NFL Players ill-prepared for lockout

[Mr Cowboy]

by Tim McManus on Feb 28, 2011 - 12:02 am | 7 comments

The current NFL labor strife has been labeled a battle of billionaires vs. millionaires. The lockout could begin at 11:59 p.m. Thursday night, so the clock is ticking quickly now.

In reality, it is a battle of wildly successful businessmen vs. young athletes. Some players are millionaires, some are dead broke, and the rest are simply racing against the inevitable end. Almost all of them are outmatched and undereducated compared to the wolves that begin circling the campfire well before the first paycheck is deposited.

http://phillysportsdaily.com/eagles/2011/02/28/with-lockout-looming-are-nfl-players-prepared/

 

[DCBoysfan]

Thats a good read.

 

[Hostile]

It always amazes me how poorly some athletes manage money. It first hit me years ago when Jack Clark declared bankruptcy. I remember thinking at the time, "How does a guy making 2.5 million dollars per year go broke?"

So many of them make horrible investments. Guess what? If you buy a million dollar house you are going to have to pay taxes on it even after your career ends. If you spend millions on fancy cars and vacations and jewelry and all the other perks of wealth it is going to catch up to you.

Look at Magic Johnson. One of the smartest guys in the History of sports. He has made more money since retiring than he ever made playing basketball because he invested the money in things that bring money back.

Contrast that to the story of MC Hammer. My gosh he had everything. He was paying guys to be in his entourage. Then he built a house that was so posh it was ridiculous. I guess he thought his music would be relevant forever or he'd never have to pay taxes.

Early on in your life you work for your money. The goal is to let your money work for you. I read the story of Carson Palmer wanting to walk away from football and how he says he has 80 million dollars in the bank and I say good for him. Somehow he figured it out. If I ever read where he is broke I think I'll die laughing.

Give most of us even a million dollars and we could live comfortably for the rest of our lives. Easily.

 

[Longboysfan]

Give most of us even a million dollars and we could live comfortably for the rest of our lives. Easily.

Give me 4 Million and I disappear.

 

[Hostile]

Give me 4 Million and I disappear.

I'd be living in a sailboat and spending my time on islands in the Caribbean.

 

[streetcredit]

It
Look at Magic Johnson. One of the smartest guys in the History of sports.

:laugh2:

 

[Hostile]

:laugh2:

What is so funny?

 

[burmafrd]

Its all about greed and stupidity. Greed in that very often despite getting millions they want more and invest in stupid and risky ventures. Stupidity in not finding good money managers and in wasting money on the aforementioned luxuries. I have no sympathy for them at all.

 

[MarionBarberThe4th]

If I managed to squeeze out 3 or 4 years in the NFL and made a $1M-$2M I would feel compelled to hook up most of my family along the way.

 

[streetcredit]

What is so funny?

Didn't he get HIV by sleeping around without protection?

 

[dstew60105]

I'd be living in a sailboat and spending my time on islands in the Caribbean.

Mark Brunell just filed a year or so ago as well. He once signed a 56 million contract. Blamed his troubles on bad real estate investments.

 

[Hostile]

Didn't he get HIV by sleeping around without protection?

What does that have to do with his handling of his financial enterprises?

Oh right, nothing.

 

[Hostile]

Mark Brunell just filed a year or so ago as well. He once signed a 56 million contract. Blamed his troubles on bad real estate investments.

I can't even wrap my head around that concept.

 

[PullMyFinger]

What does that have to do with his handling of his financial enterprises?

Oh right, nothing.

I guess he means that having unprotected sex with a stranger is not SMART

 

[burmafrd]

Business smart; stupid in life.

 

[dback]

by Tim McManus on Feb 28, 2011 - 12:02 am | 7 comments

The current NFL labor strife has been labeled a battle of billionaires vs. millionaires. The lockout could begin at 11:59 p.m. Thursday night, so the clock is ticking quickly now.

In reality, it is a battle of wildly successful businessmen vs. young athletes. Some players are millionaires, some are dead broke, and the rest are simply racing against the inevitable end. Almost all of them are outmatched and undereducated compared to the wolves that begin circling the campfire well before the first paycheck is deposited.

http://phillysportsdaily.com/eagles/2011/02/28/with-lockout-looming-are-nfl-players-prepared/

This is a great read, all the way through. Brandon Graham sure seems like he has his head on straight regarding his finances.

 

[YosemiteSam]

It always amazes me how poorly some athletes manage money. It first hit me years ago when Jack Clark declared bankruptcy. I remember thinking at the time, "How does a guy making 2.5 million dollars per year go broke?"

So many of them make horrible investments. Guess what? If you buy a million dollar house you are going to have to pay taxes on it even after your career ends. If you spend millions on fancy cars and vacations and jewelry and all the other perks of wealth it is going to catch up to you.

Look at Magic Johnson. One of the smartest guys in the History of sports. He has made more money since retiring than he ever made playing basketball because he invested the money in things that bring money back.

Contrast that to the story of MC Hammer. My gosh he had everything. He was paying guys to be in his entourage. Then he built a house that was so posh it was ridiculous. I guess he thought his music would be relevant forever or he'd never have to pay taxes.

Early on in your life you work for your money. The goal is to let your money work for you. I read the story of Carson Palmer wanting to walk away from football and how he says he has 80 million dollars in the bank and I say good for him. Somehow he figured it out. If I ever read where he is broke I think I'll die laughing.

Give most of us even a million dollars and we could live comfortably for the rest of our lives. Easily.

Gilbert Arenas spends $100,000 per month on landscaping around his home. That is unreal.

 

[Hostile]

I guess he means that having unprotected sex with a stranger is not SMART

I wasn't aware that when discussing how a guy has created a financial empire that I needed to bring up his moral values at the height of his popularity.

 

[bbgun]

If they want me to feel sorry for the poor guy who only makes the league minimum of $320,000, then fail.

 

[Hostile]

If they want me to feel sorry for the poor guy who only makes the league minimum of $320,000, then fail.

Exactly. You can live high on the hog for that kind of scratch and invest well to be set for life.