It's not what you make...it's what you keep.
First, you can't get a jumbo loan for less than 7.0% and the closing cost of a jumbo loan quite high and sometimes prohibitive.
Second, they can only deduct up to 100k of interest on the mortgage and it has to be their primary place of residence, not investment home or vacation home
Third, did you consider that they have to pay capital gains tax on the investment income that you mentioned.
I am just saying it doesn't always work out that perfectly. If you really have the money, buy it out right. They shouldn't be stepping up to those type of homes if they can't AFFORD it.
It's not what you make...it's what you keep.
I just used 5% for the sake of argument my Brother. Even if you use 7% you can still make much more than that on the yield of your investment. And there are ways to get around capitol gains tax. I'm not following you on your second point. All I'm trying to say is don't let your money sit still. make it make money. I'm not an investment broker or a tax lawyer so I'm not sure about the intricacies of it. And your totally right on your point that I gave a "perfect world" scenario. I will say this though with total confidence. 4.5 mil (just using that number for the sake of argument) will yield you MUCH more dividends invested than sitting tied up into a house. Agree or disagree?
BLACKS OR WHITES?
on a flipside, with those massive houses and maintenance expenses i am not surprised at all...just check out the MTV cribs you will se the difference btn a black baller and a white player
Its like someone just injected us with ignorance nut its good to know that most brothers are waking up now
I appreciate the respectful manner that you responded to me.I was expecting an all out assault, as is the case generally on this board
I am actually a real estate /corporate lawyer and I see your logic very well. Yes, 4.5 million can make a lot of money, but if 4.5mill is available to buy a great real estate property that will appreciate, you,re better off just buying it in cash if you really have the cash. I can discuss this forever.
Remember, that the property itself appreciates too.
You son!! You heard that new group!!!
i can believe this number to be true because if you aren't a "household name" than really nobobys gonna remember you.
What does being remembered have to do with the income you bring in?
For a player with 0 NBA experience, the minimum salary now is around $430,000 a year, which is more than enough to live off of.
Poor money management and lack of discipline (on and off the court) is why guys are going broke.
I appreciate the respectful manner that you responded to me.I was expecting an all out assault, as is the case generally on this board
I am actually a real estate /corporate lawyer and I see your logic very well. Yes, 4.5 million can make a lot of money, but if 4.5mill is available to buy a great real estate property that will appreciate, you,re better off just buying it in cash if you really have the cash. I can discuss this forever.
Remember, that the property itself appreciates too.
If I were making NBA dollars I would only save enough to live in a one bedroom apartment for 5 years and enough to finish my education. By the time I got finished I'd be back making that big money again.
In the meantime I would want all the cars, money, houses and illegitimate children I could produce. No sense living like you're poor when your not
I can believe this
I have seen it first hand
What happened D?
Your folks?
I'll just say if you aint smart with your money and got a bunch of leeches around it can happen to anybody
Damn that's a pretty high fukkin number...!
yeah it is! well i say invest (in property and make sure your there doing the investment and not just letting someone fool you into something!) and watch ur money and watch the company you keep!
Most of the people (maybe all) in this thread don't know what money is.
I'm no where near to making NBA money yet, but I'm doing pretty well for myself and my salary is slowly growing. One thing my dad taught me is that the shortcut in life is by learning from those with experience already and that we should learn what one can already do instead of having to pay someone to do it for you. E.g., I stay around lawyers, accountants, agents and business men. I learn from them, study their field of work and apply it to my own life. I'm never going to need to hire an accountant because I taught myself all the ins and outs of their sector of work.
The only person I may need to hire later in life is a lawyer, but even now that I have graduated, I'm always reading upon Criminal law, property etc. I'm not confident enough to represent myself yet if I ever neeeded to, but damn, it would work out better than paying someone half of my salary if it ever came to that.
Educate yourself brothers. Don't pay people money for a job you could easily do yourself. Listen to those who are more experienced.
LMAO probably because these Broads are taken all there money. Aint no way in hell you can blow away all that money in a few years.