College Football Asst Coaches Salary Discussion (Posts pulled from thread on Main Board)

[CousinRicky]

 

 

 

125k isn't that much when you consider these folks have zero job security. You can make 125 for 1-2 years then get axed... then you are GA'ing or coaching HS football for 2 years at 20k...

 

They need more investment knowledge. It would help them retiree sooner rather than later. Then they can sit back and relax and have a cold one and tell their families about their old coaching stories. 

 

 

Just for yucks, take $125K, subtract 20% Fed Taxes, 3% State Taxes (not all coach in Florida), $2k/month for housing, $500/mo utilities and phone,$700/mo for autos/ins, $1k/mo groceries and dining out and you're down to about $46k.  Got kids? Do they wear clothes, go to movies, private schools since you are moving a lot? 

 

Wish we were at $125k per year, but your investment person better be able to get 40% return to turn that  $20 - 25k left over each year into something that will allow you to retire early.

 

 

You're literally trying to convice us that a household pulling in $125k/year will have difficulty retiring early?

 

If you save 20% of your income after taxes (~$15k) with a RoR of 7% for 30 years you'll have enough to keep getting your "pay" in perpetuity. 

 

That's also assuming you never get a raise or get promoted to a higher position in which you're now making 100's of thousands, and that your wife is completely useless.

 

 

Your assuming these guys have jobs every year.  There are times when they sit out a year or two and prolly have to dig into their savings. 

 

Not saying it can't be done. My wife and I probably made that much together only a few years yet we managed to retire at 50 years old.  But you really need to plan well and be disciplined. 

[The Sheriff]

I cleared just a bit over $150K this year and my wife made around $115K. Factor in student loans, investment properties, helping family members out (my side), and a newborn - things can get tight pretty quickly. When my wife eventually transitions to private medicine, her salary will triple. She loves the Army and our country even more, so for now we deal with the vast disparity between her current income and future income. When I eventually open South Florida Shaved Ice, hopefully she can retire and we can live off of my future snowcone empire

[The Sheriff]

Off topic... but honestly it feels good seeing the success of fellow Bulls alumnus. Heck, my goal was to make the type of money either Bulliever or Smazza were making after meeting them while I was a student/recent graduate.

I won't necessarily say I've gone about it the traditional way with a degree in Finance (that I rarely use), however, once you get a taste for nice paychecks, you fear losing them - and I was practically living out of my car in 2011 after some ill-timed financial decision making over the years. Part of it was me being stupid - the other part was the economy dumping on itself in Arizona.

When the housing market burst in 2007, my house eventually dropped from $270K in value to approximately $100K by 2009. The bank sold it at an auction for $68K in July of 2009 when I made the decision to walk away from it. The 2006 built house was immaculate, but I couldn't see myself holding onto it while in such a bad position for long term growth over the life of the loan. That house wouldn't be worth $270K before the actual note would have been due in 2036 - so it made no sense to throw away good money for 27 more years when I actually bought the place to live in it.

I kinda compare it to student loans. I graduated in 2004 and my loans have interest rates of 1.75%. However, students today have interest rates of 6-7%. They had no part in deciding when they would attend school - it's just how the cycle of life is. If I bought my same house three years prior to the real estate boom (say I wasn't in school then and had already graduated and had a similar income), the house would have sold for $130K.

Between 2009 and early 2011, my income also took a $100K hit because of the subsequent government regulation in the appraisal industry - gotta love Dodd-Frank. I closed the doors on my business vice dragging my feet making $35K a year when my work ethic hadn't changed - why should I let the government dictate what I make when the politicians are just appeasing their cronies with bigger wallets?

It took some time - and some serious money management, but by 2013, I was back in low six figure range because I busted my hump for a small company in Texas. My wife and I married late in 2013 and try to use cash for everything now - but I still carry around student loans and some small credit card debt. Our goal by summer is to have $50K cash in an emergency fund and my credit card debt payable at the end of each month (mainly business expenses that I can use for taxes and easier to track than using cash).

Last year, I bought a rental property with cash and have it fully rented. We also have my wife's place which we attempt to rent (but we are losing $600 a month on it). Her place and my place were too small for two established people (both of our places are between 900 and 1,000 sq ft), let alone a family once we got married. We currently rent a 2,600 sq ft condo in downtown San Antonio close to my wife's base and with great highway access for the driving I end up doing during the week.

We live off of my income for the most part - and invest half of my wife's income through the Army TSP (until we max out). The oil bust right now scares me - much of our business comes from oil money - but I learned a big lesson from the housing bust. I'm still reigning in my expenses - even with a newborn on board. So yes, even when you make good money, things can still keep you on edge. Funny I had a finance degree freshly stamped from USF, yet I didn't have the life skills to save money. Live and learn I suppose.

[smazza]

if you dont like to move around and like security be a pi lawyer if not

 

be a college coach or broadcaster/journalist

 

life is full of options when you are young.

[smazza]

Off topic... but honestly it feels good seeing the success of fellow Bulls alumnus. Heck, my goal was to make the type of money either Bulliever or Smazza were making after meeting them while I was a student/recent graduate.

I won't necessarily say I've gone about it the traditional way with a degree in Finance (that I rarely use), however, once you get a taste for nice paychecks, you fear losing them - and I was practically living out of my car in 2011 after some ill-timed financial decision making over the years. Part of it was me being stupid - the other part was the economy dumping on itself in Arizona.

When the housing market burst in 2007, my house eventually dropped from $270K in value to approximately $100K by 2009. The bank sold it at an auction for $68K in July of 2009 when I made the decision to walk away from it. The 2006 built house was immaculate, but I couldn't see myself holding onto it while in such a bad position for long term growth over the life of the loan. That house wouldn't be worth $270K before the actual note would have been due in 2036 - so it made no sense to throw away good money for 27 more years when I actually bought the place to live in it.

I kinda compare it to student loans. I graduated in 2004 and my loans have interest rates of 1.75%. However, students today have interest rates of 6-7%. They had no part in deciding when they would attend school - it's just how the cycle of life is. If I bought my same house three years prior to the real estate boom (say I wasn't in school then and had already graduated and had a similar income), the house would have sold for $130K.

Between 2009 and early 2011, my income also took a $100K hit because of the subsequent government regulation in the appraisal industry - gotta love Dodd-Frank. I closed the doors on my business vice dragging my feet making $35K a year when my work ethic hadn't changed - why should I let the government dictate what I make when the politicians are just appeasing their cronies with bigger wallets?

It took some time - and some serious money management, but by 2013, I was back in low six figure range because I busted my hump for a small company in Texas. My wife and I married late in 2013 and try to use cash for everything now - but I still carry around student loans and some small credit card debt. Our goal by summer is to have $50K cash in an emergency fund and my credit card debt payable at the end of each month (mainly business expenses that I can use for taxes and easier to track than using cash).

Last year, I bought a rental property with cash and have it fully rented. We also have my wife's place which we attempt to rent (but we are losing $600 a month on it). Her place and my place were too small for two established people (both of our places are between 900 and 1,000 sq ft), let alone a family once we got married. We currently rent a 2,600 sq ft condo in downtown San Antonio close to my wife's base and with great highway access for the driving I end up doing during the week.

We live off of my income for the most part - and invest half of my wife's income through the Army TSP (until we max out). The oil bust right now scares me - much of our business comes from oil money - but I learned a big lesson from the housing bust. I'm still reigning in my expenses - even with a newborn on board. So yes, even when you make good money, things can still keep you on edge. Funny I had a finance degree freshly stamped from USF, yet I didn't have the life skills to save money. Live and learn I suppose.

 

 

you work hard and deserve everything you get

 

i have nothing but respect for you sheriff

[USF_Grouper]

 

 

You're literally trying to convice us that a household pulling in $125k/year will have difficulty retiring early?

 

If you save 20% of your income after taxes (~$15k) with a RoR of 7% for 30 years you'll have enough to keep getting your "pay" in perpetuity. 

 

That's also assuming you never get a raise or get promoted to a higher position in which you're now making 100's of thousands, and that your wife is completely useless.

 

 

I think the point you are missing is that assistance coach isn't the kind of gig that lasts "30 years". A comparison would be to senior folks in government who are career level vs presidential appointees. Sure the CIA director might be retained when administrations change but he/she serves at the pleasure of the president. Sure we could all get fired but assistant coaching posisition it is understood you are disposable. Comparing that kind of salary to a normal career job is silly.

Not saying anyone should feel bad for assistant coaches. They are getting paid a good salary but it is Apples and Oranges to "median incomes" - you are always paid more for jobs that have less stability.