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 Post subject: Re: Suh explains big contracts
PostPosted: Sat Mar 10, 2018 2:47 pm 
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Steelafan77 wrote:
RS I realize this. I'm trying to come up with a realistic way to pay yourself [futures] while reducing the overall taxed money earned. Nobody is getting out of paying taxes. I'm talking about reducing those taxes. How about Micro-investing in tech like phone apps for one example? Health care investments?


I get it. But these guys being so worried about paying income tax (like everyone else does) is misplaced. If that drives them to make risky investments, then they'd just be better off investing 10's of millions in a ultra conservative vehicle that will make them 3.5-4% interest and paying the damn income taxes.

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 Post subject: Re: Suh explains big contracts
PostPosted: Sat Mar 10, 2018 2:50 pm 
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For 2018 they can protest the injustice of high taxes and take a knee during the national Anthem.


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 Post subject: Re: Suh explains big contracts
PostPosted: Sat Mar 10, 2018 3:43 pm 
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Steelafan77 wrote:
I see you guys as usual nit pick on one thing to put yourselves in the lead for the dick measuring contest. Good job! Congratulations!

The point I'm making is there are ways to make that money work for you so you're not voluntold to give it up a big percentage of your earnings to taxes. If my reading comprehension is what I think it is then that was Suh's biggest complaint right? All those idea's I listed was off the top of the head. Perhaps they will work, perhaps not. I didn't just list the one thing you all decided to nit pick. Then there's the piggy backers..., Laughable.


I get exactly what your saying 77 and i completely agree. There are steps they can take to secure their financial freedom after football! However, most of these guys can barely read, let alone study finance and understand it. Even if they hired a good financial adviser, the adviser is left with these guys wanting to spend, spend, spend and they make it impossible for the adviser to show them the way - they want what they want. Great case in point comes at the expense of one of our favorite all time Steeler's players - Hines Ward. After receiving a good payday, he went ahead and paid millions to have his dream home built, only to realize that life after football didn't pay him nearly as well. The taxes on the house alone swamped him, and he had to sell. If theses guys would learn to live a like a normal person, they would be fine, but many of them grew up with very little or perhaps nothing other than raw athletic talent which they parlayed into millions. It was a great time to get everything they ever wanted and live the high life. Unfortunately for them, bankruptcy was waiting for them further down the line.


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 Post subject: Re: Suh explains big contracts
PostPosted: Sat Mar 10, 2018 5:23 pm 
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Steelafan77 wrote:
RS I realize this. I'm trying to come up with a realistic way to pay yourself [futures] while reducing the overall taxed money earned. Nobody is getting out of paying taxes. I'm talking about reducing those taxes. How about Micro-investing in tech like phone apps for one example? Health care investments?


Outside of investing in rental properties, and creating a company to manage it (and take generous deductions), there's not much anyone as an EMPLOYEE can do to reduce their taxes.

Capital gains on investments is lower, but the kind of money we are talking about is 23.8% plus state and local taxes (capital gains are the same as any other income at the state and local level). So if you chose to live in CA, you're still getting up near 40% in taxes.

Most people do not have the discipline and financial sense to invest wisely and live off the gains. That's why lottery winners and athletes often go broke.

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 Post subject: Re: Suh explains big contracts
PostPosted: Sat Mar 10, 2018 5:42 pm 
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I grew up in a big family with little to nothing extra financially. I was very fortunate sports were essentially free to join when I was growing up. I admit perhaps the 90% I posted was a bit exaggerated. Familiarizing yourselves with such markets like Municipal Bonds, S&P 500 Index, Dow Jones Industrial Average, NYSE Composite Index, Russell 2000 Index, Nasdaq Composite, Dax Performance-Index, BSE Sensex, FTSE 100 Index. I'm sure those folks that mocked my post are more well informed than I am. What matters is that I at least know something about it, have taken action to prepare myself and have an adviser or two working with me preparing me for the future when I decide not to work ever again. Really Not Hard At All. Do I complain about taxes? Yes. Do I think we're all slaves to our government? Yes. Can I control any of that? No! So I quietly plan for the future and bide my time.


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 Post subject: Re: Suh explains big contracts
PostPosted: Sun Mar 11, 2018 1:10 pm 
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Death and Taxes.....as they say. No point in bellyaching about either. Especially when you make 10+ mil /year

I wonder if these guys will still think Trump as the anti-christ if the dems push there tax plan through and Suh is paying an extra 3% as a top bracket earner.

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 Post subject: Re: Suh explains big contracts
PostPosted: Sun Mar 11, 2018 2:25 pm 
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For the record 77, I wasnt mocking your post when I asked what vehicle gets you anywhere close to 90%.

Ask in terms of either I’ve been missing the boat on something or that you aren’t aware it’s not possible to defer that much in traditional pre-tax savings vehicles.

Either way, it was a question to spark discussion, not insult your lack of knowledge in the area.


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 Post subject: Re: Suh explains big contracts
PostPosted: Sun Mar 11, 2018 6:28 pm 
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Wan't insulted. Not claiming to be a know it all. FYI I have some retirement plans that allow me to defer up to 99% of my gross earnings. If I chose. It's all good though....


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 Post subject: Re: Suh explains big contracts
PostPosted: Sun Mar 11, 2018 7:10 pm 
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99% up to what max? Certainly has an income restriction no?

For example, IRA contributions are 100% of earned income up to $5,500. $6,500 if over 50


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 Post subject: Re: Suh explains big contracts
PostPosted: Sun Mar 11, 2018 7:21 pm 
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And deferring is not the same as actually reducing or avoiding income taxes.

Although, you can sock money away pre-tax into a 401k, and then after retiring you can starting converting some to tax-free Roth (presumably at a much lower income tax rate then when you contributed).

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