Surprising Life Lessons I’ve Learned From Owning a Porsche

“It is so choice. If you have the means, I highly recommend picking one up.”-Ferris Bueller

After finishing 4 years of college, 4 years of medical school, and 3 years of residency training…it was official. I was an MD. An attending physician. I have arrived.

With over $200,000 in medical school debt to my name, a credit score in the high 500s due to defaulting on a student loan, and living like a hobo for several years in a cramped 1 bedroom apartment, I was ready to splurge. It was July 2011 and I was about to start my first job as an attending physician. I was 31 years old at the time.

What better way to make my entrance into the world as a professional than with a flashy new car. I’ve always loved cars and have always wanted a Porsche 911 Turbo.

I found a used 2005 Porsche 911 Carrera for close to $50,000. It was perfect. White with black leather. 6 speed manual. A head turner.

I loved that car. I felt amazing driving it.

Fast forward 3 months. The check engine light came on. Hmmm. Oh just the fuel pump. I need a new one. Subtract $$$$ from my checking account. Fast forward another 2 months. A got a flat on one of my 20 inch tires that was now $500. Then just the maintenance alone was ridiculous.

I started to get scared every time I started the car praying the check engine light would not come on.

I kept the car for a year then managed to sell it for $3,000 less than I bought it. Not a bad deal to get to own one of the best sports cars on the planet. The beauty of Porsche is that they hold their value very well and are amazing cars. I realized a few things though once I sold that car.

Every Shiny New Object Eventually Becomes “Old News”

There is a concept known as hedonic adaptation which was coined in 1971 by Donald Campbell and Philip Brickman. This essentially means that there is no net gain of happiness despite increases in money or lifestyle. We adapt very quickly to these changes and then start looking for the next best thing.

I thought buying that Porsche would make me happy. It did for maybe a few months. Then it was just another car. I drove it from point A to point B.

I started to realize I had 6 figures worth of student loans rotting with a high interest rate and I also had a large car payment for a Porsche. I was not making good decisions. I also was not saving or investing any money.

Too many people spend money they haven’t earned to buy things they don’t want to impress people they don’t like.

Will Rogers

I cannot put into words the amount of relief I felt when I got a cashier’s check for the Porsche and it was officially out of my hair.

Focus On Getting Debt Free As Fast As Humanly Possible

Knowing I had over $200,000 in student loan debt, no savings whatsoever, and a huge car payment…I knew I was on the wrong track. I just always had this huge weight sitting on me and knew I had to do something about it ASAP.

I managed to pay off that 6 figure student loan debt in 4 years by living way below my means. I stayed in that cramped 1 bedroom apartment for a few more years even though banks started asking if I wanted to buy the “doctor house.” I bought a used Audi A4 which was half the price of that used Porsche, but still was a great vehicle.

The things you own end up owning you.

Tyler Durden-Fight Club

All of those years of delayed gratification showed me that I don’t need “things” to make me happy. I had to buy that Porsche to find out for myself.

Spend Money On Experiences Not Things

After getting debt free, I raised my credit score from 5 something to 813. I have managed to save and invest close to 7 figures. I have also traveled all over the country and world.

I’ve realized that we can’t take anything to the grave with us but our memories. So go make some amazing memories.

I currently drive a 2015 Audi A3 and I love it. That’s about as pricey or flashy as I want to get for a luxury vehicle. At the end of the day no one cares what you drive.

In the past 10 years I’ve spent over 6 figures on over 100 trips. I got married too. My wife and I traveled all over the world. We’ve taken over 70 trips in the past 4 years. The money spent was well worth it. Traveling changes you. Go visit friends that are all over the country. Keep those relationships strong.

Save as much as you can. I try to save 30% of my income up to 50% each year. Whether you’re saving for a house, a “rainy day” fund, or retirement that should always be a priority.

Final Thoughts

I’m not saying I’m against buying a Porsche. By all means if you want one and it won’t bury you financially, you should. It was a great experience owning one for a year. I just realized that it’s just a car at the end of the day. It will lose its luster. You’ll be happier and feel lighter owning something less expensive. Your identity won’t be tied to something external like that either. Focus on your relationships, your life experiences, personal growth, traveling, stretching yourself, and building wealth.