starrymessenger Posted April 9, 2013 Share Posted April 9, 2013 Those career earnings numbers can't be right. Someone paid deuce Mcallister 70m over his career? huh? They are just adding up the max of all the contracts they signed. They sure weren't paid that much. It's a shame and completely unnecessary. As others have said there are plenty of good prudent professional money managers who for sure would have made all these guys much richer. I've wondered why teams don't do more to help players with these decisions. Link to comment Share on other sites More sharing options...
Homey D. Clown Posted April 10, 2013 Share Posted April 10, 2013 Warren Sapp doesn't surprise me in the least. He seems like a brainless idiot, and to this day I am still shocked he is considered an NFL analyst. Link to comment Share on other sites More sharing options...
Mr. WEO Posted April 10, 2013 Share Posted April 10, 2013 Seriously how much of America has been underwater on adjustable rate mortgage homes that they never should have bought, or are paying off ridiculous credit debts for cars, fancy clothes etc. Athletes do not have a monopoly of financial stupidity they just have more money to mismanage. How many 21 year olds from usually not well educated homes know that their uncle isn't qualified to manage the money. I am not sure at that age I would have known. At 21 you wouldn't yet have realized that your Uncle Junebug, who doesn't seem to be employed in a legitimate job, was not actually a financial planner? Link to comment Share on other sites More sharing options...
atlbillsfan1975 Posted April 10, 2013 Share Posted April 10, 2013 it is - and some probably take it very serious... but you cant force someone to make good choices and a lot of these kids have been making poor choices about investing in their futures for years. the fact that they got away with them and are now rich only feeds that terrible cycle in a lot of cases i bet. everyone told me to pay attention in school but i didnt much care and now i can buy and sell those teachers everyone is telling me not to give money to this TERRIBLE investment, but ill show them, im different. im a star. its a layered and complex problem. giving these guys as many opportunities as possible to get it beat into their heads, whether its classes, scared straight style lectures, trying to get early intervention into youth leagues for basic education... all you can do is give resources and hope you save a couple of the boneheads, but some are going to be hardwired for failure and these stories wont stop (especially if you arent getting your hands on them until they are in their 20s) - just try to minimize those stories... What is stopping the NFL from forcing players to take at least 10% of their annual salary and invest it in a safe place? escalators could be put in for the more you make the greater percent you put away. Something that could not be touched for at least 10-20 years after you receive your last paycheck? The NFL works outside of many of the laws due to their anti-trust status. The NFL could state the 10% comes out first before agents or any management staff gets their cut. I am pretty sure it would also have beneficial tax ramifications as well for the players. I do feel sorry for these guys, i do. I mean trust me i work 70-80 hours a week and in my lifetime i will never make anywhere near what some of those guys made in one year. I also realize that these guys would not choose to be poor, thus they made some very bad decisions. Usually the worst decision was picking the wrong people to trust. That just stinks. So there you are in your mid 30's or 40's broke and not knowing who you can trust. Does that sound fun?? Lets see who would oppose passing something like this? Which owner or player? Link to comment Share on other sites More sharing options...
Kirby Jackson Posted April 10, 2013 Share Posted April 10, 2013 What is stopping the NFL from forcing players to take at least 10% of their annual salary and invest it in a safe place? escalators could be put in for the more you make the greater percent you put away. Something that could not be touched for at least 10-20 years after you receive your last paycheck? The NFL works outside of many of the laws due to their anti-trust status. The NFL could state the 10% comes out first before agents or any management staff gets their cut. I am pretty sure it would also have beneficial tax ramifications as well for the players. I do feel sorry for these guys, i do. I mean trust me i work 70-80 hours a week and in my lifetime i will never make anywhere near what some of those guys made in one year. I also realize that these guys would not choose to be poor, thus they made some very bad decisions. Usually the worst decision was picking the wrong people to trust. That just stinks. So there you are in your mid 30's or 40's broke and not knowing who you can trust. Does that sound fun?? Lets see who would oppose passing something like this? Which owner or player? Really well put. I agree with this plan 100%. Even the guys making league minimum would be putting away $40k a year or so. Link to comment Share on other sites More sharing options...
NoSaint Posted April 10, 2013 Share Posted April 10, 2013 (edited) What is stopping the NFL from forcing players to take at least 10% of their annual salary and invest it in a safe place? escalators could be put in for the more you make the greater percent you put away. Something that could not be touched for at least 10-20 years after you receive your last paycheck? The NFL works outside of many of the laws due to their anti-trust status. The NFL could state the 10% comes out first before agents or any management staff gets their cut. I am pretty sure it would also have beneficial tax ramifications as well for the players. I do feel sorry for these guys, i do. I mean trust me i work 70-80 hours a week and in my lifetime i will never make anywhere near what some of those guys made in one year. I also realize that these guys would not choose to be poor, thus they made some very bad decisions. Usually the worst decision was picking the wrong people to trust. That just stinks. So there you are in your mid 30's or 40's broke and not knowing who you can trust. Does that sound fun?? Lets see who would oppose passing something like this? Which owner or player? I get what your saying in spirit, but hate it in practice. part of what makes america what it is, is the right to make a stupid choice and either reap the reward or suffer the consequence. additionally, a good number of players that we dont hear about will likely do better with that money than any mandated program. i just cringe at anything thats mandatory with the money you earn to do with what you please. Edited April 10, 2013 by NoSaint Link to comment Share on other sites More sharing options...
Kirby Jackson Posted April 10, 2013 Share Posted April 10, 2013 I get what your saying in spirit, but hate it in practice. part of what makes america what it is, is the right to make a stupid choice and either reap the reward or suffer the consequence. additionally, a good number of players that we dont hear about will likely do better with that money than any mandated program. i just cringe at anything thats mandatory with the money you earn to do with what you please. What if a percentage of the tax that they pay for each state that they work in goes into a retired players fund? These guys pay ridiculous amounts of taxes already. What if the states were to return a portion of what they functionally extort from these players into a retirement fund? Link to comment Share on other sites More sharing options...
NoSaint Posted April 10, 2013 Share Posted April 10, 2013 (edited) What if a percentage of the tax that they pay for each state that they work in goes into a retired players fund? These guys pay ridiculous amounts of taxes already. What if the states were to return a portion of what they functionally extort from these players into a retirement fund? i mean, the option laid out before isnt terrible, but without getting this sent to PPP... my opinion would likely remain somewhere along the lines of if you are giving money back to them, let them do what they want with it... even if its not what i think they should be doing. if they decide to burn it all by the time they are 35, who am i to tell them they arent allowed to? im all for teaching them some good options, but not so much into forcing them to make the choices i would. Edited April 10, 2013 by NoSaint Link to comment Share on other sites More sharing options...
ny33 Posted April 10, 2013 Share Posted April 10, 2013 What if a percentage of the tax that they pay for each state that they work in goes into a retired players fund? These guys pay ridiculous amounts of taxes already. What if the states were to return a portion of what they functionally extort from these players into a retirement fund? Uhh, no; football players can, and should not, be given an effective tax exemption. Plenty of people pay the same tax rate that they and are also "functionally extorted"; football players should not get a tax exemption to make up for their financial incompetence. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted April 10, 2013 Share Posted April 10, 2013 (edited) Uhh, no; football players can, and should not, be given an effective tax exemption. Plenty of people pay the same tax rate that they and are also "functionally extorted"; football players should not get a tax exemption to make up for their financial incompetence. Not a tax exemption. They pay a state income tax in every state that they play a game in (assuming that state has an income tax). When I travel for work I do not pay a state income tax in the states that I work in. They are taxed on duty days basically how many work days in a year vs. the % in that state. These jock taxes are used to fund a lot of local projects (ie the stadiums they compete in to earn even more tax $ for the area). If that doesn't at least have a hint of extortion maybe I should look up the definition. All that I am suggesting is that a portion of this tax (that gets credited back by the way) go into a fund for retirement. Perhaps the NFL even kick in a percentage as well as part of their outreach to retired players? Edited April 10, 2013 by Kirby Jackson Link to comment Share on other sites More sharing options...
atlbillsfan1975 Posted April 10, 2013 Share Posted April 10, 2013 I get what your saying in spirit, but hate it in practice. part of what makes america what it is, is the right to make a stupid choice and either reap the reward or suffer the consequence. additionally, a good number of players that we dont hear about will likely do better with that money than any mandated program. i just cringe at anything thats mandatory with the money you earn to do with what you please. You are right about choices and such for america. But do we really? I mean how many of us in our 20-40's would pay Social Security if we had a choice? Could we not put it in a safe place that would yield us a greater return in 30+ years? If the NFL is really about taking care of its players it could mandate this. Like i said, i get that for every guy who made some bad decisions there are probably 10 who are living ok from the money they made during the 90's till today. The guys we should feel bad for are the ones who made our dads love the NFL and thus us, the players from the 60's-80's. These guys get crap for pensions. They are also the guys battling the most health issues. That is probably a topic for another thread... soap box away. Link to comment Share on other sites More sharing options...
DC Tom Posted April 11, 2013 Share Posted April 11, 2013 Not a tax exemption. They pay a state income tax in every state that they play a game in (assuming that state has an income tax). When I travel for work I do not pay a state income tax in the states that I work in. They are taxed on duty days basically how many work days in a year vs. the % in that state. These jock taxes are used to fund a lot of local projects (ie the stadiums they compete in to earn even more tax $ for the area). If that doesn't at least have a hint of extortion maybe I should look up the definition. All that I am suggesting is that a portion of this tax (that gets credited back by the way) go into a fund for retirement. Perhaps the NFL even kick in a percentage as well as part of their outreach to retired players? Not every state. Just the bad, greedy ones. And the NFL already provides a 401(k) plan to the players, plus a pension (which is a pittance, if you're an NFL player). If players are too dumb to take advantage of an already existing tax-deferred savings plan, I don't think creating another savings plan the league forces them into is going to work (particularly if that savings plan has no mechanism to keep players from withdrawing their money at will). Better off - for everyone, including the league and the NFLPA - if the league and union got together and provided financial planning support to players. Ultimately, though, no matter what you do, you can't fix stupid. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted April 11, 2013 Share Posted April 11, 2013 Not every state. Just the bad, greedy ones. And the NFL already provides a 401(k) plan to the players, plus a pension (which is a pittance, if you're an NFL player). If players are too dumb to take advantage of an already existing tax-deferred savings plan, I don't think creating another savings plan the league forces them into is going to work (particularly if that savings plan has no mechanism to keep players from withdrawing their money at will). Better off - for everyone, including the league and the NFLPA - if the league and union got together and provided financial planning support to players. Ultimately, though, no matter what you do, you can't fix stupid. I hear you. The problem is that the schemers an scammers have gotten to these kids long before the NFL has. These guys think that they can trust them because they were around "before they had their money". In reality, these guys were just biding their time until they would get rewarded. Link to comment Share on other sites More sharing options...
NoSaint Posted April 11, 2013 Share Posted April 11, 2013 I hear you. The problem is that the schemers an scammers have gotten to these kids long before the NFL has. These guys think that they can trust them because they were around "before they had their money". In reality, these guys were just biding their time until they would get rewarded. Definitely. Sketchy agents and promoters show up at peewee and uncle Jim has been eyeballing that fortune since the kid was 5 and ran faster than his cousins. Just hate to mandate. Link to comment Share on other sites More sharing options...
DC Tom Posted April 11, 2013 Share Posted April 11, 2013 I hear you. The problem is that the schemers an scammers have gotten to these kids long before the NFL has. These guys think that they can trust them because they were around "before they had their money". In reality, these guys were just biding their time until they would get rewarded. Yes, but no savings plan is going to fix that, either. You can lead a horse to water, but you can't keep him from having eight kids by eight different women then blowing his entire career on drug charges. The root of the problem goes WELL beyond "no financial sense." Link to comment Share on other sites More sharing options...
vincec Posted April 11, 2013 Share Posted April 11, 2013 There are probably a good number of folks (both professional athletes and people reading these forums) who would rather spend their money injudiciously, being able to do whatever they want - spend, vacation, stock-pile ass in every conceivable zipcode, spend some more, blow rails, X out, buy rounds of Louis "trey," put smiles on their loved one's faces, bang 3 more smokin hot broads at the same time, make it rain in the club, be constantly pursued by women who want you to GGG them because you'll blow stacks on red bottoms, drive Murcielagos at reckless speeds while being "attended to," throw more parties, get your crew laid, party some more - almost every day for 10 consecutive years as opposed to... live modestly and comfortably and primarily enjoy the fruits of your labor at 60ish when you could POSSIBLY not be as.........virile. Seriously...I think there are quite a few broke athletes who would probably say that they wouldn't trade the last 10 years for anything. You would think that there is something in between doing nothing and blowing the whole wad. I think you could have a lot of fun for half or what these guys spend and save or invest the other half for later. Link to comment Share on other sites More sharing options...
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