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.

I didn't say this. You replied to the wrong person and quoted someone else.

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Posted by Vacherie Saint

Member since Aug 2015

39423 posts

Posted on 5/6/18 at 1:47 pm to LuckyTiger57

I'm Pretty sure NFL teams bring in experts to do financial management seminars. They certainly cannot force a player to hire a wealth manager though

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Posted by tigerfoot

Alexandria

Member since Sep 2006

56249 posts

Posted on 5/6/18 at 2:17 pm to SlowFlowPro

Maybe NFL draft prospects should take advantage of the free education and learn to manage their own money instead of skipping class, smoking weed and buying new shoes

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Posted by TigerintheNO

New Orleans

Member since Jan 2004

41178 posts

Posted on 5/6/18 at 2:53 pm to FightinTigersDammit

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?

The IRS wouldn't allow it. Employee contribution limit is 18K for 2018.

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Posted by Tommy Patel

Member since Apr 2006

7558 posts

Posted on 5/7/18 at 3:13 pm to bonethug0108

quote:
Not that I disagree with the notion, but you're talking about financial planners for over 500 players every year.

there are plenty of reputable companies out there that could share the load....that being said, you are an adult making serious money...grow the hell up.

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Posted by Stamps74

Member since Nov 2017

615 posts

Posted on 5/7/18 at 4:52 pm to LuckyTiger57

Did I miss something though, he was cheated out his money by a financial planner?

Why are we blaming him? Looks like he tried to do the right thing, atleast from brief info given.

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Posted by cheeser

downtown Fishville

Member since Feb 2007

2500 posts

Posted on 5/8/18 at 7:50 am to St Augustine

Financial planners my arse. Almost w/o fail these are kids not expecting to receive a college degree to begin with , are not prepared to do anything but play whichever sport they were drafted to play . It's the old fable , "a fool & his money are soon parted" ,and for the people preying on these youngsters another fable ,or as WC Fields said ," A fool is born every second ".

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