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”

[Rekkapryde]

i feel you. Depends where you live i guess
but if you wanna own a house and children in this city, i think you need at least 200K household income or youre living check to check

Agree that regular middle class and down is check to check in some areas making almost 200k, but if you are check to check in an upper middle class home, you are spending frivilously

 

[lib123]

i feel you. Depends where you live i guess
but if you wanna own a house and children in this city, i think you need at least 200K household income or youre living check to check

Class level is really dependent now on investments and assets. I know several people who make $300K per year but they’ve been making that much (inflation adjusted) for the last 25+ years and were able to invest and buy homes at much lower prices. They live in a different class from someone who’s in their late 30s to early 40s who makes $300K/year.

 

[Ohene]

Class level is really dependent now on investments and assets. I know several people who make $300K per year but they’ve been making that much (inflation adjusted) for the last 25+ years and were able to invest and buy homes at much lower prices. They live in a different class from someone who’s in their late 30s to early 40s who makes $300K/year.

Working class vs owning class
Somebody said that on Reddit and it made sense

 

[Yaboysix]

Not into sports......

This the Gay Nygga that was always in some Gay Shyt?



Anyways, gotta flip that into a business.

 

[IsThatBrothaMouzone?]

i get him when he refers to how ppl who arent in the position dont know what its like.

thats completely true...still doesnt justify ever going broke.

if you're making 5 million a year, after taxes, at the very least you should take a 20% of that every year and invest in some low risk, non-cylcical shyt like bonds, high quality dividend stocks (e.g., utilities or telecom companies) etc. Stuff that will generate at least 5-10% a year. You do that and youll never go broke.

People go broke because they stunt, cant say no to family/friends or entrust their money to advisors who do bullshyt with it, its that simple really.

Bingo.

If you live like a king, $100M isn't much.

$60M after taxes. Buying several expensive properties and taking care of family can take $15M to $25M of that easily. Throw in maintenance, property taxes and upkeep plus luxury cars, jewelry and clothes.....

$60M is plenty if you live like an upper middle class person: mid/high 6 fig house, a couple of cars (Lexus/Benz level) etc.

$60M total earnings is NOTHING if you live like someone that's clocking $60M/year.

 

[lib123]

Working class vs owning class
Somebody said that on Reddit and it made sense

Facts the only path to wealth for most people under 45 is starting a business or joining an early stage company and getting equity as an early employee.

 

[Ezekiel 25:17]

These athletes don’t live in the real world man

Sure dont. Most Americans strive for 1 million to retire. This nikkah got 60 million

 

[horizon]

Coli Financial Gurus always know what to do with other people’s money.

You acting like putting your money in a total market index fund is black magic or some shyt

 

[lib123]

You acting like putting your money in a total market index fund is black magic or some shyt

It’s good advice but doesn’t really solve the underlying issue of them having a crazy overhead. A player who puts 75% of his salary in the bank or money market funds is going to be better off than a player who puts 20% of his salary in index funds. He’s going to eventually cash out the index funds after he retires to try to maintain his overhead.

 

[Conan]

of course...but its deeper than that...them nikkas are just lames.
i said save half of $12MM a year...thats $6MM. You can live an ultra extravagant life with that if you know what youre doing.

How many of them know this though? And how many of them are in circles where the message is ball on a budget so this money can stretch out your whole life?

That's not the culture. The culture is to buy your mama a nice house, get yourself sorted with the cars and jewelry and trips, and then go from there. And peer pressure is a mofo.

I think if we see a few players start openly living responsibly then others can emulate, knowing there is still fun to be had while stashing most of your cash away.

instead, these clowns are buying hoes cars, purses and jewelry, taking them on expensive vacations etc. not realizing that theyre the prizes. instead they are buying clothing that's ostentatious and will be out of style in a year or two. instead theyre buying jewelry with no resale value. instead theyre buying whips they will barely drive and lending all kinds of family members and friends money etc.

Above a certain tax bracket, money is less valuable than time. So for a lot of players, money becomes a tool to facilitate a lot of shyt in a short cut manner. And women throw themselves at these young men, so I understand the temptation to just throw money at these hoes. Even if it's the wrong decision.

Plus I don't think the NFL got OGs the way the NBA got OGs. NFL got way more attrition.

A NFL player gotta come out with a tiktok series detailing their life on $500k a year, with the rest stashed away in a boring index fund.

Take zion williamson for example. when this dude was at Duke, he flew a chick i used to fukk out to visit him. This is a chick I fukked without even buying her as much as a coffee if i recall correctly. she was just very attracted to me. If you got p*ssy before fame, you know you dont have to do or buy all that sucka shyt to have fun and attract women. But a lot of athletes are just lames with talent and trick.

I always poke fun at this sentiment because it be some hating ass shyt sometimes. "They got money to throw at these hoes, I was out here using my mouthpiece to pull 10s in my Corolla. We built different!!!"

And like I had to tell my cousin who said similar, yeah they ain't gotta worry about mouthpieces and having game and having fun on a budget... They talent getting them enough bread that they can skip that struggling phase

 

[TAYLONDO SAMSWORTHY]

If you’re crying over $100 million contract in any sort of way form or fashion that just shows how tone def you are with reality

 

[SNYC]

"$100 million? I can't feed my family with that amount!"

 

[that guy]

$60 million after taxes. You could take just 25% of that ($15 million) and put it into a regular high interest savings account at 4% and make $600,000 per year to do absolutely nothing. If you go broke or even “struggle” with that type of money you’re a special kind of retarded.

 

[that guy]

What he said is the absolute truth though. He didn't say it wasn't a lot of money, he was pretty much saying it's hard to make it last if that's ALL you have and you try to keep a certain lifestyle forever. Plus he was talking about a 5 year contract; you would have to live a middle class lifestyle to make that be generational money. Most people don't have that kind of discipline, especially if you are expecting that contract to be the 1st of a few instead of your only contract.

Middle class lifestyle

4% interest on $30 million is $1.2 million/year and you still have the other $30 million. This is with a simple savings account, not even the stock market where you could get an average 8-10% annual return. You have to try your hardest to go broke with that type of money.

 

[that guy]

whats a middle class lifestyle to you? nah. a middle class lifestyle is a household making $300K a year in this day and age. Most individuals aint making a $5 million in their lifetime let alone $100MM. You trippin


its really simple. If you got a 5-year $100MM contract, and after tax you make $12MM a year you shouldnt even sniff $5MM of it. It should go in an account that generates 5% interest annually. You do that, by the time that contract is up you'll have. $25MM of principal generating $1.25MM a year (before tax) doing nothing.

thats at a minimum. not that simple but it isnt a middle class lifestyle by any means

Beat me to it