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Re: Christian Koloko Update
Posted: Sun Mar 31, 2024 11:08 pm
by WaltFrazier
tecumseh18 wrote:ontnut wrote:tecumseh18 wrote:
Koloko had more potential than Kessler. That's why Masai made the deal. It's devastating to the team not to have a real C off the bench, or to sub in when Jak's hurt. How do people not see what is clear as day on the court?
It's unfortunate but not devastating, at least not in the same way that say...drafting Joey Graham or Hoffa was. Put in another way, from the opposite perspective, I'm not sure I'd be over the moon if we had a healthy Koloko or even Kessler on the roster. It would help for sure, but certainly not make or break.
If the team doesn't acquire another centre this summer, you'll see how "devastating" the Koloko illness was next year when Poeltl is (inevitably) out with an injury, and Olynyk has to start in his place. (Assuming we're not trying to tank.)
OK, if you don't like the word "devastating", then will you agree that it's hard for a rebuilding team to miss out on an entire draft year? And it's hard for a team in a salary cap environment to miss a chance to add depth to the roster at a salary controlled price in a position of need when we just traded away three guys - OG, Precious and Pascal - who would often play that position. Now we likely have to waste cap space (or the room exception) on a C with less potential, for more money.
This. Back-up Cs, even third string C's are important. The loss of Koloko and probably Porter , for nothing, hurts whether the word is devastating or something less.
Re: Christian Koloko Update
Posted: Sun Mar 31, 2024 11:55 pm
by OAKLEY_2
Assuming we keep the 6th these PF-Centres will all be there 6 through 31.
Donovan Clingan, Tidjane Salaun, Yves Missi, Zach Edey, Kyle Filipowski, Ulrich Chomche, Kel’el Ware, Zvonimir Ivisic.
I think we are good. One of these players will be a Raptor come July. I could see Ware or Edey on this team.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 12:42 am
by ropjhk
maternal85 wrote:Must be nice to be set for Life though
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.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 1:20 am
by maternal85
ropjhk wrote:maternal85 wrote:Must be nice to be set for Life though
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.
In short he deals with what every adult has to deal with. Except they make like 50k per year.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 3:27 am
by ontnut
WaltFrazier wrote:tecumseh18 wrote:ontnut wrote:It's unfortunate but not devastating, at least not in the same way that say...drafting Joey Graham or Hoffa was. Put in another way, from the opposite perspective, I'm not sure I'd be over the moon if we had a healthy Koloko or even Kessler on the roster. It would help for sure, but certainly not make or break.
If the team doesn't acquire another centre this summer, you'll see how "devastating" the Koloko illness was next year when Poeltl is (inevitably) out with an injury, and Olynyk has to start in his place. (Assuming we're not trying to tank.)
OK, if you don't like the word "devastating", then will you agree that it's hard for a rebuilding team to miss out on an entire draft year? And it's hard for a team in a salary cap environment to miss a chance to add depth to the roster at a salary controlled price in a position of need when we just traded away three guys - OG, Precious and Pascal - who would often play that position. Now we likely have to waste cap space (or the room exception) on a C with less potential, for more money.
This. Back-up Cs, even third string C's are important. The loss of Koloko and probably Porter , for nothing, hurts whether the word is devastating or something less.
Yeah, it's not great, I won't deny that. Losing a high 2nd rounder is never good. But it's just not THAT big of a deal in the grand scheme.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 3:28 am
by ontnut
maternal85 wrote:ropjhk wrote:maternal85 wrote:Must be nice to be set for Life though
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.
In short he deals with what every adult has to deal with. Except they make like 50k per year.
He's def not set for life. He will have to work still as that money's not gonna last until retirement age lol. Anything less than $10m career earnings is not really "set for life" imo.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 9:36 am
by maternal85
ontnut wrote:maternal85 wrote:ropjhk wrote:
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.
In short he deals with what every adult has to deal with. Except they make like 50k per year.
He's def not set for life. He will have to work still as that money's not gonna last until retirement age lol. Anything less than $10m career earnings is not really "set for life" imo.
After 3 years of service, you're entitled to a NBA pension at the age of 55 years. 3.3 million, he probably net 1.5 million. You can buy a decent house in a cheap state like Texas, for let's say 700k. Then live off the interest of the other 800k. He can live a comfortable life if he Invests/ manages the money wisely. Mortgage/ rent is one's largest monthly expense. He shouldn't have neither.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 1:03 pm
by tecumseh18
ontnut wrote:WaltFrazier wrote:tecumseh18 wrote:
If the team doesn't acquire another centre this summer, you'll see how "devastating" the Koloko illness was next year when Poeltl is (inevitably) out with an injury, and Olynyk has to start in his place. (Assuming we're not trying to tank.)
OK, if you don't like the word "devastating", then will you agree that it's hard for a rebuilding team to miss out on an entire draft year? And it's hard for a team in a salary cap environment to miss a chance to add depth to the roster at a salary controlled price in a position of need when we just traded away three guys - OG, Precious and Pascal - who would often play that position. Now we likely have to waste cap space (or the room exception) on a C with less potential, for more money.
This. Back-up Cs, even third string C's are important. The loss of Koloko and probably Porter , for nothing, hurts whether the word is devastating or something less.
Yeah, it's not great, I won't deny that. Losing a high 2nd rounder is never good. But it's just not THAT big of a deal in the grand scheme.
We traded a #20 FRP for that high second rounder. Don't shift the goalposts. Getting nothing for a #20 pick really hurts, especially in the context of a team that recently traded a lot of draft capital to win the championship, and is now rebuilding. It's not like the Bruno pick, when we were already a playoff team primed for a strong six season run. At the PF/C spot, we've lost Gasol, Ibaka, Siakam, OG, Precious and Koloko. Hell, and now Jontay Porter is gone. That's a big hole for a team that already lacks depth.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 1:09 pm
by WuTang_OG
I feel for him , hopefully he can get back
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 2:51 pm
by YogurtProducer
maternal85 wrote:ontnut wrote:maternal85 wrote:
In short he deals with what every adult has to deal with. Except they make like 50k per year.
He's def not set for life. He will have to work still as that money's not gonna last until retirement age lol. Anything less than $10m career earnings is not really "set for life" imo.
After 3 years of service, you're entitled to a NBA pension at the age of 55 years. 3.3 million, he probably net 1.5 million. You can buy a decent house in a cheap state like Texas, for let's say 700k.
Then live off the interest of the other 800k. He can live a comfortable life if he Invests/ manages the money wisely. Mortgage/ rent is one's largest monthly expense. He shouldn't have neither.
Live off the interest of 800k? What?? He is gonna live off of 40k per year (at 5% interest) and just not work?
You want him to buy a decent house for $700K - that house has utilities, property taxes, insurance, etc. he all still needs to pay- plus he still needs a car most likely, and if he is not working he is going to have to do something all day long.
It is just not reasonably feasible to assume he is going to be set for life. He will 100% be working again.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 6:11 pm
by ontnut
tecumseh18 wrote:ontnut wrote:WaltFrazier wrote:This. Back-up Cs, even third string C's are important. The loss of Koloko and probably Porter , for nothing, hurts whether the word is devastating or something less.
Yeah, it's not great, I won't deny that. Losing a high 2nd rounder is never good. But it's just not THAT big of a deal in the grand scheme.
We traded a #20 FRP for that high second rounder. Don't shift the goalposts. Getting nothing for a #20 pick really hurts, especially in the context of a team that recently traded a lot of draft capital to win the championship, and is now rebuilding. It's not like the Bruno pick, when we were already a playoff team primed for a strong six season run. At the PF/C spot, we've lost Gasol, Ibaka, Siakam, OG, Precious and Koloko. Hell, and now Jontay Porter is gone. That's a big hole for a team that already lacks depth.
Yeah I suppose it's worse given that Thad didn't really give us much. Again, it's a problem, just not disastrous imo. And I can't really put the full blame on the FO for it given that it was an acute illness that couldn't have been detected before. Just a really unfortunate series of events that hopefully the FO will learn from.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 6:21 pm
by ontnut
maternal85 wrote:ontnut wrote:maternal85 wrote:
In short he deals with what every adult has to deal with. Except they make like 50k per year.
He's def not set for life. He will have to work still as that money's not gonna last until retirement age lol. Anything less than $10m career earnings is not really "set for life" imo.
After 3 years of service, you're entitled to a NBA pension at the age of 55 years. 3.3 million, he probably net 1.5 million. You can buy a decent house in a cheap state like Texas, for let's say 700k. Then live off the interest of the other 800k. He can live a comfortable life if he Invests/ manages the money wisely. Mortgage/ rent is one's largest monthly expense. He shouldn't have neither.
The 800k interest can be pretty little. GIC rates average around 4-5%, so you're talking 32-40k a year. I don't think that's "set for life", esp in a city like Toronto, or even in most US cities, even without a mortgage. Keep in mind that inflation can easily eat up the majority of that percentage too, so if you want to adjust for inflation of about 3.15%, you can maybe take out 2% of that interest per year, while maintaining the same YOY inflation adjusted value. 2% of 800k is $16k a year. That's poverty.
I dno how much the pension is and how it's calculated, but that could be a useful topup. So yeah...in today's day and age to live a mid-uppermid class lifestyle for life, without having to work, you probably need around a $5m nest egg including your main residence. $1m house, $4m invested and budgeting about 2% as income with the rest re-invested to adjust for inflation, you can live a $80k a year lifestyle (inflation adjusted) until you peace out. That's much more realistic. If he has multiple kids though and wants to do private school and all that jazz...well, that money might not be enough tbh. It's certainly not generational wealth.
When you start talking generational wealth, I think like $10m+ nest egg at the very least, probably more depending on what city you live in. $10m is like generational mid-class lol. $20m you're getting into proper wealth.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 10:36 pm
by agkagk
ropjhk wrote:maternal85 wrote:Must be nice to be set for Life though
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
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 10:51 pm
by Johnny Bball
GP2 wrote:Hope for the best, but does a 7-footer ever get cleared of a blood clot? Aren't you on blood thinners for the rest of your life, rendering you unable to play? Of course I'm mainly thinking of Bosh.
Yeah, I think until medicine advances he's kind of screwed or left hoping his body performs a miracle.
He really should be looking to see if any other league would let him play.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 10:54 pm
by Johnny Bball
ropjhk wrote:maternal85 wrote:Must be nice to be set for Life though
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.
Re: Christian Koloko Update
Posted: Mon Apr 1, 2024 11:07 pm
by C Court
At most, Koloko has $2 million left after taxes, agent fees and living expenses. My realistic guess is its probably closer to $1.5 million.
That's a nice starting point, but not set for life by any means. A 4% GIC would pay him $60,000 annually before tax. With rates projected to drop to the 3% range, the interest earned will be just $45,000 per year.
Re: Christian Koloko Update
Posted: Tue Apr 2, 2024 1:30 pm
by ropjhk
Johnny Bball wrote:ropjhk wrote:maternal85 wrote:Must be nice to be set for Life though
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.
That's before taxes and that's assuming he only needs to support himself and no other family members.
Also being younger is not better in this scenario. It means he has longer to live and therefore needs more money to last him for all of those years.
Re: Christian Koloko Update
Posted: Tue Apr 2, 2024 1:37 pm
by ropjhk
maternal85 wrote:ontnut wrote:maternal85 wrote:
In short he deals with what every adult has to deal with. Except they make like 50k per year.
He's def not set for life. He will have to work still as that money's not gonna last until retirement age lol. Anything less than $10m career earnings is not really "set for life" imo.
After 3 years of service, you're entitled to a NBA pension at the age of 55 years. 3.3 million, he probably net 1.5 million. You can buy a decent house in a cheap state like Texas, for let's say 700k. Then live off the interest of the other 800k. He can live a comfortable life if he Invests/ manages the money wisely. Mortgage/ rent is one's largest monthly expense. He shouldn't have neither.
Doubt a 20 year old basketball player has very much financial knowledge.
It's totally possible for him to live the rest of his life off of his career earnings. I would hardly call that set for life though. To me, set for life means you don't have to work another day in your life and you can still have pretty much everything you want from life. Maybe Koloko would be fine with a humble lifestyle, but I think most people would want to do more with their life. Don't think 1.5 million would be enough for a 20 year old to just stop working and expect to live a lifestyle that satisfies all major desires.
Don't get me wrong, he's in a much better financial position than most other people his age.
Re: Christian Koloko Update
Posted: Tue Apr 2, 2024 2:59 pm
by ontnut
agkagk wrote:ropjhk wrote:maternal85 wrote:Must be nice to be set for Life though
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.
Re: Christian Koloko Update
Posted: Tue Apr 2, 2024 3:04 pm
by ontnut
Johnny Bball wrote:ropjhk wrote:maternal85 wrote:Must be nice to be set for Life though
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.