Christian Koloko Update

[Scase]

Also don't forget taxes.

Half went to the tax man.

Red herring, the rich are taxed lightly.

The wealthy are taxed lightly on things like capital gains and non "real money" assets, not income. My Tax rate is 40%, that's not what most would consider "light" taxes lol.

But the new budget is supposed to be getting better for that.

[Mr Funk]

The wealthy are taxed lightly on things like capital gains and non "real money" assets, not income. My Tax rate is 40%, that's not what most would consider "light" taxes lol.

But the new budget is supposed to be getting better for that.

And for reducing taxes on their income, they take advantage of business tax write-offs, tax-sheltered investments, purchasing permanent life insurance and donating to charities.

Koloko isn't wealthy yet professional athletes at his level are compensated quite generously and their income taxes are not severe.

[Scase]

The wealthy are taxed lightly on things like capital gains and non "real money" assets, not income. My Tax rate is 40%, that's not what most would consider "light" taxes lol.

But the new budget is supposed to be getting better for that.

And for reducing taxes on their income, they take advantage of business tax write-offs, tax-sheltered investments, purchasing permanent life insurance and donating to charities.

Koloko isn't wealthy yet professional athletes at his level are compensated quite generously and their income taxes are not severe.

I mean sure, but Koloko probably receives zero of those benefits. So his tax rate is closer to 51%, like I'm not here saying the wealthy shouldn't be taxed more or anything, but there is a huge lack of understanding of how the wealthy get away with paying nothing in taxes.

An NBA player is typically a worker and not a business owner with creative ways to write stuff off. He's a 22/23 year old, he likely doesn't have tax sheltered investments outside of things the regular public does such as RRSPs/TFSA etc. lol. Like sure he could have an accountant or something to help, but there is a limit to how much a salaried employee can do this stuff man, it's not just "With this one simple trick you can pay no taxes!".

At the end of the day, his career earnings are not enough to live off of for the remaining 60ish years of his life. They would be a phenomenal nest egg to start retirement savings, or use to invest in real estate etc for sure. But it's not like he magically found a way to pay zero taxes and is going to live off 3mil for the rest of his life lol.

[agkagk]

Video's a bit disengenous. I mean, the idea is good, but it doesn't give the full picture. Save $300/m at 18, for 8 years until you're 28 at 10% return, you'll have a $41k nest egg. Compounding that for 40 years to retire at age 68, and you'll have $1.8 million. That sounds all good and well. Except that $1.8 million in 40 years is going to be worth around $550,000 inflation adjusted 2024 dollars, and this is also assuming you've put it in a TFSA so it's tax sheltered. He says "you'll never have to invest again and you'll be financially set for life". Well, the guy has had to work until 68, so there's not THAT much life left, on average. Maybe 10 years on average, so yeah, he'll be set for the rest of his life with a $55/k year retirement fund I guess? These videos never really adjust for inflation. 20 years ago I had a brilliant idea too, to save up $1m and live off the 4% interest rate, as $40k a year 20 years ago was a decent enough salary. Today? I can barely even afford 1 bedroom condo rent in Toronto lol.

This also completely glosses over the fact that the majority of 18-early 20 year olds don't have $300/m to save and invest and never touch. That being said, yes, compound interest is very powerful and the earlier you start, the better.

University is a scam.

Unless the 18 year old wants to be a doctor or engineer get a min wage job and take one or two night school courses a semester


I know tonnes of uneducated people who paid off their mortgage before they were 40 - 45; i know only a couple of post grads that did the same.

University is not a scam LOL. People just don't their homework as to what they want in life.

University is for picking up knowledge and concepts. You pay to learn. Now, some of these course and degrees typically lead to a career, however some don't. A quick 30 minute Google research session can help you figure out which ones are more valuable than others.

Typically its the lack of insight that leads people to to blindly choose a path with no real clear outcome. At some point you gotta be real with yourself.

Thats the point.

17 year olds shouldnt be forced into such life altering decisions so ignorantly.

You want to be an engineer or lawyer, go to school.

You want to be an accountant, get a job filing in a mailroom and get paid to learn.

Spoiler warning: the avg 17 year old has no idea what theyll excel at in the workforce.


And seriously, how many uni grads you met that went to orea and got a realtors license in their 30es? … seriously, its a lot!


Kids need to be taught the time value of both money and their energies before they spend 50k+ on a bachelors theyll never use.

That 50k invested simply would set them up for life.

[Drakeem]

University is a scam.

Unless the 18 year old wants to be a doctor or engineer get a min wage job and take one or two night school courses a semester


I know tonnes of uneducated people who paid off their mortgage before they were 40 - 45; i know only a couple of post grads that did the same.

University is not a scam LOL. People just don't their homework as to what they want in life.

University is for picking up knowledge and concepts. You pay to learn. Now, some of these course and degrees typically lead to a career, however some don't. A quick 30 minute Google research session can help you figure out which ones are more valuable than others.

Typically its the lack of insight that leads people to to blindly choose a path with no real clear outcome. At some point you gotta be real with yourself.

Thats the point.

17 year olds shouldnt be forced into such life altering decisions so ignorantly.

You want to be an engineer or lawyer, go to school.

You want to be an accountant, get a job filing in a mailroom and get paid to learn.

But that's on the parents more than anything. Schools don't really care one way or another once you leave. I know that even though as a kid I was planning well ahead for my career since my families backs were against the wall financially (went Comp Sci/IT) that not all kids should be expected to know everything right away, but I also think teens need to be able to display some sort of critical thinking skills to be able to figure stuff out a little bit on their own.

[agkagk]

University is not a scam LOL. People just don't their homework as to what they want in life.

University is for picking up knowledge and concepts. You pay to learn. Now, some of these course and degrees typically lead to a career, however some don't. A quick 30 minute Google research session can help you figure out which ones are more valuable than others.

Typically its the lack of insight that leads people to to blindly choose a path with no real clear outcome. At some point you gotta be real with yourself.

Thats the point.

17 year olds shouldnt be forced into such life altering decisions so ignorantly.

You want to be an engineer or lawyer, go to school.

You want to be an accountant, get a job filing in a mailroom and get paid to learn.

But that's on the parents more than anything. Schools don't really care one way or another once you leave. I know that even though as a kid I was planning well ahead for my career since my families backs were against the wall financially (went Comp Sci/IT) that not all kids should be expected to know everything right away, but I also think teens need to be able to display some sort of critical thinking skills to be able to figure stuff out a little bit on their own.

There ya go.

Get a job at the gap, take critical thinking and philosophy online or in night school.

Build 360 from there.

Ps: parents are part of society too!

[YogurtProducer]

The wealthy are taxed lightly on things like capital gains and non "real money" assets, not income. My Tax rate is 40%, that's not what most would consider "light" taxes lol.

But the new budget is supposed to be getting better for that.

And for reducing taxes on their income, they take advantage of business tax write-offs, tax-sheltered investments, purchasing permanent life insurance and donating to charities.

Koloko isn't wealthy yet professional athletes at his level are compensated quite generously and their income taxes are not severe.

business tax write-offs - you need something to write off, is it not logical to be able to get tax savings on failed businesses just as much as you have to pay tax on successful businesses?
Tax-sheltered investments - this is not as prevalent as you think. I would be interested if you could even name one here as most people throw this buzzword around and have no idea what it actually means
purchasing permanent life insurance - life insurance is explicitly exempt from being deducted from taxable income.
donating to charities - no one is donating $100 to save $30.

[YogurtProducer]

Also don't forget taxes.

Half went to the tax man.

Red herring, the rich are taxed lightly.

The wealthy are taxed lightly on things like capital gains and non "real money" assets, not income. My Tax rate is 40%, that's not what most would consider "light" taxes lol.

But the new budget is supposed to be getting better for that.

Your tax bracket may be 40% - your tax rate will not be that high

[YogurtProducer]

You want to be an accountant, get a job filing in a mailroom and get paid to learn.

As an accountant - what?

You wanna be an accountant you go to university. There really is no way around it.

[mihaic]

The wealthy are taxed lightly on things like capital gains and non "real money" assets, not income. My Tax rate is 40%, that's not what most would consider "light" taxes lol.

But the new budget is supposed to be getting better for that.

And for reducing taxes on their income, they take advantage of business tax write-offs, tax-sheltered investments, purchasing permanent life insurance and donating to charities.

Koloko isn't wealthy yet professional athletes at his level are compensated quite generously and their income taxes are not severe.

Their income taxes for income received from basketball are probably in the highest bracket if (My guess) they are employed directly. Even as contractors, what could they write off? They probably already have travel and most meals on the road paid by the team, right? Not sure how much they can deduct without CRA or IRS bring on their case.

Perhaps Harden could write off the strip clubs in entertainment expenses

[Scase]

The wealthy are taxed lightly on things like capital gains and non "real money" assets, not income. My Tax rate is 40%, that's not what most would consider "light" taxes lol.

But the new budget is supposed to be getting better for that.

And for reducing taxes on their income, they take advantage of business tax write-offs, tax-sheltered investments, purchasing permanent life insurance and donating to charities.

Koloko isn't wealthy yet professional athletes at his level are compensated quite generously and their income taxes are not severe.

Their income taxes for income received from basketball are probably in the highest bracket if (My guess) they are employed directly. Even as contractors, what could they write off? They probably already have travel and most meals on the road paid by the team, right? Not sure how much they can deduct without CRA or IRS bring on their case.

Perhaps Harden could write off the strip clubs in entertainment expenses

This is what I meant by people have a low understanding of how exactly wealthy people get away with this stuff. Wealthy people typically have very little to no actual income. NBA players as you stated are no different than your normal employee at a company, they just make more money.

People think rich = never pay any taxes. And while I maintain the sentiment of eat the rich, I make a very healthy living, but I still need to work every day. The wealthy don't.

[agkagk]

You want to be an accountant, get a job filing in a mailroom and get paid to learn.

As an accountant - what?

You wanna be an accountant you go to university. There really is no way around it.

C.a sure — but undergrad and general accounting license (cga, which doesnt really exist anymore), not really! — remember part time night school and online is a viable option!

[YogurtProducer]

You want to be an accountant, get a job filing in a mailroom and get paid to learn.

As an accountant - what?

You wanna be an accountant you go to university. There really is no way around it.

C.a sure — but undergrad and general accounting license (cga, which doesnt really exist anymore), not really! — remember part time night school and online is a viable option!

C.a does not even exist anymore either.

You want to be an accountant? You got to school for at least a couple years then get into a firm. You don't walk out of highscool and "Get a job in the mailroom" and get paid to learn

Sounds like you are basing your ideas of how accountants work from the 70s - or are confusing accountants with bookkeepers.

[2019nbachamps]

My comment on tax wasn’t meant to spark a debate on fair tax policies. It was meant to point out half his NBA salary went to tax, therefore he doesn’t have as much money as some here pointed out.

If Koloko simply put $500k in an S+P index fund he’d be fine come retirement age but he’ll still need regular income to pay his bills. Do I think he saved $500K? Based on all the stories from former NBA players, no. All the retired guys say your rookie deal is blown on tax, agent and union dues, plus the lifestyle creep of being a young millionaire.

[agkagk]

As an accountant - what?

You wanna be an accountant you go to university. There really is no way around it.

C.a sure — but undergrad and general accounting license (cga, which doesnt really exist anymore), not really! — remember part time night school and online is a viable option!

C.a does not even exist anymore either.

You want to be an accountant? You got to school for at least a couple years then get into a firm. You don't walk out of highscool and "Get a job in the mailroom" and get paid to learn

Sounds like you are basing your ideas of how accountants work from the 70s - or are confusing accountants with bookkeepers.

And you clearly dont get paid to read with your childish misrepresentation of what i wrote.

As i alluded to, im aware of the cash grab changes to the cpa.


Bye.

[PoundTown]

Since y’all wanna talk politics and not basketball stop voting trudeau or believing anything he says. He’s spending twice as more than he brings in, spiraling us into more debt, that we all eventually pay for. He digs the debt hole deeper, this new budget is just more debt and it means in the long run we are all poorer. Love my raptors but if Toronto figured out sooner this man was inept we wouldn’t be in this situation where we can all barely afford groceries.

[RoteSchroder]

Since y’all wanna talk politics and not basketball stop voting trudeau or believing anything he says. He’s spending twice as more than he brings in, spiraling us into more debt, that we all eventually pay for. He digs the debt hole deeper, this new budget is just more debt and it means in the long run we are all poorer. Love my raptors but if Toronto figured out sooner this man was inept we wouldn’t be in this situation where we can all barely afford groceries.

It doesn't matter, they're all the same and backed by financial/corporate interest. There's zero chance the rich will allow for a truly independent government. To top it off, these rich guys ain't even Canadian.

Not to mention, the PM doesn't have that much power. Trudeau may be the least evil **** for all we know.

You complain about inflation, but it's a phenomenon that has occurred all over the world, not just Canada.

And for reducing taxes on their income, they take advantage of business tax write-offs, tax-sheltered investments, purchasing permanent life insurance and donating to charities.

Koloko isn't wealthy yet professional athletes at his level are compensated quite generously and their income taxes are not severe.

Their income taxes for income received from basketball are probably in the highest bracket if (My guess) they are employed directly. Even as contractors, what could they write off? They probably already have travel and most meals on the road paid by the team, right? Not sure how much they can deduct without CRA or IRS bring on their case.

Perhaps Harden could write off the strip clubs in entertainment expenses

This is what I meant by people have a low understanding of how exactly wealthy people get away with this stuff. Wealthy people typically have very little to no actual income. NBA players as you stated are no different than your normal employee at a company, they just make more money.

People think rich = never pay any taxes. And while I maintain the sentiment of eat the rich, I make a very healthy living, but I still need to work every day. The wealthy don't.

I remember one of Trump's billionaire friends (some Japanese guy, don't remember his name) saying how he and Trump don't pay taxes. And people are stupid for working 9-5 jobs. He went on about how all you gotta do is loan hundreds of millions of dollars then use that money to buy/develop property.

[YogurtProducer]

C.a sure — but undergrad and general accounting license (cga, which doesnt really exist anymore), not really! — remember part time night school and online is a viable option!

C.a does not even exist anymore either.

You want to be an accountant? You got to school for at least a couple years then get into a firm. You don't walk out of highscool and "Get a job in the mailroom" and get paid to learn

Sounds like you are basing your ideas of how accountants work from the 70s - or are confusing accountants with bookkeepers.

And you clearly dont get paid to read with your childish misrepresentation of what i wrote.

As i alluded to, im aware of the cash grab changes to the cpa.


Bye.

the only misrepresentation here is you thinking you can start your career through the mail room. This isn't 1972 anymore.

[Scase]

Since y’all wanna talk politics and not basketball stop voting trudeau or believing anything he says. He’s spending twice as more than he brings in, spiraling us into more debt, that we all eventually pay for. He digs the debt hole deeper, this new budget is just more debt and it means in the long run we are all poorer. Love my raptors but if Toronto figured out sooner this man was inept we wouldn’t be in this situation where we can all barely afford groceries.

It doesn't matter, they're all the same and backed by financial/corporate interest. There's zero chance the rich will allow for a truly independent government. To top it off, these rich guys ain't even Canadian.

Not to mention, the PM doesn't have that much power. Trudeau may be the least evil **** for all we know.

You complain about inflation, but it's a phenomenon that has occurred all over the world, not just Canada.

Their income taxes for income received from basketball are probably in the highest bracket if (My guess) they are employed directly. Even as contractors, what could they write off? They probably already have travel and most meals on the road paid by the team, right? Not sure how much they can deduct without CRA or IRS bring on their case.

Perhaps Harden could write off the strip clubs in entertainment expenses

This is what I meant by people have a low understanding of how exactly wealthy people get away with this stuff. Wealthy people typically have very little to no actual income. NBA players as you stated are no different than your normal employee at a company, they just make more money.

People think rich = never pay any taxes. And while I maintain the sentiment of eat the rich, I make a very healthy living, but I still need to work every day. The wealthy don't.

I remember one of Trump's billionaire friends (some Japanese guy, don't remember his name) saying how he and Trump don't pay taxes. And people are stupid for working 9-5 jobs. He went on about how all you gotta do is loan hundreds of millions of dollars then use that money to buy/develop property.

I always laughed and felt depressed hearing dumb **** like ""It has not been easy for me. It has not been easy for me. I started off in Brooklyn. My father gave me a small loan of a million dollars."

Oh the humanity, how he ever lived with that difficult life, I will never know.

[PerkinsFor3]

"Save $300/m at 18, for 8 years until you're 28"

Huh?