Benardrick McKinney restructure | Page 13 | FinHeaven - Miami Dolphins Forums

Benardrick McKinney restructure

1972forever said:
The point was my wife who was a CPA was able to retire when she was 42, right after we paid off our house. I retired 16 years ago at age 54. We have traveled extensively since retiring, except for the last year and a half because of the virus.

We decided before we married 48 years ago that we didn’t want to spend our lives just working until we were too old to enjoy our retirement. So once we graduated from college and found good jobs , we lived on 60% of our net income and invested the rest. We actually spend quite a bit more money today than we did during our working years because of all the traveling we do.

I realize that most people tend to live for today and don’t worry about retirement because for many that is too far in the future to worry about. Fortunately my wife and I had the same financial goals from the beginning and living on 60% of our income never meant we couldn’t afford to spend on the things we felt were important. Including our daughters college education which we paid for without having to take out any college loans.

Because we both made excellent salaries when we were both working, living well below our means never seemed to prevent us from having a great life. I traveled to many Dolphin games over the years and we had 4 season tickets for over 40 years to Dolphins and Hurricane games.

After 16 years retired I have no regrets about living below our means and we are fortunate that because of our many years of investing, we don’t have to worry about outliving our money.
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Dang, grats bro.
 
1972forever said:
I understand why some people would refinance today because interest rates are so low. I haven’t had a mortgage for the last 24 years and we paid off our home in 10 years. Also interest rates were quite a bit higher when we did have a mortgage and it didn’t make sense to refinance when the rates weren’t that great to begin with.

Going from a 30 year loan to a 15 year loan as you did makes perfect sense to me in today’s low interest environment. I was just referring to those individuals who take out a loan against their home so they can spend the money on items that depreciate and they most likely didn’t need in the first place.

To each his own and everyone is entitled to live the way the want to. I just hope those people are putting some money away for their retirement, because if they think they are going to get by on social security only, they are in for a rude awakening.
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yup. i plan on staying and paying it off, so the difference between 30 and 15 years (combined with the lower interest rate) is about $100,000 in saved interest (if i stick to the payment schedule).

the house is almost all equity as it is, the mortgage amount is about 25% of the value of the home.

as i said, i've never borrowed against a house to buy anything (or due to emergency).

knock on wood.
 
SCOTTY said:
I would just say if you're not borrowing against your own equity in order to reinvest, you are losing money. That money is too cheap to let sit in a primary residential mortgage when you can invest it elsewhere.
I don't advocate living beyond one's means. I'm just saying use your money smart. That definitely includes using personal equity to continue financial growth.
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Scotty,
Fortunately because of my many investments over the last 40 plus years, my wife and I have no need to borrow money, even if interest rates were zero. I hate owing money to anyone and I have paid cash for all our cars and other items we have purchased over the last 24 years. I have one CC which I use to purchase items and pay the card off every month. The card gives me airline miles and my wife and I have flown numerous times for free by using these miles over the last 20 plus years.

My goal is to leave our home, our vacation home and all our investments to our daughter when we are no longer here. There will be plenty of money in my daughters inheritance which will allow her and her husband to retire immediately if they desire to do so. Fortunately our daughter and son-in-law have followed in our footsteps and they have been planning and investing for their retirements since they were married in their late 20’s.

I will assure you that I am not losing any money by not borrowing against my home. In fact 16 years after retiring, our net worth is valued at more than 3 and a half times more than it was the day I retired.
 
circumstances said:
yup. i plan on staying and paying it off, so the difference between 30 and 15 years (combined with the lower interest rate) is about $100,000 in saved interest (if i stick to the payment schedule).

the house is almost all equity as it is, the mortgage amount is about 25% of the value of the home.

as i said, i've never borrowed against a house to buy anything (or due to emergency).

knock on wood.
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You are one of the smart ones. Keep up the good work and you will have a great retirement too.
 
Mach2 said:
That sounds like great planning, and living within your means.

My apologies for taking the "well below your means" out of the context in which it was meant.

I thought you were saying you some sort of recluse miser......lol.
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Nope, we were fortunate enough to have great incomes. So living well below our means wasn’t difficult. I am certainly not a miser, but I don’t believe in owning a lot of stuff I don’t really need. I don’t smoke or drink and I don’t gamble on anything but quality stocks.

I still spend several hours a week on the phone with my wife’s cousin. He has been our stock broker for the past 20 plus years and he has gotten me into some great investments over the years. Now that I am 70, I have become more conservative in my investing but fortunately I no longer need to take the same risks in the market I did when I was younger.

My view at this stage of life is if I do want something, I buy it. There just aren’t a lot of things I feel I want to buy . I purchased a boat right after retiring and discovered I hated fishing and I hated cleaning the boat after being out in the ocean and I soon learned what BOAT stands for. Bust out another thousand. After two years I sold the boat and went back to playing golf 5 days a week again.

I have enjoyed my retirement and the only regret I have is I didn’t retire sooner. Now the arthritis in my back and knee prevents me from playing golf on a regular basis and we no longer go to the games because sitting in the stadium for nearly 4 hours just isn’t comfortable anymore.

For all those who think that worrying about money in retirement is something they can put off until later. Take it from this old timer. Retirement comes much faster than you realize. I just hope everyone enjoys their lives now but also prepares for the future when their working days will be over.
 
Fin Fan in Cali said:
apple.news

Miami Dolphins restructure one, sign Jevon Holland ahead of camp — Phin Phanatic

The Miami Dolphins now have two rookies that need contracts after signing Jevon Holland late last week. They may have needed a restructuring to do it. Lost...
apple.news apple.news


Many of the Miami Dolphins fans looked at McKinney's restructure as a sign that the team was going to make a move with Xavien Howard and give him more money but it seems that the savings, estimated to be around $4 million will likely be used to sign the draft picks.

The Dolphins currently are working with about a $5 million cap number. They can easily get more if needed. Several players have large contracts that can be voided and a few others could be restructured if need be.
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Just in case you missed this.
 
With Long and Holland signed (and included on the OTC calculations), we have...

Team Cap Space: $4,432,299

Miami Dolphins Salary Cap | Over the Cap

Miami Dolphins salary cap, contracts, bonus money, dead money, and cap savings for every player
overthecap.com

The last remaining rookie, Eichenberg (who has signed, but is not on the chart yet) will cost us about 500K of that. (his cap cost will be about 1.5M, but only the part over the amount paid to our 51st highest paid player counts).

So... we had about 4M in cap space before restructuring McKinney, which was about what I was suggesting... and that brings me back to the question of why we bothered to restructure McKinney.

If it wasn't to free up some money for one more semi-expensive FA move, I'm just not sure what it was.
 
Feverdream said:
With Long and Holland signed (and included on the OTC calculations), we have...

Team Cap Space: $4,432,299

Miami Dolphins Salary Cap | Over the Cap

Miami Dolphins salary cap, contracts, bonus money, dead money, and cap savings for every player
overthecap.com

The last remaining rookie, Eichenberg (who has signed, but is not on the chart yet) will cost us about 500K of that. (his cap cost will be about 1.5M, but only the part over the amount paid to our 51st highest paid player counts).

So... we had about 4M in cap space before restructuring McKinney, which was about what I was suggesting... and that brings me back to the question of why we bothered to restructure McKinney.

If it wasn't to free up some money for one more semi-expensive FA move, I'm just not sure what it was.
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Sign practice squad guys and have room for any small moves throughout the year. That’s probably all you can do with 4 million.

If we have more than 4 million now cause Of restructure then they might have some move left. Justin Houston? Idk.
 
bane said:
Sign practice squad guys and have room for any small moves throughout the year. That’s probably all you can do with 4 million.

If we have more than 4 million now cause Of restructure then they might have some move left. Justin Houston? Idk.
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Signing PS members and small contracts don't affect the cap at all... remember... ONLY the top 51 count. So, if your 51st guy makes 1M, anyone who signs for less than that-- does not take even one dollar from your cap.
 
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