Author Topic: Money Magazine Article - Typical Bad Advice  (Read 4701 times)

LiseE

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Money Magazine Article - Typical Bad Advice
« on: September 30, 2015, 08:31:16 AM »
Came across this article and my head was spinning with the expenses this family endures each year.  While I try to rationalize each and every purchase, knowing the littlest expense saved could mean big rewards down the road, this family is spending to the detriment of their financial future.

I can't believe Money Mag's advice is null and void of reduced spending in any area of their life!

http://time.com/money/4037391/soccer-bills-college-family-budget/


slugline

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Re: Money Magazine Article - Typical Bad Advice
« Reply #1 on: September 30, 2015, 09:42:15 AM »
It's a syndicated story that's been making the rounds. For previous discussion right here on the ol' Wall of Shame and Comedy see link below:

http://forum.mrmoneymustache.com/antimustachian-wall-of-shame-and-comedy/$2k-a-weekend-18k-a-year-on-soccer/

MandalayVA

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Re: Money Magazine Article - Typical Bad Advice
« Reply #2 on: September 30, 2015, 10:46:08 AM »
Of course not--giving bad advice keeps the suckas buying magazines.

That being said, these people are crazy.  A seven-year-old does NOT need a private ball striking coach.  And if the oldest is that good and apparently wants to go pro (and it seems as though they've held on to their British citizenship) why not try to get him into a developmental league in England or something like that?




FrugalWad

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Re: Money Magazine Article - Typical Bad Advice
« Reply #3 on: September 30, 2015, 11:48:16 AM »
Does anyone else love that their names are the Jones?

nobodyspecial

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Re: Money Magazine Article - Typical Bad Advice
« Reply #4 on: September 30, 2015, 12:17:41 PM »
Amazed and embarrassed that they are Brits.
Kids in Britain that have real - play in the big league - talent, are noticed at school, even bottom league clubs have youth leagues, training programs, trials etc. For small clubs bringing on local talent is a big money maker - but from the transfer fee, nobody charges the kids.

I'm not sure if this is a pure rip-off, with a promise of future $millions, or just what parents are prepared to pay to indulge their kids over here ?
I live in hockey country and people spend a lot of time and money on gear, practice, contests etc - but not this sort of silly money, it seems to mostly be run by parents/volunteers for the kids.




UnleashHell

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Re: Money Magazine Article - Typical Bad Advice
« Reply #5 on: September 30, 2015, 12:27:23 PM »
Amazed and embarrassed that they are Brits.
Kids in Britain that have real - play in the big league - talent, are noticed at school, even bottom league clubs have youth leagues, training programs, trials etc. For small clubs bringing on local talent is a big money maker - but from the transfer fee, nobody charges the kids.

I'm not sure if this is a pure rip-off, with a promise of future $millions, or just what parents are prepared to pay to indulge their kids over here ?
I live in hockey country and people spend a lot of time and money on gear, practice, contests etc - but not this sort of silly money, it seems to mostly be run by parents/volunteers for the kids.


I don't necessarilly agree the the kids in Britain will get noticed. The big strong lads yeah - but the play makers don't. Its not how the teams are structured in Britain. I wish there was far more emphasis on local , small games instead of travelling and seeing who can run "box to box".

Anyhow I can see them doing it as a way of getting scholarships. I just think that its a waste of scholarship money and life in general when you see them doing this.

I used to Live in NH and saw the same with hockey - and kids doing 3 or 4 sports to try to get on all the teams instead of just being allowed to be kids.  Try to explain to these parents that the chance of the kids making it to the big leagues is so small and you'll see a panic behind their eyes - followed by a blank stare....

nobodyspecial

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Re: Money Magazine Article - Typical Bad Advice
« Reply #6 on: September 30, 2015, 02:24:06 PM »
I don't necessarilly agree the the kids in Britain will get noticed. The big strong lads yeah - but the play makers don't. Its not how the teams are structured in Britain. I wish there was far more emphasis on local , small games instead of travelling and seeing who can run "box to box".
There is still a lot of luck in getting a trial with a club but I'm not sure these $$$ academies have any special link with the teams.
It's like drama schools, kids that go to drama schools will learn acting and probably get parts - but a kids drama school charging $20k on the promise of Hollywood $million  parts should raise eyebrows

Dicey

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Re: Money Magazine Article - Typical Bad Advice
« Reply #7 on: September 30, 2015, 07:15:38 PM »
Slight tangent here. My brother lives in the same city and I suspect the Jones family lives near him, based on their house value. I was there recently and noticed a LOT of For Sale signs in the neighborhood. My bro said, "Yeah, a lot of them work at Intel and they're being moved up to the PNW." Couple of days later, I heard that Intel is going to lay off 30K workers worldwide. The next day I was at the dentist's office and saw their article in Money Magazine. If I were the Joneses, I'd be worried about my job right about now. I think there are much larger clouds looming on their horizon. Sad, really.

Frankly, if I was in their shoes, I would take MM's advice and re-cast the mortgage into a 30-year one right now, while interest rates are cheap. The problem is that I don't trust the Joneses to use the freed-up money to invest in their retirement. I suspect it would go for new cars and shiny soccer stuff. Ugh.

rob in cal

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Re: Money Magazine Article - Typical Bad Advice
« Reply #8 on: September 30, 2015, 11:41:50 PM »
    I wonder about soccer scholarships at US campuses.  How many are there, and how many cover everything?  I can't imagine college soccer programs generating much revenue and so am wondering just how many scholarships there are, and if many of the players actually don't have them but play for the love of the game.

MgoSam

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Re: Money Magazine Article - Typical Bad Advice
« Reply #9 on: October 01, 2015, 08:42:26 AM »
    I wonder about soccer scholarships at US campuses.  How many are there, and how many cover everything?  I can't imagine college soccer programs generating much revenue and so am wondering just how many scholarships there are, and if many of the players actually don't have them but play for the love of the game.

I believe that most varsity players for both men and women have scholarships, but some may not have full-scholarships. Soccer isn't a revenue generating sports, that's why many university's rely on football and basketball. Many schools use those two sports (mostly football) to pay for all the other sports. That said, all but maybe 20 D1 schools actually break even or make a profit in their athletic department. I know that U of M is one of them, and the athletic department is separate from the school, though the athletic director is paid by the university.

kkbmustang

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Re: Money Magazine Article - Typical Bad Advice
« Reply #10 on: October 01, 2015, 09:11:00 AM »
I read the entire article. And aside from the soccer fees, which I know are obscenely expensive, did anyone else notice that in one year they spent $2,400 at Taco Bell? That's just insane.

MgoSam

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Re: Money Magazine Article - Typical Bad Advice
« Reply #11 on: October 01, 2015, 09:38:04 AM »
I read the entire article. And aside from the soccer fees, which I know are obscenely expensive, did anyone else notice that in one year they spent $2,400 at Taco Bell? That's just insane.

I didn't but yikes! Taco Bell is the one nation-wide fast food that I do like, though I have drastically cut back on eating there. I can't imagine spending that much money there. I can't imagine my sister or her husband spending anywhere near that...and he wanted to have a Taco Bell station at his wedding, he loves it that much (as do most Indians I know).

LiveLean

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Re: Money Magazine Article - Typical Bad Advice
« Reply #12 on: October 01, 2015, 10:54:33 AM »
Money magazine's staff has a disproportionate share of USA Today alumni, who cut their teeth "writing" graphics and 200-word stories, the equivalent of slide shows long before that plague was ever forced upon us. Thus every other issue is "the best places to retire" and "the 10 things you must do RIGHT NOW for retirement." Just a waste of ink and paper.