78% of players in poorhouse by 2yrs after football (1 Viewer)

[duaneok66]

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.

the NLPA would never allow it - do you think the players would vote for this? I doubt it.

It's a good idea - in theory.

 

[ghostguy123]

the NLPA would never allow it - do you think the players would vote for this? I doubt it.

It's a good idea - in theory.

Probably not.

You would think the players association would look out for their player's future. Including future payments, and closing the gap on the league minimum and a cap on max deals like the NBA has.

 

[ghostguy123]

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.

Right, we know.

Most of the players are idiots who were never ever taught anything about money other than " a lot of money is cool for spending, yeahhhhh".

 

[Kool-Aid Larry]

the NLPA would never allow it - do you think the players would vote for this? I doubt it.

It's a good idea - in theory.

Probably not.

You would think the players association would look out for their player's future. Including future payments, and closing the gap on the league minimum and a cap on max deals like the NBA has.

the players association is an association made up of players.

the players want their money.

if they wanted it tied up and made unavailable in some type of long term bond they would purchase it.

maybe we should deduct money from your check

 

[ghostguy123]

the players association is an association made up of players.

the players want their money.

if they wanted it tied up and made unavailable in some type of long term bond they would purchase it.

maybe we should deduct money from your check

Well, I have a job that lasts more than 3 years. If I didnt, I would ALL FOR IT.

So the players who are idiots with their money make up the committe to talk about what they should do with their money...........love it.

 

[fatness]

Alfred Morris and his "Bentley"

The hosts then asked Morris why he doesn’t just upgrade to a higher-priced vehicle possibly more suited to driving back and forth to Florida in winter snow storms. This isn’t the first time Morris has fielded that precise question.

“Because that’s not me,” he said. “I’m not a flashy guy. I don’t like showing off. I’m real reserved. I like flying under the radar; I don’t like drawing extra attention to myself. At the end of the day I’m just a normal guy. My car still gets me from Point A to Point B, and that’s more than enough for me. Eventually, I will get a new car, but I’m in no rush to do that.

“Like I said, a lot of guys still spend money on this and that; you never know when it’s going to be over. I’m just doing my best to try to save as much as I can, to set myself up for life after football. You know, I don’t want to be on that documentary ‘Broke.’

 

[Kool-Aid Larry]

the players association is an association made up of players.

the players want their money.

if they wanted it tied up and made unavailable in some type of long term bond they would purchase it.

maybe we should deduct money from your check

Well, I have a job that lasts more than 3 years.

yeah, that's what everybody in the unemployment line said

 

[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 didnt 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.

Sure, people live on that. I doubt anyone given this kind of head start wants or plans to live on $43K per year. I wouldn't. YMMV.

 

[JetMaxx]

Alfred Morris and his "Bentley"

The hosts then asked Morris why he doesn’t just upgrade to a higher-priced vehicle possibly more suited to driving back and forth to Florida in winter snow storms. This isn’t the first time Morris has fielded that precise question.

“Because that’s not me,” he said. “I’m not a flashy guy. I don’t like showing off. I’m real reserved. I like flying under the radar; I don’t like drawing extra attention to myself. At the end of the day I’m just a normal guy. My car still gets me from Point A to Point B, and that’s more than enough for me. Eventually, I will get a new car, but I’m in no rush to do that.

“Like I said, a lot of guys still spend money on this and that; you never know when it’s going to be over. I’m just doing my best to try to save as much as I can, to set myself up for life after football. You know, I don’t want to be on that documentary ‘Broke.’

Awesome article. It's hard not to root for a guy that grounded.

 

[fatness]

Alfred Morris and his "Bentley"

The hosts then asked Morris why he doesn’t just upgrade to a higher-priced vehicle possibly more suited to driving back and forth to Florida in winter snow storms. This isn’t the first time Morris has fielded that precise question.

“Because that’s not me,” he said. “I’m not a flashy guy. I don’t like showing off. I’m real reserved. I like flying under the radar; I don’t like drawing extra attention to myself. At the end of the day I’m just a normal guy. My car still gets me from Point A to Point B, and that’s more than enough for me. Eventually, I will get a new car, but I’m in no rush to do that.

“Like I said, a lot of guys still spend money on this and that; you never know when it’s going to be over. I’m just doing my best to try to save as much as I can, to set myself up for life after football. You know, I don’t want to be on that documentary ‘Broke.’

Awesome article. It's hard not to root for a guy that grounded.

I agree. It's almost impossible to dislike Alfred Morris.

 

[ghostguy123]

yeah, that's what everybody in the unemployment line said

They get paid to be unemployed, and its not much less than they were making before.

What are you even arguing? You make no sense.

 

[ghostguy123]

Alfred Morris and his "Bentley"

The hosts then asked Morris why he doesn’t just upgrade to a higher-priced vehicle possibly more suited to driving back and forth to Florida in winter snow storms. This isn’t the first time Morris has fielded that precise question.

“Because that’s not me,” he said. “I’m not a flashy guy. I don’t like showing off. I’m real reserved. I like flying under the radar; I don’t like drawing extra attention to myself. At the end of the day I’m just a normal guy. My car still gets me from Point A to Point B, and that’s more than enough for me. Eventually, I will get a new car, but I’m in no rush to do that.

“Like I said, a lot of guys still spend money on this and that; you never know when it’s going to be over. I’m just doing my best to try to save as much as I can, to set myself up for life after football. You know, I don’t want to be on that documentary ‘Broke.’

Awesome article. It's hard not to root for a guy that grounded.

Any takers?? I will bet someone that somewhere along the way before he got to the NFL someone who cared about him actually taught him about money.

 

[Faust]

Rotoworld:

Bryant McKinnie - T - Free Agent

Free agent OT Bryant McKinnie had his car repossessed and is having financial problems.
McKinnie owes his lawyers over $21,000 from a previous matter, and his Infiniti QX56 will be auctioned off in order to pay the tab. It's not the first time McKinnie has been in hot water money-wise. A strip club claimed soon-to-be 35-year-old McKinnie racked up close to $400,000 in unpaid bills. The free agent says he's willing to play right tackle. He simply needs money.

Source: TMZ Sports

 

[NCCommish]

Rotoworld:

Bryant McKinnie - T - Free Agent

Free agent OT Bryant McKinnie had his car repossessed and is having financial problems.

McKinnie owes his lawyers over $21,000 from a previous matter, and his Infiniti QX56 will be auctioned off in order to pay the tab. It's not the first time McKinnie has been in hot water money-wise. A strip club claimed soon-to-be 35-year-old McKinnie racked up close to $400,000 in unpaid bills. The free agent says he's willing to play right tackle. He simply needs money.

Source: TMZ Sports

Jul 6 - 11:00 AM

McKInnie has made north of 10 million in his career. No excuse for this kind of stupidity. Don't feel at all bad for him.

 

[cstu]

Rotoworld:

Bryant McKinnie - T - Free Agent

Free agent OT Bryant McKinnie had his car repossessed and is having financial problems.

McKinnie owes his lawyers over $21,000 from a previous matter, and his Infiniti QX56 will be auctioned off in order to pay the tab. It's not the first time McKinnie has been in hot water money-wise. A strip club claimed soon-to-be 35-year-old McKinnie racked up close to $400,000 in unpaid bills. The free agent says he's willing to play right tackle. He simply needs money.

Source: TMZ Sports

Jul 6 - 11:00 AM

McKInnie has made north of 10 million in his career. No excuse for this kind of stupidity. Don't feel at all bad for him.

Party boats ain't cheap.

 

[cstu]

Alfred Morris and his "Bentley"

The hosts then asked Morris why he doesn’t just upgrade to a higher-priced vehicle possibly more suited to driving back and forth to Florida in winter snow storms. This isn’t the first time Morris has fielded that precise question.

“Because that’s not me,” he said. “I’m not a flashy guy. I don’t like showing off. I’m real reserved. I like flying under the radar; I don’t like drawing extra attention to myself. At the end of the day I’m just a normal guy. My car still gets me from Point A to Point B, and that’s more than enough for me. Eventually, I will get a new car, but I’m in no rush to do that.

“Like I said, a lot of guys still spend money on this and that; you never know when it’s going to be over. I’m just doing my best to try to save as much as I can, to set myself up for life after football. You know, I don’t want to be on that documentary ‘Broke.’

Awesome article. It's hard not to root for a guy that grounded.

Any takers?? I will bet someone that somewhere along the way before he got to the NFL someone who cared about him actually taught him about money.

It was great to see that Mazda completely restored the Bentley.

 

[NCCommish]

Alfred Morris and his "Bentley"

The hosts then asked Morris why he doesn’t just upgrade to a higher-priced vehicle possibly more suited to driving back and forth to Florida in winter snow storms. This isn’t the first time Morris has fielded that precise question.

“Because that’s not me,” he said. “I’m not a flashy guy. I don’t like showing off. I’m real reserved. I like flying under the radar; I don’t like drawing extra attention to myself. At the end of the day I’m just a normal guy. My car still gets me from Point A to Point B, and that’s more than enough for me. Eventually, I will get a new car, but I’m in no rush to do that.

“Like I said, a lot of guys still spend money on this and that; you never know when it’s going to be over. I’m just doing my best to try to save as much as I can, to set myself up for life after football. You know, I don’t want to be on that documentary ‘Broke.’

Awesome article. It's hard not to root for a guy that grounded.

Any takers?? I will bet someone that somewhere along the way before he got to the NFL someone who cared about him actually taught him about money.

It was great to see that Mazda completely restored the Bentley.

Very cool. A lot of the comments don't seem to get it though.

 

[SaintsInDome2006]

Alfred Morris and his "Bentley"

The hosts then asked Morris why he doesn’t just upgrade to a higher-priced vehicle possibly more suited to driving back and forth to Florida in winter snow storms. This isn’t the first time Morris has fielded that precise question.

“Because that’s not me,” he said. “I’m not a flashy guy. I don’t like showing off. I’m real reserved. I like flying under the radar; I don’t like drawing extra attention to myself. At the end of the day I’m just a normal guy. My car still gets me from Point A to Point B, and that’s more than enough for me. Eventually, I will get a new car, but I’m in no rush to do that.

“Like I said, a lot of guys still spend money on this and that; you never know when it’s going to be over. I’m just doing my best to try to save as much as I can, to set myself up for life after football. You know, I don’t want to be on that documentary ‘Broke.’

That is a great story but I wonder how many of these 'gone broke' stories come from 1st round picks and other former prized recruits and elite stars in HS and college who just stayed on the entitlement mindset path.

Morris was a 6th round pick from FAU and for all he knew he was quite possibly not going to make the team as a rookie. McKinnie was the 7th overall pick from the U.

 

[NCCommish]

Alfred Morris and his "Bentley"

The hosts then asked Morris why he doesn’t just upgrade to a higher-priced vehicle possibly more suited to driving back and forth to Florida in winter snow storms. This isn’t the first time Morris has fielded that precise question.

“Because that’s not me,” he said. “I’m not a flashy guy. I don’t like showing off. I’m real reserved. I like flying under the radar; I don’t like drawing extra attention to myself. At the end of the day I’m just a normal guy. My car still gets me from Point A to Point B, and that’s more than enough for me. Eventually, I will get a new car, but I’m in no rush to do that.

“Like I said, a lot of guys still spend money on this and that; you never know when it’s going to be over. I’m just doing my best to try to save as much as I can, to set myself up for life after football. You know, I don’t want to be on that documentary ‘Broke.’

That is a great story but I wonder how many of these 'gone broke' stories come from 1st round picks and other former prized recruits and elite stars in HS and college who just stayed on the entitlement mindset path.

Morris was a 6th round pick from FAU and for all he knew he was quite possibly not going to make the team as a rookie. McKinnie was the 7th overall pick from the U.

If they would only teach them one thing in a college course it should be "it's not what you make it's what you keep". A guy like McKInnie could have hired the very best to make sure he kept a lot and still had fun.

 

[Doctor Detroit]

Not feeling sorry for any of these guys.

 

[lod01]

Rotoworld:

Bryant McKinnie - T - Free Agent

Free agent OT Bryant McKinnie had his car repossessed and is having financial problems.
McKinnie owes his lawyers over $21,000 from a previous matter, and his Infiniti QX56 will be auctioned off in order to pay the tab. It's not the first time McKinnie has been in hot water money-wise. A strip club claimed soon-to-be 35-year-old McKinnie racked up close to $400,000 in unpaid bills. The free agent says he's willing to play right tackle. He simply needs money.

Source: TMZ Sports

At least he got solid entertainment out of his money.

 

[GregR]

Alfred Morris and his "Bentley"

The hosts then asked Morris why he doesn’t just upgrade to a higher-priced vehicle possibly more suited to driving back and forth to Florida in winter snow storms. This isn’t the first time Morris has fielded that precise question.

“Because that’s not me,” he said. “I’m not a flashy guy. I don’t like showing off. I’m real reserved. I like flying under the radar; I don’t like drawing extra attention to myself. At the end of the day I’m just a normal guy. My car still gets me from Point A to Point B, and that’s more than enough for me. Eventually, I will get a new car, but I’m in no rush to do that.

“Like I said, a lot of guys still spend money on this and that; you never know when it’s going to be over. I’m just doing my best to try to save as much as I can, to set myself up for life after football. You know, I don’t want to be on that documentary ‘Broke.’

Awesome article. It's hard not to root for a guy that grounded.

Any takers?? I will bet someone that somewhere along the way before he got to the NFL someone who cared about him actually taught him about money.

It was great to see that Mazda completely restored the Bentley.

That's cruel. Now it'll be another 23 years before he gets to start considering a new car.

Unless we have flying cars by then and he got a new one for that. You'd think we'd have flying cars by now.

 

[IHEARTFF]

If they would only teach them one thing in a college course it should be "it's not what you make it's what you keep". A guy like McKInnie could have hired the very best to make sure he kept a lot and still had fun.

There's a lot of truth that athletes, heck, most kids, would get major value out of personal finance 101.

 

[NCCommish]

If they would only teach them one thing in a college course it should be "it's not what you make it's what you keep". A guy like McKInnie could have hired the very best to make sure he kept a lot and still had fun.

There's a lot of truth that athletes, heck, most kids, would get major value out of personal finance 101.

True.