Shams: Boston Celtics are trading C/F Noah Vonleh and cash consideration to the San Antonio Spurs

[ambchang]

I hear where you're coming from on this but it sounds like you're looking at buying something in your area that you might want to live in. That's not what my focus was. I was looking strictly for things I could invest in to increase my net worth. If I were starting from scratch today I wouldn't be looking at a $600k property to start with. I'd focus on eliminating my bad debt (and all debt isn't bad despite what some pundits say) and focus on building up my cash reserves. I'd probably park it somewhere safe with a steady return (RYLD stock symbol or something similar for instance..but keep it diversified) so I can build on my cash while adding to my reserves. Then I'd look for properties I could buy with cash flow attached. That could be residential or small commercial. I'd spend time between now and when my reserves were built up to educate myself on different markets around the country. There are places where you can get properties much less than those around you and honestly much less than those around where I live now. If you're smart and determined you can build generational wealth even with some of the things stacked against you from a government/ regulatory point of view.

Remember a couple things here (and understand I'm not debating with you I'm just trying to impart some of my history and what I've done so hopefully you can find something in there that gives you confidence and helps you going forward...because this is not my normal message board topic) 1) All things are relative, so even though prices are inflated today so are rents. So there's a balance between price and cash flow you need to focus on. Keep that in your mind at all times. 2) once you break the barrier of entrance and get in you'll grow from there. What seems like a large investment now will seem small in 10 years as you grow. 3) Focus on and find enjoyment in the 'deal' not the money. If you just want money and don't enjoy the deal you'll stop to soon and won't reach your potential. Educate yourself and find pleasure in the 'deal'. 4) Remember that a deal requires two to tango and its only a good deal if everyone walks away from the table with something they feel good about. Why? Because you're gonna want to do future deals with that person and you'll get better ones if they feel good about working with you.

I've done this and grown for 30 years now (52 years old). I've expanded from residential real estate to commercial and rural real estate (with a focus on timber holdings), then I went into Wetland Banks (you can Google what they are if you aren't familiar) and even a few intellectual properties, but it all started with that first house I borrowed about $65k for and sold for about $80k. I hope you (and anyone else who reads this) can have the right at ude and pull something from my experiences to improve your own financial standing.

Don't dwell on the barriers to entry....focus on the opportunity and solutions to any issues you face personally.

I wish you much luck going forward...

Thanks for the advice but I think we are coming from this very differently. My point is that to invest you need a base principle that is worth investing in the first place that can bring a healthy return. Even having something with a healthy return of 10% a year, you would likely require $50k or so in disposal income to have any type of meaningful returns to increase networth. For a generation where even getting a basic job to pay for day to day expenses is a challenge this isn’t something available for most people.

[mo7888]

Looks like we are bringing back Dieng on a 10 day contract

Wow

Honestly, I didn't think that was allowable under the rules..

[KingKev]

Lol I guess with the injury to Jak. He is probs still in town doing nothing. Might as well make another 50k

[CGD]

Lol I guess with the injury to Jak. He is probs still in town doing nothing. Might as well make another 50k

More like $150k. Not a bad deal considering he also got his full salary too.

[cjw]

Looks like we are bringing back Dieng on a 10 day contract

Wow

Honestly, I didn't think that was allowable under the rules..

You’re probably thinking of rule where an acquiring team can’t waive a player only to be resigned by original team. I think that restriction is a year.

You can waive / resign anyone on your roster as it stands.

Dumpint Dieng was done purely to facilitate the trade.

[Mr. Body]

Kind of figured Dieng would stick around. Apparently a good locker room guy and the bosses like him a lot.

[talkspurs]

Looks like we are bringing back Dieng on a 10 day contract

Wow

Honestly, I didn't think that was allowable under the rules..

I think you only cant bring him back if you traded him and then released him. Since we waived him before the trade and just sent Boston back a 2nd rd pick he was free to sign with whoever he wanted to. I think we did the same thing with jordan hall or alize johnson this year.

[talkspurs]

60k a year is crazy money for a fresh grad in 1992. It’s unlikely for most fresh grads to even get a job paying $60k a year even today. It is also not likely people can get Pell grants. It’s even less likely that people can get paid $60k a year now, even if they have the fortunate financial family support to live at home afterwards (which most people won’t have), to save up for down payment. After taxes and normal living expenses, it would be fortunate to save up $35k a year and that is assuming you’re pretty much leeching off mom and dad and paying nothing in utilities and rent and even minimal groceries. With a condo cost of $600k and a down payment of 20% ($120k), it would take about 4 years to save that up. Once you move out, you have a $480k mortgage. At 5% at 25 years your monthly payment is about $2800 per month, which means you are paying about $34k in mortgage on a $60k salary over 25 years, which leaves you nothing for clothes and groceries and utilities and condo fees after taxes. And this is just the investment property so there is another property somewhere you live in. I’m not sure how you make it work back then, let alone now, granted condos back then were about $150k each which makes the math much easier. So the suggestion for todays kids is to invent a Time Machine

A lot of people get Pell grants. I am guessing by the numbers you are throwing out you do not live in San Antonio. So I will give my story. Went to college worked at Jims and Sonic to pay for most of my college. No Pell grants had one loan and saw the orignation fees charged on it and decided not to do that anymore. Went to community college and Jims (restaurant) would pay 500 towards each semester if I got good grades. (a lot of places do tuition reimbursement you just have to ask). Moved to San Angelo and worked at sonic till I graduated in 2008. did not make much above minumum wage still but continued to live cheaply. very little AC ($40 electric bills in Texas during summer was my highest). Moved back to San Antonio got a job that paid 34 k a year. Bought a house in 2013 at bottom of market for 71500. I think I was makeing about 38 or so a year at this time. still keep my cost low but houses still in SA you can get a decent one for 200k which even at 20% down in 40k not the 150k you talk about. You can put a lot less down then that.

As for jobs paying 60K. look at being a teacher they pay 55k first year out of school other then that your looking a a few jobs that a going to get you the 60k with a bachelors out of college.

As far as taxes are concerned. I dont like all the write offs it should be a flat tax, you make this much this is what you pay. get rid of deductions exceptions. this is what rich people use to make it look like they make nothing.

[slick'81]

Dieng lives!!!

[exstatic]

A lot of people get Pell grants. I am guessing by the numbers you are throwing out you do not live in San Antonio. So I will give my story. Went to college worked at Jims and Sonic to pay for most of my college. No Pell grants had one loan and saw the orignation fees charged on it and decided not to do that anymore. Went to community college and Jims (restaurant) would pay 500 towards each semester if I got good grades. (a lot of places do tuition reimbursement you just have to ask). Moved to San Angelo and worked at sonic till I graduated in 2008. did not make much above minumum wage still but continued to live cheaply. very little AC ($40 electric bills in Texas during summer was my highest). Moved back to San Antonio got a job that paid 34 k a year. Bought a house in 2013 at bottom of market for 71500. I think I was makeing about 38 or so a year at this time. still keep my cost low but houses still in SA you can get a decent one for 200k which even at 20% down in 40k not the 150k you talk about. You can put a lot less down then that.

As for jobs paying 60K. look at being a teacher they pay 55k first year out of school other then that your looking a a few jobs that a going to get you the 60k with a bachelors out of college.

As far as taxes are concerned. I dont like all the write offs it should be a flat tax, you make this much this is what you pay. get rid of deductions exceptions. this is what rich people use to make it look like they make nothing.

His numbers were based in the early 90s. That kind of money then would need to be doubled to match todays dollar value, so, $120K starting salary right out of school. He also said that Pells covered most of his tuition. That would never happen today either.

[JPB]

The real estate thread.

[slick'81]

I've learned soo much about financial investing

[heyheymymy]

Deing is the risen messiah back for the 3rd coming

[talkspurs]

His numbers were based in the early 90s. That kind of money then would need to be doubled to match todays dollar value, so, $120K starting salary right out of school. He also said that Pells covered most of his tuition. That would never happen today either.

I was talking about ambchang. He never mentioned where he was getting the 150k down payment. you could actually get an ok house in SA for that amount. The Pell grant would still fully cover tuition at a community college and they would get a refund. Also lots of state schools have it to where if you get the pell grant you have have your tuition covered. so why Pell may not cover the tuition, it could still be covered for the student.

[spurraider21]

So we lose some cap space in exchange for owners making pocket change

[ambchang]

A lot of people get Pell grants. I am guessing by the numbers you are throwing out you do not live in San Antonio. So I will give my story. Went to college worked at Jims and Sonic to pay for most of my college. No Pell grants had one loan and saw the orignation fees charged on it and decided not to do that anymore. Went to community college and Jims (restaurant) would pay 500 towards each semester if I got good grades. (a lot of places do tuition reimbursement you just have to ask). Moved to San Angelo and worked at sonic till I graduated in 2008. did not make much above minumum wage still but continued to live cheaply. very little AC ($40 electric bills in Texas during summer was my highest). Moved back to San Antonio got a job that paid 34 k a year. Bought a house in 2013 at bottom of market for 71500. I think I was makeing about 38 or so a year at this time. still keep my cost low but houses still in SA you can get a decent one for 200k which even at 20% down in 40k not the 150k you talk about. You can put a lot less down then that.

As for jobs paying 60K. look at being a teacher they pay 55k first year out of school other then that your looking a a few jobs that a going to get you the 60k with a bachelors out of college.

As far as taxes are concerned. I dont like all the write offs it should be a flat tax, you make this much this is what you pay. get rid of deductions exceptions. this is what rich people use to make it look like they make nothing.

Not San Antonian. Not close. Where I’m at most people make about $55k out of school, a one bedroom anywhere close to downtown or on a subway line is about $500k. Minimum. You can expect a single garage detached home to be at least $1m in any decent area, two car garage detached would be $1.2m on up. Forget investment, most people live paycheck to paycheck.

[buttsR4rebounding]

I'm my case after I got out of college I cut my spending to the bone and saved enough for a down-payment on my first property and got a loan from a local bank for the rest.

This was my point: delayed gratification. My wife and I set a goal and set aside 15% of our income into savings; saved up and bought some RE, then eventually a small assisted living facility. I now run 4 small businesses and employ 27 people. Getting ready to buy a Ho e company with my partners. But it all starts with living within your means.

[ambchang]

I was talking about ambchang. He never mentioned where he was getting the 150k down payment. you could actually get an ok house in SA for that amount. The Pell grant would still fully cover tuition at a community college and they would get a refund. Also lots of state schools have it to where if you get the pell grant you have have your tuition covered. so why Pell may not cover the tuition, it could still be covered for the student.

I actually did. As housing is about $600k for a one bedroom condo around my parts I used 25%. This is, I thought, rather common in most large American cities like NY, LA, Chicago. Toronto and Vancouver. But if the numbers used are say$150k for the entire house, I can see how people can save up and get their own place but not sure what the returns would be to get, say $5m in assets over a reasonable time.

[talkspurs]

I actually did. As housing is about $600k for a one bedroom condo around my parts I used 25%. This is, I thought, rather common in most large American cities like NY, LA, Chicago. Toronto and Vancouver. But if the numbers used are say$150k for the entire house, I can see how people can save up and get their own place but not sure what the returns would be to get, say $5m in assets over a reasonable time.

So what city do you live in? I looked at Chicago and they looked like they had decent houses for 200k. these were 3/2. Isaw lots in the 59k range but they needed rehab I dont know the city so cant sy what part of town these are in. I also looked at NY and saw some 1 bedroom apt/ condo for 200 k. So yes you can still find some somewhat affordable it just depends on what you are willing to sacrifice.

[ambchang]

So what city do you live in? I looked at Chicago and they looked like they had decent houses for 200k. these were 3/2. Isaw lots in the 59k range but they needed rehab I dont know the city so cant sy what part of town these are in. I also looked at NY and saw some 1 bedroom apt/ condo for 200 k. So yes you can still find some somewhat affordable it just depends on what you are willing to sacrifice.

Toronto. Things used to be relatively affordable but then it went crazy in the last 15 years or so. I’m glad I got on the last train so to speak. I doubt I can afford my own house in todays market and I make decent money by most standards (not crazy money but definitely above those median incomes published by the government. But it is impossible for me to invest in any real estate around here. The pricing crashed due to mortgage rate increases over the last year but they are still crazy expensive.

[The Truth #6]

Real estate is the most typical way someone becomes a millionaire I would think. It’s rare, but every big city has the former stripper who left the pole, got a real estate license, and started acquiring and flipping properties along the way. The economy is definitely based around real estate and the ebb and flow of interest rates. Making houses is about the only thing that is Made in America anymore, except weapons. Anyway. Interesting discussion.