Mr. WEO Posted June 22, 2022 Posted June 22, 2022 it's worse than that. the rest of his contract is tied up in this: 3 Quote
Fan in Chicago Posted June 23, 2022 Posted June 23, 2022 (edited) 6 hours ago, PromoTheRobot said: Lost half it's value? Compared to what exactly? I presume he means due to inflation. Roughly , 2% inflation a year would halve the value in 20 years and that inflation rate for the US sounds right (ignoring the past several months which are an anamoly for the modern times) Edited June 23, 2022 by Fan in Chicago Quote
cba fan Posted June 23, 2022 Posted June 23, 2022 6 hours ago, PromoTheRobot said: Lost half it's value? Compared to what exactly? compared to it's most recent high. Quote
The Dean Posted June 23, 2022 Posted June 23, 2022 5 pages devoted to complete bulls#it. Well done! https://profootballtalk.nbcsports.com/2022/06/22/trevor-lawrence-denies-losing-15-million-in-crypto/ And I'll never understand why anyone would give a single hair of a rat's a$$ about crap like this, anyway. But it's fun to watch you chase your tails over things that don't concern you at all. 2 Quote
CoudyBills Posted June 23, 2022 Posted June 23, 2022 On 6/21/2022 at 7:46 PM, PromoTheRobot said: Aren't they all taking on water? For sure. They are, high correlation to the nasdaq. They will fall independently as well, but everything is down big lately. Quote
PromoTheRobot Posted June 23, 2022 Author Posted June 23, 2022 2 hours ago, cba fan said: compared to it's most recent high. A dollar is worth 100 cents. Same as 1968. Again, what scale are you using? Quote
Mango Posted June 23, 2022 Posted June 23, 2022 On 6/21/2022 at 5:25 PM, DrDawkinstein said: Says he got paid on May 2, 2021. Right when BTC was peaking at ~$58,000. And then crashed the next week back to ~$30k. Rough if the timing is accurate, but it did jump up again in November to an all time high in the $60ks, so maybe he sold off then after seeing how the summer went. Or he's still holding for the long haul. I'm sure he's mostly living off endorsement money anyways. Football money is to play/invest/gamble with for some of these guys. Looks like he pulled the tweet down. But I did Google when Lawrence signed his contract. It was July 5th. He’s lost a substantial amount depending on how he spread that money out in crypto. But he didn’t buy at an all time high. His BTC was around 33k and Ethereum around $2k 1 Quote
Buffalo ill Posted June 23, 2022 Posted June 23, 2022 I am a crypto novice. A few months back a coworker was so passionate about a particular cryptocurrency that I purchased some. Lo and behold it massively went up in value. Too bad coinbase is holding it hostage. Quote
Freak-O Posted June 23, 2022 Posted June 23, 2022 If you get paid that much and then risk a large portion of it trying to hit the jackpot with crypto, you’re either stupid or greedy or both. Quote
SoTier Posted June 23, 2022 Posted June 23, 2022 14 hours ago, Alphadawg7 said: There is only one investment you ever put a large portion of your net worth into…and that’s real estate. It’s forever, there will never be more, and it will forever go up in value, even after it dips during recessions. Why these dumb idiot athletes invest in anything else is beyond me. He could have put $10M into rental properties, paid cash, let a company manage the tenants and renters, and collected easily be generating $60k-$80k a month in rents for life all free and clear with no mortgages while his property portfolio value would continue to climb over time. Its so easy it’s sickening to see athletes go broke. Even when property values decline, rents stay the same. It’s the easiest mail box money in the world, and it’s why the 1% club of the wealthiest people mostly built that wealth on real estate. This is a very simplistic view of investing for building wealth. Contrary to your rosy scenario, there are numerous pitfalls in real estate investing, not the least of which is that real estate is perhaps one of the most difficult assets to liquidate. It's also prone to disastrous hazards that can wipe out most of the investment in minutes: fires, earthquakes, floods, etc. Real estate investors also have expenses that simply don't apply to stocks or crypto or precious metals, namely they have to maintain their properties even when they aren't bringing in rents. IOW, investing in rental real estate has some real drawbacks and not for everyone. Your observation about the 1% club isn't correct. Making great fortunes in real estate generally involves speculation or the development of real estate rather than long term ownership of residential or commercial units for rental income. 1 1 Quote
Alphadawg7 Posted June 23, 2022 Posted June 23, 2022 3 hours ago, SoTier said: This is a very simplistic view of investing for building wealth. Contrary to your rosy scenario, there are numerous pitfalls in real estate investing, not the least of which is that real estate is perhaps one of the most difficult assets to liquidate. It's also prone to disastrous hazards that can wipe out most of the investment in minutes: fires, earthquakes, floods, etc. Real estate investors also have expenses that simply don't apply to stocks or crypto or precious metals, namely they have to maintain their properties even when they aren't bringing in rents. IOW, investing in rental real estate has some real drawbacks and not for everyone. Your observation about the 1% club isn't correct. Making great fortunes in real estate generally involves speculation or the development of real estate rather than long term ownership of residential or commercial units for rental income. No disrespect but hard disagree. I’ve done this, my friends and family have done this, and many of the wealthiest people I know have done this. I’ve never met a wealthy person who didn’t name real estate as the most secured investment. Real estate is a safe and wise investment. Doesn’t mean you can’t still make dumb decisions. Like with anything else, you can still do it wrong and make mistakes. But intelligent real estate investment can’t be beat in terms of security. And when you pay cash for property your holding costs are minimal because you have no mortgage expenses. The real estate disasters you speak about generally come with over extending yourself or buying foolishly. People can’t handle the holding costs. But when you’re buying $250,000 SFR in all cash, your taxes and insurance are minimal and maintainable if there are any gaps in your rents. And if you have long gaps in renters, you either bought in a terrible location or you need to fire your property manager. And if you’re the property manager, you definitely need to fire the property manager and hand it over to a professional. $5M will get you 20 SFR at $250K each. Places I would buy them would easily rent at $1500+ a month. That’s $30k a month in passive recurring income. Forever. Additionally, if you buy them distressed and remodel then your portfolio value will already be 20-40% higher the moment the first renters move in. It’s not hard, it really isn’t. Quote
Mat68 Posted June 23, 2022 Posted June 23, 2022 It was a publicity stunt. He signed with a crypto company that paid him that much in bitcoin. Quote
Poleshifter Posted June 23, 2022 Posted June 23, 2022 On 6/21/2022 at 6:30 PM, Rigotz said: .... not recently. They have all gotten smacked the past 6 months. But some of them will be coming back strong. Others will not be coming back from their decline. Quote
Poleshifter Posted June 23, 2022 Posted June 23, 2022 On 6/21/2022 at 5:25 PM, DrDawkinstein said: Says he got paid on May 2, 2021. Right when BTC was peaking at ~$58,000. And then crashed the next week back to ~$30k. Rough if the timing is accurate, but it did jump up again in November to an all time high in the $60ks, so maybe he sold off then after seeing how the summer went. Or he's still holding for the long haul. I'm sure he's mostly living off endorsement money anyways. Football money is to play/invest/gamble with for some of these guys. Odell Beckham took his salary in Bitcoin a few years back. Prior to the recent Superbowl, they said that due to the BTC volatility, Beckham was playing the 2021 season for about $37,000. Ouch. Quote
GoBills808 Posted June 23, 2022 Posted June 23, 2022 2 hours ago, Alphadawg7 said: No disrespect but hard disagree. I’ve done this, my friends and family have done this, and many of the wealthiest people I know have done this. I’ve never met a wealthy person who didn’t name real estate as the most secured investment. Real estate is a safe and wise investment. Doesn’t mean you can’t still make dumb decisions. Like with anything else, you can still do it wrong and make mistakes. But intelligent real estate investment can’t be beat in terms of security. And when you pay cash for property your holding costs are minimal because you have no mortgage expenses. The real estate disasters you speak about generally come with over extending yourself or buying foolishly. People can’t handle the holding costs. But when you’re buying $250,000 SFR in all cash, your taxes and insurance are minimal and maintainable if there are any gaps in your rents. And if you have long gaps in renters, you either bought in a terrible location or you need to fire your property manager. And if you’re the property manager, you definitely need to fire the property manager and hand it over to a professional. $5M will get you 20 SFR at $250K each. Places I would buy them would easily rent at $1500+ a month. That’s $30k a month in passive recurring income. Forever. Additionally, if you buy them distressed and remodel then your portfolio value will already be 20-40% higher the moment the first renters move in. It’s not hard, it really isn’t. Does that 30k even cover payments on a $5M note and assuming no repairs and 100% occupancy the entire time Quote
The Dean Posted June 23, 2022 Posted June 23, 2022 2 hours ago, Poleshifter said: Odell Beckham took his salary in Bitcoin a few years back. Prior to the recent Superbowl, they said that due to the BTC volatility, Beckham was playing the 2021 season for about $37,000. Ouch. It is my understanding all NFL salaries are paid in US dollars. Period. One cannot be "paid in bitcoin". One can have it converted to bitcoin if they wish. But the NFL doesn't provide for the option. https://huddleup.substack.com/p/the-nfl-player-taking-100-of-his Quote For starters, no, Odell Beckham Jr. isn’t *technically* being paid in Bitcoin. The Collective Bargaining Agreement (CBA) negotiated between the NFL & its players’ association does not currently allow NFL teams to pay their players in Bitcoin directly — the only options are direct deposit or physical check . 1 Quote
SoTier Posted June 23, 2022 Posted June 23, 2022 5 hours ago, Alphadawg7 said: No disrespect but hard disagree. I’ve done this, my friends and family have done this, and many of the wealthiest people I know have done this. I’ve never met a wealthy person who didn’t name real estate as the most secured investment. Real estate is a safe and wise investment. Doesn’t mean you can’t still make dumb decisions. Like with anything else, you can still do it wrong and make mistakes. But intelligent real estate investment can’t be beat in terms of security. And when you pay cash for property your holding costs are minimal because you have no mortgage expenses. The real estate disasters you speak about generally come with over extending yourself or buying foolishly. People can’t handle the holding costs. But when you’re buying $250,000 SFR in all cash, your taxes and insurance are minimal and maintainable if there are any gaps in your rents. And if you have long gaps in renters, you either bought in a terrible location or you need to fire your property manager. And if you’re the property manager, you definitely need to fire the property manager and hand it over to a professional. $5M will get you 20 SFR at $250K each. Places I would buy them would easily rent at $1500+ a month. That’s $30k a month in passive recurring income. Forever. Additionally, if you buy them distressed and remodel then your portfolio value will already be 20-40% higher the moment the first renters move in. It’s not hard, it really isn’t. I'm not against investing in rental real estate but it does have risks like all investments. No matter how good your property is, you cannot dismiss the reality that tenants can be problematic. They may suffer economic reverses of their own which can make formerly top rated tenants unable to pay their rent. Certainly a house fire could easily keep your house empty for months and probably cost you tens of thousands in repairs beyond whatever insurance covers. A tornado can level even the best built and maintained house or apartment building. 2 hours ago, GoBills808 said: Does that 30k even cover payments on a $5M note and assuming no repairs and 100% occupancy the entire time No investment is perfect for everyone or without risk. It's best to spread your investments among various types of investments. Quote
Mr. WEO Posted June 24, 2022 Posted June 24, 2022 Wait, so Lawrence isn't another Clemson dumbass? I need to think about this for a minute.... Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.