I don’t really understand it because it’s so much damn money. It’s not the items they buy that’s the problem, it’s the services. How are you walking around with 20k cash and spending 5-15k on drinks all the time? They need to stop drinking those rare bottles and just focus on buying the Grey Goose.
I’ve been thinking of setting up an investment fund for professional athletes. It will have a minimum investment of $500,000 and I’ll guarantee them 90% of their money back after 5 years with no upside. I figure I’ll just spend 10% of their money and stick the rest in a safe deposit box. As shitty an investment plan as that is, it’s still a lot better than most of them will actually realize.
LOL. But they’ll be like… “my boy told me I could get 50 racks back next year on top of the 100 he asked for”
The majority of athletes don’t make millions. Their life expectancy is a few years in the pros. There are 50 players on a NFL roster, I doubt that more than 20% make over a million.
I once read that Allen Iverson preferred not be be “burdened” with luggage while traveling to road games. Instead of packing a suitcase, he would just buy new clothes in every NBA city and leave them in his hotel room upon departure. Interestingly enough, when the commissioner instituted an off-court dress code in 2005, Iverson was one of the first to voice his displeasure by demanding a clothing stipend.
The rookie minimum this season is $405,000 and the 4th year player minimum is $630,000, so none of them are really hurting, but you are correct that most make less than $1MM per year. A random look at a few teams suggests that most players make basically the minimum for their years of service. A guy who manages to stay in the league for five years and makes “only” the league minimum is still going to be paid more than $2.8MM over his NFL career. That’s equivalent to making $70k per year for 40 years, which I think most people in the country would take and live okay on.
I’m telling you dude, the only time a fixed annuity is a good idea is when you’re a professional athlete. Every pro basketball and football player should be required to purchase one when they sign their first deal.
But that’s not an apples to apples comparison. Athletes generally pay more in taxes, and definitely pay more in fees (attorneys, agent, etc) than the average person making 70k a year.
They pay higher taxes because they are in a higher tax bracket. A guy making the league minimum really shouldn’t be paying an agent anyting because the agent isn’t getting him anything. While you have something of a point, do you really feel bad for guys who gross $2.8MM before they turn 27? They also have a pension plan (not a great one, but I ain’t got one) and a 401k that the league matches 2-for-1 (anyone here get a 2-for-1 match?). Oh yeah, they’re also free to start a second career once their playing days are over. Granted, most have no “real world” qualifications, but nothing stops them from finishing their degree or actually learning what they were given credit for in school.