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re: 78 percent of NFL players are bankrupt...within two years
Posted on 11/7/13 at 4:27 pm to Dr RC
Posted on 11/7/13 at 4:27 pm to Dr RC
quote:
when people come from nothing and are never taught how to manage money they end up blowing it all b/c they don't know any better.
Previous generations, it was just the opposite. Not having taught them the value of having so many were frugal their whole lives.
You give people who aren't very bright a lot of money, people who are a bit smarter than they will find a way to end up with it.
1
Posted on 11/7/13 at 4:31 pm to Goldrush25
quote:
Ignorant yes. Stupid would be knowing better and still doing it.
How do they not know better? I know better and I'm not around any current or former NFL players. These guys are surrounded by examples of this stuff happening and they still let it happen.
If they don't know better it's because they choose not to
Posted on 11/7/13 at 4:36 pm to Tiger1242
quote:
How do they not know better? I know better and I'm not around any current or former NFL players. These guys are surrounded by examples of this stuff happening and they still let it happen.
If they don't know better it's because they choose not to
They don't pay attention. They dream of the NFL to make millions. They hear about the high paid glamour athletes. They listen to rappers talk about blowing money. When they get there, they emulate what they know. No one ever tells them the majority of those guys wash up.
Posted on 11/7/13 at 4:37 pm to southernelite
quote:
They don't pay attention. They dream of the NFL to make millions. They hear about the high paid glamour athletes. They listen to rappers talk about blowing money. When they get there, they emulate what they know. No one ever tells them the majority of those guys wash up.
So like I said they're stupid
Posted on 11/7/13 at 4:45 pm to Tiger1242
What do you mean how do they not know better? They don't know better because they haven't learned how to manage money. No one goes from making minimum wage to having more money than most others dream of without an adjustment period. Add to it these guys are in their 20s.
Now some of those troubles are due to improper guidance. Some of it is ignoring the guidance that you've been offered. I don't think you can lump all of the cases into simple stupidity. Some attempt to have "experts" manage their finances, only to be cheated out of their money. I wouldn't classify that as stupidity. I would classify that as not having the knowledge to know how to handle your own affairs and protect yourself from fiduciary misfortune. Tons of players are broke from trusting the wrong people.
Now some of those troubles are due to improper guidance. Some of it is ignoring the guidance that you've been offered. I don't think you can lump all of the cases into simple stupidity. Some attempt to have "experts" manage their finances, only to be cheated out of their money. I wouldn't classify that as stupidity. I would classify that as not having the knowledge to know how to handle your own affairs and protect yourself from fiduciary misfortune. Tons of players are broke from trusting the wrong people.
This post was edited on 11/7/13 at 4:48 pm
Posted on 11/7/13 at 5:11 pm to Goldrush25
Sooooooooo...........
I guess the $15,000 dinner tabs were no big deal. They were going under anyway.
I guess the $15,000 dinner tabs were no big deal. They were going under anyway.
Posted on 11/7/13 at 5:20 pm to Goldrush25
quote:
What do you mean how do they not know better? They don't know better because they haven't learned how to manage money. No one goes from making minimum wage to having more money than most others dream of without an adjustment period. Add to it these guys are in their 20s.
Stop with the pseudo-sociological bs. As has been pointed out 98% of those players probably never go beyond a year or so in the league & don't make millions of dollars.
" 78% of NFL Players......." anything is a headlining grabbing & besides a few familiar players they never gives us a complete run down of these bankrupt players because the vast majority are players on the fringes.
1 season on the tail end of the roster or practice squad makes them former NFL players NOT one time Multi millionaires.
Posted on 11/7/13 at 5:57 pm to Rickety Cricket
quote:
Matt "LTD" Flynn will be part of that statistic.
Flynn's never going to retire. Never taking any hits is going to allow him to spend a half season on a roster somewhere well into his sixties.
Posted on 11/7/13 at 6:22 pm to sugar71
quote:
" 78% of NFL Players......." anything is a headlining grabbing & besides a few familiar players they never gives us a complete run down of these bankrupt players because the vast majority are players on the fringes.
1 season on the tail end of the roster or practice squad makes them former NFL players NOT one time Multi millionaires.
Even allowing for that, 78% is still a huge number which means there's a major problem in the pipeline somewhere.
Posted on 11/7/13 at 6:29 pm to Mizzou23
Going on 15k Vegas trips and making other people pay for 30k dinners probably doesn't teach a lot of fiscal responsibility.
Posted on 11/7/13 at 7:13 pm to Mizzou23
That's what posse's do to a guy, drain him of spendable cash. Not to mention an extravagant lifestyle and no common sense. No sympathy.
Posted on 11/7/13 at 7:28 pm to alajones
quote:
Going on 15k Vegas trips and making other people pay for 30k dinners probably doesn't teach a lot of fiscal responsibility.
Yeah, give me just 2million and I would have a great action plan on savings, investment, and career path plans.
15k vacation for teammates? might as well flush it down the toilet.
Posted on 11/7/13 at 8:00 pm to Mizzou23
Most of these NFL players will not only be broke but their health will be in shambles. They will age well before their years along with lifelong pain. It is much better to make money with your mind than with your body. Playing in the NFL is a double edged sword. Many of these players don't exactly have promising careers waiting for them post retirement either.
Posted on 11/7/13 at 9:48 pm to Mizzou23
Makes sense most of them have never had money before and don't know what to do with it or invest and how to save it
Posted on 11/7/13 at 10:52 pm to Mizzou23
There's absolutely nothing I could have less concern for is multimillionaire athletes and entertainers that waste their money on a rap video lifestyle.
There's people that raise their family on an income that's less than these team dinners they make the rookies pay for. Sympathy for wasteful rich people is something I'll never have.
There's people that raise their family on an income that's less than these team dinners they make the rookies pay for. Sympathy for wasteful rich people is something I'll never have.
Posted on 11/7/13 at 11:11 pm to Bengalroar
agents are supposed to get only 3%.
but they do make recommend investments!
but they do make recommend investments!
Posted on 11/8/13 at 6:00 am to CtotheVrzrbck
quote:
There's absolutely nothing I could have less concern for is multimillionaire athletes and entertainers that waste their money on a rap video lifestyle.
Slow on the pick up huh?
Posted on 11/8/13 at 9:44 am to Mizzou23
Ryan Fitzpatrick needs to be a financial adviser to NFL players once he retires. Economics degree from Harvard? I would trust him with my money and he knows what its like to be given all that money and knows how it all can bleed out quickly.
He could make SOOO much money doing this. They would all trust him because he's "one of them".
I agree they should all be required to take a full college course geared towards their exact situation and managing their finances.
He could make SOOO much money doing this. They would all trust him because he's "one of them".
I agree they should all be required to take a full college course geared towards their exact situation and managing their finances.
Posted on 11/8/13 at 12:35 pm to RogerTheShrubber
quote:
Previous generations, it was just the opposite. Not having taught them the value of having so many were frugal their whole lives.
Exactly. We have a family friend that came from nothing and then worked hard and made a good living for himself but that man won't spend a freaking cent to save his life. This new generation just isn't like that. They insist on buying fancy cars and obscene amounts of jewelry to impress others and end up broke in 2 years.
This post was edited on 11/8/13 at 12:36 pm
Posted on 11/8/13 at 1:18 pm to Goldrush25
quote:
Stupid would be knowing better and still doing it.
huh? that's stubborn
stupid is not having the intelligence to understand certain things
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