You’ve always been a “time in the market” guy, which is very true. Long periods are time make for healthy compounded returns.

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Hawaii (fuck) You

Index and chill.

The way to become a millionaire is to just put your money into the market and be patient. It turns out you'll be poor and never retire if you blow it on depreciating assets... like a Range Rover.

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

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You've said before that a job like Goff's is an entry-level position, but is it really? Maybe it should be, but pre/post jobs in the #3 market haven't been that plentiful. Pat Boyle has been doing Hawks studio for like 15 years and is presumably doing fine enough (I'd say his wife makes more running 720 but these days, I dunno). Judd Sirott did the same job on the radio side for nine years. Garfien has had the Sox job for 20 years. Schanowski had the Bulls job for a long while, and Steve Kashul was with the Bulls broadcasts going back to Jordan until fairly recently. That Jason got the job from Schanowski because NBC couldn't afford him anymore probably isn't a great sign financially, but I still disagree that he's on that low a rung.

Doing Bulls games and a Ringer podcast is really about the best possible outcome for Jason because he doesn't like doing anything he doesn't want to do. He gets to call his own shots on the radio side and talk about the Bulls on the TV side. That's nice and comfortable, and I'm sure the money is fine enough to get by--talk about lower rungs of media, no one's making money doing the weather in Wichita. I think the only path that may have been better would have been getting in on the Chapo Trap House/Cum Town model of two podcasts a week, one free, one subscription at $5 a month. 15,000 subscribers less Patreon's cut would be about $800,000 a year. But the timing wasn't right for that; you had to get in on it like 2016-17.

I do agree that there are some cautionary-tale aspects to his story. "I dropped out of college to sell weed because they made me learn a neutral broadcasting voice and Terry Boers taught me you didn't have to sound good to be on the radio" is not exactly replicable.

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A few years ago my dopey 22 year old nephew decided he had to have a new Dodge Charger. While I always pay cash for my (used) cars and am not a BIGFAN of carrying loans or credit card balances for assets that depreciate, I understand that in this day and age for most cars must be an exception. Sadly, despite my best efforts, I could not get him to understand how much that Charger could potentially cost him over his lifetime if would instead set his sights on something more sensible, like a used Corolla, and invest the difference from the lower payment, insurance, maintenance, and longevity (I know a guy whose corolla just rolled 300k). With quick back of the envelope math I came up with $700,000.

As I say, that was a few years ago. He's already traded that Charger for another one

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"I honestly don't see a good bet on the board here."

All of my retirement money is indexed. And yes you can become a millionaire just from that. I satisfy my interest in the stock market with a modest trading portfolio in a taxable account (hoping yall bought META at $100 as it closes in on $600).

I also buy my cars in cash, but it was not always so. I hate used cars because I hate car problems. Cars are the one thing I have always been willing to spend too much on. It sucks having a lemon….

You absolutely need to avoid credit card interest. It buries folks.

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Hawaii (fuck) You

Hard these days for young people in their 20s with a new first and hopefully big job. So many things bombarding you to buy on payment.

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Elections have consequences.

At least they will not be tempted by Kmart’s layaway option.

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Hawaii (fuck) You

Congrats on Meta. They have layoffs. BTC in Oct of 2022 was $8700. No one gets laid off. Blockchain will rule the world in a decade. Goodbye cloud, hello blockchain internet and data storage. Even Meta. Nasdaq too. All AI. Can't stop this train from rolling. Just for shits and giggles, look into Sui and Solana and the million transactions per second and what it means.

Matched only by the number of credit card solicitations landing in the yutes' mailboxes.

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"I honestly don't see a good bet on the board here."

I will very openly grant that I am no expert on the many facets of the entertainment industry. I just don't see how there is any metric where that is a great job. I'm not sure that it beats doing weather in Wichita every day with a population of 400K. As Brick said, I think you can do ok. It's easy work for a liveable wage. It's better than hosting a mid days local kids show with a puppet as the co host

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O judgment! Thou art fled to brutish beasts,
And men have lost their reason.

Those are great though if you pay them off in full every month and basically treat them like a debit card. Use travel reward cards and enjoy free hotels and airline tickets.

Retail establishments already include the swipe fees in their prices no matter how you are paying so you might as well get those swipe fees back as travel rewards. So long as you pay no interest, you'll come out ahead. I haven't paid for a hotel room or airline ticket in years.

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

Shots fired at Bill Leff (and Toony the Tuna)

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that's all nice and if you work for goldman-sachs, you'll likely have 3x your annual salary saved by age 40. most blue-collar union jobs and other service jobs have a wage and time progression and what you make at age 23 is nowhere near what you earn at age 40. almost impossible to save that amount when your earnings aren't top of scale.

in my industry, the industry-leading 401k is a 10% match. that's all match. my company gives me 5% automatic and a 4% match. with company defined pensions erased from history, i'd agree it's imperative to start saving something-anything for retirement, once hired.

The key with starting early is that you benefit from the compounding gains. Hitting 3x by 40 is very doable when you consider your contributions made at 22 or 23 have doubled at least a few times from growth

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

i wouldn't argue that. though, you're compounding $8k to $16k to $32k. that might take awhile. if someone is earning $50k a year at age 24 and earns $125k yearly at age 40...extremely difficult to have 3x ($375k) their age 40 wages by age 40.

From the beginning I have been a bear on Crypto. I do not invest in things I do not understand and I certainly do not trust the exchanges and wallets. I also worry that governments will crack down on them due to money laundering concerns.

My expertise is in security analysis and financial accounting. I will stick with my strengths.

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Hawaii (fuck) You

How do you feel about hedge funds?

Denis hasn't given his answer on this one, but I'll give mine. In the long run the vast majority of hedge funds underperform the broad market index so you'll beat most hedge fund managers just sticking with VOO, VTI, SPY, etc.

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

Do you have any good links to how blockchain can be used practically within business?

I am a Bitcoin Hodl-er but always trying to learn more

We insure a lot of these through our asset management group. It is tough to overcome the manager’s compensation of 2% plus 20% profit share. A few rules of investing include minimizing taxes and fees. So it violates those easy rules right away.

Some have done very well. Ren Tech (Jim Simons) has been a beast to the point where they were charging outrageous fees. If they have a differentiated strategy that is not market correlated, then there is some value. But picking active investors really only works in hindsight. The lack of liquidity in hedge funds is also a problem.

Indexing is the best path for most folks. Watch your time horizons and always keep to your risk tolerance. If you lose sleep over your portfolio going down, then you are investing too aggressively.

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Hawaii (fuck) You

I have all of my tax deferred retirement money in index portfolios spanning the market cap ranges including international. I keep to all equity.

I have a trading portfolio for fun that prioritizes yield or value (at the time of purchase). I also hold cash in decent amounts. My current trading portfolio is:

IBM
VZ
ONON
GPK
META
PYPL

My target investment is always $25,000 per stock. I invest half at entry point and double down if the shares fall. If I feel very strongly like with META I put the full allocation at first purchase.

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Hawaii (fuck) You

At least Goff now can learn from this and have a diversified portfolio at a logical mix of stocks and bonds.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

A wise Jewish man told me that as a youth.

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I love you and accept your apology.

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I am here for my brothers! “Helping keep the repo man away since 1999. -humbly yours, Dman”

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Hawaii (fuck) You

Very well said, CH. I wanted to say similar, but your posts are a little more respected than mine.

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I'm evolving! I'm an old man now. Not the 25 year old without a care in the world!

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It's tech, code that's built to be faster, cheaper, more secure. All RWAs will phase into it. All data will phase into it. All apps. My assumption is say goodbye to checking and savings accounts. You will be in self custody and picking and choosing where you park your money for yields and it will be highly competitive. You will get yield on your Bitcoin and you'll be able to borrow on your bitcoin. I'm sure you'll have the option for banks to be custodians if you desire. All this requires stablecoin which trades 1:1 with USD. Right now it's sloppy with too many blockchains and too many bridges(that's where the hackers succeed) and L2s are a mess but that will sort itself out in a few years where the fastest, cheapest, most secure, AND MOST SEAMLESS blockchain will win out. I happen to think that will be Solana. Solana will be the peoples' blockchain and Ethereum will be for the big boys. Wallets have a ways to go also. Government has a long way to go in understanding. Pocahontas has proven it. It's not shadowy. Every transaction is on a ledger. You know what is shadowy? Cash transactions. Suitcases of paper. Crooked banks. Market manipulators. She should be thrilled that an IRS audit would have your every transaction in black and white.

Why do you want all balck men to be firemen? You know Chicago doesn't really hire the balcks as firemen, and I can't imagine Evanston has a lot of openings or pay as well as Chicago.

Why didn't you get a job as a city garbage man instead of following your passion? You could be retiring without following the markets as close as you do, needing to chase down clients that didn't pay, or dealing with assholes daily.

How do you know money matters to Goff? This may not apply to Goff, but I believe most of the radio guys who persevere come from money. I think Parkins spoke about his willingness to take a $30k a year gig because his family wasn't poor. I saw the inside of Adam Abdalla's house on an ESPN recap of Hard Knocks. I'm fairly confident that didn't come from having a 6pm show.

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Be well

GO BEARS!!!