atailor85 wrote: Mon Jul 31, 2023 10:03 pm
SnowBog wrote: Sun Jul 30, 2023 11:13 pm
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...
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...
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.
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...
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?
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.
"
wife doesn't believe in me"
"
wife is livid and not wanting to move"
The above seem directly at odds with the below...
"
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"
"
return to the boring 9-5 world and start a family with her"
Are you sure she'll be there in 6 months? Are you sure she'll want to have kids and raise a family with someone who might drag her (and kids) around the country and/or won't be around much as they'll be traveling for their job? Again, maybe I'm misreading or overthinking this - but the way you wrote it - my take away is there is a high chance that your spouse leaves you. Let's say after 6 months, you get another step up - another move - will she want to move
then? My guess is not... I think she's trying to tell you something that you aren't hearing.
So again,
what price are you willing to pay to chase this dream job?
But let's switch back to the "financial" side...
Again I think you have a conflict on your outlooks...
atailor85 wrote: Mon Jul 31, 2023 10:05 pm
i guess i need to figure out how to create multiple streams of income without doing much work. like to make ~10k/month probably. any ideas?!
"but i want better for my future kids than i had it"
As others have noted (and likely will continue to note), it's naive to assume that you can simply "create multiple streams of income
without doing much work".
Creating income streams
takes work.
Most of us on Bogleheads apply our "actual work" to generate income, we live below our means, and save (invest) the rest. That's how we generate our "passive income". But it takes years, and significant assets invested, to realize this approach. And unless your expenses in retirement are exceedingly low, your $25k/year likely not enough to make this a viable option. You really need to see income growth to have a realistic chance of saving for retirement. (For clarity, not everyone "saves" for retirement, many low income people retire and live off just their social security. So again if your expenses are low, and you earn enough credits, and your social security is enough to cover your expenses - that "is" an option for you. It's not the retirement I'd want...) Now, if your "bet" pays off - and you get the high paid coaching job you think you'll eventually get - this may take care of itself... If it doesn't? Back to my prior question, what price are you willing to pay to chase your dream?
Another common way to build income streams is via real estate. Some on BH have done so, but places like "Bigger Pockets" will have more people focused on this path. But even here, there is no "easy button". Real Estate is "work" - and requires skills such as finding and evaluating properties, managing properties, etc. Some of these things you can pay someone else to do for you - such as hiring a property manager - but that eats into your revenue streams. Additionally, real estate requires you have assets to invest - typically you'll need 20% down payment (plus closing costs, fees, rehab, maintenance costs, etc.). You can load up on debt, but that creates the risk of going bankrupt if you can't service that debt. (And at your income - that is a very high liklihood if your pursuit of your job costs you your marriage.) Lastly, if you look at the numbers, real estate is generally a very poor income stream when you start - as the majority of the "income" is going to service debt (mortgage), build up "repair/rehab" funds, and paying for property managers (if you don't have the skills/interest/time to do this yourself). The "real income" comes when the mortgages are paid off (often 30 years), and that income can flow to you instead.
Everything else is some other kind of "work"... There is no "free lunch" to get a $120k/year income stream... You must put in the work - in one way or another... (Or get lucky and win a lottery - get an inheritance - etc.)
This is the reality many have faced in their life. What they "want" to do may not pay very well, and it might not provide the lifestyle they want for themselves and/or their family. That "boring 9-5 world" might not be "fun", but it generally provides more realistic opportunities to provide the financial security and lifestyle that you might want (why do you think so many of us work in this environment). And some find a way to mix worlds, following their entrepreneurial spirit to carve out their own thing.
To one of my previous posts, there isn't necessarily a "right" answer here - as it depends on your priorities.
Many people choose to be "starving artists" (or insert other role) - as they'd rather follow their passion - even if it costs them financial security and maybe even family. My neighbor is in their 50's - they followed their passion for music - they never "made it big" - and they now live in the basement of their parents house (and presumably will have an inheritance when they pass). They are OK with how things are - as for them - the only thing they cared about was following their dreams.
One of my family members followed their passion for food (chef) for decades, even started their own restaurant at one point (died in 2008 recession). After nearly 30 years they realized that their "passion" was making them poor and forcing them to have to work for the rest of their lives. (Aka their priorities changed.) They switched to an entirely different career that paid easily 3-5X what they were making previously (plus benefits). They are playing "catchup" with retirement savings, and enjoying a new found financial security they hadn't known before.
For myself, I decided
long ago that financial security was our priority. My education and job pursuits were focused on high income positions, where my skill and hard work were basically guaranteed to have a positive outcome and put me (us) into higher paying positions then the majority of others. (Why do you think so many people want to become doctors, lawyers, developers, etc.? For many, pay was a driving factor... ) I've had twists/turns along the way, pivoted into a different part of my field I hadn't planned on, and ended up with more success than I had initially expected. And we are using that excess success (aka excess income) to quickly grow our retirement savings, positioning us to be able to "retire early". Or to state it differently, we'll have "multiple streams of income to cover our expenses" so we can do
whatever we want with our time. My spouse will likely
finally pursue their "passion", even if they never earn anything in doing so. I don't know [yet] what I plan to do, but I'm OK with that [for now].
Again, it's about
your priorities. If your priority is family - listen to your wife. If your priority is financial - you need a "reality check" as your income isn't likely to reach that goal - and it will take "work" to get there with other sources (that you seemingly don't want to do), so you are "betting" on getting a high paid job at the end of your current path - and I assume you realize that isn't guaranteed (and the majority of your existing assets seem to be from your spouse - much of which dispears if your job costs you your marriage). If your priority is loving what you do (coaching/NBA), you have to decide at what "cost" to the financial and family aspects in your life.
Sometimes life requires making hard choices. This is one of those times. It is
your choice to make.