It's not about raw information.
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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The point is that 60 million dollars is still a shyt ton of money, regardless of how it gets paid out.
The point is you used an example that doesn't apply. Without a lump sum your scenario doesn't play out.
Everybody has shyt they dont need. Many of them cant afford that shyt. The country itself is in debt. You give the majority of people $100 Ms at 22, they burning through that shyt.
If you're a talented sports athlete you have a fairly long runway before you turn pro to figure out how to live when rich. If you don't seek that out while swimming in a ocean of knowledge that's on you. If you're an NBA or NFL level talent you don't typically wake up one day and discover that at random. It's fairly obvious what path you're on even as a teen. Most of these leagues don't let a person straight out of high school in so there's time to learn what to do and what not to do. If you don't seek that knowledge that's totally on you.And how many people go on /r/personalfinance after they fukked up?
A lot.
Most people don't learn about finance until they are forced to.
Hence Dave Ramsey...
Saying I was raised this way and couldn't help it is a lie. All the successful people raised in poor environments who overcame is certainly didn't let that stop them.
Y'all are right that most people don't learn until forced but that's a choice and the result of decisions not inevitably.
It's about what you aspire to be and how you plan to get there. The problem is most people go through life without a plan. Stuff happens and they react to it.
That's how these athletes go broke cause they are in the league making all this money and not asking questions like what happens when my career is over and what's sustainable living?
People let emotion and impulse guide them into ruin and only after they hit rock bottom they start asking questions like that.
King_Kamala61
:mjlit: A Fat Black Nasty MFer :mjlit:
Yep. The NFL and other leagues need to start looking out for players by doing a trust fund for their players ..b*stards already put insurance on you, might as well set them up to be protected from splurging.
as a cpa by profession, convinced most of y'all possess no realistic conception of money. at all.
you got many "old moneyed" families that are living off of the gains of a $15-$25m corpus they they've been maintaining for a few generations. they drawdown a certain percentage annually while maintaining the growth of the corpus.
you got three types of people.
-consumers
-hoarders/savers
-builders
the only people that could not thrive with $60mm after tax are fools who are only programmed to consume. you can be sure their money will always depart.
you got many "old moneyed" families that are living off of the gains of a $15-$25m corpus they they've been maintaining for a few generations. they drawdown a certain percentage annually while maintaining the growth of the corpus.
you got three types of people.
-consumers
-hoarders/savers
-builders
the only people that could not thrive with $60mm after tax are fools who are only programmed to consume. you can be sure their money will always depart.
Art Barr
INVADING SOHH CHAMPION
It definitely will if you buy a blue chip artist.
Genesis Tramaine still has work for the low and her art was literally next to a Picasso.
This is no talent bUllshyt.
Art Barr
*in the museum of natural art for numerous pieces by the age of 15.
How you’re raised has a major impact on your personal decisions and mindset. Most people inherit the mindset of the people they were raised by, good or bad. And another factor is many of these guys come from poor backgrounds. If they were raised by families like Kyle Korver’s where none of their relatives expected money a lot fewer of them would go broke. Korver never had to deal with 50+ relatives begging him for help.
O.T.I.S.
Veteran
Again… got siblings on this same shyt now
And this shyt has a domino effect… or chain reaction for damn near everything.
This is why I like being alone. If you are not a responsible individual… especially for yourself, you are really just a burden to someone else
O.T.I.S.
Veteran
Well… I just purchased some art from a young friend of the family so.It definitely will if you buy a blue chip artist.
Genesis Tramaine still has work for the low and her art was literally next to a Picasso.
Gonna throw some of that on the walls just not sure where. My niece is also extremely talented and waiting for her to finish HS and go to college on scholarship.
I dabbled in art as a kid and even won awards in school, beating out other kids. But she is much better than I was most likely.. more passionate about it in her later years than I was. Not exactly like this I guess but maybe valuable in other ways. Investing in young talent while I can
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Adults are responsible for themselves. Excuses aren't going to change that. You can only do so much and some of those people get told no.
If you give away all your money and don't take care of yourself you suffer the consequences of that. You have to take care of yourself before you can take care of others.
The reality is giving the average person even $60 million would ruin their life and most people would end up broke and worse off. It's not because they have to it's because instead of asking questions and thinking they'd just live impulsively for the moment and not plan anything.
Even the music is telling them what to do. Learn from the mistakes of those that came before you.