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Posted on 5/3/18 at 2:41 am to LuckyTiger57
quote:Last time I checked, this isn't 20th century Russia. It's called PERSONAL RESPONSIBILITY. You must enjoy the idea of giving some large entity (Let's say the gov't) the power to control and manage your personal finances for you.
financial planning should be a requirement to protect the players interest because of their lack of intellect.
Posted on 5/3/18 at 2:54 am to LuckyTiger57
You cannot REQUIRE someone to do something with their money (well except for paying taxes).
They are getting all the help they can get. If they still frick up it's on them.
They are getting all the help they can get. If they still frick up it's on them.
Posted on 5/3/18 at 4:37 am to LuckyTiger57
My God if they don't take advantage of that 401k match that is ridiculous . You can lead a horse to water but you can't make him drink.
Posted on 5/3/18 at 6:00 am to LuckyTiger57
A fool and his money will soon part!
Posted on 5/3/18 at 6:53 am to LuckyTiger57
If I were a player I’d live off my endorsements and put my entire salary/contract in the bank with a great Interest rate return. Play 7-8 years and that $20 million will likely be $25 million
Posted on 5/3/18 at 7:03 am to LuckyTiger57
quote:
As I stated earlier, financial planning should be a requirement
So you’re going to require a guy to have a financial planner for the money he has earned? Seems pretty fricked up and overreaching. What if he doesn’t want a financial planner.... are you going to withhold part of his check saying you know better than he does what to do with the money HE has earned? How much of his check should be withheld for his own good?
This post was edited on 5/3/18 at 7:15 am
Posted on 5/3/18 at 7:20 am to bonethug0108
I think the NFL already has a “seminar” or a class on financial management or something similar for rookies.
Posted on 5/3/18 at 7:42 am to LuckyTiger57
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.
Yea because another semester of “intro to something easy” would completely cure this.
Posted on 5/3/18 at 8:08 am to LuckyTiger57
I posted that I hope Alfred blue saved his money instead of blowing it on cars and clubs... and I got blasted. People don’t realize that, yea, 10 million bucks is a lot.. but if you blow half of it on shite that isn’t investments, you can’t live the next 50 years of your life on a couple of million bucks.
Posted on 5/3/18 at 9:06 am to PenguinPubes
Most players in the league aren't making $10 mil.
The majority make about $1.5 mil, with what like 40% going to taxes?
The guys that are making $5+ mil and going broke are the ones that are complete fricking idiots when it comes to finances.
So when they say this huge amount of players are broke, most of them are those vet minimum players that played 1-5 years.
Alfred Blue wasn't making a shite ton. He's the exact type of player that could go broke just like that.
Meach is the type of player that actually made it in the league and failed to pay attention to his finances until it was too late.
The majority make about $1.5 mil, with what like 40% going to taxes?
The guys that are making $5+ mil and going broke are the ones that are complete fricking idiots when it comes to finances.
So when they say this huge amount of players are broke, most of them are those vet minimum players that played 1-5 years.
Alfred Blue wasn't making a shite ton. He's the exact type of player that could go broke just like that.
Meach is the type of player that actually made it in the league and failed to pay attention to his finances until it was too late.
Posted on 5/3/18 at 9:09 am to VOR
quote:
I think the NFL already has a “seminar” or a class on financial management or something similar for rookies.
Yeah there is. That's what I was talking about. These guys are already receiving help and advice, but you cannot make them do stuff with their money like the OP wants.
Posted on 5/3/18 at 9:32 am to bonethug0108
well it seems meachem did do what OP wants, he was just swindled by a thief. it happens
some of the most intelligent and wealthy people in the US have lost billions in all sorts of examples where either the financial gatekeeper was fraudulent (Maddoff is the go to here) or the institution being invested in was fraudulent (Enron is a great example)
some of the most intelligent and wealthy people in the US have lost billions in all sorts of examples where either the financial gatekeeper was fraudulent (Maddoff is the go to here) or the institution being invested in was fraudulent (Enron is a great example)
Posted on 5/3/18 at 9:33 am 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.
Don't they already do this...?
Posted on 5/3/18 at 2:37 pm to hellsu
quote:
It is amazing how financially illiterate the average Joe is concerning basic investment or personal finance
Not even just the average joe. Even Doctors and CEO's can be great at making money but end up blowing it all on awful financial decisions. Though they are probably better than the average person.
The NFL actually provides quality assistance, but they can't enforce who a player has for an agent or financial manager and what decisions those people make.
Posted on 5/3/18 at 3:51 pm to LuckyTiger57
Does your job protect you from ever going broke in retirement or getting cheated out of money
Posted on 5/3/18 at 5:58 pm to bonethug0108
quote:
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).
How can you NOT take advantage of that?
Posted on 5/6/18 at 4:12 am to LuckyTiger57
quote:So you want them to have even more baby-sitters than they do already? Brilliant.
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
They're grown men. If they lose their money, it's on them.
Posted on 5/6/18 at 8:17 am to Laman1978
quote:
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.
what the hell does this mean? Are you talking only financial lack of smarts? If you're talking their overall intelligence, then it sounds like a dick move. Have you evaluated "most" players or know there test scores?
More "smart" people lose or are robbed out of their money all the time.
Posted on 5/6/18 at 9:28 am to LuckyTiger57
The NFL has made every effort to help players with this very thing. They bring in advisers and former players to rookie seminars to discuss this very thing. A lot I hate about today's NFL but this area they have tried.
Some folks make bad choices. His story is not unique. See Mable, retired in Coco beach, who lost everything to a friend and adviser.
Some folks make bad choices. His story is not unique. See Mable, retired in Coco beach, who lost everything to a friend and adviser.
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