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Y should we care, their fault they r broke after they retire
houses they can't afford
way too many stupid cars
huge posses with hands out wanting money
can't feel sorry for these guys, it's all about choices. They choose not to do anything with the college education that was handed to them for free and then 15 years later want to cry about being broke...sorry way to many people in this world with real problems to feel sorry for someone that was paid millions but couldn't figure out how to bank that money
a few seasons making a couple of million a year doesnt add up to much over an entire lifetime? Are you fucking out of your mind. Lets do some quick math.
Say you play 3 seasons at make 2 million a year. That's 6 million dollars up front. Assume you live in Cali (highest state tax possible) and have only a standard deduction (very unlikely). The standard deduction is $5,950 currently. So you will be paying income tax on 1,995,050 in income. State taxes in Cali would be $293,994. Your federal income tax would be $698,267.50. Leaving you with a net of 1,007,738 over each of the next three years. Lets assume you rent a house for $2,000 a month, your bills are $600 a month and you lease a $600 a month car. All of which would be considered well above average. Your yearly expenses for living are $38,400. Lets just call it even and say you're a fucking moron and spend $61,600 in entertainment on the year to make your total expenses on the year $100,000. That still leaves you with $907,738/year for 3 years. Assuming you didn't invest a dime of it in an interest bearing account until you retired you'd have $2,723,214 in cash available to you upon retirement. If you just took the easy route and purchased life insurance annuities with that money you could invest it right now at 4.7% interest. Your MONTHLY withdrawal for 40 years would be $12,545.70. More than enough to live on even 40 years from now.
So a couple million a year for a few years with doing the absolute minimum and assuming all the worst rates and deductions would still allow you to live nearly your whole life on $150,548.40 without having to work another day ever.
And having financial "advisers" that operate on commission always guarantees that the investors are the prime consideration.
Right. Many Americans would be lucky to make $2,000,000 in their entire life but we're supposed to feel sorry for some dude that played four seasons in the NFL and made probably somewhere near the $5 mil range.
Sorry, I do not feel bad for any of these people.
If these guys would be so smart to start up their own video game companies they'd all be rich......oh wait.
I think where people really get nailed are:
Knocking up a couple women
Those prego women will take $2,000 a month each, then your ex-wife gets half. Using your $12,600 number.
2 children x $2,000 = $4,000
Ex wife gets $6,300
You're left with $2,300 to live on every month. That will go to your attorneys who are fighting the women in your life.
Now you have an ex NFL player living in a van by the river.
Women are the common denominator. Find a broad thats a good one and wants you for who you are with the money as a bonus. You don't need to try and impress everyone and bang out 100 sluts an offseason and end up with 6-7 kids.
Have some common sense.
This post was edited by Punisher99 13 months ago
Pretty simple, don't knock up a couple of women until you can afford it. On top of this if you have detailed records of your income you can fight your own court battles when it comes to alimony and child support. You give what you can afford to. If you don't show your finances in detail that's when you get hit with stupid numbers.
Kosar continues to deal with the lingering effects of several concussions he sustained during his playing career and is currently in a treatment program to alleviate his symptoms. The experimental treatment has been very helpful for Kosar, to the point where he has openly promoted the treatment in the hopes of helping other players who may have developed the symptoms of chronic traumatic encephalopathy.
I would suggest that most of them never really can "afford it". The courts base child support payments off of the current income the player has so they pay through the ass for these kids. Many times the stuff doesn't get adjusted after they're done player either. They did talk about that a little bit in the documentary.
This is a big part of it. The other is that these kids need to be saving money when they're young, and instead they're treating their contracts like lottery tickets.
Your "responsible" kid out of college begins saving for retirement immediately, and can expect at least 30 years of income. With the time/value of money, you need just average market returns to retire comfortably.
Your "average" kid out of college maybe has some debt to pay off, buys a new car, etc. and then gets serious about saving when he hits his late 20's or early 30's. Not idea, but there's still a good 20 years to "make up" for those reckless years and a retirement is still within reach.
These athletes, on the other hand, have a 3-5 year earning window on average, blow tons of money on houses, cars, strippers, bastard kids, jewelry, etc. etc. Then in their late 20s they have no income, no skills, and almost no savings. Queue the Price's Right wah wah noise, because they're done.
From the previous article you get "these specific, individual people are stupid."
From "Models paid in clothes" you get "Women are stupid."
Models are stupid
It doesn't get adjusted after they're done playing because of laziness. All you need to do is file a permanent modification with the court. It's not rocket science. It would be granted in every case if the player just filed.
I don't feel bad for any of them. They all decided to play knowing the risks and then hardly any of them can keep their money for more than a few years. I have to wonder why anyone looks up to athletes. They are the biggest collection of morans on the planet. I do like watching them play sports though haha.
yeah and by 'broke' it seems like they really mean, just not making the 100s of thousands to millions they were making before. And they weren't smart enough to save any of that money. Its not like they can't go back to college and finish or use their fame to get a decent job.
Yes, and saying they are "bankrupt" may mean they could still have a 50k year job, a mortgage on a house with a bunch of old bills they ran up when making the big bucks and now can't pay.
use a rubber.
learn to say no
jamal mashburn runs kentucky
You can't live anywhere decent in 'cali' (at least where an athlete would live) for less than $5k/month.
There is a devil in every berry of the grape. - The Koran
Right but its not as easy as you think to get the ball rolling and good to go on that. Courts delay things, stuff drags out. But you're right part of it definitely is laziness which I honestly for the life of me can't understand why they don't deal with it. I mean, its money. Don't most of these guys have attorneys that could do it for them anyways?? Maybe its a pride thing for some to still pay it I have no clue
I agree tho the whole "its not rocket science" doesn't matter to most of them. Anything even resembling common sense is not in the equation
Lol are you insane?
I know people I work with in Chicago that live in some of the most upscale places there are in the city. You can find extremely reasonable housing for far less. Just because you make a lot doesn't mean you have to spend a lot like a moron.
Bullshit. I lived in Brea, CA for many years. Rent in Cali is far cheaper than the East Coast. I can get a fucking nice manhattan apartment for 5,000. Cali is not even in the same ballpark as NYC.
He just doesn't know what he's talking about. There is no place to rent in Cali that's not a fucking mansion that's $5,000 a month for one person.
You can get a nice 1 bdrm in the heart of SF for 2,500/mo. So yea, you're full of shit.
Even better reason to pay college athletes and let them leave early without a degree.
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