
My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
1. no it's not too late.atailor85 wrote: Mon Jul 03, 2023 12:10 pm My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
You most definitely are not too late. But it is a marathon, not a sprint.atailor85 wrote: Mon Jul 03, 2023 12:10 pm Hi there - 37 (almost 38) years old and I never really had a grip on my finances. Never had a high paying job. For reference, I coach basketball, was at one job and stayed in the same position for 6 years. It was a comfortable position, but I could never get promoted to the assistant coach level or even 1 position up the ladder. Took a bet on myself and left my full time job that paid about 55k and left for an internship in the NBA ($15/hour) :happy . It was the best job I've ever had from an experience standpoint.
My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
You're not being realistic about "quick returns." If there was a reasonable way to get quick returns, we'd all be using it, regardless of how much we've already saved.atailor85 wrote: Mon Jul 03, 2023 12:10 pm Hi there - 37 (almost 38) years old and I never really had a grip on my finances. Never had a high paying job. For reference, I coach basketball, was at one job and stayed in the same position for 6 years. It was a comfortable position, but I could never get promoted to the assistant coach level or even 1 position up the ladder. Took a bet on myself and left my full time job that paid about 55k and left for an internship in the NBA ($15/hour). It was the best job I've ever had from an experience standpoint.
My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
I started investing at 27 (1987) and never made more than 98k, first 13 years 2000, ended up with 400k portfolio, lost 50% during first internet boom and had to wait until 2013 when I broke first million.atailor85 wrote: Mon Jul 03, 2023 12:10 pm Hi there - 37 (almost 38) years old and I never really had a grip on my finances. Never had a high paying job. For reference, I coach basketball, was at one job and stayed in the same position for 6 years. It was a comfortable position, but I could never get promoted to the assistant coach level or even 1 position up the ladder. Took a bet on myself and left my full time job that paid about 55k and left for an internship in the NBA ($15/hour). It was the best job I've ever had from an experience standpoint.
My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
Almost the best way to guarantee sub-par returns, unfortunately. If people knew how to get "quick returns" then they'd be doing it and most likely not giving the advice out for free for anyone to copy (once everyone does something with an edge then the edge is bid away and disappears).atailor85 wrote: Mon Jul 03, 2023 12:10 pm My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
What did you do to retire in 7 years?AerialWombat wrote: Mon Jul 03, 2023 1:00 pm I earned below the poverty level most of my life and had zero savings until age 36. I retired at 43. A LOT can change in 5-10 years.
What matters most for you is your potential career trajectory. If you’re on a path that has a reasonable probability of getting you to six figures in the NBA or NCAA within a few years, then great. If not, then you might want to reconsider your career.
Either way, even if you go back to your old 55k job, you’ll be fine as long as you keep living costs low so that you can save aggressively. Savings rate trumps investment returns when you’re starting late like you and I did.
Do you have a new full time job now? It's never too late to start. How much do you think you can afford to save while meeting your living expenses?atailor85 wrote: Mon Jul 03, 2023 12:10 pm Took a bet on myself and left my full time job that paid about 55k and left for an internship in the NBA ($15/hour). It was the best job I've ever had from an experience standpoint.
My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
Never too late.atailor85 wrote: Mon Jul 03, 2023 12:10 pm My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
Worked 100-hour weeks to simultaneously grow three businesses to the exclusion of all other relationships and interests. I do not recommend this path.
It’s never too late, but searching for quick returns because you feel like you’re behind is a sure way to end up even worse off.atailor85 wrote: Mon Jul 03, 2023 12:10 pm My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
What about your health in those 7 years?AerialWombat wrote: Mon Jul 03, 2023 6:44 pmWorked 100-hour weeks to simultaneously grow three businesses to the exclusion of all other relationships and interests. I do not recommend this path.
OP’s $55,000 a year job would get them there eventually, too, but with sanity and humanity intact.
Wouldn’t the second best time have been 19 years ago?arcticpineapplecorp. wrote: Mon Jul 03, 2023 4:20 pm “The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb
or 19 years and 364 days ago (assuming 19 years ago contained no leap year). my we're getting really literal here, aren't we?WhitePuma wrote: Tue Jul 04, 2023 12:14 amWouldn’t the second best time have been 19 years ago?arcticpineapplecorp. wrote: Mon Jul 03, 2023 4:20 pm “The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb
This is a great suggestion.billfromct wrote: Mon Jul 03, 2023 1:23 pm Since you have earned income, open & fund a Roth IRA with a low cost brokerage like Vanguard, Fidelity or Schwab. You can contribute up to $6,500 for 2023 as long as you have $6,500 of earned income.
With Vanguard, you can open a Target Retirement Fund with a $1,000 contribution. The Vanguard 2050 Target Retirement Fund may be a good choice as it starts out with 80%-90% stocks (60% domestic/40% international) then moves to about a 50% stocks/50% fixed income at the target year. Then it gradually moves to a 30% stock/70% fixed income asset allocation 7 years after the target year.
This way you can start saving for retirement while you educate yourself & can change to other mutual funds, if you wish as you build up your Roth IRA.
If you’re not familiar with a Roth IRA: you put after tax money in (no tax deduction) but it grows tax free & can be taken out state & Federal tax free after age 59.5. The Roth IRA is the best investment when you are in low Federal tax bracket, probably like the 12% Federal tax bracket you may be in now.
bill
OK...so what exactly are you trying to get started? Seems like your family has already started investing and doing very well.atailor85 wrote: Sun Jul 09, 2023 4:07 pm For full disclosure, my wife works and has a significantly higher paying job than I will have for some time (until i reach the assistant coaching levels) and she has done a phenomenal job investing almost 1M in less than 4 years shes been working.
Admittedly, I know nothing about coaching, it's "levels" and "pay scales", or the "reality" of advancing through those ranks and getting paid better.investuntilimrich wrote: Fri Jul 21, 2023 6:42 am 25k is pretty low, you would make more at burger king. Fast food in my area is paying around 18$/hr right now. Is this part time or only part of the year? Can you work a second job or seasonal job? I would not be willing to work for that unless there was a *very quick* path to something greater.
This. You could start at age 50 - you would have more than you would if you didn’t start. The earlier you start the better.muffins14 wrote: Mon Jul 03, 2023 12:31 pm It is never too late to start, but there is no such thing as quick returns.
Use something like a target date fund or vanguard funds like VT, VTI, VXUS, BND
Do you have access to a 401k?
What are your current savings like?
Where do you see this new job going in 1-3 years?
Just understand you are putting a large burden on your wife/family. I assume she works. You are 37 at 25k a year.atailor85 wrote: Sun Jul 30, 2023 3:37 pm Sir (or ma'am), I just spent last year working as a coaching intern with an NBA team. This position is with an NBA team as well. As a non former NBA player these jobs are incredibly hard to come by. To me, these are the opportunities to chase. We don't have kids yet, but that's not very far into the future. I can make this work, just need multiple streams of income. The housing is included, health insurance is included. It would not be a huge expense to me financially mainly because the housing is included in this contract. Still waiting for them to send me the full terms. The contract period runs from like October to March/April. And the only way to advance up the ranks is to stay on the bus. I understand most forum members here don't see the workings of the NBA and athletics in general, but I'm going to find a way to make this thing work.
I'm assuming this was in relation to my prior post...atailor85 wrote: Sun Jul 30, 2023 3:37 pm Sir (or ma'am), I just spent last year working as a coaching intern with an NBA team. This position is with an NBA team as well. As a non former NBA player these jobs are incredibly hard to come by. To me, these are the opportunities to chase. We don't have kids yet, but that's not very far into the future. I can make this work, just need multiple streams of income. The housing is included, health insurance is included. It would not be a huge expense to me financially mainly because the housing is included in this contract. Still waiting for them to send me the full terms. The contract period runs from like October to March/April. And the only way to advance up the ranks is to stay on the bus. I understand most forum members here don't see the workings of the NBA and athletics in general, but I'm going to find a way to make this thing work.
Again, maybe I've misread the situation... Even if I'm right, I don't know why your spouse isn't on the same page as you. If it's financial - maybe they are willing to "invest" another year or so in hopes you get a payout from it... If it's not financial - then I think they are trying to tell you something... Maybe it's the "no kids" part, and they want that to be a bigger focus area. Or maybe it's the thought of "kids not very far into the future" and the idea of raising them with you not being around much (as it didn't sound like they were moving with you - even if they did I'd assume you'd be traveling a lot). Or maybe something else...SnowBog wrote: Fri Jul 21, 2023 12:35 pm OP - I get coaching is a passion for you...
Presumably you've been chasing your coaching dream for nearly 20 years now... and I can understand your spouses displeasure...
Now comes the "hard decision" for you... What's most important in your life?
If it's family, you need to have a frank discussion with your spouse. You may not like their answer - but you need to hear it.
I could not have said it better.arcticpineapplecorp. wrote: Mon Jul 03, 2023 1:09 pm1. no it's not too late.atailor85 wrote: Mon Jul 03, 2023 12:10 pm My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
2. investing is not a game. it's a process that allows you to draw on your investment capital after you exhaust your human capital. And because it's hard to just live on social security so you'll probably need something to supplement that.
3. you can't do anything to see quick returns.
all investing comes down to:
money (the more you invest, the more you're "likely" to make. The less you invest, the less you're "likely" to make)
time (the longer you invest, the more you're "likely" to make. The shorter you invest, the less you're "likely" to make)
rate of return (the higher the rate of return, the more youre "likely" to make. The lower the rate of return, the less you're "likely" to make)
there are no shortcuts to investing.
those who brag about getting rich quickly got lucky. understand the difference. luck is not a strategy.
if you want to get started, start here.
welcome to the group.
No you are NOT to late to start. But forget the idea of getting "quick returns". I did not get serious about investing until about your age, and it has worked out fine.atailor85 wrote: Mon Jul 03, 2023 12:10 pm Hi there - 37 (almost 38) years old and I never really had a grip on my finances. Never had a high paying job. For reference, I coach basketball, was at one job and stayed in the same position for 6 years. It was a comfortable position, but I could never get promoted to the assistant coach level or even 1 position up the ladder. Took a bet on myself and left my full time job that paid about 55k and left for an internship in the NBA ($15/hour). It was the best job I've ever had from an experience standpoint.
My question to yall is - am I too late to start the investing game? and what can i do to see quick returns?!
sorry yes this was regarding your post - very highly competitive. this is indeed a step up from my previous position with a better run organization. probably also the last go i will have at this and i feel like i am turning the corner on making my way up the ladder. wife doesn't believe in me....might be time to leave her (kidding). it's important to me that our future kids get to grow up around this so that they know it's ok to pursue these careers in their lives because i was encouraged not to do so. call me a rebel if you will, but i want better for my future kids than i had it and i want them to have an easier time getting these jobs and opportunities to play at that level. they won't get there if i am not around that level. just my own thoughts. my plan was to more or less invest just about everything i make since my living situation will be paid for in this new position. wife is livid and not wanting to move (understandable). it's only about 6 months worth of work but that obviously feels like a longer time when you're in the moment of it than not. i feel the 6 months will fly by and if it doesn't lead to anything afterwards i will return to the boring 9-5 world and start a family with her. i hope it doesn't work out that way, the boring 9-5 world is awful. been there, done that, thats why i left it in the first place.SnowBog wrote: Sun Jul 30, 2023 11:13 pmI'm assuming this was in relation to my prior post...atailor85 wrote: Sun Jul 30, 2023 3:37 pm Sir (or ma'am), I just spent last year working as a coaching intern with an NBA team. This position is with an NBA team as well. As a non former NBA player these jobs are incredibly hard to come by. To me, these are the opportunities to chase. We don't have kids yet, but that's not very far into the future. I can make this work, just need multiple streams of income. The housing is included, health insurance is included. It would not be a huge expense to me financially mainly because the housing is included in this contract. Still waiting for them to send me the full terms. The contract period runs from like October to March/April. And the only way to advance up the ranks is to stay on the bus. I understand most forum members here don't see the workings of the NBA and athletics in general, but I'm going to find a way to make this thing work.
Maybe I've misread the situation... But from your prior posts, your spouse sounds like they are not on the same page as you...
So, I'd like to reiterate part of what I previously said...
Again, maybe I've misread the situation... Even if I'm right, I don't know why your spouse isn't on the same page as you. If it's financial - maybe they are willing to "invest" another year or so in hopes you get a payout from it... If it's not financial - then I think they are trying to tell you something... Maybe it's the "no kids" part, and they want that to be a bigger focus area. Or maybe it's the thought of "kids not very far into the future" and the idea of raising them with you not being around much (as it didn't sound like they were moving with you - even if they did I'd assume you'd be traveling a lot). Or maybe something else...SnowBog wrote: Fri Jul 21, 2023 12:35 pm OP - I get coaching is a passion for you...
Presumably you've been chasing your coaching dream for nearly 20 years now... and I can understand your spouses displeasure...
Now comes the "hard decision" for you... What's most important in your life?
If it's family, you need to have a frank discussion with your spouse. You may not like their answer - but you need to hear it.
Bottom line - if you care about your spouse/family - you need to have a frank discussion with them. We can help in the financial pieces - but the non-financial ones are often more important.
ETA: To be more direct... If your dream job is so important to you that you are willing to risk your marriage/family... Then I assume you are also willing to risk your financial security as well. So I'm not sure how I can help you...
You are correct, I don't know how the internals of NBA teams work. I'm honestly in shock that they pay so poorly, especially if this is a step up from the intern position you previously had.
But I do understand there is only one head coach who makes the "big bucks", several people around them who likely make decent wages, and from the sounds of it many more people who make very little. Presumably all your "peers" want to move up as well - and obviously not everyone will (there aren't enough jobs at the top to fill).
Again - you seem completely OK with this, and have confidence it's going to work out for you eventually. You might be right. (I hope you are!) But what "price" are you willing to pay to get there?