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Started By
Message
re: NBA rookie puts first $4.5M into a trust for 3 years
Posted on 1/16/15 at 10:59 am to yankeeundercover
Posted on 1/16/15 at 10:59 am to yankeeundercover
i've seen him flying coach on more than 1 flight i've been on, so this doesn't surprise me at all. he was also a really nice, humble guy when i talked to him. good for his mother 
0
Posted on 1/16/15 at 11:01 am to Team Vote
quote:
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
If you can't make $150,000 a year off of $4,500,000 your doing it wrong. If you can't live comfortably off of $150,000 a year your doing it wrong. So for me...... till I die.
Posted on 1/16/15 at 11:01 am to fillmoregandt
quote:
The nfl only requires you be in the league for a handful of years to qualify for a pretty balling pension for the rest of your life. Or so I'm told
I remember a e60 playing a sob story about how some no name players were trying to make ends meet on 4k a month.
Grantdd it doesn't start until 55
Posted on 1/16/15 at 11:02 am to PhiTiger1764
quote:
Assuming I can invest that money... I can live off that the rest of my life and still buy dumb young guy things.
Even investing as low risk as possible and getting very small return would be enough to live off of the rest of my life.
Posted on 1/16/15 at 11:05 am to Peazey
quote:
Even investing as low risk as possible and getting very small return would be enough to live off of the rest of my life.
3% will net you 135k a year. Easy money.
Posted on 1/16/15 at 11:09 am to HempHead
This is old news
Posted on 1/16/15 at 11:10 am to Team Vote
quote:
but imagine how much restraint you'd need when you opened up that statement and saw two commas.
I guess that really is the thing. When you think that you don't have to worry about money, there's the risk that you stop paying attention and irresponsible expensive decisions can start to pile up. You eat out at really expensive restaurants too often and pay for everyone, buy this watch because it's no big deal, give your cousins Ray Ray and Big Steve some money to open a chicken shack that goes belly up, etc.
It doesn't seem like much at the time because the money feels endless, but a few thousand dollars here and there can add up.
Posted on 1/16/15 at 11:12 am to yankeeundercover
What a waste. Should have bought a lambo and bottle service.
Posted on 1/16/15 at 11:16 am to cattus
That is a smart move. Mom ain't playing.
Posted on 1/16/15 at 11:17 am to TheDeathValley
I also think being a good professional athlete, everything probably can come free anyway: dinner, drinks, etc.
Posted on 1/16/15 at 11:20 am to yankeeundercover
He's going to have a long, prosperous career. He should be enjoying his money while he is young.
Posted on 1/16/15 at 11:21 am to Team Vote
quote:I could live my entire life on $4.5 million just fine. Would buy 1 mil of income producing real estate, invest 2.5 mil, and bank 1 mil. Fish, hunt, church,and play with the old lady 24/7.
how long do you think you could make 4.5 mil last from age 25 on?
Posted on 1/16/15 at 11:24 am to yankeeundercover
Posted on 1/16/15 at 11:25 am to yankeeundercover
Always liked him when I was at Syracuse, MCW FTW
Posted on 1/16/15 at 11:27 am to GreatLakesTiger24
quote:
He's going to have a long, prosperous career. He should be enjoying his money while he is young.
What happens if he blows out a knee 4 years into his long prosperous career and is never the same? This is a good insurance policy for the kid.
And I just realized that this is only his rookie year salary. He could easily put half his salary into the trust the next couple of years as well and be set for life. Of course the $4.5MM would have me set for life, but he and his family could live very comfortably for a very long time on that.
This post was edited on 1/16/15 at 11:31 am
Posted on 1/16/15 at 11:34 am to fillmoregandt
quote:
The nfl only requires you be in the league for a handful of years to qualify for a pretty balling pension for the rest of your life.
I think after 5 years in the NFL you get around $60K per year. That's isn't exactly balling when these guys are dumb and take out mortgages that would eat that up in a few months.
This post was edited on 1/16/15 at 11:34 am
Posted on 1/16/15 at 11:34 am to yankeeundercover
The wording is funny.
He is putting his 1st year salary into a trust that is good or 3 years? Or is he putting his first 3 years salary into a trust? How long before the trust can be executed? What are the terms?
Is that $4.5m a year? If so, does he not pay taxes?
He is putting his 1st year salary into a trust that is good or 3 years? Or is he putting his first 3 years salary into a trust? How long before the trust can be executed? What are the terms?
Is that $4.5m a year? If so, does he not pay taxes?
Posted on 1/16/15 at 11:38 am to PhiTiger1764
f
So?. Its sensational journalism plus many people obviously don't understand 'bankruptcy' does not mean a person has no money/broke.
A poster above gave Deuce McAllister as an example when a business venture hoes bad & that business files.
I could go through list of thousands of wealthy /prominent people who have filed for 'bankruptcy' & would crush you with their wallets.
A lot of it is business associated bankruptcies on down to a guy who simply signed a single 10 day contract .
quote:
So? I've never played in the NBA and never filed for bankruptcy. Just because some of these guys don't have long careers or make multi-millions doesn't mean their life is over and must file for bankruptcy.
It is still a relevant stat. It shows how NBA players struggle to find careers outside of basketball.
So?. Its sensational journalism plus many people obviously don't understand 'bankruptcy' does not mean a person has no money/broke.
A poster above gave Deuce McAllister as an example when a business venture hoes bad & that business files.
I could go through list of thousands of wealthy /prominent people who have filed for 'bankruptcy' & would crush you with their wallets.
A lot of it is business associated bankruptcies on down to a guy who simply signed a single 10 day contract .
Posted on 1/16/15 at 11:38 am to Asgard Device
quote:
The wording is funny.
He is putting his 1st year salary into a trust that is good or 3 years? Or is he putting his first 3 years salary into a trust? How long before the trust can be executed? What are the terms?
Is that $4.5m a year? If so, does he not pay taxes?
I read it as he is putting his first year salary into a trust that can't be touched for 3 years. I know trusts can be set up in all different ways. And he is going to be living off of his endorsement deals during this rookie season. And it also said "most of" his rookie year salary, not all of it. So I assume someone smart enough to stash money away into a trust, which would involve lawyers and accountants, would also talk with them about his taxes and have that planned out as well.
Posted on 1/16/15 at 11:49 am to yankeeundercover
he's not a rookie anymore FWIW
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