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re: Pro athletes: How I spent my first million: IDIOTS!!!
Posted on 2/9/21 at 8:35 am to plazadweller
Posted on 2/9/21 at 8:35 am to plazadweller
quote:
Majority don’t understand that they get when they get in the league the $ they earn is suppose to last them the rest of their life. The average player does stay in the league 5 years. But you can’t tell them that. They should all take Gronk’s approach when he got in the league. Dude was shopping at Goodwill
My guess is that his buddy doesn't. Handling money poorly doesn't come from IQ. Plenty of smart people go belly up every day. It can come from a lack of info on the subject or it can also more often come from greed and selfishness and at times bad associates.
You just said it, thrifty people do thrifty things, and most do it for their entire life, regardless of their job. . On the other extreme, I know people who have made a ton of money but can't spend it on themselves or others. They just like to count it and tell you they're saving for a rainy day that never comes.
There are also people who have much less materially speaking but enjoy a better quality of life than do the penny pinchers who can't buy quality things and enjoy even nice vacations. Man, I took a vacation once in my youth with a couple who couldn't spend a dime without a crisis intervention. It was a long, long, trip.
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Posted on 2/9/21 at 8:36 am to TideWarrior
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NFL does have one of the worst pensions of pro sports though but their 401K is actually rated as one of the best in the country. Again the problem is they have to wait until they are in their 60's.
Pension starts at 55 and 3 years vested.The also have one of the best disability plans in sports but you have to contribute to it while active...many don't
Posted on 2/9/21 at 8:39 am to TrendingRight
I'd wager that the vast majority of 21 or 22 year olds would do the same damn thing if they just earned millions of dollars.
Hell, like someone else already mentioned itt, plenty of people in their 30s and 40s that come up on some money spend it on useless, dumb shite. Kind of stupid to just single out pro athletes.
Hell, like someone else already mentioned itt, plenty of people in their 30s and 40s that come up on some money spend it on useless, dumb shite. Kind of stupid to just single out pro athletes.
This post was edited on 2/9/21 at 9:32 am
Posted on 2/9/21 at 8:45 am to Sweet Pickles
quote:
This is more of an indictment of the “advisors” these kids have than the kids themselves. Remember, they are kids. Many surround themselves with people who are supposed to help them make good decisions but are often times just siphoning money off of them. Some surround themselves with family. But most have no idea what to do with this kind of money.
Yep. Dozens of suddenly wealthy 21 year old athletes who have minimal financial acumen get taken for a ride every year by childhood friends who need "investors" for their various ill conceived and doomed to fail business ventures. That's actually how so many athletes end up broke. The recurring cash infusions into failing businesses they continue to prop up long after they should have walked away.
This post was edited on 2/9/21 at 8:46 am
Posted on 2/9/21 at 8:46 am to NeckedGrandma
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Why do you care so much. What they eat don't make me shite.
I'll never understand why supposed adults care about how other adults choose to spend their money....
Posted on 2/9/21 at 8:53 am to Robot Santa
quote:
Yep. Dozens of suddenly wealthy 21 year old athletes who have minimal financial acumen get taken for a ride every year by childhood friends who need "investors
Agents and their "recruiters" are a huge issue in Athens.They're all over the place along with close proximity to Atlanta.
We've lost some guys early who ended being drafted in ths 6th round or signed as FA's.
BTW,the schools and the NFL repeatedly have seminars,advisors and classes on how to manage their money and obviously falls on deaf ears to some of these guys.
Posted on 2/9/21 at 9:05 am to kywildcatfanone
quote:
If these pro sports teams really cared about these guys, they would have something in the contract that an amount of their money had to go into a trust or something so they don't end up on the streets after blowing through millions of dollars.
You are getting negative responses but you are spot on.
Regardless of how they get the money, many early 20s people given large sums are going to squander a lot of it. The NFL’s pension plan is crap - something like $50,000 a year.
If the league had a mandatory deferred compensation program - say 10% of the rookie contract and 5% after (even better, with a matching contribution by the league) all the players would have something to either fall back on or build on once they got older and realized the importance of after football planning.
Posted on 2/9/21 at 9:10 am to JustGetItRight
quote:
You are getting negative responses but you are spot on.
Yeah, I expected it. I think young people don't understand the amount of money we are talking about here.
Antoine Walker made over $100M in his career, but ended up broke and trying to squeeze out another season in the D league.
I mean, it's obvious they have no forethought about the future, they should have some help up front. Not like there aren't millions to waste still.
This post was edited on 2/9/21 at 9:13 am
Posted on 2/9/21 at 9:20 am to JustGetItRight
quote:
but you are spot on.
No he isn't.
You can't force a person to set aside part of their paycheck to go into some "private" trust.
The NFL has an outstanding 401K and disability plans but these are voluntary just like 401K'a and medical plans are voluntary at most places of employment.
quote:
the league had a mandatory deferred compensation program - say 10% of the rookie contract and 5% after (even better, with a matching contribution by the league)
So after getting docked state,federal,FICA,Medicare from a signing bonus you wanna add ANOTHER 5%?
Sorry.There's no way in HELL the NFLPA goes for that and a "mandatory" deferred compensation cannot bee anything more than voluntary.
This post was edited on 2/9/21 at 9:21 am
Posted on 2/9/21 at 9:21 am to RD Dawg
quote:
Pension starts at 55 and 3 years vested.The also have one of the best disability plans in sports but you have to contribute to it while active...many don't
Their pension just got raised to $43000 a year. Not very good at all compared to MLB and NBA who have a pension over $200k a year. And considering many do not play in the league as long as the other professional sports in the US.
In regards to the disability plan it is decent and pays up to 138k a year but age 55 which is still a long ways off for many players after their playing career.
The problem for many is they do not pay everything off before leaving the sport and live such an accustomed life style and want to maintain it and can not becuase they failed to save.
Also due to the pandemic the teams are not making any contributions into the plans until 2023 I believe.
Posted on 2/9/21 at 9:26 am to RD Dawg
quote:
Sorry.There's no way in HELL the NFLPA goes for that and a "mandatory" deferred compensation cannot bee anything more than voluntary.
I could see the NFLPA supporting deferred compensation if it sets players up like Bobby Bonilla and they get to go cash a 6 or 7 figure check once a year until they're like 63.
Posted on 2/9/21 at 9:27 am to TideWarrior
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Their pension just got raised to $43000 a year
It's the average.Peyton Manning isn't getting 43K in pension.It obviously depends on how long you play.
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regards to the disability plan it is decent
It's better than 99% of disability plans.
quote:
pays up to 138k a year but age 55 which is still a long ways off for many players after their playing career.
Are you saying if a player is disabled tomorrow his disability won't kick in til he's 55?
Posted on 2/9/21 at 9:27 am to lsu711
quote:
thletes: How I spent my first million: IDIOTS!!!
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Tua's was actually pretty damn good. He's polished, articulate, and educated.
You can’t be serious. He was by far the dumbest QB in the draft last year.
Man, some LSU fans get so triggered.
Relax dude. He can be all those things and not be the smartest guy in the room.
Posted on 2/9/21 at 9:38 am to Robot Santa
quote:
like Bobby Bonilla and they get to go cash a 6 or 7 figure check once a year until they're like 63.
One has ZERO to do with the other.Bonilla and his agent agreed to those terms.
Hell,the Mets just put that lump sum into an annuity and paid Bonilla off of it.It actually worked out fine for em M and who's to say Bonilla wouldn't have been better off had he taken the big contract up front and invested in real estate and the market?
This post was edited on 2/9/21 at 9:43 am
Posted on 2/9/21 at 9:53 am to kywildcatfanone
quote:
If these pro sports teams really cared about these guys
Why is it the pro sports teams responsibility? Why do teams have to show they "care"? They hire a man to provide a function (block, tackle, run, etc.) Do you ensure your plumber or HVAC guy invests in an IRA? Or doesn't blow it on frivolous purchases? Why should the NFL?
The entity that should be looking after the players' financial well-being is the union. Much like concussion research, the NFLPA has done very little except cadge the owners to pay for their benefit.
Posted on 2/9/21 at 9:55 am to TrendingRight
You mean people who didn't have money now suddenly don't know how to responsibly deal with money?
Signed,
3/4 of Lottery Winners
Signed,
3/4 of Lottery Winners
Posted on 2/9/21 at 9:59 am to SoFla Tideroller
quote:
Why is it the pro sports teams responsibility? Why do teams have to show they "care"? They hire a man to provide a function (block, tackle, run, etc.)
And the bigger point being is that the league, the teams and NFLPA hold countless rookie seminars on finances and taxes along with many of their college teams.
quote:
The entity that should be looking after the players' financial well-being is the union
Don't know about that.Not sure I would trust any union with my financial "well-being" Ultimately it's up to the players and their advisors.
I'd trust IMG far more than I would a union.
This post was edited on 2/9/21 at 10:05 am
Posted on 2/9/21 at 10:06 am to JustinT256
quote:
You middle aged fat white dudes...
You know, I’m usually pretty rough on the fat, non athletic white dudes for talking shite about world class athletes, but when it comes to finances, make no mistake, that fat, non athletic white guys are the undefeated heavyweight champions of all time.
Posted on 2/9/21 at 10:28 am to GoT1de
I wonder how many fresh grads buy a new vehicle?
Posted on 2/9/21 at 10:30 am to DamnGood86
If the nfl truely wanted to help black communities they would require a 4 year degree to play in the league.
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