Posted on 06/14/2015 11:29:02 AM PDT by nickcarraway
You are barely out of your teens, and have been signed to a multiyear, multimillion-dollar contract by a pro team. You can expect another $20 million to $30 million in endorsement deals, and are positioned to become a brand unto yourself: another LeBron, Brady, Kobe, Jeter.
Whats even more incredible? If you were to find yourself in this scenario, you would most likely wind up dead broke, if not bankrupt and homeless, by the time you turned 40.
Lots of players are having financial trouble, but they wont talk about it, says ex-NBA player Adonal Foyle, author of the new book, Winning the Money Game: Lessons Learned From the Financial Fouls of Pro Athletes.
(Excerpt) Read more at nypost.com ...
Yes.
All you have to do is sock away your first years’ salary and spend all the rest, and you’ll still be rich when you retire.
You have no idea what you are talking about. The amount of time and work needed all year round to maintain the ability to perform is easily ten times the effort and mental stress that it takes to be a plumber or accountant.
They say that lottery winners have close to the same percentage of people who burn through their money and go bust. And for many of the same reasons, too.
I share your lack of sympathy. Up front money like that is a godsend for anybody who in, it invests a portion of it when he is in his 20’s. That’s because, even at 7%, it will double about five times before he turns 60. If it’s $1,000,000, that means it will become $32,000,000, more than enough to fund a really great retirement. Equally important, if the athlete does that with his first $1,000,000, he’ll hardly even notice the loss.
We were surprised to see him get in a newer Camarro. Nice car, but nothing out of the ordinary. Just a few weeks prior to that they had just extended his contract - one year, one million dollars. Nice to see someone with some common sense.
I’ve worked for several D1 colleges, closely involved with their athletes. Many of them are pro basketball players and baseball players. Schools in New England that are perennials in NCAA championships. I’ve worked around professional football and the NHL.
If you have never been around them, you can think its a game.
If you have never seen a professional football playbook, with the different defenses and audibles that could be called for any number of situations, I can understand why you think this is “play.”
I also recall Gary Player commenting when asked how his swing seemed so easy, he stated that he bled for hours and hours on the driving range.
Work is work. I am not sure how you would define it. I would suggest perfecting your mind and body to perform at the absolute peak is work, not matter how you slice it.
The check was the monthly lease payment for a car that belonged to Yankee centerfielder Mickey Rivers. Apparently Rivers' finances were such a mess that Steinbrenner took control of them, took away Rivers' access to his own bank accounts, and began paying all of the bills himself.
That happened to Buckner because my buddy put a voodoo curse on the Red Sox from a pizza bar in Louisville KY a minute before the ball went through his legs.
We were watching the game on TV, he used a mojo bag.
I could not freakin believe it.
https://www.youtube.com/watch?v=18caPNisP2U
. You said you are not sure how to define work. That's why you are missing the boat on this. Sports is something we do for fun whether we get paid or not. It's an act that is pleasurable. So is acting or playing a musical instrument.
People don't do accounting or install roofs for leisure. It's not pleasurable, it's "work".
This thread is not about "work ethic", it's the topic of ignorant athletes squandering their fortunes...............
Please stay focused here bro...........
You seem to have the notion that pro athletes just tumble onto the field at game time to play a game. Or that musicians just show up at concert time and have the rest of the day to themselves.
There are thousands upon thousands of hours of numbing practice sessions to get to the pro level and also to stay there. This, I can assure you, is not fun.
Most of us would drop dead after one summertime NFL practice.
Trust me, if being a pro athlete was as easy and pleasurable as you make it out to be, a lot more of us would be doing it.
Your buddy is Babe Ruth? Cool.
Spending hours on the court practicing tennis or hours and hours practicing drumming does not turn tennis or drumming into work.
I can assure you
Income is income no matter how you earn it. There are scores of retired athletes who have made fortunes from their sport and never squandered it. Jordan, O'Neal, Tarkenton, Bradshaw and Strahan come to mind................
What makes them any different from the fool athlete you are supporting who goes broke?
After all, it was a "game" to them too.........
You are being ridiculous.
And obviously you are stuck on your definition. But if do something to make a living and you spend your life preparing for it, its work to me.
I am sorry your “accounting” mind cannot comprehend that. I bet you think these athletes stop practicing the day the season ends and they don’t pick it up again until Spring training.
That simply shows ignorance.
Well you don't have to be a pro athlete or a musician to do something "fun."
Like my chinese fortune cookie sometimes says: Choose a job you love, and you will never have to work a day in your life.
I think Confucius said that. And there are many people out there who live what they do for a living.
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