Is it too late for me to get started?

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clip651
Posts: 1828
Joined: Thu Oct 02, 2014 11:02 am

Re: Is it too late for me to get started?

Post by clip651 »

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?!
If there was a readily available way to do this with little work, everyone would be doing it. Myself included. I have better things to do with my time than work, and I'd love the money!

Do you really need $10k/month?? I think what you need is buy in from your spouse on your plan to pursue this NBA dream.

best wishes,
cj
cmr79
Posts: 1800
Joined: Mon Dec 02, 2013 3:25 pm

Re: Is it too late for me to get started?

Post by cmr79 »

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?!
This is a daydream, not an actionable plan for you. $120k in passive income will require either significant upfront investment from you (i.e investment gains and dividends from a $3 million index fund portfolio) or significant work to manage properties or another side hustle (not exactly passive).

It is true what they say--the best time to plant a tree was 20 years ago, but the second best time is today. Read the Bogleheads wiki and create an IPS so that you have a framework for your financial future. There is no free lunch; anyone who has a secret/guaranteed way to achieve market-beating returns without markedly increasing risk is scamming you. Live below your means and invest according to your plan. Do that, and you will get where you want to go.
DesertDiva
Posts: 1565
Joined: Thu Mar 01, 2018 11:49 am
Location: In the desert

Re: Is it too late for me to get started?

Post by DesertDiva »

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?!
Note that success only comes before work in the dictionary.
SnowBog
Posts: 5494
Joined: Fri Dec 21, 2018 10:21 pm

Re: Is it too late for me to get started?

Post by SnowBog »

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.
Topic Author
atailor85
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Joined: Mon Jul 03, 2023 12:06 pm

Re: Is it too late for me to get started?

Post by atailor85 »

no disrespect to the 9-5 world, but it's not for me. accepted the job, have had several staff members much higher up than i reach out to me and tell me they are excited i am joining the coaching staff. wife finally came around to all of it, especially in the midst of her company letting her go recently. we are doing more than ok financially with a majority of the money coming from her. she is getting it more and more now with my career.

no thank you to 9-5. never going to be for me again. our doomsday scenario is she starts her own practice and i manage the front of house things for it if the nba thing doesn't get me further up the ladder in the next 1-2 years. but i will bet on myself every single time. hopefully i am posting here again in the near future telling you i've made it to the assistant coaching ranks with multi-year contracts!
Adibir
Posts: 125
Joined: Thu Jun 29, 2023 5:14 am

Re: Is it too late for me to get started?

Post by Adibir »

What percentage of people at your current level become a coach? I am guessing not very many. So statistically it is unlikely that you will become a coach. It is better you realize that sooner than later.

However, you have one good thing going for you (financially speaking). Your wife seems to be earning [profanity removed by moderator ClaycordJCA] money to be able to save a million dollars in such a short period of time. So financially, you will be okay if you continue to ride a nearly dead horse.

Sorry if this read as too judgemental but you asked for financial opinion and I am just telling you as I see it.
Marseille07
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Re: Is it too late for me to get started?

Post by Marseille07 »

Adibir wrote: Thu Aug 17, 2023 4:50 am However, you have one good thing going for you (financially speaking). Your wife seems to be earning [profanity removed by moderator ClaycordJCA] money to be able to save a million dollars in such a short period of time. So financially, you will be okay if you continue to ride a nearly dead horse.
She just lost the lucrative job though, right? And she was already angry at this 6-month trial. I don't comprehend how she's now OK with a 1~2 year quest.
Topic Author
atailor85
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Joined: Mon Jul 03, 2023 12:06 pm

Re: Is it too late for me to get started?

Post by atailor85 »

She came around to it once she saw how people within the organization get promoted.

For the poster who said this is a dead horse, you may not understand that being a non former nba player and reaching even the heights i've reached is a big deal. this isn't a dead horse. I'm going to make it and so will she. She has already accepted a new job and we are ready to tackle the challenges ahead. Financially we are plenty good. No debt, this job is paying for my housing and travel/relocation. She is going to move to an area where we have friends/family nearby, so this isn't a doomsday scenario. Her health insurance doesn't kick in for 90 days from the time she starts working her new job. The reason I say 1-2 years is because that's about how much time she will need to start her own practice, and like i said earlier, my doomsday is running her front of house.

But rest assured, you'll be reading about me soon enough (in a good way of course).

Coaching salaries are going through the roof and the trickle down effects come to the entry level positions as well. The organization has invested plenty into our operation and the success of the lower level coaches and basketball operations folks like myself. That's why we are there. They want to see us improve as much as they want to see the players improve.

See yall on the other side of this!
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Beensabu
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Re: Is it too late for me to get started?

Post by Beensabu »

I just wanted to say that it's nice to see someone believe in themselves and take the opportunity to live the life they want to live, doing what makes them happy and being awesome at it. Keep it up!
"The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next." ~Ursula LeGuin
Topic Author
atailor85
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Joined: Mon Jul 03, 2023 12:06 pm

Re: Is it too late for me to get started?

Post by atailor85 »

Beensabu wrote: Fri Sep 08, 2023 8:45 pm I just wanted to say that it's nice to see someone believe in themselves and take the opportunity to live the life they want to live, doing what makes them happy and being awesome at it. Keep it up!
thank you for the encouragement! too often i hear about 'being realistic'. this is very real for me.
Caleb4387
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Re: Is it too late for me to get started?

Post by Caleb4387 »

atailor85 wrote: Sun Sep 10, 2023 10:32 pm
Beensabu wrote: Fri Sep 08, 2023 8:45 pm I just wanted to say that it's nice to see someone believe in themselves and take the opportunity to live the life they want to live, doing what makes them happy and being awesome at it. Keep it up!
thank you for the encouragement! too often i hear about 'being realistic'. this is very real for me.
Well? How did it all work out?
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