Tim Duncan loses 20m from friend/financial advisor

[Sean]

But yet nikkas call you stupid for saying you don't need a financial advisor

What I need a financial advisor for? Nikka I don't got one now. I'm doing alright.

I don't need 20% returns. I'm cool with the little 5% returns I can get on my own.

You give someone else complete access to your $100 million account....but, I'm the dumb one

 

[OC's finest]

Why doesn't

if I have 20 million dollars I'm not listen to someone tell me about investing money who doesn't have more money than me

what for, I'm already at an amount you can't even get to yourself, so what can you possible to tell me, I'm better off just keeping my money in the bank

same with friends, if I give a friend money I'm just giving them money I can afford to give them without expecting to be paid back

why would you go into a business arrangement with a friend who doesn't have equal stake, doesn't make sense, so if something doesn't go right I lose all my money and they lose nothing

what can't you understand
it don' make sense because never tried to make sense of it in first place, you always just to disagreeable for no reason whatsoever

so if i make more money than u, shoudl i not listen to your advice right now?

u shud listen to everyone, regardless if they got money or not. obv u shud put more weight to someone that has more wealth to them, but to ignore someone cuz of how much money they have is straight ignant

theres plenty of rich ppl wid 0 financial acumen, athletes for example

 

[Master Teacher]

True. He should have had auditing firms check his accounts and FA's paperwork multiple times a year.

Also real estate is not a "safe investment". That heavily depends on a lot of factors but just telling someone buy property = safe money doesn't even skim the surface of what you need to know. The reason we had a global recession in the first place was largely due to people believing that nonsense. The derivative market off of sub-prime mortgage loans is why big investment banks started to go under.




Case in point

Shut your dumb ass up

I already posted my bank statements

I invest cash

We got into a recession because of the MORTAGE INDUSTRY you dumb ass, LOANS

broke people taking out loans on houses that had all the EQUITY maxed out

don't up your fukking mouth if you don't know your talking about

and guess what all this borrowers got the money from the bank they can't afford to give back

GUESS WHERE IT ENDED UP, in the Real Estate Investors POCKETS WHEN THEY SOLD THEM HOUSES, so they all ended up RICH

I buy a house for 20 ground cash and it appraises for 60, how can I possible lose

 

[Master Teacher]

so if i make more money than u, shoudl i not listen to your advice right now?

u shud listen to everyone, regardless if they got money or not. obv u shud put more weight to someone that has more wealth to them, but to ignore someone cuz of how much money they have is straight ignant

theres plenty of rich ppl wid 0 financial acumen, athletes for example

if you make more than me you shouldn't listen to me if I tell you to give your money so I can make you some money

you see how stupid that sounds

you can learn from a person's experiences without giving them your money

 

[King Poetic]

I just don't understand why these athletes just don't go with another famous athlete financial advisor who never fukk that athlete over....

These nikkas falling for these dudes befriended them acting like they care...

Secondly what so fukking hard to learn on your own about investing or just stacking your chips..

Respect to magic

 

[*Hulks Up*]

Because you would be a fukking moron to do so. gold is not "guaranteed value". Greece's situation is complex but part of the reason they went to shyt was poor regulation - their banks were loaning out people's money on stupid derivatives and bad bets and getting robbed.

If you are investing your money for growth, then yeah I would agree with your point. NBA players have multi millions I doubt growth is really a major concern they probably are looking more to maintain their money against inflation and taxes but again they might have different goals.

And gold is a guaranteed value because it's real currency not paper money with a value tied to the economy, it's more insurance than anything to stay wealthy.

 

[LV Koopa]

Shut your dumb ass up

I already posted my bank statements

I invest cash

We got into a recession because of the MORTAGE INDUSTRY you dumb ass, LOANS

broke people taking out loans on houses that had all the EQUITY maxed out

don't up your fukking mouth if you don't know your talking about

and guess what all this borrowers got the money from the bank they can't afford to give back

GUESS WHERE IT ENDED UP, in the Real Estate Investors POCKETS WHEN THEY SOLD THEM HOUSES, so they all ended up RICH

I buy a house for 20 ground cash and it appraises for 60, how can I possible lose

Shut up hoe nikka no one cares about your bank statements. We got into a recession because of the mortgage industry which is part of real estate - herp derp? It was beyond "broke people taking out loans". It was about investment banks packaging AAA bonds made up of subprime mortgages and other banks and investors buying them. The credit agencies were rating them as A level when they were full of shyt. Hence, the people betting on "real estate is safe" aka big institutions got fukked.

Broke people have been taking out loans for centuries. This was the first time in a while that so much misinformation and corruption in the industry ran rampant and caught up to the big banks. And specifically to the bolded - a lot of them didn't get rich. Many got washed away in the financial meltdown. Only the Goldman Sachs and BoAs that got bailed out by the government survived. If you really think you can buy a $20,000 house and get it appraised for 60k and keep making money you really don't know shyt about the market or how basic finance works. Not everyone has 20k of capital to put up and risk, and businesses especially aren't dumb enough to always put up 100% of their own money on investments. Add in the horrible loans that predatory lenders were shelling out (and getting fukked on) then it's entirely possible to lose and to lose big. Shut ya dumb ass up.

If you are investing your money for growth, then yeah I would agree with your point. NBA players have multi millions I doubt growth is really a major concern they probably are looking more to maintain their money against inflation and taxes but again they might have different goals.

And gold is a guaranteed value because it's real currency not paper money with a value tied to the economy, it's more insurance than anything to stay wealthy.

Why else would you invest money? The only reason to would be for growth, otherwise you keep it in a low interest account and call it a day.

Gold is not guaranteed value, especially since it isn't used to anchor any currency anywhere in the world. It hasn't been used to back US dollars for over 50 years. If you wanted to stay wealthy you wouldn't just pour your money into gold futures or gold companies. That would be insane.

 

[Master Teacher]

Shut up hoe nikka no one cares about your bank statements. We got into a recession because of the mortgage industry which is part of real estate - herp derp? It was beyond "broke people taking out loans". It was about investment banks packaging AAA bonds made up of subprime mortgages and other banks and investors buying them. The credit agencies were rating them as A level when they were full of shyt. Hence, the people betting on "real estate is safe" aka big institutions got fukked.

Broke people have been taking out loans for centuries. This was the first time in a while that so much misinformation and corruption in the industry ran rampant and caught up to the big banks. And specifically to the bolded - a lot of them didn't get rich. Many got washed away in the financial meltdown. Only the Goldman Sachs and BoAs that got bailed out by the government survived. If you really think you can buy a $20,000 house and get it appraised for 60k and keep making money you really don't know shyt about the market or how basic finance works. Not everyone has 20k of capital to put up and risk, and businesses especially aren't dumb enough to always put up 100% of their own money on investments. Add in the horrible loans that predatory lenders were shelling out (and getting fukked on) then it's entirely possible to lose and to lose big. Shut ya dumb ass up.



Why else would you invest money? The only reason to would be for growth, otherwise you keep it in a low interest account and call it a day.

Gold is not guaranteed value, especially since it isn't used to anchor any currency anywhere in the world. It hasn't been used to back US dollars for over 50 years. If you wanted to stay wealthy you wouldn't just pour your money into gold futures or gold companies. That would be insane.

First how many investment properties do you own, if the answer is zero, PLEASE SHUT THE fukk UP

Now, the mortgage industry is not apart of the Real Estate Industry

if your a real estate investor you don't fukk with mortgages, that's the buyer's concern not the seller

I for one only deal with cash buyers because I sell investment properties, I don't list my properties with a realtor or any of that shyt

When you a Real Estate Investor, all you care about is profit/loss

after the recession the only thing that changed was the values, NOT THE SPREAD

the worst thing that happened with the Real Estate Investors after the banking crisis is they got stuck with Properties that they have probably unloaded by now

and the banks are lending again

 

[FlyRy]

Athletes just out smarting themselves. Just throw that shyt in a savings account, live within your means, and if you do invest, stick to gambling on sports or some shyt.

Put millions in a savings account when the FDIC only insures up to 250,000 brehs

 

[LV Koopa]

Yea, you're right. The mortgage industry is not apart of the Real Estate Industry.


Buy a house for 20k, appraise it for 60k, and watch as no one buys it and you get eaten up by holding costs and loans and have to sell it before you lose. That is one of the most textbook examples of losing money in real estate. You tried to talk out of your ass and got caught.

 

[Fckumeen]

 

[J-Fire]

Year to date isn't what you yield dumb ass

you are what I call a stock zombie, you read about stocks, might even buy books and read them, as well as watch shows like Mad Money

but don't invest your own money, you don't even have any money to invest more than like year

historical return what does that even mean

are you talking Year To Date Return, yeah that can be up pretty high, but THAT IS NOT WHAT YOU YEILD, on those index stocks you yield 1.9 percent, around that

S&P 500 is for people who don't know shyt about stocks, you're not building any wealth fukking with that shyt

and if I'm not mistaken SHOW ME PROOF, how much have you made of the S&P 500, take a screenshot

you slowly feed a vanguard every month and let the dividends auto reinvest. tried and proven....and warren buffet cosign it as the best option for most people.


Historical returns is a basic concept....these are not imaginary numbers. it is simply fact.
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html


capital gains is part of return! the 1.9% is dividend yield...which is per year and that fluctuates based on price.

 

[Master Teacher]

you slowly feed a vanguard every month and let the dividends auto reinvest. tried and proven....and warren buffet cosign it as the best option for most people.


Historical returns is a basic concept....these are not imaginary numbers. it is simply fact.
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html


capital gains is part of return! the 1.9% is dividend yield...which is per year and that fluctuates based on price.

show your 15 percent profit man, you ain't saying nothing

get out of here man

Just because the stock value goes up 15 percent doesn't mean your paid out 15 percent

I'm done

if it was that easy everybody would be rich

that's the problem with people and why they get scammed

 

[J-Fire]

its sad how many athletes and rappers get swindled by their close "Friends."

when will these dudes learn that its best to go to a respectable company or financial adviser. or shyt, jus get a god damn ameritrade account and put all your money in ETFs and index funds. shyt takes 10 min to learn.

hows the sayin go,

a fool is easily parted from his moneys...

sad, he seems like a good dude. gotta learn not to trust friends/fam with your money at that level tho.

ETF's are best for trading...not investing. Unless you talking s&p500 or total market.

 

[Master Teacher]

Yea, you're right. The mortgage industry is not apart of the Real Estate Industry.


Buy a house for 20k, appraise it for 60k, and watch as no one buys it and you get eaten up by holding costs and loans and have to sell it before you lose. That is one of the most textbook examples of losing money in real estate. You tried to talk out of your ass and got caught.

You stupid as fukk, I buy a house for 20k and its worth 60k I will flip to another investor for 30k within a few weeks, dumb ass

What holding costs, taxes lol, you can forgo taxes for years, and then make the buyer pay them at closing

If I brought it for 20k, and it appraises for 60, the value is going to rapidly drop below 20 grand all of sudden, it's not happening you dumb ass

house values don't drop that quickly

What you do is you search for what is called COMPS, real estate is all about locaton

stop talking you know what you're talking about

please if I can't sell the house, I can rent out for cash flow, like I DO NOW with some of my properties

and even get section 8 people in for a guaranteed government check

or I can turn into a GROUP HOME

So HOW CAN I LOSE