Christian Koloko Update

[OakleyDokely]

If Koloko was 40, he might be able to live off that amount it in a low cost area. But if the dude plans to live another 60-70 years, he's going to be need to get a job at some point. Hopefully it's a job in the NBA.

[Johnny Bball]

Is he really though? Set for life means he doesn't ever have to earn money again.

Career earnings are under 3.3M. That sounds like a lot but what if he has to support family members? 3.4M is great but it's still an amount that needs to be managed if he never earns anything else for the rest of his life. Also don't forget taxes.

He might be set for life, but his career earnings are such that I think there's a chance he is not. It depends on his expenses and his dependants.

You would have to be stupid/bad/negligent not to be able to start you life/career in whatever you decided with 3 million at age 20 and not be set.

It's a great starting point, absolutely. But in no way could he just sit back and live comfortably off just that money for the rest of his life. If he could parlay that into a successful small business, that'd be great. But he couldn't retire tomorrow.

I'm not sure how you could get that's exactly what I meant and the other guy couldn't, but yeah.

[Harcore Fenton Mun]

You would have to be stupid/bad/negligent not to be able to start you life/career in whatever you decided with 3 million at age 20 and not be set.

It's a great starting point, absolutely. But in no way could he just sit back and live comfortably off just that money for the rest of his life. If he could parlay that into a successful small business, that'd be great. But he couldn't retire tomorrow.

I'm not sure how you could get that's exactly what I meant and the other guy couldn't, but yeah.

You should've told him to Google it.

[ropjhk]

It's a great starting point, absolutely. But in no way could he just sit back and live comfortably off just that money for the rest of his life. If he could parlay that into a successful small business, that'd be great. But he couldn't retire tomorrow.

I'm not sure how you could get that's exactly what I meant and the other guy couldn't, but yeah.

You should've told him to Google it.

Google what exactly? How to retire and live off of a ~1.5M nest egg at age 20?

Or do you mean to google how to parlay 1.5M into a successful small business?

Just wondering what we're talking about now since it seems like we're moving on from the question of whether Koloko is already set for life and doesn't need to work ever again.

[agkagk]

Is he really though? Set for life means he doesn't ever have to earn money again.

Career earnings are under 3.3M. That sounds like a lot but what if he has to support family members? 3.4M is great but it's still an amount that needs to be managed if he never earns anything else for the rest of his life. Also don't forget taxes.

He might be set for life, but his career earnings are such that I think there's a chance he is not. It depends on his expenses and his dependants.

https://youtube.com/shorts/bBwmccs-g1s?si=4Ic3LZQX_KlPv8Zk

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.

[Tor_Raps]

1.5M can barely buy you a house in the GTA... a 20 year old being able to live off that is a hilarious comment.

With inflation, education, marriage, children and so many other costs, there is a 0.01% chance he could live off that lol

[agkagk]

1.5M can barely buy you a house in the GTA... a 20 year old being able to live off that is a hilarious comment.

With inflation, education, marriage, children and so many other costs, there is a 0.01% chance he could live off that lol

Its the nest egg, not the living expense.

The point is society is telling young kids to do things ass backwards.

Make 40k a year to learn for 8 years instead of pay 40k a year to learn for 4.

Theres your nest egg and a tonne of practical real world experience and knowlwdge.

Bare minimum theres your down payment.

[ontnut]

1.5M can barely buy you a house in the GTA... a 20 year old being able to live off that is a hilarious comment.

With inflation, education, marriage, children and so many other costs, there is a 0.01% chance he could live off that lol

Its the nest egg, not the living expense.

The point is society is telling young kids to do things ass backwards.

Make 40k a year to learn for 8 years instead of pay 40k a year to learn for 4.

Theres your nest egg and a tonne of practical real world experience and knowlwdge.

Bare minimum theres your down payment.

Yeah I know where you're coming from. The trades should be making a comeback...if Gen Z/Alpha wasn't so lazy when it comes to physical work lol. Universities really are a joke for the most part these days, esp the humanities and social sciences (which make up the bulk of University courses). Just how many sociology degrees does this world really need?

[2019nbachamps]

Koloko didn't even make $1.5M in his rookie year. Half went to the tax man. Then he had agent fees, NBAPA dues, the stereotypical first car, luxury condo, friends and family spending, and nice clothes that NBA rookies blow their money on. He probably spent all the rookie year money already. I imagine insurance will pick up the remaining two years on his deal, but again, half of that is going to tax. He's also not marketable, so unless he gets cleared to play ball again, he's going to have to figure out how to integrate himself into the labour market.

[PerkinsFor3]

Read on Twitter

?t=vzVG6lB1L9xdFOleeSVtaA&s=19

Sounds like an extremely polite 'no'.

[YogurtProducer]

Read on Twitter

?t=vzVG6lB1L9xdFOleeSVtaA&s=19

Sounds like an extremely polite 'no'.

To me it sounds like they know his career is over. But if it isn't, I don't see why we would not give him a shot again.

[WaltFrazier]

Read on Twitter

?t=vzVG6lB1L9xdFOleeSVtaA&s=19

Sounds like an extremely polite 'no'.

To me it sounds like they know his career is over. But if it isn't, I don't see why we would not give him a shot again.

The more I think of it, the sadder it is. It would have been interesting to see what kind of player he developed into.

[Duffman100]

Read on Twitter

?t=vzVG6lB1L9xdFOleeSVtaA&s=19

Sounds like an extremely polite 'no'.

To me it sounds like they know his career is over. But if it isn't, I don't see why we would not give him a shot again.

The more I think of it, the sadder it is. It would have been interesting to see what kind of player he developed into.

I really liked him. His FT% going from 32 to 63 to 74 in college was intriguing.

[YogurtProducer]

Read on Twitter

?t=vzVG6lB1L9xdFOleeSVtaA&s=19

Sounds like an extremely polite 'no'.

To me it sounds like they know his career is over. But if it isn't, I don't see why we would not give him a shot again.

The more I think of it, the sadder it is. It would have been interesting to see what kind of player he developed into.

I have always been a big fan of those long lanky centers who make guys think twice about coming near the rim. Bebe was another who I thought was full of potential - but I think his personal vices kind of held him back

[azcatz11]

Hoping for the best. I was in attendance for his ring of honor ceremony. He is a great kid

Watch on YouTube

[Mr Funk]

Also don't forget taxes.

Half went to the tax man.

Red herring, the rich are taxed lightly.

[WaltFrazier]

Hoping for the best. I was in attendance for his ring of honor ceremony. He is a great kid

Watch on YouTube

Would living in AZ help his particular condition? That used to be a thing, moving to Arizona for some respiratory ailments. not sure if it applies to Koloko's condition.

[plainballing]

I hope he can stick around and stay involve for basketball. He could still make an impact even when he is not playing.

[Drakeem]

https://youtube.com/shorts/bBwmccs-g1s?si=4Ic3LZQX_KlPv8Zk

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.

[sbsat]

Also don't forget taxes.

Half went to the tax man.

Red herring, the rich are taxed lightly.

In canada ?