The Money Mustache Community

General Discussion => Welcome and General Discussion => Topic started by: BTDretire on April 01, 2019, 11:00:40 AM

Title: NFL Player seems to have his mustache straight!
Post by: BTDretire on April 01, 2019, 11:00:40 AM
This pro player has had some financial education and is trying to pass it along.

https://finance.yahoo.com/news/nfl-player-saves-almost-salary-100028510.html

Not an especially high earning player but will probably do better than many players earning much more.
Title: Re: NFL Player seems to have his mustache straight!
Post by: thd7t on April 01, 2019, 11:04:42 AM
I suspect that while most professional athletes don't teach a class on personal finance, the majority probably do save a lot of money.  People just like reading about rich people blowing money.  There are probably a lot of boring versions of this story.
Title: Re: NFL Player seems to have his mustache straight!
Post by: Tyson on April 01, 2019, 12:37:09 PM
I suspect that while most professional athletes don't teach a class on personal finance, the majority probably do save a lot of money.  People just like reading about rich people blowing money.  There are probably a lot of boring versions of this story.

My dad's financial planner has many NFL clients and one thing he has to do is travel to wherever the game is that Sunday and get the check from his NFL clients right away, or there's a real danger they'll spend all/most of it over the course of a few days.  Part of the problem is that many of these players grew up very poor and have had little to no education re: money and finance.  Plus I think when people are young and making a ton of money, it can lead to poor decisions, no matter what your background. 
Title: Re: NFL Player seems to have his mustache straight!
Post by: starguru on April 01, 2019, 12:56:50 PM
I met an NFL player playing golf a few years ago.  He was super concerned about the high greens fees and equipment costs.  This guy was making seven figures complaining about greens fees.  I was impressed.
Title: Re: NFL Player seems to have his mustache straight!
Post by: PDXTabs on April 01, 2019, 01:05:14 PM
when people are young and making a ton of money, it can lead to poor decisions, no matter what your background.

Absolutely. I've seen it plenty with upper middle class folks.
Title: Re: NFL Player seems to have his mustache straight!
Post by: socaso on April 03, 2019, 02:05:55 PM
I find it so calming to hear about people making a lot of money who aren't spending every dime.
Title: Re: NFL Player seems to have his mustache straight!
Post by: BicycleB on April 03, 2019, 04:41:36 PM
This pro player has had some financial education and is trying to pass it along.

https://finance.yahoo.com/news/nfl-player-saves-almost-salary-100028510.html

Not an especially high earning player but will probably do better than many players earning much more.

Impressive!
Title: Re: NFL Player seems to have his mustache straight!
Post by: G-String on April 03, 2019, 06:41:54 PM
I suspect that while most professional athletes don't teach a class on personal finance, the majority probably do save a lot of money.  People just like reading about rich people blowing money.  There are probably a lot of boring versions of this story.

My dad's financial planner has many NFL clients and one thing he has to do is travel to wherever the game is that Sunday and get the check from his NFL clients right away, or there's a real danger they'll spend all/most of it over the course of a few days.  Part of the problem is that many of these players grew up very poor and have had little to no education re: money and finance.  Plus I think when people are young and making a ton of money, it can lead to poor decisions, no matter what your background.
NFL doesn't have direct deposit?
Title: Re: NFL Player seems to have his mustache straight!
Post by: goalphish2002 on April 05, 2019, 06:57:56 PM
I suspect that while most professional athletes don't teach a class on personal finance, the majority probably do save a lot of money.  People just like reading about rich people blowing money.  There are probably a lot of boring versions of this story.

My dad's financial planner has many NFL clients and one thing he has to do is travel to wherever the game is that Sunday and get the check from his NFL clients right away, or there's a real danger they'll spend all/most of it over the course of a few days.  Part of the problem is that many of these players grew up very poor and have had little to no education re: money and finance.  Plus I think when people are young and making a ton of money, it can lead to poor decisions, no matter what your background.
NFL doesn't have direct deposit?

That's what I was thinking...
Title: Re: NFL Player seems to have his mustache straight!
Post by: HBFIRE on April 05, 2019, 09:31:35 PM
I suspect that while most professional athletes don't teach a class on personal finance, the majority probably do save a lot of money.  People just like reading about rich people blowing money.  There are probably a lot of boring versions of this story.

You'd think, but when it comes to the NFL and NBA this isn't the case apparently.

https://en.wikipedia.org/wiki/Personal_finances_of_professional_American_athletes
Title: Re: NFL Player seems to have his mustache straight!
Post by: thd7t on April 08, 2019, 06:16:15 AM
I suspect that while most professional athletes don't teach a class on personal finance, the majority probably do save a lot of money.  People just like reading about rich people blowing money.  There are probably a lot of boring versions of this story.

You'd think, but when it comes to the NFL and NBA this isn't the case apparently.

https://en.wikipedia.org/wiki/Personal_finances_of_professional_American_athletes
Wow, that's rough.
Title: Re: NFL Player seems to have his mustache straight!
Post by: Tyson on April 08, 2019, 09:09:42 AM
I suspect that while most professional athletes don't teach a class on personal finance, the majority probably do save a lot of money.  People just like reading about rich people blowing money.  There are probably a lot of boring versions of this story.

My dad's financial planner has many NFL clients and one thing he has to do is travel to wherever the game is that Sunday and get the check from his NFL clients right away, or there's a real danger they'll spend all/most of it over the course of a few days.  Part of the problem is that many of these players grew up very poor and have had little to no education re: money and finance.  Plus I think when people are young and making a ton of money, it can lead to poor decisions, no matter what your background.
NFL doesn't have direct deposit?

That's what I was thinking...

It's still too liquid.  The only real way to ensure the $$ goes into investments is for the guy to show up, take the money, invest it per the pre-agreed plan, and then whatever is left over after investments goes into the spending account. 
Title: Re: NFL Player seems to have his mustache straight!
Post by: Adam Zapple on April 08, 2019, 02:01:45 PM
I suspect that while most professional athletes don't teach a class on personal finance, the majority probably do save a lot of money.  People just like reading about rich people blowing money.  There are probably a lot of boring versions of this story.

My dad's financial planner has many NFL clients and one thing he has to do is travel to wherever the game is that Sunday and get the check from his NFL clients right away, or there's a real danger they'll spend all/most of it over the course of a few days.  Part of the problem is that many of these players grew up very poor and have had little to no education re: money and finance.  Plus I think when people are young and making a ton of money, it can lead to poor decisions, no matter what your background.
NFL doesn't have direct deposit?

That's what I was thinking...

It's still too liquid.  The only real way to ensure the $$ goes into investments is for the guy to show up, take the money, invest it per the pre-agreed plan, and then whatever is left over after investments goes into the spending account.
Then the financial planner can take 5% instead of the measley 1% those sucker financial planners charge.
Title: Re: NFL Player seems to have his mustache straight!
Post by: Grande on April 10, 2019, 06:04:33 AM
I've read Rob Gronkowski saves his entire salary. He lives off endorsement money.

https://www.inc.com/scott-mautz/newly-retired-nfl-star-rob-gronkowski-saved-every-penny-of-his-54-million-career-earnings-heres-how.html
Title: Re: NFL Player seems to have his mustache straight!
Post by: SnipTheDog on April 10, 2019, 09:08:47 PM
The same thing happens to professional players as happens to lottery winners.  They think the money will last their lifetime, but they're wrong.  Family and friends come out of the woodwork for loans etc.  Bad business deals can take multiple years of salaries.  Crooked investment advisors often take more.  Jake Peavey is a prime example.  https://www.sfgate.com/giants/article/Giants-Peavy-defrauded-of-millions-in-8316324.php