78% of players in poorhouse by 2yrs after football (4 Viewers)

[Christo]

Nope, I would argue based on the little facts we do know he was more likely to have lost his money over America's obsession for a "victim." a woman having a child from a man she isn't with becomes a victim, even though it was her choice to have sex, and thus in this case is given 60k a month. I am not suggesting a man shouldn't help raise their child, im suggesting that having copulation with a rich person shouldnt be like playing a scratch off lottery ticket, it is beyond sick.

You are so wrong on this issue. This isn't about the women it's about the kids. We as a society have decided as a matter of public policy that children are entitled to live up to the standards of their parents. Therefore, child support is calculated using the parent's income. Why should a rich guy be able to live "the life" while his kid just gets by?If you don't want to fork out child support keep it in your pants. That goes equally as well for the guy working 9 to 5 as it does for athletes.

I imagine you are "pro-choice" if im wrong correct me please. With that being said you can say "If you don't want to fork out child support keep it in your pants." but you would never say to a woman if you didnt want a child "keep it out" NEVER. What is harder to deal with, giving your earnings to a child you don't want for 18 years, or having the baby in your stomach for one year? I am against abortion, I am just pointing out your hypocrisy in what "society decides" since society decided abortion is freedom of your body rather than murder, but when a woman decides to have the baby, she needs 60k a month to raise it since the father is rich.

 

[nxmehta]

? The guy was ambitious all his life, working hard on becoming a top athlete, where he got paid MILLIONS of dollars. what is 200+ shoes to someone that has millions? It is such a little amount that it is obvious to anyone that isn't covetous that it had nothing to do with him going broke, but you go ahead and applaud all the worthless taxes.

This right here, this is the insanity that leads to these situations. Guy made millions of dollars, 200+ shoes must be cheap! It's that line of thinking that cause these guys to blow all their money. I made $10 million this year, so what if a private jet costs $1 million?The problem is not the shoes specifically, it's this attitude on display right here that hey, he's rich, he can buy stuff.

Here's an idea- don't spend money on bull#### just because you can!

thats a big leap you did there, nxmehta, suggesting that buying multiple shoes(which everyone does for the most part, rich or poor) is so irresponsible that you'd be the type of person that would spend a million dollars on a jet plane.

Yup, that's what I did! Anyone with more than 1 pair of shoes wants to buy a jet!

? That's exactly what you did, and you're right, it is a psychopathic thought."Guy made millions of dollars, 200+ shoes must be cheap!..... I made $10 million this year, so what if a private jet costs $1 million?" once again, being okay(or doing it yourself) with someone buying multiple shoes is way different than someone blowing money on a private jet, quite the leap tiger.

http://en.wikipedia.org/wiki/Straw_man

 

[nxmehta]

various studies have shown global warming is a real threat, then later on those same studies were proven to be fraudulent. My point is not every study with "facts" are real facts

OK, at this point I know I'm arguing with either a troll or someone's AI project.

Man, I hope it's an AI troll and not a real person! It would be a pretty hilarious AI troll. I'd like to get the source code for that...

 

[rizzler]

the American Educational System fails again.

 

[Christo]

the American Educational System fails again.

The players or Uncle Buck?

 

[Uncle Buck]

the American Educational System fails again.

The players or Uncle Buck?

That's right, don't respond to valid points and just mock, pretty juvenile if you ask me. Yall have a lot of growing up to do.

 

[Christo]

the American Educational System fails again.

The players or Uncle Buck?

That's right, don't respond to valid points and just mock, pretty juvenile if you ask me. Yall have a lot of growing up to do.

Points? Sure. Valid? NWIH

 

[Uncle Buck]

the American Educational System fails again.

The players or Uncle Buck?

That's right, don't respond to valid points and just mock, pretty juvenile if you ask me. Yall have a lot of growing up to do.

Points? Sure. Valid? NWIH

which point isnt valid? Lets see, bringing up that you can't always trust information that is out there because there are examples of people falsifying the data to further the cause of their agenda? Or the point that is hypocrisy that lets a women abort a baby and then in other cases forces the man to pay child support?

 

[CalBear]

which point isnt valid? Lets see, bringing up that you can't always trust information that is out there because there are examples of people falsifying the data to further the cause of their agenda? Or the point that is hypocrisy that lets a women abort a baby and then in other cases forces the man to pay child support?

In Uncle Buck's case, I support retroactive abortion.

 

[Uncle Buck]

I find the "under-represented" argument weird. Under-represented based on what criteria? Percentage of blacks in football versus whites in football? Does that hold up when considering percentage of whites in football versus blacks in football at all levels? Does that reflect the fact that whites seem to be less represented in the college and pro ranks and thus end up in coaching earlier than blacks? Should we put the same analysis on percentage of blacks versus whites in the US to figure out why there are so many blacks on the NFL compared to the percentage of blacks in society or in high school football? The whole thing is silly. There are tons of perfectly legitimate reasons for different race distributions in different roles in football and almost none of them are because of racial animus.

Good points. Too bad bear is blinded by his white guilt

 

[Uncle Buck]

which point isnt valid? Lets see, bringing up that you can't always trust information that is out there because there are examples of people falsifying the data to further the cause of their agenda? Or the point that is hypocrisy that lets a women abort a baby and then in other cases forces the man to pay child support?

In Uncle Buck's case, I support retroactive abortion.

Yes, you're a fascist, that much was clear when you yelled at me to stop posting my opinion, so I am not surprised you would support murder over someone not agreeing with you

 

[CalBear]

which point isnt valid? Lets see, bringing up that you can't always trust information that is out there because there are examples of people falsifying the data to further the cause of their agenda? Or the point that is hypocrisy that lets a women abort a baby and then in other cases forces the man to pay child support?

In Uncle Buck's case, I support retroactive abortion.

Yes, you're a fascist, that much was clear when you yelled at me to stop posting here, so I am not surprised you would support murder over someone not agreeing with you

Yes, because only a fascist would ask someone to stop posting about abortion and taxation on a fantasy football message board. I'll just change my login to Hitler, now.

 

[Uncle Buck]

which point isnt valid? Lets see, bringing up that you can't always trust information that is out there because there are examples of people falsifying the data to further the cause of their agenda? Or the point that is hypocrisy that lets a women abort a baby and then in other cases forces the man to pay child support?

In Uncle Buck's case, I support retroactive abortion.

Yes, you're a fascist, that much was clear when you yelled at me to stop posting here, so I am not surprised you would support murder over someone not agreeing with you

Yes, because only a fascist would ask someone to stop posting about abortion and taxation on a fantasy football message board. I'll just change my login to Hitler, now.

when you choose to attack that person replying accordingly instead of the person that brought the subject up to begin with, then its obvious you don't like my opinion on the subject, rather then the subject. Either hitler or kim jong works

 

[Agent575]

I typically agree with you but if a guy owns 200+ pair of shoes...he deserves whatever stupid tax you can possibly lay onto him.

? The guy was ambitious all his life, working hard on becoming a top athlete, where he got paid MILLIONS of dollars. what is 200+ shoes to someone that has millions? It is such a little amount that it is obvious to anyone that isn't covetous that it had nothing to do with him going broke, but you go ahead and applaud all the worthless taxes.

It may not have been what bankrupted him. But it provides some insight into the thought processes that put him into bankruptcy.

Yeah, lets be narrow minded enough to think we know how he lost all of his money based on him spending a small percentage of it on shoes, and then lets also be psychotic enough to say he deserve slavery for buying shoes("he deserves stupid taxes"). All of this is, in my opinion, is a low value person trying to trick himself into thinking he has higher value by bashing someone that has accomplished more in their life than they could ever dream of.

slavery? The shoes just shows he is dumb with money...can't believe you don't get that point yet.So I am a "low value person" who is tricking myself that I have a "higher value" by pointing out that a big dumb athlete blew his money on a whole bunch of really dumb decisions. Well not that it had anything to do with any of it, but since you want to go there, how come Mr. Super Accomplished would be lucky to be in my low value shoes despite me making a fraction of what he made?hint: cuz he is an IDIOT!Now, what else you got in the "Warren Sapp is a slave" defense bag?

Yes slavery, being for "stupid taxes" is being for slavery. If you didnt know, socialism is a form of slavery. Thats my main problem with your posts regarding sapp, you're part of the "elite" group that is ruining america.As for him being a "dumb athlete who blew his money" Pretty sure 60k a month in child support had more to do with him losing his money than 200 shoes, but you keep wishing unjust taxes on someone over it.

How am I the "elite" exactly? Is it because I don't spend my money on sneakers? As for ruining America, I would take a look at the government on that one and all the dumb ****s in this country.As for him losing his money, I would say that 200 shoes and the 60k in child support are the same problem...proof of idiocy. I think you are mistaking that I am for stupid chicks being able to get so much money off the rich guys the way they do which I am not by any means. All I am saying is that if that is going to happen, it mine as well happen to a tool who bought 200 pairs of shoes and couldn't avoid bankrupcy with his income EVEN WITH THE 60k in child support.I will let ya get back to ranting about nonsensical slavery garbage and fascist nonsense. Have fun with that.

 

[nxmehta]

Someone lock this thread or move it to the FFA please.

:IBTL:

 

[fatness]

I told them once or twice

to stop playing cards and shooting dice.

 

[Uncle Buck]

I typically agree with you but if a guy owns 200+ pair of shoes...he deserves whatever stupid tax you can possibly lay onto him.

? The guy was ambitious all his life, working hard on becoming a top athlete, where he got paid MILLIONS of dollars. what is 200+ shoes to someone that has millions? It is such a little amount that it is obvious to anyone that isn't covetous that it had nothing to do with him going broke, but you go ahead and applaud all the worthless taxes.

It may not have been what bankrupted him. But it provides some insight into the thought processes that put him into bankruptcy.

Yeah, lets be narrow minded enough to think we know how he lost all of his money based on him spending a small percentage of it on shoes, and then lets also be psychotic enough to say he deserve slavery for buying shoes("he deserves stupid taxes"). All of this is, in my opinion, is a low value person trying to trick himself into thinking he has higher value by bashing someone that has accomplished more in their life than they could ever dream of.

slavery? The shoes just shows he is dumb with money...can't believe you don't get that point yet.So I am a "low value person" who is tricking myself that I have a "higher value" by pointing out that a big dumb athlete blew his money on a whole bunch of really dumb decisions. Well not that it had anything to do with any of it, but since you want to go there, how come Mr. Super Accomplished would be lucky to be in my low value shoes despite me making a fraction of what he made?hint: cuz he is an IDIOT!Now, what else you got in the "Warren Sapp is a slave" defense bag?

Yes slavery, being for "stupid taxes" is being for slavery. If you didnt know, socialism is a form of slavery. Thats my main problem with your posts regarding sapp, you're part of the "elite" group that is ruining america.As for him being a "dumb athlete who blew his money" Pretty sure 60k a month in child support had more to do with him losing his money than 200 shoes, but you keep wishing unjust taxes on someone over it.

How am I the "elite" exactly? Is it because I don't spend my money on sneakers? As for ruining America, I would take a look at the government on that one and all the dumb ****s in this country.As for him losing his money, I would say that 200 shoes and the 60k in child support are the same problem...proof of idiocy. I think you are mistaking that I am for stupid chicks being able to get so much money off the rich guys the way they do which I am not by any means. All I am saying is that if that is going to happen, it mine as well happen to a tool who bought 200 pairs of shoes and couldn't avoid bankrupcy with his income EVEN WITH THE 60k in child support.I will let ya get back to ranting about nonsensical slavery garbage and fascist nonsense. Have fun with that.

Yes, people like you ruin this country. People that are for socialism ("he deserves stupid taxes") ruin this country. As for you wanting to know why I think you're an elitist how about the fact that the little amount(yes little amount in comparison to what he had) he spent on shoes made your arrogant stomach so sick you had no choice but to puke out all the nonsense about him deserving slavery.

 

[Agent575]

 

[Uncle Buck]

only a few more LOLs and OMGs until I believe you're a teenaged girl

 

[FavreCo]

Let's all welcome Jamal Lewis into the 78% club.

he has $14,455,854 in assets but he's racked up a whopping $10,566,764.18 in debts.....As for his assets -- Jamal's got five homes, a bunch of expensive cars.... 5 homes huh? 4 just wasn't enough to live in. Gotta have 5. LOSER.

These guys live way beyond their means. Just wondering why he can try and declare chapter 11. Just take 10.5 million in assets from him.

 

[CalBear]

Let's all welcome Jamal Lewis into the 78% club. he has $14,455,854 in assets but he's racked up a whopping $10,566,764.18 in debts.....As for his assets -- Jamal's got five homes, a bunch of expensive cars.... 5 homes huh? 4 just wasn't enough to live in. Gotta have 5. LOSER.These guys live way beyond their means. Just wondering why he can try and declare chapter 11. Just take 10.5 million in assets from him.

Given the era when he likely bought the houses, most of them are probably underwater; if he's declaring bankruptcy, he almost certainly doesn't have 10.5 million in liquid assets.

 

[ShaHBucks]

It all comes down to personal finances. Doesn't matter if you make 15k or 15 million a year, if you spend more than you make you will be in debt. Ie the US government? You will hear this story every year forever...

 

[Tau837]

It's hard to do financial planning when the potential range of your income is $7.4 million over four years and zero afterwards, or $40 million over 8 years.

Not really. Plan initially for $7.4M. If and when it becomes clear you will earn more, replan. It's not rocket science.

 

[valhallan]

I used to work for a company that does financial planning for professional athletes. Mostly hockey and baseball, but some football players too. There's always a way to stretch their income out for retirement, but it's entirely dependent on the athlete to allow his financial adviser to do so. Many, even though they were paying substantial fees for financial services, still wouldn't allow their adviser to implement their plan. It was slightly maddening.

 

[CalBear]

It's hard to do financial planning when the potential range of your income is $7.4 million over four years and zero afterwards, or $40 million over 8 years.

Not really. Plan initially for $7.4M. If and when it becomes clear you will earn more, replan. It's not rocket science.

It's not rocket science, but there are plenty of ways to go wrong. Just ask all the investment bankers who cratered our economy despite having advanced degrees in financial planning.

 

[valhallan]

It's hard to do financial planning when the potential range of your income is $7.4 million over four years and zero afterwards, or $40 million over 8 years.

Not really. Plan initially for $7.4M. If and when it becomes clear you will earn more, replan. It's not rocket science.

It's not rocket science, but there are plenty of ways to go wrong. Just ask all the investment bankers who cratered our economy despite having advanced degrees in financial planning.

Investment bankers <> financial planners

 

[Badgers Fan]

I'm not sure it was mentioned in here but besides the high numbers or bankrupt/financial distressed ex-players...the average player only lives to be 55 years old (21 years below what the average person can expect). Glad all I do is play FANTASY football.

 

[Kool-Aid Larry]

It's hard to do financial planning when the potential range of your income is $7.4 million over four years and zero afterwards, or $40 million over 8 years.

that's a good point --- I guess all you can do is buy houses, llamas, solid gold cuckoo clocks, and whatever else, 'til your card's declined.

 

[Raiderfan32904]

http://m.entrepreneur.com/article/233779

Here's one of the better stories of a former NFL player's retirement. Eddie Kinneson doing it the right way.

 

[az_prof]

"Byars, selected 10th overall in the ‘86 draft, inked a four-year deal worth under $2 million, he said. To contrast, Graham – the 13th overall selection by the Eagles in 2010 – signed a five-year contract worth a reported $22 million.

“Less than two million over four years, that didn’t set me up for life – it gave me a great start on life,” said Byars. “I have to work.”

I have a Ph.D. and am a professor. I estimate that I will make approximately 2 million in my entire lifetime--average salary of $80,000 over 25 year career.

Had he invested 75% of his money up front, he could live off of the investment returns the rest of his life. And even if he didn't, had he controlled his spending and only spent $65,000/year, which is above the average salary in this country, he could have lived on it his entire life.

 

[cstu]

"Byars, selected 10th overall in the ‘86 draft, inked a four-year deal worth under $2 million, he said. To contrast, Graham – the 13th overall selection by the Eagles in 2010 – signed a five-year contract worth a reported $22 million.

“Less than two million over four years, that didn’t set me up for life – it gave me a great start on life,” said Byars. “I have to work.”

I have a Ph.D. and am a professor. I estimate that I will make approximately 2 million in my entire lifetime--average salary of $80,000 over 25 year career.

Had he invested 75% of his money up front, he could live off of the investment returns the rest of his life. And even if he didn't, had he controlled his spending and only spent $65,000/year, which is above the average salary in this country, he could have lived on it his entire life.

It amazes me that guys don't set aside just $1M to put in a safe investment that will pay them 6% that they never touch until after football. That's enough to live off the interest the rest of their lives.

 

[Tau837]

"Byars, selected 10th overall in the ‘86 draft, inked a four-year deal worth under $2 million, he said. To contrast, Graham – the 13th overall selection by the Eagles in 2010 – signed a five-year contract worth a reported $22 million.

“Less than two million over four years, that didn’t set me up for life – it gave me a great start on life,” said Byars. “I have to work.”

I have a Ph.D. and am a professor. I estimate that I will make approximately 2 million in my entire lifetime--average salary of $80,000 over 25 year career.

Had he invested 75% of his money up front, he could live off of the investment returns the rest of his life. And even if he didn't, had he controlled his spending and only spent $65,000/year, which is above the average salary in this country, he could have lived on it his entire life.

It amazes me that guys don't set aside just $1M to put in a safe investment that will pay them 6% that they never touch until after football. That's enough to live off the interest the rest of their lives.

To be fair, the quote says the contract was less than 2 million. Even if it was just below 2 million, he probably paid ~40% of that in taxes. I agree he was given a great head start on life, but I disagree that it was enough that he could have simply lived off the value of that contract for life. At least not without getting lucky investing it.

 

[Kool-Aid Larry]

2m in 1986 is probably like 4m today.

if the agent and gov take half of that, your 'impoverished' player ends up with only 2m cash in his pocket, if he were to cut that same deal today, and that's not even accounting for growth in real estate, etc, that he had opportunities on 30 yrs ago.

I can probably find some other impoverished people to feel sorry for.

 

[lod01]

These guys don't realize that most of them should be living a normal middle class lifestyle while playing and saving that $. Instead, the 1st thing they buy is an expensive car and a house that will be forced to sell at a loss once their career is over.

 

[NCCommish]

"Byars, selected 10th overall in the ‘86 draft, inked a four-year deal worth under $2 million, he said. To contrast, Graham – the 13th overall selection by the Eagles in 2010 – signed a five-year contract worth a reported $22 million.

“Less than two million over four years, that didn’t set me up for life – it gave me a great start on life,” said Byars. “I have to work.”

I have a Ph.D. and am a professor. I estimate that I will make approximately 2 million in my entire lifetime--average salary of $80,000 over 25 year career.

Had he invested 75% of his money up front, he could live off of the investment returns the rest of his life. And even if he didn't, had he controlled his spending and only spent $65,000/year, which is above the average salary in this country, he could have lived on it his entire life.

It amazes me that guys don't set aside just $1M to put in a safe investment that will pay them 6% that they never touch until after football. That's enough to live off the interest the rest of their lives.

To be fair, the quote says the contract was less than 2 million. Even if it was just below 2 million, he probably paid ~40% of that in taxes. I agree he was given a great head start on life, but I disagree that it was enough that he could have simply lived off the value of that contract for life. At least not without getting lucky investing it.

The average person makes less than what he got after taxes in their lifetime. Average wage in this country in 2012 was 43k more or less. I would have to work for 30ish years to get what he got maybe more with wage taxes. And people live on that.

 

[Kool-Aid Larry]

"Byars, selected 10th overall in the ‘86 draft, inked a four-year deal worth under $2 million, he said. To contrast, Graham – the 13th overall selection by the Eagles in 2010 – signed a five-year contract worth a reported $22 million.

“Less than two million over four years, that didn’t set me up for life – it gave me a great start on life,” said Byars. “I have to work.”

I have a Ph.D. and am a professor. I estimate that I will make approximately 2 million in my entire lifetime--average salary of $80,000 over 25 year career.

Had he invested 75% of his money up front, he could live off of the investment returns the rest of his life. And even if he didn't, had he controlled his spending and only spent $65,000/year, which is above the average salary in this country, he could have lived on it his entire life.

It amazes me that guys don't set aside just $1M to put in a safe investment that will pay them 6% that they never touch until after football. That's enough to live off the interest the rest of their lives.

To be fair, the quote says the contract was less than 2 million. Even if it was just below 2 million, he probably paid ~40% of that in taxes. I agree he was given a great head start on life, but I disagree that it was enough that he could have simply lived off the value of that contract for life. At least not without getting lucky investing it.

The average person makes less than what he got after taxes in their lifetime. Average wage in this country in 2012 was 43k more or less. I would have to work for 30ish years to get what he got maybe more with wage taxes. And people live on that.

and that's actually considerably understating it when you figure in the time value of the money

 

[NCCommish]

"Byars, selected 10th overall in the ‘86 draft, inked a four-year deal worth under $2 million, he said. To contrast, Graham – the 13th overall selection by the Eagles in 2010 – signed a five-year contract worth a reported $22 million.

“Less than two million over four years, that didn’t set me up for life – it gave me a great start on life,” said Byars. “I have to work.”

I have a Ph.D. and am a professor. I estimate that I will make approximately 2 million in my entire lifetime--average salary of $80,000 over 25 year career.

Had he invested 75% of his money up front, he could live off of the investment returns the rest of his life. And even if he didn't, had he controlled his spending and only spent $65,000/year, which is above the average salary in this country, he could have lived on it his entire life.

It amazes me that guys don't set aside just $1M to put in a safe investment that will pay them 6% that they never touch until after football. That's enough to live off the interest the rest of their lives.

To be fair, the quote says the contract was less than 2 million. Even if it was just below 2 million, he probably paid ~40% of that in taxes. I agree he was given a great head start on life, but I disagree that it was enough that he could have simply lived off the value of that contract for life. At least not without getting lucky investing it.

The average person makes less than what he got after taxes in their lifetime. Average wage in this country in 2012 was 43k more or less. I would have to work for 30ish years to get what he got maybe more with wage taxes. And people live on that.

and that's actually considerably understating it when you figure in the time value of the money

true

 

[ghostguy123]

I will probably read a lot more of this later, but the biggest problem is that kids aren't taught how to handle finances in school.

Sure, parents should teach their kids, but is it the kid's fault if they either have no parents, or their parents suck and never teach them?

12 years of elementary/middle/high school and I sure don't remember ever taking any classes that had anything to do with finances and what to do with money and how all that works. Fortunately I had parents for that.

Couple that with rather instant stardom at age 21, and boom............................broke.

I am shocked the number isnt higher, especially since the large majority of guys barely ever make a million dollars in their careers.

 

[ghostguy123]

I used to work for a company that does financial planning for professional athletes. Mostly hockey and baseball, but some football players too. There's always a way to stretch their income out for retirement, but it's entirely dependent on the athlete to allow his financial adviser to do so. Many, even though they were paying substantial fees for financial services, still wouldn't allow their adviser to implement their plan. It was slightly maddening.

At some point I really think the NFL should step in in a way to save the players from themselves, deferring some portion of their paychecks and making sure they get SOMETHING for about the next 20-30 years.

I don't really see much of a better option other than educating everyone on finance, and...........good luck with that.

Raise the league minimum, put a cap on how much any one player can make......................manning making 20+ million and the guy who blocks for him might make 400 thousand....................I get some players truly are THAT much more valuable in football terms, but it does NOT need to be that large of a discrepency in pay.

Then place a portion of that money in some account that pays the guy some sort of yearly amount for the next 20-30 years.

In some cases, it might only be 10 grand a year. So what.

 

[NCCommish]

I will probably read a lot more of this later, but the biggest problem is that kids aren't taught how to handle finances in school.

Sure, parents should teach their kids, but is it the kid's fault if they either have no parents, or their parents suck and never teach them?

12 years of elementary/middle/high school and I sure don't remember ever taking any classes that had anything to do with finances and what to do with money and how all that works. Fortunately I had parents for that.

Couple that with rather instant stardom at age 21, and boom............................broke.

I am shocked the number isnt higher, especially since the large majority of guys barely ever make a million dollars in their careers.

I imagine their agents know a thing or two about handling money. I remember one story of an agent who used to be a player. He wouldn't let them take out loans against the money they might make when they signed because he saw so many piss it away and be broke with no future contract. People wouldn't sign with him because of it. Let's not excuse stupidity.

 

[Kool-Aid Larry]

I used to work for a company that does financial planning for professional athletes. Mostly hockey and baseball, but some football players too. There's always a way to stretch their income out for retirement, but it's entirely dependent on the athlete to allow his financial adviser to do so. Many, even though they were paying substantial fees for financial services, still wouldn't allow their adviser to implement their plan. It was slightly maddening.

At some point I really think the NFL should step in in a way to save the players from themselves, deferring some portion of their paychecks and making sure they get SOMETHING for about the next 20-30 years.

I don't really see much of a better option other than educating everyone on finance, and...........good luck with that.

Raise the league minimum, put a cap on how much any one player can make......................manning making 20+ million and the guy who blocks for him might make 400 thousand....................I get some players truly are THAT much more valuable in football terms, but it does NOT need to be that large of a discrepency in pay.

Then place a portion of that money in some account that pays the guy some sort of yearly amount for the next 20-30 years.

In some cases, it might only be 10 grand a year. So what.

first of all, ryan clady just signed a $52m contract.

you can contact his agent if you need to send donations.

secondly, I'm pretty sure the nfl runs some financial counseling seminars for incoming rookies.

thirdly, what you seem to be describing is some sort of 401k or pension, which nfl players already have,

and lastly, I'd suggest you offer your services to the nfl to negotiate that individual salary cap with the players union.

 

[Kool-Aid Larry]

I will probably read a lot more of this later, but the biggest problem is that kids aren't taught how to handle finances in school.

Sure, parents should teach their kids, but is it the kid's fault if they either have no parents, or their parents suck and never teach them?

12 years of elementary/middle/high school and I sure don't remember ever taking any classes that had anything to do with finances and what to do with money and how all that works. Fortunately I had parents for that.

Couple that with rather instant stardom at age 21, and boom............................broke.

I am shocked the number isnt higher, especially since the large majority of guys barely ever make a million dollars in their careers.

I imagine their agents know a thing or two about handling money. I remember one story of an agent who used to be a player. He wouldn't let them take out loans against the money they might make when they signed because he saw so many piss it away and be broke with no future contract. People wouldn't sign with him because of it. Let's not excuse stupidity.

I think the borrowing is probably a big part of it.

most of these guys aren't close to being millionaires when they sign their first contract, but some of their coworkers are, and it's probably tempting to borrow against that 2nd contract to buy your moms a house, hook your buddies up with some wheels, and invest in your cousin's restaurant.

problem is, that 2nd contract usually doesn't materialize.

it's really not too different than the trouble average people can get into with credit cards -- just the scale is different.

 

[NCCommish]

I will probably read a lot more of this later, but the biggest problem is that kids aren't taught how to handle finances in school.

Sure, parents should teach their kids, but is it the kid's fault if they either have no parents, or their parents suck and never teach them?

12 years of elementary/middle/high school and I sure don't remember ever taking any classes that had anything to do with finances and what to do with money and how all that works. Fortunately I had parents for that.

Couple that with rather instant stardom at age 21, and boom............................broke.

I am shocked the number isnt higher, especially since the large majority of guys barely ever make a million dollars in their careers.

I imagine their agents know a thing or two about handling money. I remember one story of an agent who used to be a player. He wouldn't let them take out loans against the money they might make when they signed because he saw so many piss it away and be broke with no future contract. People wouldn't sign with him because of it. Let's not excuse stupidity.

I think the borrowing is probably a big part of it.

most of these guys aren't close to being millionaires when they sign their first contract, but some of their coworkers are, and it's probably tempting to borrow against that 2nd contract to buy your moms a house, hook your buddies up with some wheels, and invest in your cousin's restaurant.

problem is, that 2nd contract usually doesn't materialize.

it's really not too different than the trouble average people can get into with credit cards -- just the scale is different.

This is borrowing against the first contract when so many players never get a second. Athletes need to learn a new rule - It isn't what you make it's what you keep that matters.

 

[ghostguy123]

I will probably read a lot more of this later, but the biggest problem is that kids aren't taught how to handle finances in school.

Sure, parents should teach their kids, but is it the kid's fault if they either have no parents, or their parents suck and never teach them?

12 years of elementary/middle/high school and I sure don't remember ever taking any classes that had anything to do with finances and what to do with money and how all that works. Fortunately I had parents for that.

Couple that with rather instant stardom at age 21, and boom............................broke.

I am shocked the number isnt higher, especially since the large majority of guys barely ever make a million dollars in their careers.

I imagine their agents know a thing or two about handling money. I remember one story of an agent who used to be a player. He wouldn't let them take out loans against the money they might make when they signed because he saw so many piss it away and be broke with no future contract. People wouldn't sign with him because of it. Let's not excuse stupidity.

It's a reason, not an excuse.

 

[ghostguy123]

I used to work for a company that does financial planning for professional athletes. Mostly hockey and baseball, but some football players too. There's always a way to stretch their income out for retirement, but it's entirely dependent on the athlete to allow his financial adviser to do so. Many, even though they were paying substantial fees for financial services, still wouldn't allow their adviser to implement their plan. It was slightly maddening.

At some point I really think the NFL should step in in a way to save the players from themselves, deferring some portion of their paychecks and making sure they get SOMETHING for about the next 20-30 years.

I don't really see much of a better option other than educating everyone on finance, and...........good luck with that.

Raise the league minimum, put a cap on how much any one player can make......................manning making 20+ million and the guy who blocks for him might make 400 thousand....................I get some players truly are THAT much more valuable in football terms, but it does NOT need to be that large of a discrepency in pay.

Then place a portion of that money in some account that pays the guy some sort of yearly amount for the next 20-30 years.

In some cases, it might only be 10 grand a year. So what.

first of all, ryan clady just signed a $52m contract.

you can contact his agent if you need to send donations.

secondly, I'm pretty sure the nfl runs some financial counseling seminars for incoming rookies.

thirdly, what you seem to be describing is some sort of 401k or pension, which nfl players already have,

and lastly, I'd suggest you offer your services to the nfl to negotiate that individual salary cap with the players union.

So one guy blocks for manning? Damn, makes his historic season even more impressive

 

[ghostguy123]

I will probably read a lot more of this later, but the biggest problem is that kids aren't taught how to handle finances in school.

Sure, parents should teach their kids, but is it the kid's fault if they either have no parents, or their parents suck and never teach them?

12 years of elementary/middle/high school and I sure don't remember ever taking any classes that had anything to do with finances and what to do with money and how all that works. Fortunately I had parents for that.

Couple that with rather instant stardom at age 21, and boom............................broke.

I am shocked the number isnt higher, especially since the large majority of guys barely ever make a million dollars in their careers.

I imagine their agents know a thing or two about handling money. I remember one story of an agent who used to be a player. He wouldn't let them take out loans against the money they might make when they signed because he saw so many piss it away and be broke with no future contract. People wouldn't sign with him because of it. Let's not excuse stupidity.

I think the borrowing is probably a big part of it.

most of these guys aren't close to being millionaires when they sign their first contract, but some of their coworkers are, and it's probably tempting to borrow against that 2nd contract to buy your moms a house, hook your buddies up with some wheels, and invest in your cousin's restaurant.

problem is, that 2nd contract usually doesn't materialize.

it's really not too different than the trouble average people can get into with credit cards -- just the scale is different.

This is borrowing against the first contract when so many players never get a second. Athletes need to learn a new rule - It isn't what you make it's what you keep that matters.

Which goes back to my point. You don't just automatically learn this stuff. Without any kind of teaching on the matter their entire lives, which most of this 78% didn't get I would imagine, its pretty obvious that these stat are gonna be thropugh the roof.

Seminars and whatnot are pretty worthless by the time the guys are in the league. You don't learn this stuff with out time and experience, and making mistakes to learn from.

Unfortuntely the mistakes they make at that point a hundred thousand dollar mistakes, not 10 dollar mistakes.

I blame the players 100%, but that doesn't mean the league can't help out a ton with this, and probably make even more money in the process.

 

[Kool-Aid Larry]

I used to work for a company that does financial planning for professional athletes. Mostly hockey and baseball, but some football players too. There's always a way to stretch their income out for retirement, but it's entirely dependent on the athlete to allow his financial adviser to do so. Many, even though they were paying substantial fees for financial services, still wouldn't allow their adviser to implement their plan. It was slightly maddening.

At some point I really think the NFL should step in in a way to save the players from themselves, deferring some portion of their paychecks and making sure they get SOMETHING for about the next 20-30 years.

I don't really see much of a better option other than educating everyone on finance, and...........good luck with that.

Raise the league minimum, put a cap on how much any one player can make......................manning making 20+ million and the guy who blocks for him might make 400 thousand....................I get some players truly are THAT much more valuable in football terms, but it does NOT need to be that large of a discrepency in pay.

Then place a portion of that money in some account that pays the guy some sort of yearly amount for the next 20-30 years.

In some cases, it might only be 10 grand a year. So what.

first of all, ryan clady just signed a $52m contract.

you can contact his agent if you need to send donations.

secondly, I'm pretty sure the nfl runs some financial counseling seminars for incoming rookies.

thirdly, what you seem to be describing is some sort of 401k or pension, which nfl players already have,

and lastly, I'd suggest you offer your services to the nfl to negotiate that individual salary cap with the players union.

So one guy blocks for manning? Damn, makes his historic season even more impressive

maybe you could narrow it down for me -- which one makes the 400k?

 

[CalBear]

I will probably read a lot more of this later, but the biggest problem is that kids aren't taught how to handle finances in school.

Sure, parents should teach their kids, but is it the kid's fault if they either have no parents, or their parents suck and never teach them?

12 years of elementary/middle/high school and I sure don't remember ever taking any classes that had anything to do with finances and what to do with money and how all that works. Fortunately I had parents for that.

Couple that with rather instant stardom at age 21, and boom............................broke.

I am shocked the number isnt higher, especially since the large majority of guys barely ever make a million dollars in their careers.

I imagine their agents know a thing or two about handling money. I remember one story of an agent who used to be a player. He wouldn't let them take out loans against the money they might make when they signed because he saw so many piss it away and be broke with no future contract. People wouldn't sign with him because of it. Let's not excuse stupidity.

I think the borrowing is probably a big part of it.

most of these guys aren't close to being millionaires when they sign their first contract, but some of their coworkers are, and it's probably tempting to borrow against that 2nd contract to buy your moms a house, hook your buddies up with some wheels, and invest in your cousin's restaurant.

problem is, that 2nd contract usually doesn't materialize.

it's really not too different than the trouble average people can get into with credit cards -- just the scale is different.

This is borrowing against the first contract when so many players never get a second. Athletes need to learn a new rule - It isn't what you make it's what you keep that matters.

Which goes back to my point. You don't just automatically learn this stuff. Without any kind of teaching on the matter their entire lives, which most of this 78% didn't get I would imagine, its pretty obvious that these stat are gonna be thropugh the roof.

Seminars and whatnot are pretty worthless by the time the guys are in the league. You don't learn this stuff with out time and experience, and making mistakes to learn from.

Unfortuntely the mistakes they make at that point a hundred thousand dollar mistakes, not 10 dollar mistakes.

I blame the players 100%, but that doesn't mean the league can't help out a ton with this, and probably make even more money in the process.

Maybe they should enlist the advice of a brilliant investor like Donald Trump, who's declared bankruptcy three times.

"They should be set for life" is a naive position which ignores the realities of the risks associated with investments.

 

[ghostguy123]

Maybe they should enlist the advice of a brilliant investor like Donald Trump, who's declared bankruptcy three times.

"They should be set for life" is a naive position which ignores the realities of the risks associated with investments.

They are responsible for themselves. No one is saying they aren't. Not like I am sitting here saying they aren't at fault for pissing away what they earned.

But..................the league could VERY VERY easily step in and do something good. They are so darn concerned with their image, I would think they wouldnt like that almost all their employees are broke by age 30.

God forbid a guy smokes some dope, but it's ok if he is broke in 2 years.

And no, I don't mean a 401-k type deal. Those are not mandatory. I am talking about mandatory money taken out that is given back over the next 20 years or so. Heck, or even 5-10 years, a period of time where guys can make a transition into a normal life where they get some money in the meantime. Enough to live on at least.

Most of these players dont make a lot of money in their careers. Making a million dollars isnt some "set for life" dollar figure, not even close, not at age 27.

But really though, 90% of these players are pretty much set up for financial failure based on their lack of education leading up to that point. Much like the rest of the country. Give every 21 year old in the country 500 grand and I bet 78% are broke in a few years, too.

 

[duaneok66]

I really don't know why this thread keeps coming up. It's clear that the athletes aren't being prudent with their newfound windfall (see lottery winners).

These are adults making these decision.

A fool and his money will soon be parted.