Smitch bares his finances for the experts tomorrow

jim rockford · Post #61 » by **jim rockford** » Sat Feb 9, 2008 12:08 am

who has $400K burn rate a month??? that must be a mistake??? maybe some young guys would have that, but i'm surprised a guy like sam would.

and doesn't he have more than $1M of investments? he was in the league a long time (i think) and now makes $4M... i'm not saying he should have a huge nut. maybe more like $5M.... but again, it depends on how he defines investments. it might just be with the blackmont guy.....

raptorsam · Post #62 » by **raptorsam** » Sat Feb 9, 2008 12:25 am

how do u spend 400k a month?

jim rockford · Post #63 » by **jim rockford** » Sat Feb 9, 2008 12:27 am

raptorsam wrote:how do u spend 400k a month?

even "superfreak" rick james was only about 80k/month...

it's hard to do without buying houses and stuff, and that's investment not consumption. so i wouldn't call that monthly expenses.

douggood · Post #64 » by **douggood** » Sat Feb 9, 2008 1:15 am

raptorsam wrote:how do u spend 400k a month?

That must have been a typo, either its 40k/month or 400k/year.

Darrick Martin · Post #65 » by **Darrick Martin** » Sat Feb 9, 2008 7:23 am

His equities must be taking a big dump right now... at least he's being smart about his portfolio as tons of athletes, lottery winners, etc fall into the category from going from nothing to something really quickly, often go bankrupt after the cash flow ceases to exist.

simplysic · Post #66 » by **simplysic** » Sat Feb 9, 2008 3:46 pm

"in dog years"...WOW

kidcanada15@hotmail.com · Post #67 » by **kidcanada15@hotmail.com** » Sat Feb 9, 2008 4:50 pm

For Sam to get $300,000 for life, at a typically withdrawal rate of 4%, he would need $7,500,000 in investments.

At a more conservative withdrawal rate of 3%, due to his retirement most likely being early, he would need $10,000,000 in investments.

Nially · Post #68 » by **Nially** » Sat Feb 9, 2008 8:58 pm

it's not 400k a month budget, it's 400k per year for his monthly budget. at least that's what i got out of it. about 33k a month.