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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 10:39 am to Brosef Stalin
Posted on 1/16/15 at 10:39 am to Brosef Stalin
quote:
I could live my entire life on $4.5 million just fine
This
0
Posted on 1/16/15 at 10:39 am to Meatball
I think that stat includes any time anthlete has a business venture with their name on it that files for Bankruptcy.
Duce Mcallister was listed as having filed for bankruptcy when he was doing fine it was just a couple of his business.
Duce Mcallister was listed as having filed for bankruptcy when he was doing fine it was just a couple of his business.
Posted on 1/16/15 at 10:40 am to TechDawg2007
quote:Money Board...
what will that $4.5 million be worth in a trust after three years?
Posted on 1/16/15 at 10:40 am to cattus
quote:if you spent $70,000 a year it would take you 64 years to spend it. $100,000 a year would last you 45 years
how long do you think you could make 4.5 mil last from age 25 on?
This post was edited on 1/16/15 at 10:42 am
Posted on 1/16/15 at 10:42 am to cattus
Yeah but you've never had 4.5 million in your possession either LOL.
quote:
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
Posted on 1/16/15 at 10:44 am to achenator
quote:
Yeah but you've never had 4.5 million in your possession either LOL.
That's what I'm saying. It's easy now to say you could make it last a lifetime, but imagine how much restraint you'd need when you opened up that statement and saw two commas.
Posted on 1/16/15 at 10:44 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.
BS attention grabbing title by SI who probably doesn't list the names of the these unknown/barely known players. ("ALL" Professional Basketball players) .
Every struggling player who signed a 10 day contract is an 'ex NBA player'.
Nancy Grace had a teaser recently about an Ex Dallas Cowboy arrested for Murder. I waited & it was a guy on the Cowboys practice squad for 1 year that no one on the Cowboys staff remember ,let alone Cowboy fans.
Posted on 1/16/15 at 10:45 am to TechDawg2007
quote:
what will that $4.5 million be worth in a trust after three years?
Depends on how the investments inside of the trust work out. It could actually be worth less.
Posted on 1/16/15 at 10:47 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
Assuming I can invest that money... I can live off that the rest of my life and still buy dumb young guy things.
Posted on 1/16/15 at 10:49 am to cattus
quote:
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.
Easier to live off of it when it is given to you in increments over the course of your life instead of all at once at the beginning, but I get your point.
Posted on 1/16/15 at 10:50 am to yankeeundercover
Attaboy.
Posted on 1/16/15 at 10:51 am to Broke
quote:
Depends on how the investments inside of the trust work out. It could actually be worth less.
3 years is a short investment window. More players should do this and not touch their earnings until their career is done.
Posted on 1/16/15 at 10:51 am to yankeeundercover
Heck yeah ! Love to see my fellow humans exhibit wisdom every once in a while. 
Posted on 1/16/15 at 10:52 am to sugar71
quote:
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. BS attention grabbing title by SI who probably doesn't list the names of the these unknown/barely known players. ("ALL" Professional Basketball players) . Every struggling player who signed a 10 day contract is an 'ex NBA player'.
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.
Posted on 1/16/15 at 10:53 am to yankeeundercover
That's a damn good strategy. He should keep adding to it and rolling it over
Posted on 1/16/15 at 10:55 am to PhiTiger1764
How long do you have to be in the league to qualify for the league pension?
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
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
Posted on 1/16/15 at 10:55 am to achenator
no doubt my spending would be different
Posted on 1/16/15 at 10:56 am to chesty
Its probably important to add that his next contract will be worth waaaaaayyyyyy more than this.
Posted on 1/16/15 at 10:58 am to CocomoLSU
Abdul, can we get a number crunch on what this may be worth by then?
Posted on 1/16/15 at 10:59 am to yankeeundercover
I'm adding this kid to my list of players to pull for.
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