Coleman Scott moving back to Ok St = John Smith retirement imminent?

[wrestle87]

21 hours ago, ionel said:

John was going to call Cael and then he remembered what he did to Bobbie D.

Oh my, is this bigger than just getting poached to go to Penn State while still relatively new at Iowa State?

[fishbane]

1 hour ago, 1032004 said:

Where is the 11.4% coming from?  
 

Taking a quick look, the median home sales price in Stillwater is $239K (Redfin) - $265K (Realtor.com), compared to $542K (Redfin) - $604K (Realtor.com) in Chapel Hill.

It was on online calculator that I used.  Here are the results from bank rate that says 13.4%. it says it takes into account taxes.  They used $639k and $406k for home price and $1550 and $1020 for apartment rent in Chapel Hill and Stillwater respectively.

 

[1032004]

4 hours ago, fishbane said:

It was on online calculator that I used.  Here are the results from bank rate that says 13.4%. it says it takes into account taxes.  They used $639k and $406k for home price and $1550 and $1020 for apartment rent in Chapel Hill and Stillwater respectively.

 

Thanks, although I’m not quite following the math in regards to how 35% higher housing only contributes to +13% overall when the only things cheaper based on this are energy and tire balancing.

Edited November 14, 2023 by 1032004

[fishbane]

On 11/14/2023 at 2:58 PM, 1032004 said:

Thanks, although I’m not quite following the math in regards to how 35% higher housing only contributes to +13% overall when the only things cheaper based on this are energy and tire balancing.

There were a lot of other categories that were cut out and whilst the cost of a gallon of gas is less that doesn't mean your monthly spending on gas will be less.  The average cost of gas in NYC is probably higher than Stillwater, but the average NYC resident probably buys far less gas.  It's possible the average Stillwater resident drives more than the average Chapel Hill resident negating/partially negating the difference in gas prices.

Bank rate says the average household in this country has an annual income of $94,000 and annual expenditures of about $73,000.  The difference in rent was $530/month or $6,360/year.  $6.360 is only 8.7% of the average American household's annual spending.  Suppose other categories are split with some being 0-10% higher in Chapel Hill and a handful of others be 0-10% higher in Stillwater with all the other stuff being on average 5% higher in Chapel Hill that would more than do it.  Keep in mind that a lot of stuff has nationwide pricing like electronics and more stuff is going that way because if its shippable and your charge more people will just order it online.  An iPhone/PS5/MacBook costs the same in Stillwater and Chapel Hill, and New York City, and Los Angeles.  For all items like this they will be more expensive in Stillwater where sales tax is 1.83% higher.  Mobile phone plans also have nationwide pricing with the localization being limited to taxes, so I'm not sure how Stillwater has an 11% edge there maybe the taxes are different or they are including landlines.

Below are some other categories.  

[ionel]

Maybe money isn't everything to everyone.  Look at Viktor Hovland, made $35M this year, doesn't spend much money, still lives in Stillwater, believe same apartment complex as last several years. 

[fishbane]

17 minutes ago, ionel said:

Maybe money isn't everything to everyone.  Look at Viktor Hovland, made $35M this year, doesn't spend much money, still lives in Stillwater, believe same apartment complex as last several years. 

Maybe he got that fromo John Smith.  The first several episodes of the Wrestling Changed my Life podcast were about the Smiths.  In one John Smith said that he felt the comfort he had after he started making real money from the shoe deal, camps, and instructional VHS had a negative effect on his wrestling.  After the loss in Cuba he set himself on a strict $1,000/month budget.  Not poverty level, but not enough to make himself too comfortable.  That would have been back in 1990 so it would be more like $2350/month adjusted for inflation.

I wonder if he is going to do something similar this year.  With his coaching performance slipping will he put himself on a strict $2,500/month budget to keep his edge and save the rest of his $500k salary.

[ionel]

1 minute ago, fishbane said:

Maybe he got that fromo John Smith.  The first several episodes of the Wrestling Changed my Life podcast were about the Smiths.  In one John Smith said that he felt the comfort he had after he started making real money from the shoe deal, camps, and instructional VHS had a negative effect on his wrestling.  After the loss in Cuba he set himself on a strict $1,000/month budget.  Not poverty level, but not enough to make himself too comfortable.  That would have been back in 1990 so it would be more like $2350/month adjusted for inflation.

I wonder if he is going to do something similar this year.  With his coaching performance slipping will he put himself on a strict $2,500/month budget to keep his edge and save the rest of his $500k salary.

Could be.  You can still buy a lot of fish bait on $2.5k/mo. 

[fishbane]

1 minute ago, ionel said:

Could be.  You can still buy a lot of fish bait on $2.5k/mo. 

Ha that was the example Smith gave.  "Enough to be able to fly fish" or something like that.  

[1032004]

1 hour ago, fishbane said:

There were a lot of other categories that were cut out and whilst the cost of a gallon of gas is less that doesn't mean your monthly spending on gas will be less.  The average cost of gas in NYC is probably higher than Stillwater, but the average NYC resident probably buys far less gas.  It's possible the average Stillwater resident drives more than the average Chapel Hill resident negating/partially negating the difference in gas prices.

Bank rate says the average household in this country has an annual income of $94,000 and annual expenditures of about $73,000.  The difference in rent was $530/month or $6,360/year.  $6.360 is only 8.7% of the average American household's annual spending.  Suppose other categories are split with some being 0-10% higher in Chapel Hill and a handful of others be 0-10% higher in Stillwater with all the other stuff being on average 5% higher in Chapel Hill that would more than do it.  Keep in mind that a lot of stuff has nationwide pricing like electronics and more stuff is going that way because if its shippable and your charge more people will just order it online.  An iPhone/PS5/MacBook costs the same in Stillwater and Chapel Hill, and New York City, and Los Angeles.  For all items like this they will be more expensive in Stillwater where sales tax is 1.83% higher.  Mobile phone plans also have nationwide pricing with the localization being limited to taxes, so I'm not sure how Stillwater has an 11% edge there maybe the taxes are different or they are including landlines.

Below are some other categories.  

Guess we're assuming Coleman wants to rent a 2 bedroom apartment  ?   Doesn't he have like 4 kids?  Based on the house prices listed and a 30 year loan at current rates, the difference would be more like $1,400 per month, plus $47K more needed for a down payment.   

Edited November 16, 2023 by 1032004

[fishbane]

7 minutes ago, 1032004 said:

Guess we're assuming Coleman wants to rent a 2 bedroom apartment  ?   Doesn't he have like 4 kids?  Based on the house prices listed and a 30 year loan at current rates, the difference would be more like $1,400 per month, plus $47K more needed for a down payment.   

I'm not sure how many kids he has.  I put 5 exemptions into the calculator assuming a wife and three kids.  He may have more.  If he has a larger than average family he was likely spending more on average on housing in Chapel Hill and that will continue to be the case in Stillwater.  

You were asking about how it could only be 13% higher cost of living in spite of the 34-36% difference in housing costs, not Scott's specific situation.  I used rent instead of the home purchase because it was a more straightforward calculation and it should illustrate how the math could work out.  It is advised that housing payments should not account for more than 30% of a household's gross income and many people spend nearly all they make especially those near spending 30% on housing.  If someone were spending 30% on housing and that went down by 36% (diff in home purchase cost) and the other 70% of their income was all spent on other stuff that didn't chance in price then their overall spending would only decrease by 11%.  If some stuff went up and some went down, but more went down than went up perhaps 13.4% is not impossible.

To calculate the cost of owning a home the purchase price doesn't tell the whole story since typically you can sell the house for what you paid for it and its not incredibly unusual to even be able to sell it for more than you paid.  The only real costs that you cannot recover when you sell are maintenance, taxes, HOA fees, interest on any loan you used to purchase the property, insurance, closing costs, realtor commission, and opportunity cost in having so much $$ tied up in a home.  It is unclear that if the purchase price decreased by 36% that all of those things would similarly decrease. Finally having to produce $47k more for a downpayment doesn't mean you had $47k more housing costs since your will likely get that $47K back when you sell.  All you really lost was the opportunity to do something else with the $47k in the interim.

I have a feeling that if Scott bought a home in Chapel Hill sometime around when he moved there in 2014 and sold it this past summer he does not kicking himself for wasting money on overpriced Chapel Hill real estate.

[NearSideCradle]

this is also assuming he lived in Chapel Hill, and I'm pretty sure he didn't. You can get a lot more "house" for your money when you go to the next county over

[alex1fly]

21 hours ago, fishbane said:

Maybe he got that fromo John Smith.  The first several episodes of the Wrestling Changed my Life podcast were about the Smiths.  In one John Smith said that he felt the comfort he had after he started making real money from the shoe deal, camps, and instructional VHS had a negative effect on his wrestling.  After the loss in Cuba he set himself on a strict $1,000/month budget.  

Ha I can definitely see that being helpful. More resourceful in every day life, more resourceful on the mat.

 

What's the all the cost of living talk about? Still drilling into the why Coleman Scott went to Stillwater to coach?

[1032004]

27 minutes ago, alex1fly said:

What's the all the cost of living talk about? Still drilling into the why Coleman Scott went to Stillwater to coach?

No, I doubt the cost of living was much of a factor for him.   But people have said he "took a pay cut" to go there, which based on the COL differences likely isn't really the case (depending of course on exactly how much he made vs is making now)

[Gus]

15 minutes ago, 1032004 said:

No, I doubt the cost of living was much of a factor for him.   But people have said he "took a pay cut" to go there, which based on the COL differences likely isn't really the case (depending of course on exactly how much he made vs is making now)

Whether he took a pay-cut or he made a lateral pay move is beside the point. He took a step down in roll (from head coach to associate) because he wanted to be in Stillwater and thought it was a better opportunity for himself and his family to pursue. Obviously he prefers to be there as opposed to UNC...

[alex1fly]

3 hours ago, 1032004 said:

No, I doubt the cost of living was much of a factor for him.   But people have said he "took a pay cut" to go there, which based on the COL differences likely isn't really the case (depending of course on exactly how much he made vs is making now)

I would love to take a pay cut down to $140k or whatever he’s making. LOL we could all be so lucky

[nhs67]

8 minutes ago, alex1fly said:

I would love to take a pay cut down to $140k or whatever he’s making. LOL we could all be so lucky

I wouldn't take a pay cut down to $140k.

I earned my take.

[ionel]

13 minutes ago, nhs67 said:

I wouldn't take a pay cut down to $140k.

I earned my take.

Well sure ...  but you sir are a Steely-Eyed Turdbiscit. 

[nhs67]

21 minutes ago, ionel said:

Well sure ...  but you sir are a Steely-Eyed Turdbiscit. 

Steely-Eyed?  Yes.

Turdbiscuit?  Also yes.

Steeley-Eyed Turdbiscuit?  Maybe.

[ionel]

9 minutes ago, nhs67 said:

Steely-Eyed?  Yes.

Turdbiscuit?  Also yes.

Steeley-Eyed Turdbiscuit?  Maybe.

Ok ... sorry about the "sir." 

[1032004]

4 hours ago, Gus said:

Whether he took a pay-cut or he made a lateral pay move is beside the point. He took a step down in roll (from head coach to associate) because he wanted to be in Stillwater and thought it was a better opportunity for himself and his family to pursue. Obviously he prefers to be there as opposed to UNC...

I think one potential argument was that if the COL difference was significant, a “pay cut” could actually even result in more net money (plus of course his other reasons for taking the job).   I guess some online calculators only put the different at about 11%, but I don’t care enough to argue any more about it.

[alex1fly]

1 hour ago, nhs67 said:

I wouldn't take a pay cut down to $140k.

I earned my take.

Buying us some NCAA tickets then?? ;)