The Money Mustache Community
General Discussion => Welcome and General Discussion => Topic started by: BTDretire on April 01, 2019, 11:00:40 AM
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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.
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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.
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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.
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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.
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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.
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I find it so calming to hear about people making a lot of money who aren't spending every dime.
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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!
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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?
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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...
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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
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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.
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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 $$ goes into investments is for the guy to show up, take the money, invest it per the pre-agreed plan, and then whatever is left over after investments goes into the spending account.
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I suspect that while most professional athletes don't teach a class on personal finance, the majority probably do save a lot of money. People just like reading about rich people blowing money. There are probably a lot of boring versions of this story.
My dad's financial planner has many NFL clients and one thing he has to do is travel to wherever the game is that Sunday and get the check from his NFL clients right away, or there's a real danger they'll spend all/most of it over the course of a few days. Part of the problem is that many of these players grew up very poor and have had little to no education re: money and finance. Plus I think when people are young and making a ton of money, it can lead to poor decisions, no matter what your background.
NFL doesn't have direct deposit?
That's what I was thinking...
It's still too liquid. The only real way to ensure the $$ 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.
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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
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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