MoneySnips | Business & Finance

ft. @TheICHpodcast

Real estate billionaire Richard Baker says the best investment opportunities are often where no one is looking “There is a jewel everywhere.” “I’m in the jewelry business.” “I’m out looking for that little jewel.” “You can go anywhere.” “Some of the best jewels are in the most secondary and tertiary markets in the country.” “Because people aren’t there paying attention.”

@0xBassey Fr, this doesn’t sit well with Brady

Threadguy says Tom Brady is hurting his own legacy by associating with Logan Paul “I don’t know why he’s doing this.” “Tom Brady may be the most decorated athlete of all time.” “And he’s destroying his legacy for absolutely no reason.” “How about I become best friends with Logan Paul after winning seven rings?” “I don’t get it.” “It makes no sense.” “Tom Brady is Tom Brady.” “Who do you think has better deal flow, Tom Brady or Logan Paul?” “Let’s be serious for a second.” “Your name is Tom Brady.”

@TraeyzX How do this people get into such debt?

Caller: We’re $200,000 in debt, mostly student loans and our living expenses eat up 60% of our income. I'm a stay-at-home mom with three little kids, one on the way, and one with special needs. ​We live in an expensive area, but I don't want to move because of my daughter's therapy services. I want my husband to bring in more income, but our kids are so young that I desperately need his help at home. I just feel completely stuck and don't know where to start. Dave Ramsey: Now, I'm sorry, kid. You got a lot on you. A house full of little kids is enough. One of them with special needs adds a double dose, doesn't it? ​Caller: Mhm. ​Dave Ramsey: Yeah, a lot going on. How old are you? ​Caller: I'm 31 now. ​Dave Ramsey: Okay. And the kids are what ages? ​Caller: 3, 2, 9 months. Dave Ramsey: I don't blame you a bit; this is a hard time and a lot of emotion, especially with $200k of debt piled on top. There's no magic switch or bankruptcy option here. ​It's a straightforward formula: income up, outgo down, and the student loan goes away. But there are going to be tough trade-offs, and something has to give. You guys are grownups and get to make these choices, but don't expect a miracle to just show up and fix it. Caller: Mhm. Dave Ramsey: Hubby isn't going to be around to help as much because he'll be working all the time to clean up this debt, or you’re going to have to move and find new services for your child. Or both. ​Something has to give, and it’s going to hurt. Right now, the pain is the student loan. If you want it gone, you have to trade it for a different kind of hardship. Does that make sense? Caller: Yeah. ​Dave Ramsey: So embrace the suck. ​Caller: Yeah, you're right. Dave Ramsey: It's going to suck, but you get to choose your suck. You're just a human being who screwed up—welcome to the club. I've done stupid things that make your mistakes look smart. ​But wishing won't fix it. You and your husband need to put the kids to bed, skip Netflix, and face this head-on. Decide together what part of your life is going to be really hard for the next three years so that this student loan goes away.

@cptdankkk 😂

Jason Sudeikis says tipping culture has gotten out of hand where you're an asshole for tipping 10% Benny: “When you're tipping at a restaurant, it's an interesting world to be in” Jason: “How do you do the math for 12%” Kristin: “I get too scared to do anything other than 20% or above” Benny: “You know what the worst thing is. When it's an automatic gratuity at 18%, because then you're like, how do I even add a percentage? Then I'm like, oh, it's too low” Dicky: “He criticizes me for tipping 20%” Jason: “Instead of what?” Dicky: “30% 35%” Jason: “I don't think it teaches anything, tipping poorly. Because if someone is not good, like a waiter or waitress at a diner type place, and they're just brusque and not checked in, and you wanted to be there for 45 minutes, but you were there for an hour and a half because they were just not there. But if you only tipped 10%, they're only going to walk away from there going, ‘What an asshole,’ versus if you're going to tip 10%, I think you got to give a note saying, ‘I normally tip more, but you were so...’ or say it to them”

@0xBassey The suspense is just driving everybody crazy 🤪

Rich Paul shuts down rumors about LeBron James’ free agency decision “I’ll say it again, none of these people know anything.” “Nobody knows nothing.” “We haven’t made it to where anybody knows anything.” “This isn’t about attention.” “It isn’t about creating a spectacle.” “He has a business choice to make.” “We’re not going to let someone else decide when he makes that choice.” “Why does an athlete have to rush his decision?” “If you were a top executive choosing between jobs, nobody would rush you.” “LeBron has earned that same right.”

@0xBassey He should just hurry up

LeBron James says his daughter is one of the biggest reasons behind his free agency decision “This is the fourth time I’ve been a free agent.” “When I went to Miami, I had my reasons.” “When I went back to Cleveland, I had my reasons.” “When I went to the Lakers, I had my reasons.” “But now, my almost 12-year-old daughter is pulling a lot of weight.” “I pulled her aside and told her, ‘I won’t be playing for the Lakers next year. I’ll be playing somewhere else.’” “I didn’t want her to hear it from anyone else.” “I told her, ‘You don’t have to answer right now. I just want to know how you’re feeling because you mean a lot to me.’” “The family portion is a big thing.” “People keep saying, ‘Hurry up and make a decision.’” “But it’s not just about the team.” “It’s about what’s best for me as a player, as a person, my happiness, and my family.” “The family portion is huge for me.” ( Via Boardroom)

@tekprime99 Will take months to save up to a 1000 dollars for many

Dave Ramsey explains the complete 7 Baby Steps to becoming a millionaire: “works every time” Baby Step 1: Save $1,000 A little starter beginner emergency fund. Just get a little distance between you and everything can go wrong Murphy. Then once you've got that, you need to do that in the first month. You're on a budget. You're going to squeeze together $1,000, sell some stuff, put things on Craigslist, Facebook Marketplace. Baby Step 2: Pay Off All Debt (Except the House) Then we're going to the important one that everyone knows us for is, you're going to get out of debt, everything but the house. List your debts smallest to largest. Attack them with a vengeance. Work all the time, sell everything, don't go to restaurants, don't go on vacation. We're getting out of debt. That's a cool place to be. Zero debt. When you've got zero debt, now you have control, other than your home, of your most powerful wealth building tool, which is your income. Baby Step 3: Build a 3–6 Month Emergency Fund We're going to build an emergency fund. Grandma's rainy day fund of three to six months of expenses. That's taking the $1,000 account and adding to it. Have no payments and have a good emergency fund. Think what it would feel like if you had no payments and $20,000 in the bank. Baby Steps 4–6: (Done Simultaneously) Four is 15% of your income going into retirement. Five is save for kids' college. Six is pay off the house. Baby Step 7: Build Wealth & Be Generous Seven is when your house is paid off, just become wealthy and outrageously generous. The average person doing it is paying off their home in about seven years and becoming a millionaire in about 14 years. This is not an easy plan. It's just one that works every time.

@cptdankkk Kobe has a special place in my heart

Mark Cuban says the Mavericks had a deal in place to trade for Kobe Bryant until Mitch Kupchak talked Kobe out of it “That was 2007. Kobe was ready to get out. And I was on Dancing with the Stars. There was a dude named Elvis, who was a production assistant. In between breaks, I'd be like, ‘Elvis, I need a quiet spot’” “I would talk to Rob Pelinka, his agent at the time, and he's like, ‘Okay, if you can get Dr. Buss to approve,’ and I talked to Dr. Buss, and he was ready to do it. It was two firsts, Josh Howard and Jason Terry, for Kobe. And I thought, ‘Okay, this is done’” “I went to practice on my jive or whatever. And then we got a call from Rob that Mitch Kupchak had talked Kobe out of it. That close” “I was telling Dirk the whole time. He goes, ‘You can trade me. I would trade me for Kobe, too.’ And I'm like, no, the whole point, Dirk, you know. It would have been unstoppable”

@0xBassey This guys were really burning money . wtf

Derek Anderson says owning over 100 cars during his NBA career was the worst investment he ever made “I had over 100 cars.” “It was an awful investment.” “But I had a great time.” “I don’t drink.” “I don’t gamble.” “I don’t party.” “I didn’t have anything else to do with my money.” “So I just started getting cars.” “I’d buy them and then sell them to other people.” “If a Rolls-Royce cost me $400,000, I’d sell it for $370,000.” “They’d think they got a great deal.” “But if you sell a Rolls-Royce after a year, that’s about $50,000 gone.” “It was definitely the worst investment I ever made.” “But I had a ball doing it.”

@katsuxbt That’s a huge money bro

JJ Redick says $10,000,000 is supposed to last an NBA player forever “During my career the average NBA career was like four and a half years. So if you play four and a half years, that means you’re not getting to a real second contract” “You’re likely making 750, 1.2, 1.5 maybe you get an exception, 2.9. So you’ve made $8 million over four and a half years. Let’s call it $10 million over five years” “You’ve got $5 million to spend. You’re in the NBA, you’re going to get a nice car, you’re probably going to buy a nice house, but you’re going to take care of your parents before you spend another dollar” “Then you’ve got to pay your agent. How is that supposed to last you the rest of your life?” “It’s not about the intake, it’s about the outtake”

@0xBassey I guess Jaylen has a point here

Jaylen Brown says long-time NBA players should receive equity in the franchises they help build “If you work for Apple or Nike, and you’re a CEO or you’ve been there a long time, you get equity in the company.” “I think athletes should be looked at the same way.” “If you play for the Celtics for 20 years, you should get a piece of equity.” “You helped create that growth.” “That’s the part that gets lost in translation.” “You get compensated for doing your job.” “But you don’t get compensated for the growth.” “In major corporations, you do.” “That’s something I’ve proposed.” “We’ve got another CBA coming up, so we’ll see.”

@0xBassey One of my favorite guys

Jayson Tatum says he didn’t invest during his first four years in the NBA because no one ever taught him how “I didn’t invest my first four years.” “I never learned about investing as a kid.” “My mom and I didn’t even have a savings account.” “We had nobody to teach us how to make your money work for you.” “I’ve been very grateful to find partners and opportunities over the last few years.” “I’ve been able to invest in companies that I’m genuinely interested in.” “I want the things I invest in to be organic to me.”

@cptdankkk NBA guys are on money

Jeff Teague says he was told averaging 12 points and 5 assists would earn him a 5-year $40,000,000 NBA contract “I got to average 12 pts and 5 assts. I'm cool. Because they told me I'd get $40 million if I averaged 12 and 5” “At that time it was going to be five years for averaging 12 and 5. That's what they told me” “I ain't gonna say it was easy, but it wasn't hard. I mean, I could have did it, but our GM got fired anyway” “If y'all watch basketball, that's all players do. If y'all look, they put the camera on them and the people go up like that. They looking at their stats”

@_Lin_inc Come on!

Caller: “I just inherited $7.2 million and now i’m paralyzed, What is the next step?” Caller: My wife and I built up $1 million through years of hard work and frugal living. Then we received a $7.2 million inheritance. We should be thrilled, but my anxiety about money has gotten worse, not better. George: Worse? You have $8.2 million total and you’re more anxious? Caller: I can’t stop thinking about losing it. I don’t want to spend on anything, even upgrades to the house we’re building. My wife is frustrated. Dr. Delony: This isn’t a math problem. This is a nervous system problem. The money didn’t fix your anxiety, it triggered it. George: Your anxiety about money isn’t really about money. It’s about fear, security, and your sense of self-worth. Sudden wealth just amplified those fears. Dr. Delony: Here’s what needs to happen. You need to work with a therapist to understand where this scarcity mindset is coming from. It’s deeper than the numbers. George: And both of you need to sit down with a financial advisor and actually look at your numbers. You have $8.2 million. You can afford house upgrades. You can afford a good life. But you won’t feel safe until you see it and understand it.

@0xarslan Quite funny 😆

Peter Crouch says one look from Roy Keane made him sell his Aston Martin the next day at a £15,000 loss "I bought myself quite a flash car. Bought myself an Aston Martin" "I've gone to Roy as if like one day you'll have one of these" "The look he gave me was basically I was piece of ****" "I sold the car the next day. Took about 15 grand hit on it"

@Ankara_inc Great advice there

Caller: “I’m 73 with student loans and no Retirement, what should i do?” Caller: I’m 73 and planning to retire at 76. I have no savings, no retirement accounts, and I’m carrying $12,000 in student loan debt. Dave: What’s your current income and expenses? Caller: I make $4,500 a month. Rent is $2,000, student loans are $2,000, and living expenses are $500. Dave: So you’re breaking even, that’s actually workable. When will the student loans be paid off? Caller: Somewhere in March Dave: Okay. Do you have any life insurance with cash value? Robin: I have a Universal Life policy with about $9,000 cash value. Dave: Cash it out today and pay off the student loans immediately. No more $2,000 monthly payments. Robin: And then what? Dave: For the next three years until you’re 76, live on beans and rice. Every dollar beyond survival goes toward building an emergency fund and saving for a down payment on a very modest home. Caller: Should I buy or rent after I retire? Dave: Buy. Rent prices rise forever, you lock in a fixed mortgage payment now and it stays the same for 20 plus years on a fixed income. That’s stability. Caller: On my income, can I actually do this? Dave: It’ll be tight, but yes. You’ll find a modest home, put down what you’ve saved, and have a paid off or nearly paid off house by 76. George: And Robin, you’re a victim of a broken system. The narrative that a degree guarantees success pushed you into $12,000 of debt. That’s the real problem here.

@TraeyzX How do people even get into such debt?

1 Million Dollars in Debt ​Caller: My wife and I got ourselves in a little bit of a mess. We are looking at about $1,000,000 in debt. ​Dave Ramsey: On what? ​Caller: I closed down my business in June. We took out some SBA loans to keep the business afloat, and we also have our house, credit cards, IRS taxes due, and a couple of other things. ​Dave Ramsey: How much is the SBA? ​Caller: There is about 250,000 left on them. ​Dave Ramsey: How much is on the IRS? ​Caller: It's $350,000. ​Dave Ramsey: How much on credit cards? ​Caller: We just entered a consolidation loan. It dropped our monthly payment significantly, so right now the total payoff is about $96,000. ​Dave Ramsey: What's the other $300,000? Is it your mortgage? ​Caller: $250,000 on the mortgage, $8,000 left on a car, $15,000 for an accountant, and $8,000 for an attorney. ​Dave Ramsey: The attorney was for what? ​Caller: They assisted through my IRS issue. They got me an installment plan for $500 a month, which was great until two months after the agreement went through. Now they are saying we have to review everything again and that we will be liable for at least $175,000 to pay into the trust fund. ​Dave Ramsey: You're liable for $350,000. So where is $175,000 coming in? ​Caller: I'm not sure, that's what the officer said when I was on the phone with him. ​Rachel Cruze: Additional $175,000? ​Caller: No, not additional. ​Rachel Cruze: That is included in the $350,000. ​Dave Ramsey: Okay, so you didn't hold your 941s back? ​Caller: No, we never held anything back. ​Dave Ramsey: Yeah, they're not going to put that on payments. I don't disagree with that. What is your home worth? ​Caller: About $550,000. ​Dave Ramsey: What else do you own? ​Caller: Nothing. Right before all this happened, we had a rental property and land. We sold all of those to do a flip and we lost everything on top of that. Everything kind of just trickled down from that. ​Dave Ramsey: Are you now working doing something else? ​Caller: Yes. ​Dave Ramsey: What do you make? ​Caller: Recently I was making $260,000 but now I'm making $140,000. I got let go from one job because they couldn't afford me anymore. ​Rachel Cruze: So now it's $140,000. ​Dave Ramsey: Does your wife work outside the home? ​Caller: She makes about 20 grand. ​Dave Ramsey: How old are you? ​Caller: 33. ​Dave Ramsey: How long have you been married? ​Caller: 8 years. ​Rachel Cruze: Do you guys have kids? ​Caller: 3. ​Dave Ramsey: I remember being right where you are. I was 28 with 2 kids, and I didn't make it. I ended up bankrupt. But I can share with you a couple of things. One is this stuff will destroy your marriage if you don't fight for it. The two of you have to sit down and say, regardless of what happens, we're in it to win it together. You have to lock arms, it's you two against everybody else.

@slamwontmiss That’s a huge debt

Caller: “we have about $119,000 in debt and we’re considering taking out either like a second or home equity loan to pay it off because we’re getting impatient. It used to be $160,000 so we’ve been making progress.” Dave Ramsey: “what's your what's your household income?” Caller: “About $300,000.” Dave Ramsey: “OK. You make $300,000 a year and you’ve paid off $50,000 in debt.” Caller: “It’s probably taken us about a year. It’s because we’re in our first home, and there’s just been one thing after another unexpected issues and things. My husband had to end up selling his car so we could pay off some contractors from work we had, and then some of that went toward the debt.” Dave Ramsey: “So what is the debt? What is the $119,000 on? What kind of debt?” Caller: “$55,000 is credit card, $22,000 is student loan, $23,000 is a personal loan, and then $19,000 is my car.” Dave Ramsey: “OK. Alright. What do you do for a living?” Caller: “We’re both engineers.” Dave Ramsey: “OK. Alright, good. And how long have you been married?” Caller: “Seven years.” Dave Ramsey: “When did you buy this house you’re talking about that’s eating you alive?” Caller: “2021.” Dave Ramsey: “How much is your house payment?” Caller: “Close to $5,000.” Dave Ramsey: “So it takes $60,000 a year to pay your house payment. So if you were to live on $200,000, you would be debt free in a little over a year. Kind of sounds absurd when I say it that way, doesn’t it? Where the flip are you people spending money?” Caller: “Yeah, there’s just been like we had to get a new AC, we had to get a new furnace, we didn’t have a fence around the property. Oh my God. There have, not gonna lie, there have been some vacations in there too.” Dave Ramsey: “Yeah, some vacations. You eat out every night. You guys spend like you’re in Congress. Your lifestyle is eating you alive somewhere. You’re off $100,000 a year. I mean, people in Los Angeles can live on $200,000. They do it all the time. They live on $100,000 in Los Angeles. People do.” “So if you were to live on $200,000 and you put $100,000, I want you to put $8,000 a month toward your debt. I want you to sit down tonight and I want you to quit acting like you’re rich because you’re freaking broke. You’re broke people that make $300,000.” Caller: “That’s why we sold the other car, yeah. And I started up a business.” Dave Ramsey: “You don’t have an income problem. You have a spending problem. You make $300,000 a year.” Caller: “I think there’s an issue with feeling so burnt out that we end up needing like, ‘Treat yourself,’ you know? Vacation.” Dave Ramsey: “What are you burnt out from?” Caller: “I drive 140 miles round trip to work, and we have pretty taxing jobs. And, you know, we didn’t get any help from parents. They paid for our wedding.” Dave Ramsey: “Yeah. I don’t think I can help you.” “And the answer is no. You should not borrow your way out of debt. Moving it to a home equity loan doesn’t pay it off. You just move the debt while keeping the same stupid spending habits.” “You make $300,000 a year. It’s embarrassing that you can’t pay off $100,000 in a year. When you decide to change that, then I can help you.”

Shaquille O'Neal reveals his hilarious rule for his kids when they turn 18. ​"When my boys get 18, I give them a bag, I give them $200 and I said, nice to meet you" ​"He got a tattoo on his calf of me, of his father. He's a man, he's an adult, he's a great kid, he never gives me any problem." ​"When they get 18, I give them a bag, I give them $200 and I said, nice to meet you. Kick them out." ​"Game 7, 2000 against Portland... I'm downstairs eating my meal and he comes to me and says 'daddy win'. That's the first thing he ever said to me. I'm like, you can talk?" ​"Kobe throws me the great lob, I catch it and slam it and I was like, I won baby! I was pointing at my son here." ​"Why was your son up in the nosebleed seats? Because I couldn't afford the courtside seats."