Forum: HoseHeads Sprint Car General Forum (go)
Moderators: dirtonly  /  dmantx  /  hosehead

<<  just getting back on his financial feet.   >>

???  Got to feel sorry for him

The topic was whether or not he will field a WoO team soon.  So, in that context, he is just getting back on his feet.  Are the majority of race fans financially inept?  Do you realize if you have 20 million dollars, and put a quality WoO team on the road for 10 years, you will be in the hole at the end of 10 years if you can't get a big name on the side of the hauler?  Does anyone get that?  If Kyle were making $1 million a year, why would he finance a WoO team that costs more to run than his salary? 

My God folks, take an economics class.  

Yeah , so he has spent all of his money he has made in his racing career up to this year! 

?  I really doubt it.  Once again, not the point.  Why would you all expect him to just keep throwing money around after he clearly lost income in 2020 and reportedly is driving for less money now than he did in 2019?  I know a lot of multi-millionaires.  They all stay millionaires by not being dumb with their money.  I get this feeling that this board if full of people who would win the lotto and be broke in 2 years.  

So, 3togo, give me your logic.  Hypothetically, lets say Larson has $20 million banked.  (probably not, but for the argument)  Let's also say the reports of him making $1 million this year are correct.  Should he put a WoO team down the road?  If you think he should, take my advice and don't ever try to start a business.  I think you all think Kyle enjoys owning a team so much he would actually go in the negative to make it work.  I don't even think it would make sense if he was making $5 million this year. 

Actually, I'd guess the majority of people would be broke in a few years after winning the lottery.    

Agree, and this forum proves it.  A close friend of mine won $11 million in the lottery in 1987.   He now has more than $11 million.  You know why?  He's a tight ass!  I would agree with you----most people think $11 million sets you for life.  It only will-----if you don't live like a millionaire.  

In another example, someone else I know won $37.5 million in 2005.  He lived like a millionaire.  Bought a modified race team.  (modified----not 410 sprint car)   Ran a local schedule.  (local----not WoO)    He now tends bar at our local tavern and drives around a rusty truck.  

2 examples.  $11 million dollars into much more in 35 years.  $37.5 million down the crapper in less than 10.  Millions of dollars guarantees you nothing.  

My Great Grandmother was one of the smartest people I knew. She always told me that it was not about how much money you made/got, it was about how much money you saved. Of course she grew up as a child during the great depression so you know how tight she was with money. You know how much of a hardcore fan I am and as amazing as it would be to own a car, track, team, etc I think it would be more fun letting the experts do all of that and I continue to support them with my $20-$35 contributions each race. 

As far as Larson, I think he has the best setup now vs before. Racing in the equipment that he is in now both in dirt & Nascar, and not having his stomach turn whenever he sees one of his cars go into the work area whether it was for a wreck or mechanical issues. I wouldn't blame him for just continuing as is whether he is making a lot less or a lot more than what he was making prior. 

My Great Grandmother was one of the smartest people I knew. She always told me that it was not about how much money you made/got, it was about how much money you saved. Of course she grew up as a child during the great depression so you know how tight she was with money. You know how much of a hardcore fan I am and as amazing as it would be to own a car, track, team, etc I think it would be more fun letting the experts do all of that and I continue to support them with my $20-$35 contributions each race. 

As far as Larson, I think he has the best setup now vs before. Racing in the equipment that he is in now both in dirt & Nascar, and not having his stomach turn whenever he sees one of his cars go into the work area whether it was for a wreck or mechanical issues. I wouldn't blame him for just continuing as is whether he is making a lot less or a lot more than what he was making prior. 

True Nick.  I think he loves it, but I don't think he loves it enough in his current position.  When he's in Tony's and Kasey's place in life, the urge may strike him again. 

Nothing beats being paid to race on someone else's dime.   

Exactly, it is one of those things that if you can still be involved in some level without necessarily investing your own money, then why wouldn't you just do it the way he is doing it. 

The thing that makes him standout more than Tony and Kasey is that it seems Larson's exploits are more of on his own accord and is more of a family thing from a merchandise, logistics, driving arrangement deal, etc compared to Tony. Tony doesn't necessarily do everything by himself, he has a business manager or manager(s) that run thing. While he is heavily involved, others are helping. Kasey seems to have the same only to a lesser degree but Larson's team always seemed to be a smaller operation compared TSR & KKR. Kyle does not seem to be the type of person to be like a Jeff Gordon, Dale Earnhardt, Tony Stewart where he has a staff helping him make business decisions. Only decision he wants to make and needs to know is where he is racing the upcoming week and if the wife and kids can come.

I think if Kyle makes the amount of money Tony and Kasey have, he will have people in place to help with things.  Saw something that said Tonys net worth was 100 million.  Dont think Kyle is at that point yet

?  I really doubt it.  Once again, not the point.  Why would you all expect him to just keep throwing money around after he clearly lost income in 2020 and reportedly is driving for less money now than he did in 2019?  I know a lot of multi-millionaires.  They all stay millionaires by not being dumb with their money.  I get this feeling that this board if full of people who would win the lotto and be broke in 2 years.  

So, 3togo, give me your logic.  Hypothetically, lets say Larson has $20 million banked.  (probably not, but for the argument)  Let's also say the reports of him making $1 million this year are correct.  Should he put a WoO team down the road?  If you think he should, take my advice and don't ever try to start a business.  I think you all think Kyle enjoys owning a team so much he would actually go in the negative to make it work.  I don't even think it would make sense if he was making $5 million this year. 

True Nick.  I think he loves it, but I don't think he loves it enough in his current position.  When he's in Tony's and Kasey's place in life, the urge may strike him again. 

Nothing beats being paid to race on someone else's dime.   

I have nothing against Kyle but his story tells a story, at least the story told on HH.

If anyone made 8 million, lost his income and had to liquidate their homes they probably shouldnt own a race team. With an income like that the family home shouldnt come into risk.

It's not like he went on unemployment insurance.  He won 40 races and made more money than most who didnt loss their job.

If I remember correctly, there were 2 houses both worth over $6.5 million?  (per reports)   On what planet do you believe someone who earns $8 million per year, for 5 years, and then takes a massive pay cut can:

A.  Have both properties paid for?

B.  Keep these properties and maintain them?

I won't get specific with numbers, but I built a nice house back in 2009.  Our income is very close to the value of my house.  I have 9 years left on the mortgage.  By your reasoning, we should have had our house paid for in 1 year?  You forget taxes?  (which are massive on $8 mil by the way)   Forget about living expenses?  You think the average Joe like you and I have travel expenses?  Imagine how much he spends to travel.  If you gave the average person an $8 million dollar salary for 5 years, less than 1% of them would be debt free after that 5 years.  And if that salary went away, 99% of them would be liquidating almost everything they have because they couldn't afford to keep it.  

Agree, and this forum proves it.  A close friend of mine won $11 million in the lottery in 1987.   He now has more than $11 million.  You know why?  He's a tight ass!  I would agree with you----most people think $11 million sets you for life.  It only will-----if you don't live like a millionaire.  

In another example, someone else I know won $37.5 million in 2005.  He lived like a millionaire.  Bought a modified race team.  (modified----not 410 sprint car)   Ran a local schedule.  (local----not WoO)    He now tends bar at our local tavern and drives around a rusty truck.  

2 examples.  $11 million dollars into much more in 35 years.  $37.5 million down the crapper in less than 10.  Millions of dollars guarantees you nothing.