Tyron Smith Financial Issues with Family

[5Stars]

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.

 

[panchucko]

Geez how long has his step dad been in the picture?

I hope he goes after the financial advisor, I don't care who recommended him, he should have been looking out for the well being of Tyron

 

[bounce]

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.

What is the financial cutoff where this way of living begins? Are you already doing that with your folks? Shouldn't it be the same way all the time, just relative to salary?

If you're making $50k a year, you should be giving them at least $26k, right?

 

[DFWJC]

What is the financial cutoff where this way of living begins? Are you already doing that with your folks? Shouldn't it be the same way all the time, just relative to salary?

If you're making $50k a year, you should be giving them at least $26k, right?

:fogeys:

 

[Direwolf63]

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.

You don't have to be a financial wizard to understand that when you get millions of dollars, you should put some of it away. Even just a savings account getting 1% interest is better than months of lap dances.

Its common sense. Carson Palmer isn't anything special. I'm sure there are hundreds of players doing the same thing he's doing.

I'm just talkng about the Bryant McKinnie's of the world who, despite earning millions during his career, still borrowed $9.5M and now can't pay it back. guys like Vince Young and his $250k (or whatever it was) birthday parties he throws himself.

All it takes is a bit a common sense. And too many people in all walks of life simply don't have any.

 

[AbeBeta]

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.

The problem is that people read this stuff and think that is how all athletes go broke. Young is one extreme. Carson Palmer is another.

I expect the bigger reality is that many of these players come from poor backgrounds and really do try to give back. Buying houses for the parents and maybe siblings, taking his friends out and picking up the tab, investing in an old friends dumb idea... all these things eat up the cash. It doesn't have to be about showing off. You can do these things b/c you want to give back and you want to make other feel good ... and go broke doing it.

 

[Slashar00]

What are you talking about?

I have 2 boys: one in college and one in high school.

My wife and I have done a good job raising them, we love them, provide for them, pay for their education.

But I have no expectation to get money back so that I can have a better lifestyle than them. That is incredibly selfish.

I want my boys to do better than I have. To have more than I have. To be more successful than I have. And I don't want to get paid for it. I'll take care of myself, thank you very much.

Any mother or father who expects or demands payback is not a real parent in my eye. They may be a biological mother or father, but they're no parent.

Yes, I agree with all of that. And that's the right way of thinking about raising children. Personally, I would never ask my children to give me money even if I was living in a poor house and they were rich. However, what kind of child would allow their parents to be poor when they are rich unless their parents sucked? To me, that is ungrateful.

 

[erod]

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.

This is the problem. ^^

Gimme a break about growing up poor without money to save. 2+2=4. That's all you really need to know. Don't spend what you don't have, and NEVER spend $6,000 at TGI Fridays. Good gosh.

The VY story above is the REAL issue. Arrogant stupidity isn't about being poor. It's about being arrogant and stupid. No excuses.

 

[Slashar00]

The culture that I grew up in involved my parents wanting me to be better off than they were.

Same here. But that doesn't mean you don't take care of them if you can.

 

[DFWJC]

The problem is that people read this stuff and think that is how all athletes go broke. Young is one extreme. Carson Palmer is another.

I expect the bigger reality is that many of these players come from poor backgrounds and really do try to give back. Buying houses for the parents and maybe siblings, taking his friends out and picking up the tab, investing in an old friends dumb idea... all these things eat up the cash. It doesn't have to be about showing off. You can do these things b/c you want to give back and you want to make other feel good ... and go broke doing it.

On that 30 x 30 Special the other night, they had a bunch of financial people talking about all the situations.

For example; what if a player takes out house notes for himself, his parents, and maybe a couple of other family members or friends? What happens when the big income goes away due to him getting cut, injured, or whatever?
He's not going to kick these people out on the street.

That's just one of hundreds of scenarios that could occur all stemming from good intentions and not just the classical foolish spending.

They have to stretch that money over 30-50 years after they are finished playing.
It's a nice problem to have but a tall task for these kids given their backgrounds and age.

 

[BIGDen]

What a bunch of snakes. Disgusting. If my son made it big, I would never ask him for a dime. If I was a good parent, and he's a decent person, he'd probably want to do something for me out of the goodness of his own heart - but I'd never expect it or ask for anything. A greedy relative or "friend" could pop up and that's almost to be expected because there are just those kinds of people in this world. As a parent, I'm disgusted by the actions of his mother. I feel terrible for Tyron that his own mother is one of "those people". I'm glad he's put a stop to it. It sounds like they've already taken advantage of him in a big way. I wish him the best and hope they end up regretting their actions.

 

[Slashar00]

After taxes do you give your parents 51 % of your salary?

No, because I don't have more money than I can spend. If I were rich, I'd give them the 51%. They wouldn't take it though since they make plenty themselves.

 

[Slashar00]

You must have learned that in your
Entitlement 101 Class


It sounds like he was unbelievably generous already. That's a good thing. But this entitlement stuff turns my stomach.

Entitlement? Who's talking about entitlement? If I want to give my money away, I can give it to whomever I want. It's my money.

I'm talking about a personal belief system, not legislation.

In Tyron's case, it sounds to me he was too generous. Those parents didn't deserve a thing from him.

 

[Slashar00]

wow, not sure what culture you came from. I will agree that it would be nice for a child to give something back to the parents if they come upon success as adults, but NOWHERE even close to what he keeps for himself. It would not technically even be wrong to keep 99% of it.

Parents make the choice to raise kids, not kids their parents. Children are not financial investments you just hope someday pays off....

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

Well, that's not the way I was raised. Family takes care of family. Regardless of my age, my parents will have my back if I hit hard times. I will do the same for them.

 

[Slashar00]

So if he lives in a million dollar home they should live a 2 million dollar home your logic is flawed.

I don't see any problem with that.

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.

Good parents would never let a child give them all their money. It sounds like Tyron's parents want him to do that, and that makes them greedy golddiggers.

 

[Slashar00]

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.

I have no idea what you're talking about. You should reread my post if you think I'm siding with Tyron's terrible parents.

My belief system has nothing to do with handouts, entitlements, or expected returns; it has everything to do with giving back.

 

[DFWJC]

Tyron Smith got a 4 year deal for 12.5 million.

He got about 7.5 mil in signing bonus plus a 375 k base in year 1.
The rest was not guaranteed.

The 7.85 mil dropped to about 4.5 after taxes.
Then, he gave his family about a mil in four installments.
Like other people entering a career, he than had to buy thngs like a car, a down payment on a house (or apt), and other stuff not too extravagant.

Now , lets assume he's down to 3.25mil

He was 20.

So spread that 3.25 million over the next 50-60 years and the guy is making what a school teacher would make unless he invests it very well.

Of course, we already heard he lost or had stolen another 1 mil.
You see how this goes.


Yes, he'll end up making that 12.5 and much more, but nothing is guaranteed beyond current year's salary and the guaranteed portion of a contract.

 

[TwoDeep3]

This subject is an aspect of this game that I abhor. It is not any of my business what Smith and his family are going through. Or the other young man in the article.

But the fishbowl lifestyle that comes with being an NFL star means every small detail of your personal life is fodder for any news group, or in this case yahoo blogger.

I feel terrible for Smith that he has to endure this with his family, but even worse that it is public knowledge.

 

[Slashar00]

What is the financial cutoff where this way of living begins? Are you already doing that with your folks? Shouldn't it be the same way all the time, just relative to salary?

If you're making $50k a year, you should be giving them at least $26k, right?

No, of course not. I'm only talking about living a similar lifestyle. If I made 100k a year and my parents made 60k a year, we're living a similar lifestyle. I'd buy them really nice gifts for Christmas or help them with a few bills here and there. That's about it.

But if my parents made 60k a year, and I made 12 million dollars, I'd offer them half of it. My parents deserve it. I don't know about any other people though.

 

[Wheeltax]

It's no different from why so many lottery winners are soon broke. Many of these players came up in poor backgrounds and simply have no concept of how money works. I've seen it first-hand with people I know - it's absolutely amazing the way that people who don't know how money works blow it. 'Mismanagement' isn't even the word. It's a complete lack of management.

I've got a buddy right now who is on the verge of being evicted from his apartment. He calls me yesterday to let me know he just bought a fish tank. These guys have access to the best financial management available, but if they don't listen to those guys over their friends and family or their own ignorance, they don't have a chance.

I can say one thing - if I ever were to come into a huge sum of money like winning a lottery, I'd make sure my parents and maybe one or two close friends were taken care of with paid-off houses or cars or what have you, maybe a few million bucks cash to have some fun with, but after that, I don't want to hear from anyone. Guys who keep their money are guys who are tight-fisted with it. If you're not, you won't. Even close friends and family will drain you dry given the opportunity.