Friday, January 25, 2008

Well Damn Shaq!!!!!!!!!

If you make this much damn money, why the hell do you have a car note and mortgages? No matter what people say about tax breaks, I would rather save money by not spending interest. If you buy a $300,000 home, you end up spending twice that over 30 years by paying interest.

http://msn.foxsports.com/nba/story/7720632?MSNHPHMA

$156,116 in mortgages on three homes (including his $20 million mansion on Miami Beach's Star Island), plus $31,299 in homeowners insurance;
$110,505 for vacations;
$26,500 a month for child care;
$24,300 for gas;
$17,220 for clothing;
$12,775 for food;
$10,065 for electricity;
$10,000 for temporary child support;
$10,000 for alimony;
$6,730 for dry cleaning;
$5,000 for car payments;
$3,345 for phone bills;
$2,305 for pets;
$1,610 for lawn and pool maintenance;
$1,495 for cable TV

Labels:

14 Comments:

Blogger Darius T. Williams said...

Yes - I know - I read about this. Can you believe it?

11:44 PM, January 25, 2008  
Anonymous Kiemie said...

This is a man who sleeps in a giant superman bed. I mean, you really can't be surprised. Britney apparently has better spending habits than he does.

12:26 AM, January 26, 2008  
Blogger C. Baptiste-Williams said...

dont know about the mortgages but must wealthy athletes don't own their cars they lease them.

My question is who spends 24k in gas and 1500 in cable... and for 26k a month ill take care of all them kids

8:42 AM, January 26, 2008  
Anonymous j_shanlin@yahoo.com said...

Dayum!! As soon as the judge said that, my chest wouldve got super tight and then I would've passed out like Katt Williams on First Sunday

9:23 AM, January 26, 2008  
Anonymous Anonymous said...

Given the tax ramifications of mortgage interest and the investment income that can be realized from wise use of the funds not tied up in the property, the real cost of that mortgage comes down substantially. Combined with the anticipated rise in property values, owning a home with a mortgage is still a very wise investment strategey.

12:03 AM, January 27, 2008  
Blogger Mr. Jones said...

You all up in his business.

8:48 AM, January 28, 2008  
Blogger bLaQ~n~MiLD said...

I concur with what the anonymous kat said. The dirty little secret is it's actually a wise investment to carry a mortgage on a home/mansion than to pay it outright. Think of it as diversifying your portfolio. You have 2 million dollars. Why put up 1.5 mil on a house to buy it out right rather than put down the 500K and invest the rest somewhere else...? At the end of the day he didn't make the decision to mortgage, his financial planner did and his accountant takes care of the rest. And I agree, 26K for some fuk'n child care is a bit ridiculous, however, I surely feel like taking care of his kids now! LMAO. I need some furniture for my krib!!!

~Damnit!

2:58 PM, January 28, 2008  
Blogger Curio said...

Shaq is just lieing!!

2:30 PM, January 29, 2008  
Blogger The Captain said...

I agree Norris, but spin the cube around and look at it from another angle and I agree with Blaq-n-mild.

The millions Shaq made are invested to earn higher yields of interest in return by using diversified portfolios whereby you can live off the dividends of those investments. By using his credit power, Shaq can build credit portfolios and bank covenants for his lifestyle without using any of his hard earned money. You want to retain your liquid (Principle funds) money for future use or perpetual generational wealth.

Basically, your money is making THE money you need to spend and use for today.

4:16 PM, January 29, 2008  
Blogger bLaQ~n~MiLD said...

Great post @ Captain. Exactly right. See the fact is, there are many of 'our people' (I hate using that term but eh, it fits) that go out and make money but don't understand how to let their money work. It's a sad reality but the hard truth... Education is key and knowledge is power!

~Damnit!

1:42 PM, January 30, 2008  
Blogger fuzzy said...

That just doesn't make any sense!

2:05 PM, January 30, 2008  
Blogger Kensilo said...

There is no way I would be payin all that!!!!!

9:05 PM, January 30, 2008  
Blogger Chet said...

Shaq Attack!

2:29 PM, January 31, 2008  
Blogger yet another black guy said...

what most people don't know is that Shaq is living off his endorsements alone. homie hasn't even touched his actual NBA paychecks. think about that...

12:00 AM, February 06, 2008  

Post a Comment

Subscribe to Post Comments [Atom]

<< Home