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NBA rookie puts first $4.5M into a trust for 3 years
Posted on 1/16/15 at 10:24 am
Posted on 1/16/15 at 10:24 am
(I didn't think this was MSB worthy, but if it is, please move it)
quote:This is legit parenting... well done, Mom!
Roughly 60 percent of all professional basketball players in the United States file for bankruptcy within the first five years of retirement, according to Sports Illustrated.
But with the help of his mother, Philadelphia 76ers rookie Michael Carter-Williams hopes to avoid that trend.
The 22-year-old basketball player, who is guaranteed an impressive $4.5 million over his first season, has decided to rely solely on his earnings from Nike and Panini trading cards endorsements, according to the Philadelphia Inquirer.
So what about his salary?
Carter-Williams, with the help of his mother, decided recently to lock most of the $4.5 million away in a trust fund for the next three years — and he can’t touch a cent of it.
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Posted on 1/16/15 at 10:25 am to yankeeundercover
Posted on 1/16/15 at 10:25 am to yankeeundercover
Posted on 1/16/15 at 10:25 am to yankeeundercover
Posted on 1/16/15 at 10:25 am to yankeeundercover
Should've locked $3.5M in trust and given $1M to broker to make more
Posted on 1/16/15 at 10:25 am to yankeeundercover
Smart move
Posted on 1/16/15 at 10:25 am to yankeeundercover
very smart move. more athletes should follow his example
Posted on 1/16/15 at 10:27 am to yankeeundercover
quote:
This is legit parenting... well done, Mom!
Yep, parenting done right!
Posted on 1/16/15 at 10:28 am to eyepooted
Posted on 1/16/15 at 10:29 am to DirtyMikeandtheBoys
quote:
Should've locked $3.5M in trust and given $1M to broker to make more
Live off of returns and endorsements and keep substantial amount locked up.
Posted on 1/16/15 at 10:30 am to DirtyMikeandtheBoys
I assume someone is managing the trust.
Posted on 1/16/15 at 10:30 am to yankeeundercover
I'm sure his earnings from Nike and Panini are plenty to live off of. Props to him to looking beyond 5-10 years from now
Posted on 1/16/15 at 10:32 am to yankeeundercover
quote:
Roughly 60 percent of all professional basketball players in the United States file for bankruptcy within the first five years of retirement, according to Sports Illustrated.
That is insane.
Posted on 1/16/15 at 10:32 am to yankeeundercover
Got me thinking.. how long do you think you could make 4.5 mil last from age 25 on? I do enjoy buying dumb young guy things.
ETA: assuming you didn't make another dime
ETA: assuming you didn't make another dime
This post was edited on 1/16/15 at 10:33 am
Posted on 1/16/15 at 10:35 am to burdman
quote:
quote:
quote:
Posted on 1/16/15 at 10:36 am to yankeeundercover
How's he going to afford all those fancy cars and custom jewelry tho? C'mon mom!
Posted on 1/16/15 at 10:37 am to Team Vote
I could live my entire life on $4.5 million just fine
Posted on 1/16/15 at 10:37 am to yankeeundercover
what will that $4.5 million be worth in a trust after three years?
Posted on 1/16/15 at 10:38 am to Team Vote
quote:
how long do you think you could make 4.5 mil last from age 25 on?
I'm 44 and that's a lot more than I have made in my life time. Ask the OT to get a safe answer.
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