
33:08
I'll take it. Didn't negotiate, didn't, cause I want
33:11
to build a relationship with Ferrari. And you don't do that by negotiating like
33:15
a dickhead. Like you just don't. You don't negotiate with Ferrari. They decided
33:18
to do a couple of things for me. I know it's a done deal. Like I looked at it, I knew what
33:22
price of Ferraris were, et cetera. I'd done enough research. And I was like, done deal.
33:25
And so when we went back there through, it was late to pick it up. We had got the plate they put on
33:28
for us and they'd covered it. And we walked in and had that experience
33:32
that I have talked about before that, that it's not about putting
33:36
that on. So like I bought a car. I want you to know, it's exciting
33:40
if you buy a car, I get it, felt the same with our own driver. But when you get
33:44
it with debt, and you can't afford it, and you're just doing it for the
33:47
validation of social media, not ideal. But if you've really worked hard for it, and
33:50
you're buying it cash, and it's an easy decision, and it's a fun experience.
33:54
We took our niece and nephew up, and it took family to experience it with us, because it's a fun
33:57
thing. And you've gone through it like that, sure, at some point, if you want to post
34:00
it. But when I did that, I'm trying to impart a lesson. in
34:04
it, because you don't want to be one big dick pic. So even today, we've got the car behind
34:07
us on a YouTube clip, and I'm sure there's going to be sick clips
34:10
that the team's going to put up on Insta. And I
34:13
want to make sure there's some lessons in this for you, because I don't want it just to
34:17
be like, look what I have, you don't have it. I don't want that. That's what
34:20
prompted me to buy it. That's how you should buy it, I think. And
34:25
the experience so far is unbelievable. Not
34:30
only does it raise your own standards in your business, in how you
34:33
do things, it raises your standards. The car has got magic powers,
34:36
my wife says. It does things. Like, I'm at the car wash yesterday and two
34:39
guys are out there giving me a bit. It's just, it's insane how attractive
34:43
it is for people because there's a saying by Napoleon. He
34:47
used to say in his book, The Mind of Napoleon, he would say, winning
34:50
solves everything. It's such a powerful statement.
34:54
And so when someone sees a Ferrari, they're like, that person wins because
34:58
Ferrari wins. They've built a brand on winning, right?
35:02
So if you're in business or if you're in life, there's nothing wrong in
35:06
life with winning because it solves everything with your money, with
35:09
your investing, with your spouse, with your business, with your body.
35:13
Win, win and win because it solves everything. Now, if you're a shitty
35:16
person and you win, you can be a bigger dick because all winning
35:20
does if you're a dick is just scale your dickness. But
35:23
if you're a good person, you got integrity, you like win-win outcomes for
35:26
people, you can inspire them, you help them, then winning
35:30
is important for you because you can change the world. You can level up people. You
35:33
can raise the level of consciousness. You should want to win. Winning
35:37
solves everything. But when you have a car like a Ferrari, because
35:40
that is a winning culture of Ferrari with their F1 brand,
35:44
they win. So when people see you, they know you win. And
35:48
people want to be around winning because winning is better than losing.
35:51
Now, losing is part of the process. You have to lose on the
35:54
journey. You have to. but that's the beauty of the
35:58
motor race now because of course they don't win all the time but they have
36:01
an objective to win and when people see a ferrari like young
36:04
kids i took on the weekend i took six kids on a quick spurt ride
36:08
because if i want to inspire them when they get i would have loved that when
36:12
i was six to go in a ferrari Even the adults, and there was one of
36:15
my friends, he didn't want to get in, I said, Matt, get in the car, let's go for a drive. And he said to me,
36:18
I wasn't going to get in, but I'm glad I did. And we had this great conversation, and he said, the
36:21
car has enabled this great one-on-one experience. I'm like, the
36:24
car does that. It brings people to you. It allows you
36:27
to build a better community. It connects you. I have had conversations
36:31
with people that we wouldn't have not had the car. So
36:34
not only does it level up your brand, it levels up who you are. When you buy
36:38
one, you step up to a new level in your business. Your standards just go
36:41
up to another level. Now I've got to live into these standards that Ferrari has, and they have
36:44
extremely high standards. Then you connect with people.
36:50
You have to do it to experience it. So people say
36:53
to me, oh, it's going to level out your brand. But I actually feel like it's
36:56
elevated my ability to connect with people. It's
37:00
elevated my fun in my life. We have had put a thousand K's on it and
37:03
flipped them on. Now, I don't encourage that, but when you get it, you
37:06
don't also want to not know how to drive it. Cause my dad has this saying, he
37:09
says, what are you saving it for the next person? I don't buy the
37:12
car to save it for the next person. I bought the car to have fun. There's a kid that a
37:15
17 year old, he reached out to me on Instagram. He said, Lloyd, can I photograph your car? I'm like, that's pretty
37:19
ballsy. Cool. Yeah, you're in. He says, cool. Rocked up there. He was on time. He
37:22
just showed all these great standards. And little as you know, I'm going to actually refer him into these
37:25
guys and see if I can get him a gig here. Cause he lives down here. But he created an opportunity for
37:28
himself. And he said to me, I have a photograph of all these amazing cars, and only one
37:32
person's taking it for a drive. I was like, really? Man, let's go for
37:35
a drive. So I took him for a drive. So it's getting people to experience
37:39
this has been so fun. So if you see this car anywhere
37:43
on the street, you see it, take a selfie with it, participate in
37:47
it, have fun with it. The car will, it's its own
37:50
personality. I feel like it'd have its own flipping YouTube channel. And
37:54
it knows. It knows. So if you see it around, I just want you to
37:57
know now, you know the story behind it. It wasn't easy to get.
38:01
It took me 20 years to be an overnight success. I grinded through
38:04
it. I saved. I did all the right things. And it was that
38:07
little bit of a health scare and some friends of mine giving me
38:10
things like Bill Perkins and my brother. You're going to die one
38:14
day. The mortality thing comes. And so if you
38:18
are in a position This guy actually the other day, he's like, I've got 11 million now.
38:21
I'm like, fucking who cares? Then what? Who gives a
38:25
shit? I'm nowhere near the richest person. Do I want to be? I don't give a fuck. I
38:28
don't care. It's just so irrelevant. What are you collecting numbers?
38:32
Are you collecting digits on a screen? Don't be crazy
38:36
and get a huge debt and you can't afford it, don't do it. That don't make sense. But if you're someone
38:39
who's been successful and you're rich and you've got
38:43
a fuck ton of money and you're there and you're just collecting it and
38:46
you're a car person, go buy the flipping car. Get
38:49
it, you're probably wealthier than me, just go do it. Because life is
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a daring adventure or nothing at all. You're not collecting money,
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you can't take it with you. But I tell you what, the memory dividends you can make with
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a car like this and the things you can do, it is so worth
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the money. I haven't even thought about the money. Not once.
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I already feel like I got my deal. I'm well ahead. I feel like
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that. So I hope this episode's been insightful. I hope you've enjoyed
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the stories. I hope you've seen and taken some lessons away from all
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those things I shared. It is a long one. But I only get one chance to do this properly
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with you. So if you've enjoyed that, let me know in the comments. If you've got questions about
39:23
this, let me know in the comments. Or if you think I'm just an absolute wanker, come and fight
39:26
me in the comments. I don't mind. But either which way, this has been a fun episode.
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I hope it makes sense and I'll see you in the next one. Oh, hit the subscribe button. See