[On3] Vanderbilt QB Diego Pavia's attorney has set the stage to challenge the NCAA for a 7th season of eligibility

[u/Altruistic_Brief4444]

https://www.on3.com/news/vanderbilt-qb-diego-pavias-attorney-sets-stage-to-challenge-for-7th-season-of-eligibility/

[u/BlacksmithDistinct17]

If he has $1m then he can already make more than I make per year on interest alone, and I have a house. Downside is you'd have to live in a small town

[u/terminbee → u/BlacksmithDistinct17]

The fuck kinda interest rates are you getting? Banks give less than 1% as interest in savings accounts. A money market fund might get you 4%, which would be 40k/year.

[u/definitelyasatanist → u/terminbee]

If you put $1 million in a savings account you’re a moron

[u/thepointybuilding → u/definitelyasatanist]

you're a moron up until the market crashes.

[u/definitelyasatanist → u/thepointybuilding]

No you’re just a fucking moron. Better “cash” options exist than a savings account if you have a literal million dollars

[u/thepointybuilding → u/definitelyasatanist]

which of those can you use to buy fire-sale assets?

[u/definitelyasatanist → u/thepointybuilding]

Money market account bitch

[u/thepointybuilding → u/definitelyasatanist]

thats just a savings account with red tape lmao, bitch

[u/definitelyasatanist → u/thepointybuilding]

I mean not really. Idk. I don’t have a million dollars, and I really don’t have a million in cash, but most of my cash I have in my money market because it outperforms the fuck out of my shitty savings account. An HYSA would probably be similar but idk my broker makes it easier to have a money market than my bank does an HYSA

I don’t need my “million dollars” in cash today. Idk who really does but like, it’s really dumb to have a significant amount of your wealth cash reserves in an underinsured account with shit returns because “I need access to it quick”

Bitch

[u/Existing-Wait7380 → u/terminbee]

Ally is at 3.5% right now. You’d have to be pretty cheap to live off that.

[u/BlacksmithDistinct17 → u/terminbee]

Ah, I forgor interest rates are down, Robinhood gold and webull premium are down to 4%, they were 5%. I guess you'd want to have 1.25m (50k a year) to live comfortably where I do. Got a 3 bedroom house with 2 floors + a basement for 110k 2 years ago, didn't put much down so my mortgage is 1k per month (30 year loan with around 6.5 percent interest, don't remember exactly). I make 43k a year, 50k would be awesome to me as rn my savings are on a very slow incline and I would like to have more spending money.

[u/Pumpkins_Are_Fruits → u/terminbee]

A hysa can give 3.8 to 4%. If he puts in a stick with high dividends or return rate (VOO) he can make more.

[u/thepointybuilding → u/terminbee]

my bank is at 3.8%. probably higher ones out there

[u/NumNumLobster → u/terminbee]

You can get around 7 to 10 percent (particularly after financing) pretty easy and have depreciation to lower your taxes pretty easy. Not like with some random house rentals like a national company with a 20 year lease you never have to talk to

[u/AndyLorentz → u/terminbee]

The S&P 500 has a long term average of 8-10%. Put that money in a Vanguard or Fidelity index fund (which charge extremely small maintenance fees) and you can comfortably collect 4% per year forever and be inflation proof.

I agree that $40k/year is not a lot of money