Best Player Available Posted May 8, 2012 Posted May 8, 2012 The NFL puts on the rookie symposium every year in an attempt to get them going down the right path. I'm sure one of the talking points revolves around financial management. It was reported a few years ago, that some rookies would either skip out on many of the sessions, or sleep through the ones they do attend. You can't help those that don't want to be helped. Yep, Dexter Manley could not read or write and got a college "degree". There's more than one active player with the same issue. So, how does a rookie symposium benefit a guy like that?
Hapless Bills Fan Posted May 8, 2012 Posted May 8, 2012 (edited) Thats what the was for These guys are given a free education that can only help them when tehy are done playing, unfortunatly the majority don't take advantage of another free gift dropped in their lap because they were born with a physical gift To be fair here apuszczalowski, I've always thought the "free gift" of education was like so many other free gifts - the "strings attached" of S&C, team meetings, practice, games, and travel to games make it hard for all but the most disciplined to really take advantage of it. College football is really an NFL minor league, except that instead of getting paid a small sum, the players have all kinds of obscure and variably-enforced rules and have to comply with the semblence of obtaining an education, often in athlete-specific courses that really don't teach too much. And when they come out, there are all sorts of "trustworthy" types ready to "help" them invest their money, all sorts of friends ready to spend their money, and all sorts of real estate and home decorators and everyone else ready to help them fritter it away. Edited May 9, 2012 by Hopeful
You herd it hear last Posted May 8, 2012 Posted May 8, 2012 They probably do have financial advisers for the players to use, but you can't force them into using them. Its not the players unions fault that T.O. blew through $80 mil in his career. I did just think of something right now, its a question for papazoid Why are you watching the Dr. phil show??? They do have classes that all rookies have to attend, and some of the things they talk about with them is finances. But the problem is that they can't force players to invest, or do smart things with their money, or not have children with every woman they pick up in a bar, or not throw every dime away showing off their wealth and supporting every leach that knows them. Its something that they have to think about and do on their own Because after all of this is america right?... Boo hoo i say... and how much do you get paid for the appearance on the doctor phil show?
tonyd19 Posted May 8, 2012 Posted May 8, 2012 Keep in mind T.O will always have his NFL pension. We should not see him sleeping under a bridge anytime soon.
papazoid Posted May 9, 2012 Author Posted May 9, 2012 here are some clips from the show: http://sports.yahoo.com/blogs/nfl-shutdown-corner/terrell-owens-eaten-alive-dr-phil-afternoon-163738183.html
BRAWNDO Posted May 9, 2012 Posted May 9, 2012 For every 1 T.O. I bet there are 100 players that are fiscally responsible. Let's not paint all players with this broad paint brush. Something tells me Fitz and Jackson will not be in the same situation in ten years.
DJasper Probincrux III Posted May 9, 2012 Posted May 9, 2012 (edited) One of these days an agent will be smart and work into a player's deal that X percentage of their weekly take home is transferred directly into an extremely conservative trust that neither the player nor the agent can touch that also contains a clause that forbids the player from borrowing against the future value of the trust. Anybody think a player will ACTUALLY let someone do that? Anyone think a high profile agent will ACTUALLY volunteer for this? If one of the big agents started trotting out their former clients who are now broke and broken I bet more than a few would do it. They could actually sell that they REALLY ARE looking out for your best interests. Sure we still max out what the club will give you but we just make a separate pile of money for you over here under lock and key so you cant blow it all on strippers cars and blow...at least until you retire. Edited May 9, 2012 by Big Papi
dayman Posted May 9, 2012 Posted May 9, 2012 For every 1 T.O. I bet there are 100 players that are fiscally responsible. Let's not paint all players with this broad paint brush. I second this. Many athletes are just fine. Something tells me Fitz and Jackson will not be in the same situation in ten years. Harvard Economics degree? Fitz doesn't know how to handle money...
DJasper Probincrux III Posted May 9, 2012 Posted May 9, 2012 Harvard Economics degree? Fitz doesn't know how to handle money... I'm fairly confident that the fellas over at Bear Stearns and Lehman had quite a few Ivy League degrees in the fold as well.
ajzepp Posted May 9, 2012 Posted May 9, 2012 And...how much did his baby momma squander? I'm sure she received enough to last a lifetime too. That was the child's money. Double shame on her. Just watched the show...one of the baby mamas was receiving 20k a month in support for at least six years. To one of the other ones, Dr. Phil asked if she had received over a million in support and she quickly said yes and changed the subject. I'm sorry, but if you pay me 20k/month for six years, I'll take great care of all FOUR children and find a way to retire comfortably at the same time. I don't have any sympathy for T.O., cause he's a grown man who should know better. But these baby mamas are just as pathetic, IMO.
dayman Posted May 9, 2012 Posted May 9, 2012 I'm fairly confident that the fellas over at Bear Stearns and Lehman had quite a few Ivy League degrees in the fold as well. haha zing! I'm sure those guys handled their own money fine though
Offside Number 76 Posted May 9, 2012 Posted May 9, 2012 He could always do porn like the Octomom. Change the order of the words and a couple of prepositions, and you have a new reality show. Not gonna be shown on mainstream TV, but you have an idea there.
San Jose Bills Fan Posted May 9, 2012 Posted May 9, 2012 Just watched the show...one of the baby mamas was receiving 20k a month in support for at least six years. To one of the other ones, Dr. Phil asked if she had received over a million in support and she quickly said yes and changed the subject. I'm sorry, but if you pay me 20k/month for six years, I'll take great care of all FOUR children and find a way to retire comfortably at the same time. I don't have any sympathy for T.O., cause he's a grown man who should know better. But these baby mamas are just as pathetic, IMO. Agree 100%. That show appears to have been a Losers Convention. They all deserve each other.
Jim in Anchorage Posted May 9, 2012 Posted May 9, 2012 Keep in mind T.O will always have his NFL pension. We should not see him sleeping under a bridge anytime soon. Not so sure,back child support is hardcore,maybe worse than the IRS. They may be able to go after his pension. Remember the state [i think it was Maine] that would pull peoples drivers licences if they were behind on child support? Even if it cost them their job?
bbb Posted May 9, 2012 Posted May 9, 2012 I'm not going to read thru all this, but did he say where the !@#$ the $80M went? The only way I can see blowing that is by gambling - or maybe making incredibly stupid investments?
BillsWatch Posted May 9, 2012 Posted May 9, 2012 One of these days an agent will be smart and work into a player's deal that X percentage of their weekly take home is transferred directly into an extremely conservative trust that neither the player nor the agent can touch that also contains a clause that forbids the player from borrowing against the future value of the trust. Anybody think a player will ACTUALLY let someone do that? Anyone think a high profile agent will ACTUALLY volunteer for this? If one of the big agents started trotting out their former clients who are now broke and broken I bet more than a few would do it. They could actually sell that they REALLY ARE looking out for your best interests. Sure we still max out what the club will give you but we just make a separate pile of money for you over here under lock and key so you cant blow it all on strippers cars and blow...at least until you retire. it can not protect them against bankruptcy lawsuits and that is what will happen to many of these rainy days funds - swallowed by lawyer fees, bankruptcy courts and ex-mistresses and wifes.
bklnpete Posted May 9, 2012 Posted May 9, 2012 (edited) I've been advising a lot of friends and family about their money but they never listen. Maybe its my approach. I say "Yoooooooo wuttup playa from the Himalayas, yo (pause), lemme hold something". This is a jackass thread and that leads to jackass posts...from jackasses (see above.) Edited May 9, 2012 by bklnpete
Buffalo Barbarian Posted May 9, 2012 Posted May 9, 2012 Even with moderate to conservative investing a 35+ year old retired football player with 5 million dollars should be able to live comfortably for the rest of his life...(let's just say a 5% return on 5 million equally $250k). When is someone going to grab hold of these young make and shake them straight on their money after they get out of college? Even at the league minimum ($320k-$400k) a guy who only plays for 4 years should at least have a couple hundred thou in the bank. Most players don't know how to handle money and they just blow it all. All Athletes should be required to take financial classes.
8-8 Forever? Posted May 9, 2012 Posted May 9, 2012 Even with moderate to conservative investing a 35+ year old retired football player with 5 million dollars should be able to live comfortably for the rest of his life...(let's just say a 5% return on 5 million equally $250k). When is someone going to grab hold of these young make and shake them straight on their money after they get out of college? Even at the league minimum ($320k-$400k) a guy who only plays for 4 years should at least have a couple hundred thou in the bank. 75% of NFL players can't even do that math.
justnzane Posted May 9, 2012 Posted May 9, 2012 What's that? I'm a teacher, it's unbelievable how many parents come flying at the teacher first before speaking with the child. The child is always right these days, teachers are just dumb and ignorant and stupid. As an coach and sub teacher locally, I second this post. I could give stories of being emasculated by administration because the faculty member was maintaining control of the room while the kid was acting like a fool. Our society sucks at parenting in general.
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