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re: 78 percent of NFL players are bankrupt...within two years

Posted on 11/7/13 at 3:16 pm to
Posted by abalone
Member since Nov 2013
54 posts
Posted on 11/7/13 at 3:16 pm to
The players tend to have short careers, a lot of expenses, and individuals sponging money off of them.

Posted by theBeard
Member since Jul 2011
6739 posts
Posted on 11/7/13 at 3:23 pm to
quote:

Matt "LTD" Flynn will be part of that statistic.


the highest paid qb that never played
"Flynn, who over the course of the past season and a quarter has made $14.5 million from Seattle and Oakland for making one start for the Raiders."
Posted by A2
NoVa
Member since Nov 2012
1425 posts
Posted on 11/7/13 at 3:26 pm to
quote:

Matt "LTD" Flynn will be part of that statistic.


the highest paid qb that never played
"Flynn, who over the course of the past season and a quarter has made $14.5 million from Seattle and Oakland for making one start for the Raiders."


Isn't Flynn also wanting to get his Advanced degree in Dentistry?
Posted by moneyg
Member since Jun 2006
56361 posts
Posted on 11/7/13 at 3:27 pm to
quote:

You can't learn to handle millions in a week class




Hire...a...financial...advisor

quote:

The NFL needs to do a better job of guiding these athletes as well




quote:

The rule of only being away from high school for 3 years to play in the NFL and only 1 year to play in the NBA should be changed. You should be required to have some sort of degree to play in both leagues. That way you ALWAYS have something to fall back on.



The NFL and the NBA should set the rules in their own best interests and nothing else.
Posted by A2
NoVa
Member since Nov 2012
1425 posts
Posted on 11/7/13 at 3:28 pm to
quote:

You can't learn to handle millions in a week class




Hire...a...financial...advisor


One is provided by the NFLPA. For free...
Posted by Dr RC
The Money Pit
Member since Aug 2011
58035 posts
Posted on 11/7/13 at 3:28 pm to
quote:

Matt "LTD" Flynn will be part of that statistic.




Doubtful

his family is fairly successful and knows how to take care of money.
Posted by genro
Member since Nov 2011
61788 posts
Posted on 11/7/13 at 3:31 pm to
I have a financial advisor. But I can still ruin myself if I'm not smart
Posted by lsutothetop
TigerDroppings Elite
Member since Jul 2008
11323 posts
Posted on 11/7/13 at 3:31 pm to
Every college athlete intending to play professionally should get a finance degree. If the schools are going to make them take classes at all, then they should be focusing their time and effort on the one thing that will make or break their financial futures, whether in the professional sports world or professional business
Posted by okietiger
Chelsea F.C. Fan
Member since Oct 2005
40966 posts
Posted on 11/7/13 at 3:55 pm to
Where do these guys go at this point?

Coaching? Sales jobs?

Always wondered where they end up.
Posted by abalone
Member since Nov 2013
54 posts
Posted on 11/7/13 at 3:56 pm to
Why are you literally unbannable?
Posted by genro
Member since Nov 2011
61788 posts
Posted on 11/7/13 at 3:58 pm to
I'll tell you if you tell me who's alter you are.

I gotta say pretending to be gay is a tactic I haven't seen before
Posted by LakeViewLSU
Baton Rouge
Member since Jun 2009
17730 posts
Posted on 11/7/13 at 4:08 pm to
quote:

agents take about 10%


No
Posted by TigerintheNO
New Orleans
Member since Jan 2004
41157 posts
Posted on 11/7/13 at 4:13 pm to
What constitutes bankrupt?

If one loses his house to foreclosure are they considered bankrupt? If one files Ch 7 Bankruptcy are they considered bankrupt?

Because they could be multi-millionaires being counted as bankrupt.

Posted by saintsfan22
baton rouge
Member since May 2006
71487 posts
Posted on 11/7/13 at 4:14 pm to
quote:

quote:

You can't learn to handle millions in a week class




Hire...a...financial...advisor


One is provided by the NFLPA. For free



Plenty players get bad advice from financial advisers and lose their money.
Posted by Tiger1242
Member since Jul 2011
31897 posts
Posted on 11/7/13 at 4:16 pm to
quote:

Many NFL players come from poverty.

When you come from poverty, you can't fathom a million dollars. It literally seems infinite to you.


That's why a lot of lotto winners go bankrupt too.


I don't want to sound insensitive here, and I realize most of these guys come from a much worse financial place as a kid than I did. But every time I hear this I think it's a nice way of saying they're stupid
Posted by TigerintheNO
New Orleans
Member since Jan 2004
41157 posts
Posted on 11/7/13 at 4:17 pm to
quote:

agents take about 10% hmmm



The NFL caps it at 3%
Posted by TigerSTPelurker
Irish Channel
Member since Oct 2013
342 posts
Posted on 11/7/13 at 4:19 pm to
One lived across the street from me-played a good while, had a super bowl ring. He spent lots of money and had some beautiful cars. He went bankrupt and moved out (he was foreclosed upon) abruptly. The worst part was he left his bird there to die-which it did.
Posted by slackster
Houston
Member since Mar 2009
84609 posts
Posted on 11/7/13 at 4:24 pm to
Interesting and weird first post. You'll fit in fine.
Posted by A2
NoVa
Member since Nov 2012
1425 posts
Posted on 11/7/13 at 4:25 pm to
quote:

Where do these guys go at this point?

Coaching? Sales jobs?

Always wondered where they end up.


Ed O'Bannon is selling cars in Las Vegas.
Posted by Goldrush25
San Diego, CA
Member since Oct 2012
33793 posts
Posted on 11/7/13 at 4:26 pm to
quote:

I don't want to sound insensitive here, and I realize most of these guys come from a much worse financial place as a kid than I did. But every time I hear this I think it's a nice way of saying they're stupid






Ignorant yes. Stupid would be knowing better and still doing it.
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