Tyron Smith Financial Issues with Family

[Clove]

I would want to take care of my family of course, but I would not go broke doing it. But if they come a screaming for money before it's had time to settle in the bank nicely, then I know what I'm dealing with.

But if they ask for nothing, then I'll be jumping over hoops to help them.

 

[DFWJC]

I would want to take care of my family of course, but I would not go broke doing it. But if they come a screaming for money before it's had time to settle in the bank nicely, then I know what I'm dealing with.

But if they ask for nothing, then I'll be jumping over hoops to help them.

This....

 

[erod]

I really appreciate Smith coming out and talking about this openly. He probably will have a profound effect on other players in ways he doesn't even know.

Plus, and this is good for him, he'll be getting a HUGE contract in the pretty near future, and he came to this realization at a great time.

Sounds like a long career and a future coach in the making to me.

 

[EPL0c0]

This is why even $550 million won't get me to play the lotto...

I'd rather be broke and not having family pestering me for money.

 

[Doomsday101]

Well, perhaps I was raised in a different culture than you that takes care of their parents if they got you to where you are now. It doesn't sound like his "parents" (if you can call them that in this case) did that for him.

Taking care of parents is one thing Parents and family taking from you is another.

Six months ago, his attorney said, Smith discovered that his family had taken more than $1 million from him. “There was money missing, but I just don’t know where it went,” Smith said in the report. “There were times I would check my statements and it wouldn’t make sense and I hadn’t authorized it at all. I just felt betrayed and I was like, ‘Who can I trust?’”

That is stealing no matter if it is a stranger doing it or family and what kind of family would be low enough and show that much disrespect to steal from you?

 

[Jenky]

Thought something like this was reported way earlier. It's sad to see that this is still an on-going issue.

 

[Direwolf63]

Did anyone see the NFL Network's 30 x 30 series about how fast the money is gone for most NFL players?
That was amazing stuff. Even many of the guys who aren't big spenders end up broke within a year ort wo out of the game--where careers average about 3 1/2 years.

• Family is one the main culprits
• "Friends" and freinds of friends...Kosar said he was supporting about 25-30 families
• Bad investment advice
• Flat out crooks just stealing it
• A huge chunk off the top goes the IRS and some of these 21 year olds have no clue.
• Also, as we know but many do not, unlike other leagues, the NFL does not fully guarantee contracts.
• and sthen of course, just yuoung kids spending way more than they realize when that money train will dry up in a second.

I'm going to be sorry to say this but...most football players are idiots.

When Carson Palmer quit Cincinnati, he talked about how he never has to play again. He never spent a nickel of any signing bonuses he got and saved additonal millions from his salaries.

He had over $60M put away so he didn't care about getting another QB gig, at least financially. He just wanted to play.

So all these guys who blow all their career earnings a few years after they quit are simply dumb. They get money and all they think about is how they are going to blow it, instead of actually putting it away so that they can live comfortably once their playing days are over.

 

[Avenging Hayseed]

Im from the generation that believes parents do without for themselves so their kids can have a better future. That responsible parents do for their kids,.....not the other way around.


BTW....You can do this WITHOUT spoiling your children by instilling in them a work ethic.

For Tyrons family to EXPECT him to support them is plain wrong IMO. A little help now and again when needed? SURE,...ABSOLUTELY. But they shouldnt act like THEY hit the lottery when Tyron signed his first contract and EXPECT to live off the kid. Thats just plain wrong.

 

[joseephuss]

This is why even $550 million won't get me to play the lotto...

I'd rather be broke and not having family pestering me for money.

That kind of money can buy you a new identity so you wouldn't have to deal with your family.

 

[Longboysfan]

Man too many people think they are entitled these days. Want money, work for it yourself.

Bingo.....

 

[WoodysGirl]

That kind of money can buy you a new identity so you wouldn't have to deal with your family.

True... :laugh2:

 

[Longboysfan]

This is why even $550 million won't get me to play the lotto...

It's simple - if I never had dinner at your table twice -- I don't know you.

And after the fact I'll spring for a big dinner.

After that your on your own.

 

[boscokt]

Well, perhaps I was raised in a different culture than you that takes care of their parents if they got you to where you are now.

Thats a pretty messed up culture. Your parents are supposed to be financially stable enough that their 20 year old kids aren't having to provide for them.

Big difference between talking about an 80 year old parent who can't take care of themself and a 45-50 year old that just wants a handout because they changed your diapers.

I hope you don't give that guilt trip to your kids as soon as they get out of college.

 

[khiladi]

You choose to have children and raise them. You owe it to THEM to do the best that you can.
They on the other hand owe you nothing. Because in the end- they had no CHOICE.

So then don't enjoy life and go kill yourself because you had no choice being brought into this world. Utter hypocrisy to have fun in this world, while arguing that one had no choice coming into this world.

 

[AbeBeta]

I'm going to be sorry to say this but...most football players are idiots.

When Carson Palmer quit Cincinnati, he talked about how he never has to play again. He never spent a nickel of any signing bonuses he got and saved additonal millions from his salaries.

He had over $60M put away so he didn't care about getting another QB gig, at least financially. He just wanted to play.

So all these guys who blow all their career earnings a few years after they quit are simply dumb. They get money and all they think about is how they are going to blow it, instead of actually putting it away so that they can live comfortably once their playing days are over.

You can't expect that every player is going to have the background to understand finances and related issues. I expect that many come from backgrounds where the idea of putting money away or saving money didn't even enter the picture -- there wasn't extra money to put away.

Many of these players pretty much didn't have to worry about any responsibility aside from playing football for many years. Yet you expect they are going to understand finances? You expect that they know how to save money, where to invest, or even who is a good choice as a financial advisor?

I'm sure you'll shoot back with a lot of "well they should ..." statements. But that just doesn't work if you live in reality.

 

[DFWJC]

I'm going to be sorry to say this but...most football players are idiots.

When Carson Palmer quit Cincinnati, he talked about how he never has to play again. He never spent a nickel of any signing bonuses he got and saved additonal millions from his salaries.

He had over $60M put away so he didn't care about getting another QB gig, at least financially. He just wanted to play.

So all these guys who blow all their career earnings a few years after they quit are simply dumb. They get money and all they think about is how they are going to blow it, instead of actually putting it away so that they can live comfortably once their playing days are over.

Think outside the box.

Here's a little help.
Do you think Carson Palmer and the average NFL player:

• Have the same parental upbringing?
• Have the same type of family and friends?
• Came from the same financial background?
• Had the same education?
• Same role models?
• Made anywhere near the same money?

I hope you recognize there could differences here.

Thankfully, the NFL has been working on educating these guys. It is a very unique situation due to the average player's age, background, education, etc.

I'm happy for Carson Palmer. Carson Palmer is not the average NFL player or even average US citizen for that matter. The most US citizens and the entire US government spends lives on debt.

lol
After that diatribe, I just noticed AbeBeta beat me to it. The point should be clear.

 

[khiladi]

If Carson Palmer was as "responsible" with his money as he was with the football, that money would always be falling into the wrong hands.

 

[jrumann59]

Well, it's my opinion that if they did a good job raising him, loved him, provided for him, worked hard for him, then he should give them so much money that they can live a better lifestyle than his own, not the other way around.

But considering the fact that they threatened to harm him and his girlfriend, they were probably terrible parents. They're probably scumbags and didn't deserve a penny from him to begin with. I feel terrible for the guy, but he's better off cutting them out of his life for good.

So if he lives in a million dollar home they should live a 2 million dollar home your logic is flawed. Yes you should take care of your family but within your means not let them drain you dry. In life most of us are not given anything we have to work for it, him providing for his family should only go so far otherwise they will expect to be taken care of at every turn.

 

[khiladi]

Thats a pretty messed up culture. Your parents are supposed to be financially stable enough that their 20 year old kids aren't having to provide for them.

Big difference between talking about an 80 year old parent who can't take care of themself and a 45-50 year old that just wants a handout because they changed your diapers.

I hope you don't give that guilt trip to your kids as soon as they get out of college.

Wait, parenting is 'just changing diapers', let alone 'finances'...

 

[5Stars]

Did anyone see the NFL Network's 30 x 30 series about how fast the money is gone for most NFL players?
That was amazing stuff. Even many of the guys who aren't big spenders end up broke within a year ort wo out of the game--where careers average about 3 1/2 years.

• Family is one the main culprits
• "Friends" and freinds of friends...Kosar said he was supporting about 25-30 families
• Bad investment advice
• Flat out crooks just stealing it
• A huge chunk off the top goes the IRS and some of these 21 year olds have no clue.
• Also, as we know but many do not, unlike other leagues, the NFL does not fully guarantee contracts.
• and sthen of course, just yuoung kids spending way more than they realize when that money train will dry up in a second.

Below is a statement about Vince Young and how he is in money problems.

The first woman says that Vince bought out an entire airplane, purchasing every single ticket, all so he could ride on the plane all by himself. The woman said that there was no entourage, and no other passengers, just Vince. Someone else said that Vince used to spend $6,000 at TGI Fridays. Vince’s story is a lesson to all young athletes about making sure you have good financial advisers and being educated about what you do with your money.