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ChicagoSteel
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 Posted: Fri Jun 01, 2012 11:27 pm |
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Joined: Sat Apr 25, 2009 6:59 pm
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Why does anyone care? Seems small and gossipy....like reality TV.
If all youth were conservative and cautious, we'd still be living in caves.
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Crescat scientia; vita excolatur
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Naelae
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Posted: Sat Jun 02, 2012 12:38 am |
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Joined: Thu Mar 12, 2009 2:21 pm
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ChicagoSteel wrote: Why does anyone care? Seems small and gossipy....like reality TV.
If all youth were conservative and cautious, we'd still be living in caves. Well they seem to care enough to change the entire way football is played because they think concussions are causing these guys to kill themselves now. I think its more about this . Its an entertainment thing for me, but I don't see the harm in giving another human being the tools to help them succeed in life after football. These are just young kids afterall. They are gifted athletes that a lot of times translates into not a whole lot of smarts because their whole life has been a focus on performing on the field. I detest babysitting adults, but you also can't set them up for failure when you can plainly see the writing on the wall. If Goodell really wanted to help these guys and it wasn't just about money in his pocket, he would make it mandatory for every rookie to attend financial management classes for the first 2 years in the league. A part of these classes need to be rude awakening slides showing examples of all the hugely successful athletes that are now broke.
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VeritasSteel
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Posted: Sun Jun 03, 2012 3:29 pm |
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Joined: Fri Mar 13, 2009 8:04 am
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The title of the thread should be- " How anyone can go broke."
How many of us are driving cars a little out of our price range, or living in homes that are just above what we can afford, so we spend the next 30 years slaving and scrimping in debt so we can just get even. Look at how much the bank is making off of interest on your home. Calculate 5% on a 165,000 home for 30 years (153k). Essentially you are double paying for it. The fact is the hidden costs of owning a home, car, boat, airplane, hydrogen powered unicycle elude most of us until we get the bill. Athletes are no better or no worse at managing money than we are- its just that the price for ignoring the not so obvious is greater for them.
The problem with most athletes is they are ill prepared for anything else outside of their sport and most times rely on people who have no skill in managing their own money- let alone millions of dollars without supervision.
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Still Langer
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Posted: Mon Jun 04, 2012 6:07 am |
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Joined: Mon May 04, 2009 2:05 pm
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Maybe that a lot of NFL players can't read could cause some problems with money.
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perry39
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Posted: Mon Jun 04, 2012 6:12 am |
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Joined: Sun Dec 13, 2009 9:29 pm
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Kind of funny if you ask me...These guys are handed a free 4 year college education and they can't handle their money. It is a joke and they deserve every hardship that comes their way based on stupidity alone...
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Suwanee88
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Posted: Mon Jun 04, 2012 6:34 am |
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Steeler Jones wrote: I've worked in a professional, financial context with several pro athletes (normally through their financial advisors)... The only reason you lend to an athlete is because they don't need the money. The reason the advisor comes to you is your loan acts as a check on whatever jackass the athlete (or rock star, or politician- two other classes of highly risky people who think they are wealthy) want to pay do to do something for them. In other words, by protecting your own self-interest as a lender, you incidentally protect the self-interest of the "star" client.
I've handled some accommodations for 3 NFL players (2 pro bowlers), 2 members of a very high profile band, and one politician... The "gross vs. net" thing is most pronounced with athletes, because they work deal to deal and their deals are published. Politicians have greasy backroom people taking money, and rock stars have royalties to bail them out. Athletes lose minimum 35% of every paycheck off the top. It's a valid point- $435K/year vet minimum SOUNDS a lot richer than $261K net, out of which comes housing and lifestyle expenses... Time to scrap this piece of shit system we have under the IRS and implement something like the fair tax. Anytime you can have 10 different return numbers come from 10 different tax guys tells me that this system is beyond repair - time to change it completely.
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Suwanee88
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Posted: Mon Jun 04, 2012 6:39 am |
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Still Langer wrote: Maybe that a lot of NFL players can't read could cause some problems with money. Most people, not just NFL players, dont know how to read a financial statement, which is just like not being able to read. How can you invest your money into anything if you cant read financials - rely on somebody else to manager your money? Fuck that. Most of the problems with these guys are their Egos and their dicks. They cant check either.
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Poltargyst
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Posted: Mon Jun 04, 2012 10:39 am |
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Joined: Thu Mar 12, 2009 3:25 pm
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Suwanee88 wrote: Steeler Jones wrote: I've worked in a professional, financial context with several pro athletes (normally through their financial advisors)... The only reason you lend to an athlete is because they don't need the money. The reason the advisor comes to you is your loan acts as a check on whatever jackass the athlete (or rock star, or politician- two other classes of highly risky people who think they are wealthy) want to pay do to do something for them. In other words, by protecting your own self-interest as a lender, you incidentally protect the self-interest of the "star" client.
I've handled some accommodations for 3 NFL players (2 pro bowlers), 2 members of a very high profile band, and one politician... The "gross vs. net" thing is most pronounced with athletes, because they work deal to deal and their deals are published. Politicians have greasy backroom people taking money, and rock stars have royalties to bail them out. Athletes lose minimum 35% of every paycheck off the top. It's a valid point- $435K/year vet minimum SOUNDS a lot richer than $261K net, out of which comes housing and lifestyle expenses... Time to scrap this piece of shit system we have under the IRS and implement something like the fair tax. Anytime you can have 10 different return numbers come from 10 different tax guys tells me that this system is beyond repair - time to change it completely. The fair tax isn't fair, but let's not devolve into politics here.
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Kodiak
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Posted: Mon Jun 04, 2012 10:55 am |
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Joined: Thu Mar 12, 2009 10:46 pm
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perry39 wrote: Kind of funny if you ask me...These guys are handed a free 4 year college education and they can't handle their money. It is a joke and they deserve every hardship that comes their way based on stupidity alone... There's a lot of college graduates out there - not just NFL players - with limited-to-no financial management skills. It's been a beef of mine for a long time that colleges pride themselves on "well-rounded, liberal arts grads" and don't give them any tools to manage their finances with. Unsophisticated investors make bad investments all the time. NFL players just have more to lose. But there's really no excuse for them not having (and listening to) a good adviser because they can certainly afford it. Of course, if you don't know how to properly vet a financial adviser that's a minefield, too. A lot of them are complete hacks, IMO.
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Sorry my life is so much more bitchin' than yours. I planned it that way.
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perry39
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Posted: Mon Jun 04, 2012 12:58 pm |
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Joined: Sun Dec 13, 2009 9:29 pm
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Kodiak wrote: perry39 wrote: Kind of funny if you ask me...These guys are handed a free 4 year college education and they can't handle their money. It is a joke and they deserve every hardship that comes their way based on stupidity alone... There's a lot of college graduates out there - not just NFL players - with limited-to-no financial management skills. It's been a beef of mine for a long time that colleges pride themselves on "well-rounded, liberal arts grads" and don't give them any tools to manage their finances with. Unsophisticated investors make bad investments all the time. NFL players just have more to lose. But there's really no excuse for them not having (and listening to) a good adviser because they can certainly afford it. Of course, if you don't know how to properly vet a financial adviser that's a minefield, too. A lot of them are complete hacks, IMO. I’m no financial expert nor did I have any finance classes in college but I am educated enough to know when I am living outside my means and have enough willpower to walk away from a bad deal or poor spending decisions…They are not to blame for every dollar lost but when you see how some live it is expected and I say good for them.
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