@Casey Putsch; The valid points are about executing assessment, evaluation with the use of money. Many people spend, expend their 'money' monetary values on various aspects, things, etc. which are frivolous, unnecessary but driven by their emotions including, desires, pursuit of pleasure, 'fun' some times labeled as 'dreams' or transformed into 'needs'. however the portrayals, narratives, descriptions, terms definitions are a combination and mixture of proper ideas, concepts with Falsehood, inDOCtrination, Propaganda, False, Incorrect, Invalid, Distorted, Misleading, Misdirected Information, False Portrayals, False Narratives. Expenses, expenditures, costs are NOT 'liabilities'. It is a clear distortion of the concept of the word and term. Also have something of value is NOT necessarily an 'asset' either, nor is it dependent upon potential increase in value. The decisions of expense, expenditures, spending, costs certainly require proper assessment, evaluation, reason, logic, sense, balance, view perspective, perception, importance and other factors. if You have managed You life according to what You state, then good for You. It seems though there are many expenses, which You have which are clearly not with the portrayed 'asset'/'liability' as You convey. The normal expenses of daily life as food, beverages, water, air, clothing, shoes, basic necessities, personal care items, and including all costs of transportation, along with shelter/housing. As an expert, top Financial Planner - said to Our business association, back in 1983, that we should not be fooled by the banks in conjunction and cooperation with the 'real estate' sales people, that 'Your house/home is Your best, first investment', Thus, take a mortgage, etc. The interest is a benefit and profit for the banks and additional expense to the borrower, no matter what the loan is used for. The increases in value are mostly just inflation/devaluation of currency. The banks and real estate people benefit from each purchase, sale, thus encourage buying on 'credit'/mortgage, with a minimum or minimal 'property', then, sell, 'trade up' to a larger, more expensive, and often many times. The smart business thinking is to plan, put aside for every purchase needed, and when there funds exist, then purchase. There by saving the extra 'interest' costs. And better still, buy direct from the seller, saving the 'agent fees', just as You do with other things. A House/Home is an expense, and a luxury. When You have the funds to afford it, then iut can be worthwhile. Also beware of the 'house poor' 'syndrome'/issue that many put all they have into a 'down payment', just able to manage the payments or the full purchase, then can't afford to pay for any upkeep, fixing, issues as they occur. As ALL successful people, the best means for financial success is business, profit - not the popular misconceptions of 'investments' and such. The best investment for a business is to use profits put back into means of producing more profits, and more, continually. One of the major challenges most businesses, especially small, individually owned, have is they are basically trading their time, efforts, expertise, etc. for potential profit, Thus, limited by this. Their next stage, if possible, is to hire workers, to achieve more work effort/time, thus production, results for more profit. The wages, salaries, etc. are basically traded for the work done, results. However, the work and results are never as good as when one is the owner, responsible person, thus the addition or multiplication of effort, time and the results in limited and diminishing in return. The older system of craftsman-apprentice is far better for both. Better still if the apprentice and master teacher remain in some joint development and expansion as a team, then expand more with other team members, etc. Each has a personal and vested interest in the best results Also s other have commented, the portrayal of the three version of car/vehicle use lack the use within a business as a tool and the general person including a worker, employee for person transportation. Both are expenses, expenditures, costs, spending, with intents and purpose which are necessary for the business to operate, function properly, transport items, materials, people, distribution, delivery, arrival at customer for work, services, etc., sales, or a person to get to work as an employee, which the costs, benefits are worthwhile expenses, expenditures, spending or other aspects including other benefits of flexibility, convenience, reliability, etc. compared with other means, cots of transportation. Also the aspect within vehicle racing that many enjoy as others do with various forms of entertainment, sport, hobbies, etc. With some views, they seem frivolous, unnecessary, but other aspects for the human to relax, release tension, mental and physical health have important aspects too. For some years, my life was devoid of some these aspects of my life which were important to me as tennis, bicycle riding, playing guitar, then through a shift in focus within my life, these no longer existed, by choice, but also due to specific circumstances. They became non-important to me. After some years, and several illnesses, and recoveries, finally through some friends, it became clear to me these were important for me to release tension that my 'nature' was to store these within my body, thus led to these several illnesses. Gradually, through a friend's simple instruction and guidance, the process of using some very basic physical exercise methods, allowed me tor release years of stored tension in my body, thus able to sense the tension again, and thus also knowing the method(s) to release it. Then, gradually, i returned to riding a bicycle, playing tennis then back to guitar again. Am aware how each of these are important for me. Thus, these are not just expenses, but rather necessary for my proper physical and mental balance, thus health. It seem to me You also have activities, as golf, with a motorcycle, driving, racing and others which You also need to release tension, to function properly, effectively, and efficiently. Also is seems You are also aware of the use of such other activities to assist, aid with You imagination, creativity, development, solutions, problem solving, etc. too. Such, each person must proper assess, evaluate, analyze, etc all aspects of and within their life. Certainly, finances, monetary, etc. are NOT the most essential, though most emphasized in society still currently. Money is not Power, but can be used for this purpose, and more so to direct, dictate and control [as You know]. 'Money' is a means to be used for that which is needed, necessary. The common OPM, or 'money works for You' are NOT the principles among the actual Wealthy and Successful people , but commonly portrayed as such, especially by those that want to be Wealthy or Rich, but think they lack the means, and often are involved in 'Status' type false portrayals, narratives, ideas, concepts, etc. The idea which is contained in that book You mentioned of which is conveyed as 'thinking', but is actually more attitude, view, perspective is vital. However, then the writer distorts it into a false principle of 'making money work for You' - this is one of the many indicators about the writer and his portrayals, including this 'story' which is clearly, obviously, certainly fiction. - his many additional books listed are clear of his intents and purpose with this book. Sincerely
When I first started racing I always wondered why people did time trials instead of all out racing. The TT cars were often Porsches and expensive cars. After learning that racing requires that you have the funds to replace it over and over again. TT started to make sense. I opted going kart racing instead because it was cheap and fun until the cheap endurance racing came around. I have bought and sold assets, however I am afraid to calculate the amount of time spent on doing this to truly calculate the ROI compared to just getting a second job lolz and paying for it.
My grandma gave us all that book. She also told us: “if you’re goona buy a house- just pay cash and buy it right out” Thannnnnkssss grandma. Only thing is nobody sells a house for the amount of cash that fits in MY wallet.
Great topic to discuss. Cars like most hobbies are very tricky to get involved with and not have the money flow out your hands like water. This made me think about areas I waste money as liabilities (sports collection, performance parts etc.) and how I should be reconsidering my purchases to find potential assets.
@Jace Kelly; it certainly is good, valuable and worthwhile for You and each person to assess, evaluate, etc. all expenses, expenditures, costs, etc. better beforehand. However, the portrayal as 'liability' is False, as the portrayal of 'asset'. The only reasonable extension of 'liability' is the mental attitude, view, perception, perspective, emotions, desires that modify the pleasures into needs and false 'dreams'.
That's exactly how iv ever gotten anything cool. One winter I started by buying a $200 go cart that had cool parts but was a pos, I fixed it up, sold it, started buying blown up dirt bikes and quads and rebuilding them. by spring time I had invested enough "sweat equity" into many different bikes and ended up with enough value to buy a like new cbr1000 with 5k miles.. from 200 to 6k (virtually) without spending any money. And it's not just cars. You can do this in any hobby, invest wisely and you can have fun without losing your money. All my hobbies have paid for my next interest because I put my equity into things that I know I can get a return for in the future
Thank you. This is one of the biggest mindset shifts all people especially young people need to know. We don’t get taught any of this is school we just learn how to be cogs in a machine and stay slaves to that system. Be of value, do stuff you like. Thanks Casey!
Casey. This is such a great and important perspective for young people. Thank you so much for taking the time to make it. One thing I would add is when you have a job you should be earning or learning. You should be making money or learning a skill that will make you more money in the future. I take it a step further and make sure I am learning and earning with any job I take or do. I think too many people get caught up in the day to day grind and are not advancing in life. Thank you Casey. You are a real selfless person to spend a decade running a non profit to help students and try to make racing work for you and create opportunities for those in your programs.
@@fastinradfordable yes, no question we need the day to day to survive, but what has really help me is designing the day to day I am living to align with a plan for my future goals and aspirations. For me life is so much more than just accepting the day to day I have and just "living" in that. We all have SOME power to choose the life we live and how we live it.
The theory in a ladder (like the road to Indy) is that success in a lower series propels you to the next rung, and that is supposed to be the ROI. That is true for the guy or girl that wins the championship, but no one else. So if you have the money to burn, go for it. For me and my family, burning $$ isn't a good idea.
Casey, I largely agree with you about buying new cars. However I do believe there’s a difference between buying a brand new Ferrari that you’ll sell after two years to buy another new one and buying a Toyota that’ll you’ll keep 10+ years and 200k+ miles. The only new car I’ve ever bought is a 2009 Corolla. I still have it with 230k miles. I did lose that money to depreciation, but it’s amortized over 13 years. I’ll keep that car until the wheels fall off.
Yeah. Theres a known trade off. Getting a car with a warranty/known condition that you plan to keep for a long time can be worth it. 10 years on the cars are gonna be worth pretty much the same amount. Spending an extra $5k to get a warranty and piece of mind that the previous owner didnt trash it very likely could be worth it.
Same with my mazda3. Im a 6 figure earner, but my 14k usd mazda3 still has 100k remaining in the engine/transmission. The clear coat has evaporated and the paint is pitting, but i don't care as its purely transportation.
Exactly!!!!...that's why I stopped racing cause I was just burning money and I invested that money into my business and now I have 2 corvettes and a porsche but they were bought cheap so I could drive them and not loose money....great advice for people...keep up the great videos
definitely have a similar mindset, I do however pay for myself to race with NASA with a team and personal car and it is not a cheap hobby keeping our RAD era cars running, have 93 Fox body getting ready for CMC being revived 12 years after retirement with NASA and a 1990 300zx as a team car we run TREC with NASA, also a 1993 Viper owner who loves to work on my own cars and enjoy them. Great job, keep up the good work, would love to visit sometime and check out the projects in Ohio.
@@CaseyPutsch Perhaps ask Garrett about the next one including at Bristol. He wants to increase the field to 30 cars there. Imagine You would show these fellows how racing is done properly too.
I would argue that taking a small loss is ok if you're planning on holding on to that thing for the rest of your life and turning it into a possible inherentents for your kids. Looks like Casey had lots of fun burning fake money.
I would be curious what your thoughts are on something like RC Soaring. The planes are about $1k each, and the only way to retain any value in them is to never build them and never fly them. What is your opinion on a hobby where fiscal loss is inevitable, but relatively small? Heck, most RC airplanes are net losses.
preaching to the 'choirs'.. but good that a guy like you can probably reach some of these up and coming kids.. maybe the words you have will make them think twice about stuff. Keep posting Casey.. good stuff my friend..
Casey thanks for another good video! Just an FYI that Mike Rowe just had the author of Rich Dad Poor Dad on his podcast a couple weeks ago. I'm thinking mid June 2022 timeframe.
the inflation they are trying to be zimbabwe at this rate, a great place for modifications if you really feel it are classic muscle since they become a street restoration, resto mod, upgraded spec (/6 to 440 or 426 hemi spec etc) sometimes imports too k20, B18 swap hondas can be 10-15k and manual conversion base supras on single turbo turn some profit too over stock but it’s a little harder than with muscle cars
I have hobbies with expensive toys (synthesizers)... But I take care to buy gear that holds its value incredibly well... If i ever needed to convert it to ready cash, I could probably recoup 90%. Some bits even turn a profit, especially certain effects pedals.
I did a night auto cross with my dad one time at a race track, they had an open track day on that night and I went down before our event started to see what cars had turned up, and I went back at the end of my event to see what was left there. I noticed at the start a guy with a cool Suzuki swift race car that had been built really well, the guy who owned it was developing the car and doing set up. He went through 4 sets of tires worth $2000 each, just for practice. He would do that about twice a month as well. I guess the easiest way to make a small fortune in Motorsport is to start with a large one.
I bought a 2008 car 12k and spent like 8k on maintenance (replacement on elements that are known to fail after x mi / y years) and improvements (lsd instead of open diff, new paint) over 4 years. Despite prices going up, these were selling at some point like 15k, I could only get 9k after 2 years being for sale, now prices went even higher over 20k for this vehicle. But I didn’t sell it. I went for an exchange for a car I like more older, 1991 and guess what, prices for these went down :) so after losing 11k I’m now lower another 3k or so. Idk, I don’t think I could make money by buying used cars, not even break even.
Hey Casey, nice video! I think Ill find it helpful with making art decisions. I live in Chicago, and i was wondering if you were going to the sprint car race in champaign Illinois, which I believe is in July 19? I'd like to go say hi and see the cars.
By taking money you earn now and spending it now, you're essentially stealing from your future self. While it's nice to be able to do things in the present, if you're not aware of how value is generated and given away, you set yourself up to give away more value rather than generating value. Racing has expenses, and those expenses don't generate income (unless you're the winner, and even then, it's not guaranteed). But if you buy a car to build a TH-cam channel, there's potential to generate income because if you're good at it, you can create content that generates value that others are willing to invest time and money into. So instead of buying a car that you just drive around, you bought an asset that you use to generate money with (and the fact that you have a car as an end result is a bonus). Does that mean you shouldn't have fun with it? No. But understand what you're getting out vs what you're putting in. Good video.
22:23. Debt slavery is not supposed to be legal in the US, but the problem is, if you were allowed to default on your student loans, no one would lend out for them, because they would be HUGE unsecured loans. Personally, I 100% agree this is what we should do, but the circle jerk between the education system running as the government's indoctrination arm, and the financial industry cleaning up, is not going to let that happen. Education gives more power to the government in the form of a public "educated" that the government is always the solution -> government decouples education from free market dynamics (allowing for increased profits for lower provided value) -> banks get guaranteed debt saves. Of course the people who want "free educations" are so uneducated as to think that's actually in their best interests. Mission accomplished.
As someone who spent his late 20s and early 30s renting... Mortgage and DIY is the best way to earn equity. I moved to a village 50km away from work... Now with hybrid office work, my commute is only once or twice a week. Pay in mortgage a little more than what I used to pay in rent, but in little over 10 years it will be mine. Oh and the house is 3x bigger than the condo I used to rent... With a decent backyard...
Seems clearly You are well inDOCtrinated into and by the banking, financial, monetary, investment system with the intended Propaganda; Globalists/Elite version. SADLY
@@Divine_Evil Do You have a 10 year mortgage ? Or are You paying extra into Your principle to pay it off sooner? Is Your interest a fixed.rate loan ? IF You have the funds to afford it, then it can be better Not always.
@@newtonfirefly3584 it is fixed rate for 3 years... Then I can choose again a period and percentage... Here in Sweden mortgage rates can be floating rate, or fixed rate for certain amount of years. Usually 1year to 5years have the lowest rates. By law you have to lower the principle by at least 2% up to a point. I chose to lower it by almost 10%... it just so happens to be around the same I was paying for rent in the city. The key here is that I bought a house in a village that is affordable. And I had a little luck with the bidding war for it. I could have stayed close to the office, but it would be at least 2x more expensive. Everyone should weigh their options... I live affordably, but I am a little far of the options that a city provides...
I was lucky to have a dad in the car business, who taught me about economics in general but especially the car ownership game. I totally agree with you. And....yes, I also read "Rich dad, poor dad." I've never owned a brand new car. One can find some pretty good race cars for pretty good prices. Keep up the good work Casey.
That's invaluable. Most young men lose their minds when it comes to cars and motorcycles. Lord knows I did and made many thousands of dollars worth of mistakes.
"Oh, I just bought a car that had some ROI into it!" Casey, that shit works only with *certain* kinds of cars: your Porsche 928, or a Lotus Exige... and guess what kinds of cars does the IRS love to tax the shit out of just because "Bigger engine = more power = more money to purcase it = ROLL THOSE TAXES, BABY!" ? Exactly those same cars. You can get it even for free, even in perfect condition, but the taxes will you make regret having ever bought it. That's why even the most financially savvy ones run shitboxes as daily drivers and leave the good shit either parked with no insurance (so you can use it only on tracks) or get special permits for historic events: what's going to bite your ass more with insurance and taxes, Casey? A lowly FIAT Panda or a Porshe 928? There is just one exception to that, though: tax evasion. If someone is daily-driving a high-end car, even if used, without drowning in taxes, well... it's either an IRS honeypot or a tax dodger.
I grew up in a family with some money. But sadly the man that made the money died before I was around(you would want to hear his story). For my economic future I was told school was the answer. I found the same things you did in school, it was all a joke. Later I find out the man in question, didn't have a degree. He went out and did things, he didn't waste his time in a classroom. To this day I wish I could have known him, he would have kicked my ass into shape. Whenever you bring up the kids in racing, I think about a supercharged vacuum cleaner sucking up all the money these kids are throwing out the window. :)
How can/could your Subscribers obtain a Single F&F Bill? I'd like to add one to my Garage Wall Collection. Especially, if it was possible for you to SIGN it!
I really like the content in this video. I appreciate that you took the time to discuss and post it. Love the E9 shirt too! 👍👍 Edit: are those Kuwaiti Dinar or Iraqi Dinar? 🤣😉
Casey...how dare you!!! You talk about the value of money yet you use a 15.99 cylinder of MAP gas to 'burn money' when a 4.99 cylinder of propane would have had the same effect. Glad you have money to burn :). Love the content. Get up the good work!
I remember being younger and thinking I would love to be a racer but learned about how much it cost, it's crazy how people still don't get how you could afford an expensive car but not afford to race. I've met people who race in different series and they're either someone who really loves racing for the sport and don't care about or they're ego driven and are just trying to what they think rich people do, the latter are a weird breed lol.
Of course this "inflation" isn't "taxes," .... it's price-gouging by corporations that have too much market dominance, and wealthy people that already run the table. They're making record profits, inflationary pressures, never mind the government's few regulatory options, haven't even touched em yet. As for the student loan forgiveness things, I wouldn't be a direct beneficiary, but the problem here *is* a whole couple generations got pretty screwed by predatory lending, and no, the people that said they'd pay people well for people with those degrees *didn't.* Just raised the prices on everything around. Cause they could. Not to disparage the value of trade skills. (That's where I went, when I couldn't even get loans. Genius Garage mighta done a young gal good if there was something like that back then. ) But my little business here won't prosper if a couple generations of potential customers are impoverished, even for me to fix their boring stuff, never mind have enthusiast things to need help with and learn on. And, I mean, when I was young, it was very hard to get paid, and you'd eat a lot of dime ramen and quarter mac and cheese, but however many hundred dollars would get you a relatively-intact and complete vehicle to at least *make* cool in some way or other, when now they call the shell of one a bargain at twenty or more times the price. If you have the time, resources, skills and more money to bring it back. And the replacements for those in the market kinda stopped coming. Anyway, the economy's messed up, but it's mostly messed up by how many people are or have been behind the eight ball for real all along, and keeping them there doesn't make life more 'fair' for anyone else, much less the better-off. The ideological battles mostly obfuscate who has the power to keep claiming ownership and setting prices and what's really going on. Also I don't think you're a fake racer. I think you're an upper-what's-left-of-middle class guy trying to do it honestly. Youve got chips to play. Good advices on what to do if you've got some, I think. (And as mods go, wild ones don't make money on a given vehicle. Things anyone might want to do that don't mean 'abuse' and done with quality and right, might hold the value. A few years ago someone was selling a lightly-modded 180SX and was asking what people thought was a silly price at the time, (Maybe 24K?) but they kept it nice, didn't do anything I wouldn't want to do, I was like, "If I had that in cash to buy a car with for keeps, that'd be sold.' (At this point people might pay that even if they still intended to slam and camber the thing or gut it, but it'd still be largely as I got it. I wasn't in love with the color, but things have a way of growing on me.) Anyway, especially for a market with flippers, 'Someone Else's Mods' is usually a negative these days. Sometimes you can get a bargain there if you can undo them. :)
@OllamhDrab;@@ryano.5149 Yes, correct inflation is not a tax, but has some similar affects. Actually what is called inflation, is actually, mostly 'devaluation' of currency. Some of the price increases, as currently with fuel, and previously last year, and previous years especially the situations in 1973 and 1978 were all due the direction, dictation, control of the Globalist/Elite Int'l major oil companies, which are basically a Rockefeller Conglomerate - Standard Oil. However, this is a mixture of correct and false information with clear Socialist/ISM inDOCTrtination, and Propaganda Key - 'Gov't Regulations' They are illegal, unlawful, Unconstitutional via the US Constitution, Article I, Sections 8-10, The Legislative-Congress has limited,restriction authority, power and areas of Legislation, The only regulation permitted is commerce between the US and other countries and between states. NONE other. They are to set standards of weights and measures and valid coin, currency and appropriate legislation for enforcement. Other wise they can asses taxes, duties upon goods, services, imports, etc. - not income, wages, profits, etc. - the 17th Amendment is necessary for that addition-, for the Government to have the funds necessary to operate the necessary functions including the military, protecting the seas, ships from pirates, etc., establishing, if ,as necessary Executive Departments which execute the Laws, Rules, etc., Also they are to establish the Rules of Bankruptcy, Postal Services [See the details: constitution.congress.gov/constitution/] The Regulations of business, businesses, monetary, financial, banking, investments, stocks, bonds, commodities, housing, building, labor, food, beverages, water, land, transportation, communication, medical-health, safety, clothing, education, 'social services', substances, Arms, environment, energy, production, manufacture, science and technology - except means to provide and encourage further development, publications, creative expression, music, entertainment, media, etc. All The Best Sincerely
Yes, but you forget about the "necessary and proper" clause, of course, which does give congress the power to make all laws "necessary and proper," per the letter of the law.
@@CaseyPutsch That 'sounds' like a good price, but is it still a good value or a 'show piece' which was purchased at lower that selling price that was highly inflated, my multiples ? Mayn such 'status symbols' are, even if they may be finely made, designed machines. It certainly is NOT among the misconception of 'asset' You claim either.
I get the point, but if you take this advice outside the specific sphere of automotive enthusiasts it's just depressing. Don't spend money if it doesn't make you money, no matter what. You seem like a cool guy Casey, but some of the stuff you say is either just sad, cynical, or, on a rare few times, blindly uninformed (which I can't really claim is the case here).
I've burnt more money in my 40 years of life than most people have in twice the time and I don't have much to show for it! Now I'm starting my own business and hoping it will keep my family surviving. I'm actually glad I watched this video! I need this!
Yes this cars in general, wish I spent more on cars it would have been a push but almost bought a koenig f50 for 250k about 10y ago 😢, got talked out of near everything being sensible, managed to snag a crx, red top Japanese sti, a Plymouth cuda, a factory order manual v12 vanquish and few others i try go on the idea of buy everything as investment even my some of my furniture and item too 😆
You'd like the Timcast IRL podcast Casey. One of the great suggestions they had there was having the universities co-sign on the student loans. If the student defaults on the loan, the university has to pay the bill.
I can't tell you what an inspiration you are to me. I've only owned 3 cars and I'm about to flip my second to pay for my third outright. It's so nice to hear you say what I've been saying in a world that scoffs me off. Thank you again. P.S., you're also a massive inspiration to me because I hope to one day inspire the younger generation, with the way that you teach them, just like you do too.
Casey's here teaching the lessons that took me 20 years to learn. My parents tried to tell me these things but I refused to listen and learned the hard way.
Casey is the man! Even when he's talking about the negative side of the love of cars or the lifestyle thereof, he always shows you of the positive that exists. Truly motivational.
If you look at vintage racing the people who watches them and the people who are owners see a car on the track knows one day it will be on the market. But if you don’t run the car no one knows and when the car hits the market is it a real racing car or someone built a old chassis in the a car? People loves race cars with a racing history. Not some should been car. Look at Jay Leno his TH-cam channel is a show case of his cars and other mechanical marvels. So one day when his cars and other stuff hit the market if it doesn’t become a museum people can look them up to see if what they are going to buy was Jay’s or not. And some day some one is going to look at the King Zero videos to see if it is the real Casey Putsch car. They are going to look at your videos on the car to see if it is real or not. And in 50 years who knows they maybe watching the videos to restore it for some over priced car show. And you will laugh because you built it and a airplane hanger with scrapes and a old Porsche. And on a different note I like Jay Leno when he show cases a home built car someone built like the three wheel Indian car two brothers built because their father said if you want a car build one.
A friend of mine worked with Robert Kyosaki for years.... Robert taught him about investing. My friend taught Robert about Bitcoin. Took Robert a while to come around... but now he sees the value of getting far away from the central banks that are robbing us blind through inflation.
In my limited world I’m invested in old cars though 1/64th scale - i.e. Matchbox 50’s / 60’s & 70’s - and now they are starting to be worth something. Some more than real cars.
I’d love to see an example of buying a $40k car, putting $5k into it, and selling it for $120k. That’s ridiculous Casey, come on. I agree with the concept, but this is a horrible example.
Casey, I like you a lot, but this feels pretty bitter towards people who can afford to race? It's not fair, but I don't understand what they did wrong.
Also Casey you should build a cyclekart cyclekart or few for genius garage. Great hands on project to start off with and cheap! Also I would love to see how you would bring some modern tech into a cyclekart, such as composite monocoques.
I like you, and I respect you. Everything you said is true, but the way you said it made it seem like you're a bit cocky. But is it cocky if you can back it up? Here, take my like.
i bought a 1997 Volvo V70 diesel for 1300 bucks 5 years ago, i drove it for a 100 thousand miles and sold it for 1300 bucks. the only expense was normal wear items and fuel. and spread over the years it made it so i could have fun and drive everywhere with out huge bills every month in car payments.
GDP == C + I + G + ( X - M ) C = Consumer Spending I = Investment/Business Spending G = Government Spending X = eXports M = iMports . one notices that the formula is neither particularly complex nor precise. one notices that there is no adjustment for Inflation. thus, large excursions in the Inflation number will "look good" for GDP purposes due to this being characterized as "more economic activity". the next time you fill up with gas, thank Joe Biden for the economic improvement. one notices that there is no consideration of Debt / Deficit Spending. ie - for the purposes of GDP, deficit spending is BETTER than responsible spending / living within your means as once you start Deficit spending you are no longer constrained by how much money you actually have on hand. one notices that there is no acknowledgment of the deleterious effects ( excess taxes, dilution of Cash through Inflation, money printing, etc ) of excess government on the private sector. . but one thing that is particularly amusing is the Trade portion of the equation. the US has continually run trade deficits since the mid-80s under Reagan. we set a record in 2021, exceeding a $Trillion for the first time while the nominal 2021 GDP was ~$23 Trillion. . do you want to improve the US economy? well, according to the GDP formula, we should ELIMINATE ALL INTERNATIONAL TRADE. immediately. considering that the Constitution says that the Federal .gov is *supposed* to be funded by taxes and import duties, it should be noted that the Founders were in no wise in favor of "international free trade". who is in favor of international free trade? Karl Marx. he argued that international free trade would drive the emergence of the international Proletarian Consciousness and lead to the genocide of the Bourgeoisie. which, you know, he demands. . now, why would the government economists adopt a metric which is so obviously stupid and counter productive to their own stated economic goals?
@Ondam's Razor; Thank You for showing me this equation. I was wondering what this relatively new 'term'-acronym, that is used so often. From this explanation, it is clear, obvious, certain to me what they are 'talking' about, why, why they changed it, and what benefits they have. This is the 'new' Falsehood, Pretense, Lie, InDOCtrination, Propaganda of the the Globalists/Elite for their Financial, Monetary, etc. corporations and their 'politicians' to use, convey, present, portray, in addition to their previous distortions. These Gov't and University Economists are among the direction, dictation, control of the same Elite. Also, These same Economists used a different set of definitions, terms, 30, 40, 50 + years ago. They used simpler Economic models, though still, also falsehood, pretense, lies, etc. The older, precious term-acronym is GNP= Gross National Product. 'Investments', stocks, bonds, trade, consumer spending, government spending [which actually increase devaluation/inflation], exports, imports were never included. The export/import, trade balance is a separate calcualtion, affect, influence, etc.- also for False Gov't use, misuse, abuse. Economics, like sociology are at most a study, but worse. =>They make up, contrive the rules as they go, according to their desired portrayal, narratives, etc. @Casey Putsch; He is also conveying many of these falsehoods, pretense, lies, false information, distortions, false incorrect terms, definitions, etc. - even if he think or claims they are his basis within his life and correct. A. Assets not as described or defined B. Liabilities not a as described or defined. C. Automobiles, cars, vehicles have other categaroties -1. Business expense for use as tools => generate business profit - - taxi, car, transportation services, transportation of goods, products, transportation for employees, employment, sales, meetings, presentations, etc. D. Increase in sale 'value' is not always accurately 'real value' increase - devaluation of currency/inflation - this is NOT investment nor profit, rather loss. E. Education may be a worthwhile expense, but NOT an investment, though more recently may 'politicians', banking, financial, etc. people intentionally choose to call it so - deception, distortion, falsehood, pretense, lies, etc. F. Expense, Expenditures, Costs are NOT= Liabilities. G. Casey is clearly excluding the common expenses of life: Food, drink, water, shelter, often transportation. H. For most also , their vehicle is a cost, expense which is necessary nor nearly so for transportation. - There are other means, ways, methods of transportation. - Each could be or must be properly assessed, evaluated, calculated, etc. I. The value of the currency of or for any country is NOT based upon GDP, GNP, etc. - The Int'lBankCosort-FED/IMF/WrldBnk/etc. direct, dictate, control, especially after they dissolved all 'metal'-base values-gold, silver, etc.- Now just 'funny','play',monopoly'money, just values in accounts they contrive, devise, direct, dictate, control - guiding, directing all to use their 'plastic'-CC-dbt-cards soon CBDC. J. A person may choose to be involved in business to achieve profit by products, services, repairs, modifications, etc. within vehicles -whether as a primary, secondary, or pay for a hobby including with vehicles for show, play, racing, enjoyment, etc. -similar with his father-parents in Golf - as a local teaching professional, tour player, course owner. - -most all of the individual which payed to use the golf course, did so for person enjoyment, entertainment, etc. as with tennis and many other physical activities => such, racing vehicles can be similar. You con't have to be wealthy, rich, upper class, etc. to play golf, tennis or race vehicles, - just the amount of funds, to pay for the expenses - some can also be involved in receiving monetary payments or other means via trades, etc. to manage their 'hobby' for enjoyment. In the book "See You at the Top" by Zig Ziggler, he brings an example of a very successful insurance salesman to explain some important principles. He asked the salesman about his reasons for being involved and successful insurance - expecting various ideas, concepts with the benefits of the insurance for the insured and his person satisfaction, appreciation for/with them and thus helping the individuals accordingly. The salesman said: "Sailing" - his enjoyment with sailing is what is his basis, inner drive for success with selling insurance. A. The true basis of a person goal, desire, etc. whatever they are - if humanitarian or selfish or some combination are the 'inner drive' for success. B. Human enjoyment, pleasure is for most, or many, is their primary - whether physical, mental, esoteric, humanitarian, or other wise. Thankfully, my father [O"H], from a generation perhaps close to Casey's grandfather [since my life is nearly 63 years- basically a generation older than Casey], that gave me basics in business principles, In college of my choices, besides engineering, for one of my general courses was ECON 101, Macro-Economics. This clearly was with the previous set of terms, definitions, etc. Through my years later, as a design engineer, my life also was directed to meet with some very wealthy business people, that developed a system of teaching, developing many other successful individuals within business, including the many which developed with in that system and business association. The range of people, individuals, their backgrounds, knowledge, education that were successful, with may multi-millionaires then is vast [before Casey was born and some during the decade and more after and since]. Also through them, within the system, WE were introduced, guided to read, study from a few key, important books. some from the most successful people -Have You heard, read of "Think and Grow Rich" by Napoleon Hill - interviewed, compiled from the most wealthy in early 20th C, esp Charles Schwab. -other essential attitude, PMA -communication & interpersonal skills among these the basic principle: Those that are wealthy, especially developed wealth, know properly what is required - never the popular nor publicized. All The Best. Sincerely
This is a talk that needs to be said. What was the most interesting point for you?
I remember also not reading that book.
When i understood that being a real producer in society can bypass all this game thing.
The Formula Vee as an asset. Never thought about taking an old formula vee and breaking even with it.
Jesus loves you
@Casey Putsch; The valid points are about executing assessment, evaluation with the use of money.
Many people spend, expend their 'money' monetary values on various aspects, things, etc. which are frivolous, unnecessary but driven by their emotions including, desires, pursuit of pleasure, 'fun' some times labeled as 'dreams' or transformed into 'needs'.
however the portrayals, narratives, descriptions, terms definitions are a combination and mixture of proper ideas, concepts with Falsehood, inDOCtrination, Propaganda, False, Incorrect, Invalid, Distorted, Misleading, Misdirected Information, False Portrayals, False Narratives.
Expenses, expenditures, costs are NOT 'liabilities'. It is a clear distortion of the concept of the word and term.
Also have something of value is NOT necessarily an 'asset' either, nor is it dependent upon potential increase in value.
The decisions of expense, expenditures, spending, costs certainly require proper assessment, evaluation, reason, logic, sense, balance, view perspective, perception, importance and other factors.
if You have managed You life according to what You state, then good for You. It seems though there are many expenses, which You have which are clearly not with the portrayed 'asset'/'liability' as You convey. The normal expenses of daily life as food, beverages, water, air, clothing, shoes, basic necessities, personal care items, and including all costs of transportation, along with shelter/housing.
As an expert, top Financial Planner - said to Our business association, back in 1983, that we should not be fooled by the banks in conjunction and cooperation with the 'real estate' sales people, that 'Your house/home is Your best, first investment', Thus, take a mortgage, etc. The interest is a benefit and profit for the banks and additional expense to the borrower, no matter what the loan is used for. The increases in value are mostly just inflation/devaluation of currency. The banks and real estate people benefit from each purchase, sale, thus encourage buying on 'credit'/mortgage, with a minimum or minimal 'property', then, sell, 'trade up' to a larger, more expensive, and often many times. The smart business thinking is to plan, put aside for every purchase needed, and when there funds exist, then purchase. There by saving the extra 'interest' costs. And better still, buy direct from the seller, saving the 'agent fees', just as You do with other things. A House/Home is an expense, and a luxury. When You have the funds to afford it, then iut can be worthwhile. Also beware of the 'house poor' 'syndrome'/issue that many put all they have into a 'down payment', just able to manage the payments or the full purchase, then can't afford to pay for any upkeep, fixing, issues as they occur.
As ALL successful people, the best means for financial success is business, profit - not the popular misconceptions of 'investments' and such. The best investment for a business is to use profits put back into means of producing more profits, and more, continually.
One of the major challenges most businesses, especially small, individually owned, have is they are basically trading their time, efforts, expertise, etc. for potential profit, Thus, limited by this. Their next stage, if possible, is to hire workers, to achieve more work effort/time, thus production, results for more profit. The wages, salaries, etc. are basically traded for the work done, results. However, the work and results are never as good as when one is the owner, responsible person, thus the addition or multiplication of effort, time and the results in limited and diminishing in return. The older system of craftsman-apprentice is far better for both. Better still if the apprentice and master teacher remain in some joint development and expansion as a team, then expand more with other team members, etc. Each has a personal and vested interest in the best results
Also s other have commented, the portrayal of the three version of car/vehicle use lack the use within a business as a tool and the general person including a worker, employee for person transportation. Both are expenses, expenditures, costs, spending, with intents and purpose which are necessary for the business to operate, function properly, transport items, materials, people, distribution, delivery, arrival at customer for work, services, etc., sales, or a person to get to work as an employee, which the costs, benefits are worthwhile expenses, expenditures, spending or other aspects including other benefits of flexibility, convenience, reliability, etc. compared with other means, cots of transportation.
Also the aspect within vehicle racing that many enjoy as others do with various forms of entertainment, sport, hobbies, etc. With some views, they seem frivolous, unnecessary, but other aspects for the human to relax, release tension, mental and physical health have important aspects too.
For some years, my life was devoid of some these aspects of my life which were important to me as tennis, bicycle riding, playing guitar, then through a shift in focus within my life, these no longer existed, by choice, but also due to specific circumstances. They became non-important to me. After some years, and several illnesses, and recoveries, finally through some friends, it became clear to me these were important for me to release tension that my 'nature' was to store these within my body, thus led to these several illnesses. Gradually, through a friend's simple instruction and guidance, the process of using some very basic physical exercise methods, allowed me tor release years of stored tension in my body, thus able to sense the tension again, and thus also knowing the method(s) to release it. Then, gradually, i returned to riding a bicycle, playing tennis then back to guitar again. Am aware how each of these are important for me. Thus, these are not just expenses, but rather necessary for my proper physical and mental balance, thus health.
It seem to me You also have activities, as golf, with a motorcycle, driving, racing and others which You also need to release tension, to function properly, effectively, and efficiently. Also is seems You are also aware of the use of such other activities to assist, aid with You imagination, creativity, development, solutions, problem solving, etc. too.
Such, each person must proper assess, evaluate, analyze, etc all aspects of and within their life. Certainly, finances, monetary, etc. are NOT the most essential, though most emphasized in society still currently. Money is not Power, but can be used for this purpose, and more so to direct, dictate and control [as You know]. 'Money' is a means to be used for that which is needed, necessary. The common OPM, or 'money works for You' are NOT the principles among the actual Wealthy and Successful people , but commonly portrayed as such, especially by those that want to be Wealthy or Rich, but think they lack the means, and often are involved in 'Status' type false portrayals, narratives, ideas, concepts, etc. The idea which is contained in that book You mentioned of which is conveyed as 'thinking', but is actually more attitude, view, perspective is vital. However, then the writer distorts it into a false principle of 'making money work for You' - this is one of the many indicators about the writer and his portrayals, including this 'story' which is clearly, obviously, certainly fiction. - his many additional books listed are clear of his intents and purpose with this book.
Sincerely
When I first started racing I always wondered why people did time trials instead of all out racing. The TT cars were often Porsches and expensive cars. After learning that racing requires that you have the funds to replace it over and over again. TT started to make sense. I opted going kart racing instead because it was cheap and fun until the cheap endurance racing came around. I have bought and sold assets, however I am afraid to calculate the amount of time spent on doing this to truly calculate the ROI compared to just getting a second job lolz and paying for it.
My grandma gave us all that book.
She also told us: “if you’re goona buy a house- just pay cash and buy it right out”
Thannnnnkssss grandma.
Only thing is nobody sells a house for the amount of cash that fits in MY wallet.
Great topic to discuss. Cars like most hobbies are very tricky to get involved with and not have the money flow out your hands like water. This made me think about areas I waste money as liabilities (sports collection, performance parts etc.) and how I should be reconsidering my purchases to find potential assets.
@Jace Kelly; it certainly is good, valuable and worthwhile for You and each person to assess, evaluate, etc. all expenses, expenditures, costs, etc. better beforehand.
However, the portrayal as 'liability' is False, as the portrayal of 'asset'.
The only reasonable extension of 'liability' is the mental attitude, view, perception, perspective, emotions, desires that modify the pleasures into needs and false 'dreams'.
That's exactly how iv ever gotten anything cool. One winter I started by buying a $200 go cart that had cool parts but was a pos, I fixed it up, sold it, started buying blown up dirt bikes and quads and rebuilding them. by spring time I had invested enough "sweat equity" into many different bikes and ended up with enough value to buy a like new cbr1000 with 5k miles.. from 200 to 6k (virtually) without spending any money. And it's not just cars. You can do this in any hobby, invest wisely and you can have fun without losing your money. All my hobbies have paid for my next interest because I put my equity into things that I know I can get a return for in the future
Thank you. This is one of the biggest mindset shifts all people especially young people need to know.
We don’t get taught any of this is school we just learn how to be cogs in a machine and stay slaves to that system.
Be of value, do stuff you like.
Thanks Casey!
Casey. This is such a great and important perspective for young people. Thank you so much for taking the time to make it.
One thing I would add is when you have a job you should be earning or learning. You should be making money or learning a skill that will make you more money in the future. I take it a step further and make sure I am learning and earning with any job I take or do. I think too many people get caught up in the day to day grind and are not advancing in life.
Thank you Casey. You are a real selfless person to spend a decade running a non profit to help students and try to make racing work for you and create opportunities for those in your programs.
The day-to day life is how the world keeps turning.
But good for u
@@fastinradfordable yes, no question we need the day to day to survive, but what has really help me is designing the day to day I am living to align with a plan for my future goals and aspirations. For me life is so much more than just accepting the day to day I have and just "living" in that. We all have SOME power to choose the life we live and how we live it.
The theory in a ladder (like the road to Indy) is that success in a lower series propels you to the next rung, and that is supposed to be the ROI. That is true for the guy or girl that wins the championship, but no one else. So if you have the money to burn, go for it. For me and my family, burning $$ isn't a good idea.
I would love to have one or more of that prop money bills. I collect props, among other things. Even some of the burnt ones would be cool.
Casey, I largely agree with you about buying new cars. However I do believe there’s a difference between buying a brand new Ferrari that you’ll sell after two years to buy another new one and buying a Toyota that’ll you’ll keep 10+ years and 200k+ miles. The only new car I’ve ever bought is a 2009 Corolla. I still have it with 230k miles. I did lose that money to depreciation, but it’s amortized over 13 years. I’ll keep that car until the wheels fall off.
Yeah. Theres a known trade off.
Getting a car with a warranty/known condition that you plan to keep for a long time can be worth it.
10 years on the cars are gonna be worth pretty much the same amount. Spending an extra $5k to get a warranty and piece of mind that the previous owner didnt trash it very likely could be worth it.
Same with my mazda3. Im a 6 figure earner, but my 14k usd mazda3 still has 100k remaining in the engine/transmission. The clear coat has evaporated and the paint is pitting, but i don't care as its purely transportation.
Exactly!!!!...that's why I stopped racing cause I was just burning money and I invested that money into my business and now I have 2 corvettes and a porsche but they were bought cheap so I could drive them and not loose money....great advice for people...keep up the great videos
definitely have a similar mindset, I do however pay for myself to race with NASA with a team and personal car and it is not a cheap hobby keeping our RAD era cars running, have 93 Fox body getting ready for CMC being revived 12 years after retirement with NASA and a 1990 300zx as a team car we run TREC with NASA, also a 1993 Viper owner who loves to work on my own cars and enjoy them. Great job, keep up the good work, would love to visit sometime and check out the projects in Ohio.
Let's get Casey in a Crown Vic 🤘
I’d be down with a Freedom race
@@CaseyPutsch Perhaps ask Garrett about the next one including at Bristol. He wants to increase the field to 30 cars there.
Imagine You would show these fellows how racing is done properly too.
I’ve reached out with no reply. Doesn’t look like I have a way to legitimately contact them or I would.
I would argue that taking a small loss is ok if you're planning on holding on to that thing for the rest of your life and turning it into a possible inherentents for your kids.
Looks like Casey had lots of fun burning fake money.
My appreciating asset is a liability when I’m driving it around the track. That’s why track insurance is important.
I would be curious what your thoughts are on something like RC Soaring. The planes are about $1k each, and the only way to retain any value in them is to never build them and never fly them. What is your opinion on a hobby where fiscal loss is inevitable, but relatively small? Heck, most RC airplanes are net losses.
As long as you can afford the loss, it creates a lot of enjoyment. I don’t let myself have that fun anymore sadly because it’s a loss.
Very wise words for life as well as the car hobby.
preaching to the 'choirs'.. but good that a guy like you can probably reach some of these up and coming kids.. maybe the words you have will make them think twice about stuff. Keep posting Casey.. good stuff my friend..
Casey thanks for another good video! Just an FYI that Mike Rowe just had the author of Rich Dad Poor Dad on his podcast a couple weeks ago. I'm thinking mid June 2022 timeframe.
Casey is having way too much fun with that torch
Very eye-opening. Thank you!
I like your content but I got the point with the blowtorch much sooner than you think.
the inflation they are trying to be zimbabwe at this rate, a great place for modifications if you really feel it are classic muscle since they become a street restoration, resto mod, upgraded spec (/6 to 440 or 426 hemi spec etc) sometimes imports too k20, B18 swap hondas can be 10-15k and manual conversion base supras on single turbo turn some profit too over stock but it’s a little harder than with muscle cars
I have hobbies with expensive toys (synthesizers)... But I take care to buy gear that holds its value incredibly well... If i ever needed to convert it to ready cash, I could probably recoup 90%. Some bits even turn a profit, especially certain effects pedals.
If u think u can recoup your investment but have never tried
That’s cute
Nice shirt. I had a 76 2002 a decade ago. Very hard to say Casey is a phony when he never claimed it in the first place..
I agree Casey.
Digging the new music intro /outro remix! otherwise stellar sidebar!
I did a night auto cross with my dad one time at a race track, they had an open track day on that night and I went down before our event started to see what cars had turned up, and I went back at the end of my event to see what was left there. I noticed at the start a guy with a cool Suzuki swift race car that had been built really well, the guy who owned it was developing the car and doing set up. He went through 4 sets of tires worth $2000 each, just for practice. He would do that about twice a month as well. I guess the easiest way to make a small fortune in Motorsport is to start with a large one.
Not sure who, but someone is making bank off rich kids burning stacks of dollars “racing”
I bought a 2008 car 12k and spent like 8k on maintenance (replacement on elements that are known to fail after x mi / y years) and improvements (lsd instead of open diff, new paint) over 4 years. Despite prices going up, these were selling at some point like 15k, I could only get 9k after 2 years being for sale, now prices went even higher over 20k for this vehicle. But I didn’t sell it. I went for an exchange for a car I like more older, 1991 and guess what, prices for these went down :) so after losing 11k I’m now lower another 3k or so.
Idk, I don’t think I could make money by buying used cars, not even break even.
Haters gonna hate Casey. Keep it up
Hey Casey, nice video! I think Ill find it helpful with making art decisions. I live in Chicago, and i was wondering if you were going to the sprint car race in champaign Illinois, which I believe is in July 19? I'd like to go say hi and see the cars.
And we can all hope that others catch on@!
By taking money you earn now and spending it now, you're essentially stealing from your future self. While it's nice to be able to do things in the present, if you're not aware of how value is generated and given away, you set yourself up to give away more value rather than generating value. Racing has expenses, and those expenses don't generate income (unless you're the winner, and even then, it's not guaranteed). But if you buy a car to build a TH-cam channel, there's potential to generate income because if you're good at it, you can create content that generates value that others are willing to invest time and money into. So instead of buying a car that you just drive around, you bought an asset that you use to generate money with (and the fact that you have a car as an end result is a bonus). Does that mean you shouldn't have fun with it? No. But understand what you're getting out vs what you're putting in.
Good video.
Only thing is.
If you grow old and realize u never lived a day in the moment.
22:23. Debt slavery is not supposed to be legal in the US, but the problem is, if you were allowed to default on your student loans, no one would lend out for them, because they would be HUGE unsecured loans. Personally, I 100% agree this is what we should do, but the circle jerk between the education system running as the government's indoctrination arm, and the financial industry cleaning up, is not going to let that happen. Education gives more power to the government in the form of a public "educated" that the government is always the solution -> government decouples education from free market dynamics (allowing for increased profits for lower provided value) -> banks get guaranteed debt saves. Of course the people who want "free educations" are so uneducated as to think that's actually in their best interests. Mission accomplished.
As someone who spent his late 20s and early 30s renting... Mortgage and DIY is the best way to earn equity. I moved to a village 50km away from work... Now with hybrid office work, my commute is only once or twice a week. Pay in mortgage a little more than what I used to pay in rent, but in little over 10 years it will be mine. Oh and the house is 3x bigger than the condo I used to rent... With a decent backyard...
Seems clearly You are well inDOCtrinated into and by the banking, financial, monetary, investment system with the intended Propaganda; Globalists/Elite version.
SADLY
@@newtonfirefly3584 Haha no I am not... My mortgage will be paid in 10 years or so... 1,64% interest... Way better than paying rent to someone...
@@Divine_Evil Do You have a 10 year mortgage ?
Or are You paying extra into Your principle to pay it off sooner?
Is Your interest a fixed.rate loan ?
IF You have the funds to afford it, then it can be better
Not always.
@@newtonfirefly3584 it is fixed rate for 3 years... Then I can choose again a period and percentage... Here in Sweden mortgage rates can be floating rate, or fixed rate for certain amount of years.
Usually 1year to 5years have the lowest rates. By law you have to lower the principle by at least 2% up to a point. I chose to lower it by almost 10%... it just so happens to be around the same I was paying for rent in the city.
The key here is that I bought a house in a village that is affordable. And I had a little luck with the bidding war for it. I could have stayed close to the office, but it would be at least 2x more expensive.
Everyone should weigh their options... I live affordably, but I am a little far of the options that a city provides...
Just want to say you are awesomeness 😂😂❤️ I wish i had "discoverd" you years ago 😊
Keep upp the awsome 😊
"I have an unhealthy obsession with
spending money, but I have a healthy
obsession with making it. So it's all good."
- Conor McGregor
I was lucky to have a dad in the car business, who taught me about economics in general but especially the car ownership game. I totally agree with you. And....yes, I also read "Rich dad, poor dad." I've never owned a brand new car. One can find some pretty good race cars for pretty good prices. Keep up the good work Casey.
That's invaluable. Most young men lose their minds when it comes to cars and motorcycles. Lord knows I did and made many thousands of dollars worth of mistakes.
"Oh, I just bought a car that had some ROI into it!"
Casey, that shit works only with *certain* kinds of cars: your Porsche 928, or a Lotus Exige... and guess what kinds of cars does the IRS love to tax the shit out of just because "Bigger engine = more power = more money to purcase it = ROLL THOSE TAXES, BABY!" ? Exactly those same cars. You can get it even for free, even in perfect condition, but the taxes will you make regret having ever bought it.
That's why even the most financially savvy ones run shitboxes as daily drivers and leave the good shit either parked with no insurance (so you can use it only on tracks) or get special permits for historic events: what's going to bite your ass more with insurance and taxes, Casey? A lowly FIAT Panda or a Porshe 928?
There is just one exception to that, though: tax evasion. If someone is daily-driving a high-end car, even if used, without drowning in taxes, well... it's either an IRS honeypot or a tax dodger.
I grew up in a family with some money. But sadly the man that made the money died before I was around(you would want to hear his story). For my economic future I was told school was the answer. I found the same things you did in school, it was all a joke. Later I find out the man in question, didn't have a degree. He went out and did things, he didn't waste his time in a classroom. To this day I wish I could have known him, he would have kicked my ass into shape.
Whenever you bring up the kids in racing, I think about a supercharged vacuum cleaner sucking up all the money these kids are throwing out the window. :)
How do you become a millionaire running a race team start with more than 2 million
Junior Johnson did say that it is easy to make a small fortune in racing by starting with a large fortune. 🤣
0:55 Like the Family Guy reference lol
How can/could your Subscribers obtain a Single F&F Bill?
I'd like to add one to my Garage Wall Collection.
Especially, if it was possible for you to SIGN it!
Good idea put the money back into GG. Only problem I see is whoever owns the copyright could stop it from happening.
Luv yea Case. You do make sense
I really like the content in this video. I appreciate that you took the time to discuss and post it.
Love the E9 shirt too! 👍👍
Edit: are those Kuwaiti Dinar or Iraqi Dinar? 🤣😉
You know that you can sell the fast and furious money on eBay?
Is that new watch an asset?
Casey...how dare you!!! You talk about the value of money yet you use a 15.99 cylinder of MAP gas to 'burn money' when a 4.99 cylinder of propane would have had the same effect. Glad you have money to burn :). Love the content. Get up the good work!
:)
I gots bougie gas!
DALE Ernhart JR. you need too look at this man
I do not know if can help ? But if you want to go to cup levell he can
I remember being younger and thinking I would love to be a racer but learned about how much it cost, it's crazy how people still don't get how you could afford an expensive car but not afford to race. I've met people who race in different series and they're either someone who really loves racing for the sport and don't care about or they're ego driven and are just trying to what they think rich people do, the latter are a weird breed lol.
Subscribed!
That, my friend, is the hippie philosophy!
Sad that so few see "assets" the same..
arrg, desire to see if real money burns better intensifies, but this video makes clear this is not a good idea
Of course this "inflation" isn't "taxes," .... it's price-gouging by corporations that have too much market dominance, and wealthy people that already run the table. They're making record profits, inflationary pressures, never mind the government's few regulatory options, haven't even touched em yet.
As for the student loan forgiveness things, I wouldn't be a direct beneficiary, but the problem here *is* a whole couple generations got pretty screwed by predatory lending, and no, the people that said they'd pay people well for people with those degrees *didn't.* Just raised the prices on everything around. Cause they could.
Not to disparage the value of trade skills. (That's where I went, when I couldn't even get loans. Genius Garage mighta done a young gal good if there was something like that back then. ) But my little business here won't prosper if a couple generations of potential customers are impoverished, even for me to fix their boring stuff, never mind have enthusiast things to need help with and learn on.
And, I mean, when I was young, it was very hard to get paid, and you'd eat a lot of dime ramen and quarter mac and cheese, but however many hundred dollars would get you a relatively-intact and complete vehicle to at least *make* cool in some way or other, when now they call the shell of one a bargain at twenty or more times the price. If you have the time, resources, skills and more money to bring it back. And the replacements for those in the market kinda stopped coming.
Anyway, the economy's messed up, but it's mostly messed up by how many people are or have been behind the eight ball for real all along, and keeping them there doesn't make life more 'fair' for anyone else, much less the better-off. The ideological battles mostly obfuscate who has the power to keep claiming ownership and setting prices and what's really going on.
Also I don't think you're a fake racer. I think you're an upper-what's-left-of-middle class guy trying to do it honestly. Youve got chips to play. Good advices on what to do if you've got some, I think.
(And as mods go, wild ones don't make money on a given vehicle. Things anyone might want to do that don't mean 'abuse' and done with quality and right, might hold the value. A few years ago someone was selling a lightly-modded 180SX and was asking what people thought was a silly price at the time, (Maybe 24K?) but they kept it nice, didn't do anything I wouldn't want to do, I was like, "If I had that in cash to buy a car with for keeps, that'd be sold.' (At this point people might pay that even if they still intended to slam and camber the thing or gut it, but it'd still be largely as I got it. I wasn't in love with the color, but things have a way of growing on me.)
Anyway, especially for a market with flippers, 'Someone Else's Mods' is usually a negative these days. Sometimes you can get a bargain there if you can undo them. :)
Very well said!
@OllamhDrab;@@ryano.5149
Yes, correct inflation is not a tax, but has some similar affects. Actually what is called inflation, is actually, mostly 'devaluation' of currency.
Some of the price increases, as currently with fuel, and previously last year, and previous years especially the situations in 1973 and 1978 were all due the direction, dictation, control of the Globalist/Elite Int'l major oil companies, which are basically a Rockefeller Conglomerate - Standard Oil.
However, this is a mixture of correct and false information with clear Socialist/ISM inDOCTrtination, and Propaganda
Key - 'Gov't Regulations'
They are illegal, unlawful, Unconstitutional via the US Constitution, Article I, Sections 8-10, The Legislative-Congress has limited,restriction authority, power and areas of Legislation, The only regulation permitted is commerce between the US and other countries and between states. NONE other. They are to set standards of weights and measures and valid coin, currency and appropriate legislation for enforcement. Other wise they can asses taxes, duties upon goods, services, imports, etc. - not income, wages, profits, etc. - the 17th Amendment is necessary for that addition-, for the Government to have the funds necessary to operate the necessary functions including the military, protecting the seas, ships from pirates, etc., establishing, if ,as necessary Executive Departments which execute the Laws, Rules, etc., Also they are to establish the Rules of Bankruptcy, Postal Services
[See the details: constitution.congress.gov/constitution/]
The Regulations of business, businesses, monetary, financial, banking, investments, stocks, bonds, commodities, housing, building, labor, food, beverages, water, land, transportation, communication, medical-health, safety, clothing, education, 'social services', substances, Arms, environment, energy, production, manufacture, science and technology - except means to provide and encourage further development, publications, creative expression, music, entertainment, media, etc.
All The Best
Sincerely
Yes, but you forget about the "necessary and proper" clause, of course, which does give congress the power to make all laws "necessary and proper," per the letter of the law.
Tell it Casey, tell it!!!!!
Casey what watch are you rocking? Kind of relevant to the talk. Great lecture Casey much thanks
Maurice Lacroix Flyback Chronograph Indy 500 edition
I bought it for 1/5 of the original new price 20 years ago.
@@CaseyPutsch That 'sounds' like a good price, but is it still a good value or a 'show piece' which was purchased at lower that selling price that was highly inflated, my multiples ?
Mayn such 'status symbols' are, even if they may be finely made, designed machines.
It certainly is NOT among the misconception of 'asset' You claim either.
Buy low, build well, sell high, shampoo, rinse, repeat....
I get the point, but if you take this advice outside the specific sphere of automotive enthusiasts it's just depressing.
Don't spend money if it doesn't make you money, no matter what.
You seem like a cool guy Casey, but some of the stuff you say is either just sad, cynical, or, on a rare few times, blindly uninformed (which I can't really claim is the case here).
Did he say to apply it to the rest of your life?
Good vid
I've burnt more money in my 40 years of life than most people have in twice the time and I don't have much to show for it! Now I'm starting my own business and hoping it will keep my family surviving. I'm actually glad I watched this video! I need this!
Yes this cars in general, wish I spent more on cars it would have been a push but almost bought a koenig f50 for 250k about 10y ago 😢, got talked out of near everything being sensible, managed to snag a crx, red top Japanese sti, a Plymouth cuda, a factory order manual v12 vanquish and few others i try go on the idea of buy everything as investment even my some of my furniture and item too 😆
You'd like the Timcast IRL podcast Casey. One of the great suggestions they had there was having the universities co-sign on the student loans. If the student defaults on the loan, the university has to pay the bill.
They'd stop allowing thousands of people to graduate with a masters in photography if that were the case!
I can't tell you what an inspiration you are to me. I've only owned 3 cars and I'm about to flip my second to pay for my third outright. It's so nice to hear you say what I've been saying in a world that scoffs me off. Thank you again. P.S., you're also a massive inspiration to me because I hope to one day inspire the younger generation, with the way that you teach them, just like you do too.
Casey's here teaching the lessons that took me 20 years to learn. My parents tried to tell me these things but I refused to listen and learned the hard way.
I love the content. But the torch clicking on and off killed me while wearing headphones.
Casey is the man! Even when he's talking about the negative side of the love of cars or the lifestyle thereof, he always shows you of the positive that exists. Truly motivational.
watching this video feels like you are burning your time
What does that mean
Jesus loves you
If you look at vintage racing the people who watches them and the people who are owners see a car on the track knows one day it will be on the market. But if you don’t run the car no one knows and when the car hits the market is it a real racing car or someone built a old chassis in the a car? People loves race cars with a racing history. Not some should been car. Look at Jay Leno his TH-cam channel is a show case of his cars and other mechanical marvels. So one day when his cars and other stuff hit the market if it doesn’t become a museum people can look them up to see if what they are going to buy was Jay’s or not. And some day some one is going to look at the King Zero videos to see if it is the real Casey Putsch car. They are going to look at your videos on the car to see if it is real or not. And in 50 years who knows they maybe watching the videos to restore it for some over priced car show. And you will laugh because you built it and a airplane hanger with scrapes and a old Porsche. And on a different note I like Jay Leno when he show cases a home built car someone built like the three wheel Indian car two brothers built because their father said if you want a car build one.
A friend of mine worked with Robert Kyosaki for years.... Robert taught him about investing. My friend taught Robert about Bitcoin. Took Robert a while to come around... but now he sees the value of getting far away from the central banks that are robbing us blind through inflation.
Yeah, that didn't happen.
You're having WAY too much fun burning fake money!
Yup!
@@CaseyPutsch 😂🤣
You blamed the 2008 crash on the gov't twice, care to expand? Are the bankers and traders not liable at all for their unethical practices?
The govt did the bailouts.
Ethics aside the govt paid out
In my limited world I’m invested in old cars though 1/64th scale - i.e. Matchbox 50’s / 60’s & 70’s - and now they are starting to be worth something. Some more than real cars.
I’d love to see an example of buying a $40k car, putting $5k into it, and selling it for $120k. That’s ridiculous Casey, come on. I agree with the concept, but this is a horrible example.
Casey, I like you a lot, but this feels pretty bitter towards people who can afford to race? It's not fair, but I don't understand what they did wrong.
Altered the sport so money is the only point of entry.
@@CaseyPutsch that's a good answer, thank you
🚀Nice video, please what is the best way to make huge profits from investing
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My take on this video is LET’S GO BRANDON!
Damn right
Exactly...
Also Casey you should build a cyclekart cyclekart or few for genius garage. Great hands on project to start off with and cheap! Also I would love to see how you would bring some modern tech into a cyclekart, such as composite monocoques.
I'm here to troll. what a terrible video with no useful information 🤠🤣😅
0:02 Man, those notes are the property of the US afaik :)
Why? They are a movie prop
Clueless
I like you, and I respect you.
Everything you said is true, but the way you said it made it seem like you're a bit cocky.
But is it cocky if you can back it up?
Here, take my like.
:)
This video is very false. Casey is a very bitter person.
This is why i want to start car flipping
i bought a 1997 Volvo V70 diesel for 1300 bucks 5 years ago, i drove it for a 100 thousand miles and sold it for 1300 bucks. the only expense was normal wear items and fuel. and spread over the years it made it so i could have fun and drive everywhere with out huge bills every month in car payments.
First
Very sound advice here. Myself I make it a habit to keep cars rotating in and out and buy off season. It's been doing me well for 20 years now.
Can't say I'm not disappointed you won't be making that Auto Union type C Stromlinie, but I understand the decision.
GDP == C + I + G + ( X - M )
C = Consumer Spending
I = Investment/Business Spending
G = Government Spending
X = eXports
M = iMports
.
one notices that the formula is neither particularly complex nor precise.
one notices that there is no adjustment for Inflation. thus, large excursions in the Inflation number will "look good" for GDP purposes due to this being characterized as "more economic activity". the next time you fill up with gas, thank Joe Biden for the economic improvement.
one notices that there is no consideration of Debt / Deficit Spending. ie - for the purposes of GDP, deficit spending is BETTER than responsible spending / living within your means as once you start Deficit spending you are no longer constrained by how much money you actually have on hand.
one notices that there is no acknowledgment of the deleterious effects ( excess taxes, dilution of Cash through Inflation, money printing, etc ) of excess government on the private sector.
.
but one thing that is particularly amusing is the Trade portion of the equation. the US has continually run trade deficits since the mid-80s under Reagan. we set a record in 2021, exceeding a $Trillion for the first time while the nominal 2021 GDP was ~$23 Trillion.
.
do you want to improve the US economy? well, according to the GDP formula, we should ELIMINATE ALL INTERNATIONAL TRADE. immediately. considering that the Constitution says that the Federal .gov is *supposed* to be funded by taxes and import duties, it should be noted that the Founders were in no wise in favor of "international free trade". who is in favor of international free trade? Karl Marx. he argued that international free trade would drive the emergence of the international Proletarian Consciousness and lead to the genocide of the Bourgeoisie. which, you know, he demands.
.
now, why would the government economists adopt a metric which is so obviously stupid and counter productive to their own stated economic goals?
@Ondam's Razor;
Thank You for showing me this equation.
I was wondering what this relatively new 'term'-acronym, that is used so often.
From this explanation, it is clear, obvious, certain to me what they are 'talking' about, why, why they changed it, and what benefits they have.
This is the 'new' Falsehood, Pretense, Lie, InDOCtrination, Propaganda of the the Globalists/Elite for their Financial, Monetary, etc. corporations and their 'politicians' to use, convey, present, portray, in addition to their previous distortions.
These Gov't and University Economists are among the direction, dictation, control of the same Elite.
Also, These same Economists used a different set of definitions, terms, 30, 40, 50 + years ago. They used simpler Economic models, though still, also falsehood, pretense, lies, etc.
The older, precious term-acronym is GNP= Gross National Product. 'Investments', stocks, bonds, trade, consumer spending, government spending [which actually increase devaluation/inflation], exports, imports were never included. The export/import, trade balance is a separate calcualtion, affect, influence, etc.- also for False Gov't use, misuse, abuse.
Economics, like sociology are at most a study, but worse. =>They make up, contrive the rules as they go, according to their desired portrayal, narratives, etc.
@Casey Putsch;
He is also conveying many of these falsehoods, pretense, lies, false information, distortions, false incorrect terms, definitions, etc.
- even if he think or claims they are his basis within his life and correct.
A. Assets not as described or defined
B. Liabilities not a as described or defined.
C. Automobiles, cars, vehicles have other categaroties
-1. Business expense for use as tools => generate business profit
- - taxi, car, transportation services, transportation of goods, products, transportation for employees, employment, sales, meetings, presentations, etc.
D. Increase in sale 'value' is not always accurately 'real value' increase - devaluation of currency/inflation - this is NOT investment nor profit, rather loss.
E. Education may be a worthwhile expense, but NOT an investment, though more recently may 'politicians', banking, financial, etc. people intentionally choose to call it so - deception, distortion, falsehood, pretense, lies, etc.
F. Expense, Expenditures, Costs are NOT= Liabilities.
G. Casey is clearly excluding the common expenses of life: Food, drink, water, shelter, often transportation.
H. For most also , their vehicle is a cost, expense which is necessary nor nearly so for transportation.
- There are other means, ways, methods of transportation.
- Each could be or must be properly assessed, evaluated, calculated, etc.
I. The value of the currency of or for any country is NOT based upon GDP, GNP, etc. - The Int'lBankCosort-FED/IMF/WrldBnk/etc. direct, dictate, control, especially after they dissolved all 'metal'-base values-gold, silver, etc.- Now just 'funny','play',monopoly'money, just values in accounts they contrive, devise, direct, dictate, control - guiding, directing all to use their 'plastic'-CC-dbt-cards soon CBDC.
J. A person may choose to be involved in business to achieve profit by products, services, repairs, modifications, etc. within vehicles
-whether as a primary, secondary, or pay for a hobby including with vehicles for show, play, racing, enjoyment, etc.
-similar with his father-parents in Golf - as a local teaching professional, tour player, course owner.
- -most all of the individual which payed to use the golf course, did so for person enjoyment, entertainment, etc. as with tennis and many other physical activities => such, racing vehicles can be similar. You con't have to be wealthy, rich, upper class, etc. to play golf, tennis or race vehicles, - just the amount of funds, to pay for the expenses - some can also be involved in receiving monetary payments or other means via trades, etc. to manage their 'hobby' for enjoyment.
In the book "See You at the Top" by Zig Ziggler, he brings an example of a very successful insurance salesman to explain some important principles.
He asked the salesman about his reasons for being involved and successful insurance - expecting various ideas, concepts with the benefits of the insurance for the insured and his person satisfaction, appreciation for/with them and thus helping the individuals accordingly.
The salesman said: "Sailing" - his enjoyment with sailing is what is his basis, inner drive for success with selling insurance.
A. The true basis of a person goal, desire, etc. whatever they are - if humanitarian or selfish or some combination are the 'inner drive' for success.
B. Human enjoyment, pleasure is for most, or many, is their primary - whether physical, mental, esoteric, humanitarian, or other wise.
Thankfully, my father [O"H], from a generation perhaps close to Casey's grandfather [since my life is nearly 63 years- basically a generation older than Casey], that gave me basics in business principles, In college of my choices, besides engineering, for one of my general courses was ECON 101, Macro-Economics. This clearly was with the previous set of terms, definitions, etc. Through my years later, as a design engineer, my life also was directed to meet with some very wealthy business people, that developed a system of teaching, developing many other successful individuals within business, including the many which developed with in that system and business association. The range of people, individuals, their backgrounds, knowledge, education that were successful, with may multi-millionaires then is vast [before Casey was born and some during the decade and more after and since]. Also through them, within the system, WE were introduced, guided to read, study from a few key, important books. some from the most successful people
-Have You heard, read of "Think and Grow Rich" by Napoleon Hill - interviewed, compiled from the most wealthy in early 20th C, esp Charles Schwab.
-other essential attitude, PMA
-communication & interpersonal skills
among these the basic principle: Those that are wealthy, especially developed wealth, know properly what is required - never the popular nor publicized.
All The Best.
Sincerely