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Robert Meachem
Posted on 5/2/18 at 9:22 pm
Posted on 5/2/18 at 9:22 pm
Just read an article about how Robert Meachem has lost money due to alleged embezzlement of his money by a former person representing him. IMO, the NFL should have a required financial planner immediately help set up the future of rookie players and players in general to prevent these players from destroying their future after football. There is absolutely no excuse for someone to have made over 22 million over a period of 8-years to be unable to meet his financial obligations.
Another reason to stay in school and get a degree to prepare yourself for the next 40 years after your playing career is over.
Another reason to stay in school and get a degree to prepare yourself for the next 40 years after your playing career is over.
15
Posted on 5/2/18 at 9:29 pm to LuckyTiger57
quote:
the NFL should have a required financial planner immediately help set up the future of rookie players and players in general to prevent these players from destroying their future after football. There is absolutely no excuse for someone to have made over 22 million over a period of 8-years to be unable to meet his financial obligations.
quote:
Robert Meachem has lost money due to alleged embezzlement of his money by a former person representing him
wut
Posted on 5/2/18 at 9:30 pm to LuckyTiger57
Not that I disagree with the notion, but you're talking about financial planners for over 500 players every year.
The players themselves need to be more responsible with this stuff.
Not that what happened to him is right (it's really fricked up), but Meach admitted he never really check his balances. That's a lot of money to not be checking on.
The players themselves need to be more responsible with this stuff.
Not that what happened to him is right (it's really fricked up), but Meach admitted he never really check his balances. That's a lot of money to not be checking on.
Posted on 5/2/18 at 9:36 pm to bonethug0108
I agree. However, because of the lack of smarts most players need this type of added assistance to prevent a financial train wreck as a safety net imo.
Posted on 5/2/18 at 9:46 pm to LuckyTiger57
quote:
There is absolutely no excuse for someone to have made over 22 million over a period of 8-years to be unable to meet his financial obligations.
Someone stole from him isn't a good excuse?
quote:
Another reason to stay in school and get a degree to prepare yourself for the next 40 years after your playing career is over.
Plenty players and regular arse people with 4 year degrees end up broke.
Posted on 5/2/18 at 9:48 pm to LuckyTiger57
It is amazing how financially illiterate the average Joe is concerning basic investment or personal finance. It is shameful for someone coming out of College without a clue about protecting there finances but it seems to be a common problem for a lot of pro athletes. I'm surprised the league or the players union doesn't offer some kind of direction.
This post was edited on 5/2/18 at 9:49 pm
Posted on 5/2/18 at 9:52 pm to hellsu
You are correct sir. These players are unique with the ridiculous sums of money they make and end up broke. This would ensure they have something at the end of the day.NFL and all major sports should support the idea.
Posted on 5/2/18 at 9:54 pm to hellsu
The union, former players, and current players all try to help these guys coming in.
Sometimes you can't fix stupid/naivety.
Sometimes you can't fix stupid/naivety.
This post was edited on 5/2/18 at 9:55 pm
Posted on 5/2/18 at 10:01 pm to bonethug0108
As I stated earlier, financial planning should be a requirement to protect the players interest because of their lack of intellect.
Posted on 5/2/18 at 10:12 pm to LuckyTiger57
quote:
IMO, the NFL should have a required financial planner immediately help set up the future of rookie players and players in general to prevent these players from destroying their future after football
Geez.
I'll go ahead and point out that this is the players responsibility. And, if the players need to be protected from themselves, it should be the responsibility of the players association.
You bleeding hearts are ridiculous.
Posted on 5/2/18 at 10:20 pm to moneyg
quote:
I'll go ahead and point out that this is the players responsibility.
This!!! They are making at a minimum over $450k on minimum contracts; they can afford a FA. Hell, I guarantee FAs are knocking at their door trying to work with them on a regular basis. A lot of the agents also attempt to help, but when the player has to live to a certain standard; there is no helping that.
Posted on 5/2/18 at 10:23 pm to moneyg
78% of the players do not understand financial responsibility. That is why I am advocating financial planning for rookies to be a requirement. I’m not a bleeding heart to sympathize stupidity, but NFL and other sports would dramatically change the life of the 78% that go broke, if financial planning were a requirement.
Posted on 5/2/18 at 10:24 pm to LuckyTiger57
All players should set up a fund like a 401k, in which they put 5% or more into the fund. Let the NFL select a fund manager to manage the accounts. Have restrictions set up on the accounts limiting access. Require the players prove a hardship or minimum age prior to being allowed to access the fund.
Of course, These requirements should be set up in the beginning.
Of course, These requirements should be set up in the beginning.
Posted on 5/2/18 at 10:25 pm to Weekend Warrior79
Agents should be able to point players to legit financial advisors.
If the player doesn't want to get an agent or proper financial advisor then that falls on the player.
There are numerous steps players can take themselves, and they get this advice to take these steps, to avoid being broke after their days are done.
The people acting like these guys aren't getting any help are kidding themselves. The biggest issue is the players not wanting to help themselves.
If the player doesn't want to get an agent or proper financial advisor then that falls on the player.
There are numerous steps players can take themselves, and they get this advice to take these steps, to avoid being broke after their days are done.
The people acting like these guys aren't getting any help are kidding themselves. The biggest issue is the players not wanting to help themselves.
Posted on 5/2/18 at 10:49 pm to LuckyTiger57
quote:
That is why I am advocating financial planning for rookies to be a requirement.
Fat people understand that MacDonald's is not healthy. Educational resources is not the problem here. You take young men bordering on superhuman athletic abilities who have been rewarded their entire lives for risk taking, aggression, and competitiveness. Then expect them to show restraint with their money?
Posted on 5/2/18 at 11:03 pm to LuckyTiger57
LINK
Not a “requirement” but over the past years there has been a push to educate and safeguard the players finances. They also require rookies into a rookie camp they stressed finances and has former players talk to them.
LINK
quote:
The idea for the Financial Advisor Registration Program came from the players themselves. It was created to provide players with an additional layer of protection - not just from poor financial advice, but also from outright fraud. The principal intent of the Program is to benefit the players themselves by providing them access to a qualified group of financial advisors that have met certain eligibility criteria.
Not a “requirement” but over the past years there has been a push to educate and safeguard the players finances. They also require rookies into a rookie camp they stressed finances and has former players talk to them.
quote:
Leaf, 40, recommends players take advantage of the NFL’s 401(k) plan. For every $10,000 a player puts in, his team and the league each put in $10,000, for a total of $30,000 — what he calls a “two-times match.” He says a lot of rookies don’t want to set money aside for retirement though. “You feel invincible when you’re that age. You don’t get perspective until it’s too late.”
LINK
Posted on 5/2/18 at 11:13 pm to lighter345
fricking shite if I could get a two for one match 401k I'd jump on that in a heartbeat.
If a player plays just one year and puts in a little less than half of his salary ($200k), he'd come out with $600k (more than his original salary, and almost doubling his total salary adding in what he kept and what he gets out of the 401k).
If a player plays just one year and puts in a little less than half of his salary ($200k), he'd come out with $600k (more than his original salary, and almost doubling his total salary adding in what he kept and what he gets out of the 401k).
Posted on 5/2/18 at 11:32 pm to LuckyTiger57
Nfl provides drivers for players who drink and party hard.
Players still get dui and in trouble.
The assumption that nfl doesn't provide these things is absurd. I'm 100% sure they do, or even so you're about to hit on big money. The smartest thing for anyone to land on that is hire a reputable financial advisor. Reputable is key word. Not your friends friend. Or any guy that comes up to you. Reputable isn't failsafe but it sure is less risky.
Players still get dui and in trouble.
The assumption that nfl doesn't provide these things is absurd. I'm 100% sure they do, or even so you're about to hit on big money. The smartest thing for anyone to land on that is hire a reputable financial advisor. Reputable is key word. Not your friends friend. Or any guy that comes up to you. Reputable isn't failsafe but it sure is less risky.
Posted on 5/3/18 at 1:14 am to LuckyTiger57
All rookies get a financial brief after being drafted. They are warned of this very thing. Hell they even bring in former players that are broke to try and negate it.
Posted on 5/3/18 at 2:30 am to bonethug0108
That was my point, they don’t know how and they don’t want to help themselves plan. A requirement to set up something making that type of requirement turns the 78% that go broke into 100% of the players being set up financially.
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