it's not all that bad, i believe the nfl retirement benefits fully vest after only 3 years of being a pro- so even if they only play for 3 years they still get a full pension for the rest of their lives.
NFL Players lining up for payday loans (30% interest)
- Thread starter KINGOFSHORTS
- Start date
You'd be surprised at how little they really make, with the exception of the super top tier. When you include, taxes, agent fees, trainer fess, and most other expenses you'd be surprised at how much they really make...if you take the median average salary of a NFL player it is not even over a $1million more like $500k....with some not getting signing bonus and no gauranteed contract and so much to lose in the way of future health it is certainly not the sport of choice...now a yankee median avg salary is 5mill....
From the ghetto to Easy Street and back to the ghetto is what 10 years, max 15.
All those depreciating assets the will have bought, the cars, the revolting gaudy jewels, the horrendous furniture, all gone or basically worthless.
Plus, what many of them don't realise is that any idiot can make big money, sometimes it's just a case of being in the right place, right time (or being able to play sports very well).
But it's takes a touch of brains, education and nouce to KEEP IT.
Otherwise if you don't fritter it away trying to impress people, there are plenty of business people WITH brains and nouce who you're going to meet and they'll be really keen to help you with 'investments' and 'financial planning'
PS. Having said that, I have to admit that if I was 20-23 and being paid $1-$2m a year for playing sports, and everyone loved me etc. I doubt anyone could tell me what's right or wrong. I would of course feel that I knew it all due to the money and adoration. So it's probably 50-50 whether I'd be back in the ghetto in 10-15 years!
All those depreciating assets the will have bought, the cars, the revolting gaudy jewels, the horrendous furniture, all gone or basically worthless.
Plus, what many of them don't realise is that any idiot can make big money, sometimes it's just a case of being in the right place, right time (or being able to play sports very well).
But it's takes a touch of brains, education and nouce to KEEP IT.
Otherwise if you don't fritter it away trying to impress people, there are plenty of business people WITH brains and nouce who you're going to meet and they'll be really keen to help you with 'investments' and 'financial planning'
PS. Having said that, I have to admit that if I was 20-23 and being paid $1-$2m a year for playing sports, and everyone loved me etc. I doubt anyone could tell me what's right or wrong. I would of course feel that I knew it all due to the money and adoration. So it's probably 50-50 whether I'd be back in the ghetto in 10-15 years!
The real kicker is as soon as they sign that contract these athletes start giving out money to their friends and family as if its falling from the sky. 10k here, 20k there...and before you know it...POOF! "where did all the money go"? And its not like they don't have access to professional financial advice, but often they get bad advice and get seduced into bad investments, or they just assume they are going to be making money hand over fist for a long time, they dont think about that career ending injury, or child support for kids they've fathered, or just plain carelessness.
Its truly mind boggling...
Its truly mind boggling...
oh and lets not forget the common practice of these athletes getting worthless college degrees that are easier to achieve good grades so that they don't have to worry about getting suspended for low GPA during during season.
There are prestigious universities that will literally create an entire department just to get the football players thru school. You can google the University of Michigan's General Studies program to get a glimpse into the sort of braindead classes the jocks were put thru to satisfy academic requirements.
It's funny, but once in awhile you hear mention of a solid collegiate player that actually pursued a degree in a legit major. They are so uncommon that it makes it noteworthy. I remember a DB from Florida State that was pre-med and may have even been a Rhodes Scholar and then the QB from Alabama this past year who was at the top of his class and scored maybe 38 on the Wunderlich.
It's funny, but once in awhile you hear mention of a solid collegiate player that actually pursued a degree in a legit major. They are so uncommon that it makes it noteworthy. I remember a DB from Florida State that was pre-med and may have even been a Rhodes Scholar and then the QB from Alabama this past year who was at the top of his class and scored maybe 38 on the Wunderlich.
I said of those players who play at least 3 years - and that's not usually all at min wage then. That is $1 million+ minimum - and no school loans, work paid expenses for almost everything during those years, no investment on their own part to make.
I could make $1 million in 3 pathetic years work for a life time easy, easy, easy.