Posted on 12/20/2023 5:09:19 AM PST by Red Badger
Ping!................
He’s broke, Jim.
IIRC you make something like $500K a year just to warm the bench in the NFL. Why would he need to rob gas stations?
Wealthy criminal? Sheesh.
Blame the concussions?
> later signed a four-year, $17 million deal <
It sure looks like Ward did not have a good financial advisor, and is now broke.
But you never can be sure. I know a guy who was high up in city government. He had an important job, and was always busy. Then after he retired, he starting doing all these crazy illegal things. I guess he was just bored.
He didn’t stop until he was arrested.
Hmmm…must have lost a step or two.
We see these big $$$ contracts in sports, all sports, from an outsider’s point of view.
They don’t get that $$$ in total. Uncle Sam gets a huge chunk right off the top, about 40%. Then the states and cities that the PLAY IN, not live in, gets their share when they come to town. Then, the state and municipalities they actually live in gets their cut. And their agent gets his 10-15% cut. So in the end he didn’t actually get $17 million, he got about a third of that........................
:: It sure looks like Ward did not have a good financial advisor ::
Looks like Ward left his finances up to one his homies from the ‘hood.
probably has brain damage.
We are not taught anything about economics.
I did not learn how to open a checking account (or savings account) until I got out of the Army (in 1967). We were paid in cash (side story even in Vietnam on payday the paymaster would fly out to where you were and pay you in cash).
We certainly were not taught about compound interest and how it can help you in a savings account and hurt you with credit.
We were not taught about contracts and what to be careful about and when necessary to get a lawyer involved.
All these things we learned as we stumbled through life.
Some never learn.
A person can be rich, but not wealthy. A rich person has a lot of money that comes from one source and if that source goes away their net-worth begins to drop. A wealthy person has a lot of money but has structured things so they have many sources of income and if one sources dries up there are others.
This is why someone may come into a lot of money could be broke in a relatively short time after getting the money.
They either trusted someone they should have trusted and/or they did not understand the need to invest in things that will keep the money stream flowing.
Lottery winners, actors, and athletes make up the bulk of those that squandered their millions (as well as children that have inherited wealth).
We see these big $$$ contracts in sports, all sports, from an outsider’s point of view.
They don’t get that $$$ in total. Uncle Sam gets a huge chunk right off the top, about 40%. Then the states and cities that the PLAY IN, not live in, gets their share when they come to town. Then, the state and municipalities they actually live in gets their cut. And their agent gets his 10-15% cut. So in the end he didn’t actually get $17 million, he got about a third of that........................
I blame the Union for failure to supply professional financial assistance to these players. The player earn enough to have a great life but in many cases are unable to control their finances. Same problem with many doctors and lawyers. So if the Union really cared they would have licensed, insured financial consultants the players could use.
I read a report several years ago that said the average sports millionaire is broke after three to four years.................
They went to college but did not educate them selves. They are just lazy
I understand that. I researched him after I posted and found that he had two or three reasonably (or very) successful seasons. That says to me that for that period he was making a lot more than $500K a year. Hell,if I could make a million dollars (plus) for even two years I’d make sure that it would ensure my future for years to come.
Certainly something like that....although after eight seasons he should have been all set, or at least you and I probably would have been. Too many of these players don’t manage their money and the running back position isn’t the longest career. It’s my understanding that the average players’ career is just 2.5 years. That also considers those that often play well over 10 years (QB’s, kickers, ...). So I can see how this happens over and over...they get in the NFL thinking “I’m rich” and immediately spend that way. Then the supply stops suddenly and they’ve no plan.
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