Guilty Pleasures and Expensive Toys

The Gaim conference is in full gear and yet another of Bernie Madoff's boats is up for sale. Given as further evidence that not only the poor and downtrodden go to repo auctions, the fiscal elite is converging around the leftovers of the Madoff family ruins.

As the 90-footer some have called "one of the fastest ever built" is being offered for a paltry $4.3 million I thought we could have a little fun and make our own market on luxury items. After all, "The Bull" is the single most worthwhile item from Madoff's personal fortune to be auctioned off so far. Next to personal jets, boats are generally the most expensive toys of the ultra rich.

I remember watching The Lifestyles of the Rich and Famous as a kid and listening to Robin Leach guffaw over gilded trinkets. As I grew, I became quite the item whore myself. If I actually stopped to think how much money I spent on gaudy useless shit like rims or custom leather seats I would probably host a pimp slapping party with myself as the only guest invited.

Today when I see a luxury car or expensive toy pass by, I can't say I don't appreciate them...but I can definitely say that I no longer desire them. Then again I have conspicuously found myself asking myself the vaunted question more and more:

whatever happened to fallin' in love with a ***** with a bus paaaass?!

I recall a day trading buddy of mine back in the eternal bull market days paying for one of those Master P boughetto album cover type murals to be painted on his brand new Hummer.

It was a lavender/silver blend ith splashes of money green dollar signs and his nickname all behind a glossy bust of him. The paint job was hideous and ridiculous. The best part is that it cost almost as much as the car. You can imagine his unpleasant shock when people started coming up to the car in broad daylight asking him when his mix tape was dropping.

Any of you guys had a chance to make an audacious purchase, yet? Know of any guys in the industry that have? I always wonder what stupid, useless trinket other people are dreaming about throwing their money away on? After all, we couldn't have pleasures if some of them weren't guilty.

Comments (25)

Jun 25, 2011

Speaking of expensive toys, my biggest investor recently finished remodeling a yacht he bought...

http://www.youtube.com/watch?v=LQh5dhhTL7s
He spends his days sailing around the world picking up chicks, lol

He also has a daughter two years younger than me that's a solid 9, she's getting married today...FML

Jun 25, 2011

Btw do you have any pictures of your friend's Hummer?...that shit sounds awesome hahahahaha

Jun 25, 2011

That hummer right thurrr is "F you $$$". Sounds sick.

Jun 25, 2011

It's nothing earth shattering but I bought an Audi the same week I started the job. I hope to gift myself a Maserati convertible this year for Christmas.

Jun 25, 2011
jack_donaghy:

It's nothing earth shattering but I bought an Audi the same week I started the job. I hope to gift myself a Maserati convertible this year for Christmas.

Spending your entire bonus on a quickly depreciating asset might not be the best move there bud...

Jun 25, 2011
alexpasch:
jack_donaghy:

It's nothing earth shattering but I bought an Audi the same week I started the job. I hope to gift myself a Maserati convertible this year for Christmas.

Spending your entire bonus on a quickly depreciating asset might not be the best move there bud...

I agree with alexpasch.... you never know in what situation you'll be next year.,,, why not buy something that will INCREASE in value, especially if you have a nice Audi..

Jun 25, 2011
Midas Mulligan Magoo:

Today when I see a luxury car or expensive toy pass by, I can't say I don't appreciate them...but I can definitely say that I no longer desire them. Then again I have conspicuously found myself asking myself the vaunted question more and more:

Is it cause you can afford it yourself or have you no more desire in such mundane items?

Jun 25, 2011

@ alex

if i had a pic of that thing you could bet on it being my avatar/blackmail material for the guy in question
btw, i'm planning on utilizing your client's strategy in a few weeks...but i'm going with a canoe and a "help wanted" sign

@ zero power

its the upkeep...some of those expensive toys cost more to keep in tip top shape than their original sticker price

Jun 25, 2011
Midas Mulligan Magoo:

@ alex

btw, i'm planning on utilizing your client's strategy in a few weeks...but i'm going with a canoe and a "help wanted" sign

LOL!

Jun 26, 2011

I thought this was wallstreetoasis, not some high school janitors forum. "pay off a mortgage?" Do you really work these hours to pay for a mortgage, or do you not work in finance and just troll these boards?

If I'm going to forgo having a normal balanced life then I'm gonna drive a badass car to work.

Jun 26, 2011
jack_donaghy:

I thought this was wallstreetoasis, not some high school janitors forum. "pay off a mortgage?" Do you really work these hours to pay for a mortgage, or do you not work in finance and just troll these boards?

If I'm going to forgo having a normal balanced life then I'm gonna drive a badass car to work.

Well said

I Got a dollar and a dream...

Jun 26, 2011
jack_donaghy:

I thought this was wallstreetoasis, not some high school janitors forum. "pay off a mortgage?" Do you really work these hours to pay for a mortgage, or do you not work in finance and just troll these boards?

If I'm going to forgo having a normal balanced life then I'm gonna drive a badass car to work.

I don't "work these hours". I don't work anywhere near the hours that most of you lil monkeys work (or will work). I've already been there done that. I've also "been there done that" as far as blowing money on frivolous shit. I guess some people have to learn the hard way I guess...

I'd rather retire at 35 with 7 or 8 figures than have to keep working well into my 50s because my hatred of my job/life forces me to buy "happiness" via frivolous consumption...

Jun 26, 2011

My only guilty pleasure is 2006 Porsche Boxster ( not even the S version!). And it leaves me with almost empty 3BR apartment and very low savings. But I'm the happiest broke person alive! :-D I planned to upgrade for Used 2008 Porsche 911 C2. My gf don't even knows what to say anymore.
Guilty pleasure can be done if you do it on cash basis. Its a relative term. My guilty pleasure is used Porsche, your guilty pleasure might be tht USD 5 mil boat. Sometimes you need to hv the guilty pleasure in order to keep your sanity intact.

Oil & Gas monkey

Jun 26, 2011

Guilty pleasure? Almost no savings, a volatile job, an empty 3 bedroom apt for an unmarried guy? Sounds like fucking retarded to me.

Jun 26, 2011

the women of NYC

its one way or the other: hate me or admire.

Jun 27, 2011

you go retire at 35, and tell me how depressed you are at 36.

Jun 27, 2011
leveredarb:

you go retire at 35, and tell me how depressed you are at 36.

Haha what makes you say that? Whether married or unmarried, retiring at 35 with a sizeable piggybank can do nothing but further your happiness.

And if you do become unhappy, it will have nothing to do with having retired, but other factors that would have happened anyway...

Jun 27, 2011
alexpasch:

And if you do become unhappy, it will have nothing to do with having retired, but other factors that would have happened anyway...

bingo.

Jun 28, 2011
alexpasch:
leveredarb:

you go retire at 35, and tell me how depressed you are at 36.

Haha what makes you say that? Whether married or unmarried, retiring at 35 with a sizeable piggybank can do nothing but further your happiness.

And if you do become unhappy, it will have nothing to do with having retired, but other factors that would have happened anyway...

Because you will be bored out of your mind, have no purpose to your life etc...

M&I put it quite well.

Just observe some of your freshly retired relatives.

Unless your idea of retirement is continuing work at a lower intensity for an NGO/Government/IMF

Jun 27, 2011

If my life ever comes to the point where my guilty pleasure is a used Boxster, kill me.

Jun 28, 2011
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Oil & Gas monkey

Jun 28, 2011

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