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Thread: Saul Out at Ohio

  1. #41
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    Default Re: Saul Out at Ohio

    Quote Originally Posted by IBleedYellow View Post
    He made 2.5M in that time. He's set for life most likely.

    Hope to see him back on his feet somewhere.
    Why do people think just because in a few years a person makes a large sum of money. Saul in this case or Kyle Emmual they can be set up life?


    In Saul's case. Made $2.5 million. Living in Ohio with state and federal taxes he nets $250k a year. House, young kids, etc. If he saved $250k he did well. When you make $500k, you have a $500k lifestyle.

    Watch the movie Margin Call, set along the lines of the lehman brothers collapse. Employee was making $1.4 million a year. Young analysts at the firm thought he was rich and saved a pile of money and could survive the fall.

    He goes on to explain, after taxes, housing, clothes, helping his parents and $78k of miscellanous expenses, which were mostly hookers, booze and blow, there isn't much left.

    Not that I would expect Saul or Kyle Emmanual to be broke. But i would venture they will work because they have to.

  2. #42
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    Default Re: Saul Out at Ohio

    Quote Originally Posted by kab1one View Post
    Why do people think just because in a few years a person makes a large sum of money. Saul in this case or Kyle Emmual they can be set up life?


    In Saul's case. Made $2.5 million. Living in Ohio with state and federal taxes he nets $250k a year. House, young kids, etc. If he saved $250k he did well. When you make $500k, you have a $500k lifestyle.

    Watch the movie Margin Call, set along the lines of the lehman brothers collapse. Employee was making $1.4 million a year. Young analysts at the firm thought he was rich and saved a pile of money and could survive the fall.

    He goes on to explain, after taxes, housing, clothes, helping his parents and $78k of miscellanous expenses, which were mostly hookers, booze and blow, there isn't much left.

    Not that I would expect Saul or Kyle Emmanual to be broke. But i would venture they will work because they have to.
    I think there are different levels of "set for life". I was once told that in order to make any meaningful changes to your lifestyle with an influx of cash it would take at least $500k after taxes. That was years ago, so today the number might be a bit higher, but the principle still works. With that you should be able to pay off most or all of your debt, put a little aside, and be able to add a lot of freedom to / remove a lot of stress from your life. No it's not enough for you to retire on, but I can tell you if I had the option to take $500k worth of problems off of my plate today I'd consider myself "set for life" because of the future options it would afford me.

    Even though they're both well over $500k I think both Saul and Kyle are solidly in this type of category. Now, if by some freak accident something were to happen to Carson and he'd retire from the NFL after this year, he'd be in a much different spot with almost $27M of earnings.
    Some say it's a backward place. Narrow minds on a narrow way, but I make it a point to say. That that's where I come from.

  3. #43
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    Default Re: Saul Out at Ohio

    Quote Originally Posted by BisonAccountant44 View Post
    I think there are different levels of "set for life". I was once told that in order to make any meaningful changes to your lifestyle with an influx of cash it would take at least $500k after taxes. That was years ago, so today the number might be a bit higher, but the principle still works. With that you should be able to pay off most or all of your debt, put a little aside, and be able to add a lot of freedom to / remove a lot of stress from your life. No it's not enough for you to retire on, but I can tell you if I had the option to take $500k worth of problems off of my plate today I'd consider myself "set for life" because of the future options it would afford me.

    Even though they're both well over $500k I think both Saul and Kyle are solidly in this type of category. Now, if by some freak accident something were to happen to Carson and he'd retire from the NFL after this year, he'd be in a much different spot with almost $27M of earnings.
    This makes perfect sense. That number is probably closer to $1mil these days just thinking about what it would take to pay off a mortgage on a typical house along with other consumer/student debt plus be left with some money to put away. I was thinking about this the other day, in terms of losing a spouse and what our life insurance policies would mean.

    Sent from my VS995 using Tapatalk

  4. #44
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    Default Re: Saul Out at Ohio

    Saul could take an assistant job at a high major and make $300k easy, really that seems like a better idea than going to a dump like Idaho State.
    "We're gonna go ahead and pin the Bison as the most successful small-conference DI sports program in America." -SBnation

  5. #45
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    Default Re: Saul Out at Ohio

    Quote Originally Posted by oldmantutters View Post
    This makes perfect sense. That number is probably closer to $1mil these days just thinking about what it would take to pay off a mortgage on a typical house along with other consumer/student debt plus be left with some money to put away. I was thinking about this the other day, in terms of losing a spouse and what our life insurance policies would mean.

    Sent from my VS995 using Tapatalk
    Before Ohio Saul was making $200k? at NDSU, I don't know the number. But lets use that as a base line. If have saved $500k at Ohio, a 5% rate of return on that money is $30,000. That is your income when you were at the very least used to a $200k a year life style.

    you go to the financial websites or to a planner, they project retirement needs based on 80-90% of your income. So even at $200K a year, you need enough saved or asset that will generate $160k of income. So at a 10% rate of return that is a $1.600 needed. 5% rate of return you need over 3 million saved.

  6. #46
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    Default Re: Saul Out at Ohio

    Quote Originally Posted by kab1one View Post
    Before Ohio Saul was making $200k? at NDSU, I don't know the number. But lets use that as a base line. If have saved $500k at Ohio, a 5% rate of return on that money is $30,000. That is your income when you were at the very least used to a $200k a year life style.

    you go to the financial websites or to a planner, they project retirement needs based on 80-90% of your income. So even at $200K a year, you need enough saved or asset that will generate $160k of income. So at a 10% rate of return that is a $1.600 needed. 5% rate of return you need over 3 million saved.
    https://www.inforum.com/lifestyle/fa...Price-is-Right

    Well now he has to pay tax on A NEW CAR also, congrats to wife Nichole Phillips...

  7. #47
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    Default Re: Saul Out at Ohio

    Quote Originally Posted by imabison View Post
    https://www.inforum.com/lifestyle/fa...Price-is-Right

    Well now he has to pay tax on A NEW CAR also, congrats to wife Nichole Phillips...
    Warehouses upon warehouses are full of cars and prizes that people don't claim cause they have to pay the taxes. She will get hit with $1,500 to $2,000 of California taxes as they will tax the prize for a little California cut. But many contestants do not claim the prizes cause they owe taxes. Why the don't just sell the car, pay the tax and pocket the case is beyond me. Oh well.

  8. #48
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    Default Re: Saul Out at Ohio

    Quote Originally Posted by kab1one View Post
    Warehouses upon warehouses are full of cars and prizes that people don't claim cause they have to pay the taxes. She will get hit with $1,500 to $2,000 of California taxes as they will tax the prize for a little California cut. But many contestants do not claim the prizes cause they owe taxes. Why the don't just sell the car, pay the tax and pocket the case is beyond me. Oh well.
    This always gets me if you can't afford the taxes make the most of it and sell it and pay the taxes and pocket the cash, unless it's a car you'd dreamed about (say a Ford Mustang Cobra for me), but in this case where it was something she and Saul actually needed/wanted(per her quote in an earlier article) they may bite the bullet and pay the taxes as a $2,000 brand new car is much cheaper than having to take a loan or pay cash for a new $22,000 brand new car or say even $15,000 for a decent used one if they were going to buy one anyway. Good thing is it hit early in the year you can always adjust his withholdings when he finally starts getting a paycheck to cover most of that I'd think.

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