You're speaking on a 60M lump sum which isn't what gets paid out.
Odell Beckham explains why $100 million contract isn’t really a lot of money “if you think about it that’s only $60 million after taxes”
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O.T.I.S.
Veteran
Exactly bro and great plan
I’m having these issues with “siblings” now. My pops had a major health care recently, and I’m telling them if they have not planned for shyt by NOW, then they need to start and it’s like they don’t want to listen to shyt. And I’m still not completely straight
You need to at least TRY to plan and get things in order to save your money up. These guys go through life thinking that 100 mil is not enough but it easily could be if you had just planned and got your affairs in order.
I know there are some that do though. We need to focus on those. We need commercials on budgeting and financial literacy, not just to sell shyt.
Lol at 50K starting middle class.
Kanye West once said:
"What you think I rap for, to push a fukking RAV4?"
These players' incentives for getting into the NFL isn't to live a comfortable 6 figure life. It's to drag their entire families out the hood, and ball out till infinity. Now that's a fantasy that'll never come true for 90% of them, but the illusion is there and it needs to be challenged more.
Parents of prospects need to put their children on game early and tell their kids to focus on themselves first and foremost. Once you're good for sure then you can help others sensibly. Buy yourself a decent house that'll be yours forever.
The NFL (organization, teams, veteran players) need to demonstrate the reality of what it is. Most players are getting at most 5 million out this shyt before taxes, and you gotta assume this all the money coming to you, so make this stretch out. You can do that by sticking 80% of your post tax earnings in an index fund, and that money will last you for the rest of your life. No it won't be a rockstar life. No you won't be on a private jet with Offset pouring champagne on hoes. But it'll be a better head start than most people in America get so take advantage of it.
That ain't happening. Kids aren't thinking: ah I can be an opthalmologist or I can go to the NFL... they assume NFL players are simply on another level. And you got 21 year olds coming into this money, with parents and relatives and hoes putting their hands out, with few OGs to put them on game (some of those OGs blowing money fast too in their presence). Is it any wonder that most of them don't have a fukking chance and make the same mistakes?
Managing an 8 figure portfolio is very simple if you make the decision to make it that way. You could chop it in 3rds put a 3rd in VTI, a third in VOO, and a 3rd in BND.
Hell you could put all of it in VTI which is an ETF that tracks the entire stock market. You don't have to open businesses and buy real estate or any of that if you don't want to.
Exactly. Most Americans at that level shouldn't be living paycheck to paycheck. But keeping up with the Joneses. Conspicuous consumption. Gotta have the vacations and payments on the Range.
Now imagine as a young player you enter a locker room. Everyone pushing a luxury car. Chained up. Rich talk.
What do you expect will happen?
JamesJabdi
Superstar
"Only"....their broke aint our broke 
These kids have access to info I didn't when I was a teen. Financial YouTube wasn't going on back in 2000 when I graduated from high school. Free trading with fractional shares on Robinhood wasn't around.
A kid today can search on Google "what to do with money" and land in a sub-reddit like r/personalfinance and be on a path someone like me had to live life to learn.
If you hit powerball today you can sit at a computer and get ideas on what to do including who to get in touch with and strategies to employ within seconds.
The Best Financial Minds in the World - they buy and sell businesses, leveraged buy outs, invest, take people public, angel invest, seed money, venture capital - for a living - the people you give money to manage... best lawyers, best accountants, best quants, best equipment, best information
They still don't know what they're doing
en.wikipedia.org
They still don't know what they're doing
2008 financial crisis - Wikipedia
Facts and many of these dudes have multiple children with multiple different women out of wedlock which is one of the most financially destructive thing you can do.
Lol have y'all not heard of lifestyle inflation? The vast majority of people spend more when they make more. People don't suddenly start managing their money better when they get a windfall.
Brehs have more access to info on the long-term costs of having kids out of wedlock but they still go raw. Giannis grew up poor in Europe and probably lacked the info but he's allegedly one of the most financially responsible players. It's all about how you were raised.
