I don't think it's that guys don't care at all, but when you think that these dudes are out of work at age 38 (and that's best case), they have to consider the rest of their lives too.
LAK 4 : CGY 1 - Stop Believing.
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KINGS17
Smartest in the Room
- Apr 6, 2006
- 32,583
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If a guy plays even 5 years in the NHL, how much more does he need to make. Maybe they should consider living within their means?
It will never happen again, but winning a championship used to be a nice paycheck for professional athletes. Now the winner's and loser's share is never even discussed, if there even is such a thing anymore.
Reclamation Project
Cut It All Right In Two
- Jul 6, 2011
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It would take 15-20 years for an average person to make what a player will make on an ELC. A smart person (or player) could turn a couple million into much more through proper investing and management.
Raccoon Jesus
We were right there
I think of how I used to blow my financial aid in my early 20s and can be thankful I didn't have a few more million to do damage with though.
I'd like to think these guys have access to great financial advisors, but keep in mind how few are actually educated.
These are kids that do stupid things with money, and they're not the brightest of the bunch to begin with. Did you have a financial adviser at 23? I didn't. A few million dollars is about half of that after agent/taxes etc. Now imagine living in Southern California where $650k buys you a small 2B2B condo, and you get the picture. With good investing as RP says you can do something with it to set yourself up long term but again, refer to my first point...
Reclamation Project
Cut It All Right In Two
- Jul 6, 2011
- 34,135
- 3,783
With the kind of money these guys make, even a small percentage of it set aside for investments (an apartment building or strip mall with a strong anchor tenant(s)) could net a sizable annual return that would afford a great lifestyle.
KINGS17
Smartest in the Room
- Apr 6, 2006
- 32,583
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I agree, it's not rocket surgery.
RP, maybe we can pool our money and buy that strip mall across the street from Staples Center.
Reclamation Project
Cut It All Right In Two
- Jul 6, 2011
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We could get some capital from the Kings after a few of these guys get extensions. "And here's the best part - steady production. The cash flow won't disappear from Thanksgiving to February."
I guess that joke doesn't work this season.
I guess that joke doesn't work this season.
LMAO that you think these guys are smart enough to make real estate investments. I'd bet 1 in 100 are. Maybe.
Holden Caulfield
CANADA. True North Strong and FREE
It is, but it's not much.
President's Trophy winner -- $500,000
First round losers -- $2 million ($250,000 each to eight teams)
Second round losers -- $2 million ($500,000 each to four teams)
Third round losers -- $2.5 million ($1.25-million each to two teams)
Stanley Cup finalist -- $2.25 million
Stanley Cup champion -- $3.75 million
That's per team. So it's split 23-25 ways, plus some also goes to black aces sometimes.
Reclamation Project
Cut It All Right In Two
- Jul 6, 2011
- 34,135
- 3,783
KINGS17
Smartest in the Room
- Apr 6, 2006
- 32,583
- 11,777
I keep tabs on this kind of stuff. It's outright scary how fast some pro athletes go broke.
John Daly lost $1.65 million in 5 hours in vegas $600,000 in the first 30 minutes. He's lost ballpark $55 million gambling.
http://www.sbnation.com/golf/2014/5/29/5761588/john-daly-gambling-addiction-55-million-in-losses
Antoine Walker had $108 million in NBA earnings and maybe more in endorsements. He filed bankruptcy 2 years into retirement.
http://money.cnn.com/2015/07/24/investing/antoine-walker-nba-bankruptcy/
John Daly lost $1.65 million in 5 hours in vegas $600,000 in the first 30 minutes. He's lost ballpark $55 million gambling.
http://www.sbnation.com/golf/2014/5/29/5761588/john-daly-gambling-addiction-55-million-in-losses
Antoine Walker had $108 million in NBA earnings and maybe more in endorsements. He filed bankruptcy 2 years into retirement.
http://money.cnn.com/2015/07/24/investing/antoine-walker-nba-bankruptcy/
Reclamation Project
Cut It All Right In Two
- Jul 6, 2011
- 34,135
- 3,783
SettlementRichie10
Registered User
- May 6, 2012
- 10,239
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There's a good chance most of us here would make a lot of poor decisions, too. We can judge from our ivory tower, but having a lot of money, very young and very quickly, changes pretty much everyone.
SettlementRichie10
Registered User
- May 6, 2012
- 10,239
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The notion that any athlete is this altruistic, team first sportsman of yore is a myth and a marketing ploy, one you consistently seem to mark out for. This is a job. Nothing more. I'm sure everyone is competitive - that's how they honed their skill - but they still care about getting paid. As would you. As would anyone. "**** you, pay me" is THE prevailing contract negotiation advice that every entertainer lives by.
Reclamation Project
Cut It All Right In Two
- Jul 6, 2011
- 34,135
- 3,783
A few million here and there, sure, but we're talking about $108,000,000. That's terrifying. The saddest part is most of these guys come from absolutely nothing. They work so hard to be the best they can be and ultimately be rewarded financially to only piss it all away. It's very sad. Keep your eyes on where you're going and never forget where you came from.
KINGS17
Smartest in the Room
- Apr 6, 2006
- 32,583
- 11,777
Maybe all of their money should be put into an escrow account and held until their retirement, the owner's can give the guy an allowance, etc.
Or...maybe the NHL and the team owners, and the players themselves could actually look at the history of the players that have gone bankrupt and grab a clue.
gnarls barkley
Registered User
problem is - if you never had money before, chances are very good that you never learned much about finances in general, ESPECIALLY not at the income levels these guys are at
it's not super difficult to essentially set yourself up for life if you have the money to invest, but i get the sense that a lot of the guys that immediately go bankrupt have little to no concept of how relatively little their millions actually are after taxes/expenses/etc is all said and done. Jumping to that higher class lifestyle isn't exactly cheap to maintain, and if you're suddenly no longer getting that paycheck...well, it bleeds out fast if you weren't proactive about finances early on. And as you can see from extreme cases like Jack Johnson, you sadly can't always trust someone else to completely handle your personal finances in a responsible manner.
it's not super difficult to essentially set yourself up for life if you have the money to invest, but i get the sense that a lot of the guys that immediately go bankrupt have little to no concept of how relatively little their millions actually are after taxes/expenses/etc is all said and done. Jumping to that higher class lifestyle isn't exactly cheap to maintain, and if you're suddenly no longer getting that paycheck...well, it bleeds out fast if you weren't proactive about finances early on. And as you can see from extreme cases like Jack Johnson, you sadly can't always trust someone else to completely handle your personal finances in a responsible manner.
