Beerball Posted May 18, 2011 Share Posted May 18, 2011 at 23% interest Link to comment Share on other sites More sharing options...
playman Posted May 18, 2011 Share Posted May 18, 2011 at 23% interest isn´t a rate like that illegal? over here we would call it " wucher ". couldnt find a translation just now. but if you ask for rates like that over here your next meal will be served behind bars. Link to comment Share on other sites More sharing options...
bills_fan_in_raleigh Posted May 18, 2011 Share Posted May 18, 2011 at 23% interest probably forgot to attend basic math classes Link to comment Share on other sites More sharing options...
Matt in KC Posted May 18, 2011 Share Posted May 18, 2011 isn´t a rate like that illegal? over here we would call it " wucher ". couldnt find a translation just now. but if you ask for rates like that over here your next meal will be served behind bars. It's called usury. I bet the person who took out the loan was Jarvis Jenkins! Link to comment Share on other sites More sharing options...
Thoner7 Posted May 18, 2011 Share Posted May 18, 2011 These players are dumber than rocks. Who the hell makes over 400k minimum, and likely 7 figures a year, and needs a loan BEFORE THE LOCKOUT HAS EVEN AFFECT A PAYCHECK!!!!!!! I say give the owners all the money as long as they fund their own dam,n stadiums and lower ticket prices for the only people that do matter. Link to comment Share on other sites More sharing options...
Glory Bound Posted May 18, 2011 Share Posted May 18, 2011 Although Rush Limbaugh is not one of my favorite people, I happen to agree with him on his prediction that the owners would win this labor dispute. Why? He said it's because it basically comes down to billionaires vs. millionaires, & the billionaires will be able to hold out longer. As more & more players run out of money & have to get high interest loans, they will start to crack. If I was a banker, I wouldn't give any of them a cheap loan. Most of them are careless with money...they have fancy cars & expensive houses, & there's no guarantee this will be settled soon. I wonder how many heeded the warning to save their $$$ leading up to this mess? Link to comment Share on other sites More sharing options...
BuffaloBill Posted May 18, 2011 Share Posted May 18, 2011 It's called usury. I bet the person who took out the loan was Jarvis Jenkins! While the article offers little detail it seems that usery does not apply as most of the cost of the loan is tied up in "insurance" against default. It is likely that this is a perfectly legitimate arrangement. Link to comment Share on other sites More sharing options...
Ghost of Rob Johnson Posted May 18, 2011 Share Posted May 18, 2011 These players are dumber than rocks. Who the hell makes over 400k minimum, and likely 7 figures a year, and needs a loan BEFORE THE LOCKOUT HAS EVEN AFFECT A PAYCHECK!!!!!!! I say give the owners all the money as long as they fund their own dam,n stadiums and lower ticket prices for the only people that do matter. Perhaps a player who was relying on workout or other offseason bonuses. Link to comment Share on other sites More sharing options...
San Jose Bills Fan Posted May 18, 2011 Share Posted May 18, 2011 (edited) Although Rush Limbaugh is not one of my favorite people, I happen to agree with him on his prediction that the owners would win this labor dispute. Why? He said it's because it basically comes down to billionaires vs. millionaires, & the billionaires will be able to hold out longer. As more & more players run out of money & have to get high interest loans, they will start to crack. If I was a banker, I wouldn't give any of them a cheap loan. Most of them are careless with money...they have fancy cars & expensive houses, & there's no guarantee this will be settled soon. I wonder how many heeded the warning to save their $ leading up to this mess? It isn't so much that billionaires have more money than millionaires. There are low income people who handle their finances very well (live within their means) and high income people who are always on the verge of financial collapse (living beyond their means). It's more a case that the owners, by-and-large, are well-educated, and come from backgrounds of success and stability whereas the players are by-and-large, young, relatively uneducated, and come from very mixed backgrounds. Edited May 18, 2011 by San Jose Bills Fan Link to comment Share on other sites More sharing options...
BuffaloBill Posted May 18, 2011 Share Posted May 18, 2011 It isn't so much that billionaires have more money than millionaires. There are low income people who handle their finances very well (live within their means) and high income people who are always on the verge of financial collapse (living beyond their means). It's more a case that the owners, by-and-large, are well-educated, and come from backgrounds of success and stability whereas the players are by-and-large, young, relatively uneducated, and come from very mixed backgrounds. Many in the NFL do not get the huge payouts we assume they do. While an annual salary of four or five hundred thousand seems very nice it will not last a lifetime if quickly burned on expenses. Link to comment Share on other sites More sharing options...
5 Wide Posted May 18, 2011 Share Posted May 18, 2011 I think a major problem is the peer pressure as well. There has got to be guys who are making 400 - 500k who try to run with the guy making 8 Million. That has to be a strange dynamic and I can see why some athletes would get disgruntled about their contracts. Look at the production from Stevie Johnson and the production from Lee Evans. It would be like one of us doing better work than the guy in the next cube, but you know that guy makes 10x more money than you and you both do the same job.... Link to comment Share on other sites More sharing options...
Glory Bound Posted May 18, 2011 Share Posted May 18, 2011 It isn't so much that billionaires have more money than millionaires. There are low income people who handle their finances very well (live within their means) and high income people who are always on the verge of financial collapse (living beyond their means). It's more a case that the owners, by-and-large, are well-educated, and come from backgrounds of success and stability whereas the players are by-and-large, young, relatively uneducated, and come from very mixed backgrounds. I am 57 yrs old & would love to retire. If I acquired one million dollars tomorrow, I would have to think long & hard about retiring. It would require much thought & planning...long discussions with my wife, crunching numbers, talks about our lifestyle, etc. If, on the other hand, I acquired one billion dollars tomorrow, there would be no thought & no discussions with anyone except maybe a financial advisor. Retirement would be instantaneous. I see your point. In fact, I touched on it as well. I just don't think the owners are sitting around stewing about money, where most of the players have to be thinking about it by now. This has to give the owners the advantage. Link to comment Share on other sites More sharing options...
Sisyphean Bills Posted May 18, 2011 Share Posted May 18, 2011 at 23% interest It's just money. Link to comment Share on other sites More sharing options...
San Jose Bills Fan Posted May 18, 2011 Share Posted May 18, 2011 I am 57 yrs old & would love to retire. If I acquired one million dollars tomorrow, I would have to think long & hard about retiring. It would require much thought & planning...long discussions with my wife, crunching numbers, talks about our lifestyle, etc. If, on the other hand, I acquired one billion dollars tomorrow, there would be no thought & no discussions with anyone except maybe a financial advisor. Retirement would be instantaneous. I see your point. In fact, I touched on it as well. I just don't think the owners are sitting around stewing about money, where most of the players have to be thinking about it by now. This has to give the owners the advantage. There's no question that the owners have the advantage in terms of milking their finances. My only point is that it's not because the owners have more money but rather because generally speaking (compared to the players), they are more prudent with the money that they have. Link to comment Share on other sites More sharing options...
Albany,n.y. Posted May 18, 2011 Share Posted May 18, 2011 These players are dumber than rocks. Who the hell makes over 400k minimum, and likely 7 figures a year, and needs a loan BEFORE THE LOCKOUT HAS EVEN AFFECT A PAYCHECK!!!!!!! I say give the owners all the money as long as they fund their own dam,n stadiums and lower ticket prices for the only people that do matter. A free agent who is expecting a big bonus & will pay it off when free agency goes into effect. So, say the strike ends in October. If the guy gets a $3 million bonus & ends up giving over $1 million in taxes to the government, the $40,000 in interest he's paying is chickenfeed to him. Meanwhile, he gets to keep up his million $ house & his lifestyle without interruption. The shorter the strike, the less interest he pays. Not as dumb as people think when you're talking about a guy who makes $3-5 million a year. Let's put it in perspective. Say the guy gets $3.5 million this year. He ends up paying $40,000 in interest for 5 months. Now say you know someone who makes $70,000 a year-not a bad salary. That's 2% of what the player is making. If he pays the same % of his base salary in interest on a loan as this player, he's paying $800 in interest over a 5 month period. Does paying $800 in interest for the next 5 months for someone with a $70,000 salary sound outrageous? If you take out a 5 year loan on a car for $20,000, 5 months into the loan you end up paying $400 in interest. Add a few credit cards into the mix & one can easily reach $800 in interest in 5 months on a $70,000 salary. That $500,000 loan might be a really smart move, especially if it prevents a foreclosure or a car repossession. Link to comment Share on other sites More sharing options...
jumbalaya Posted May 18, 2011 Share Posted May 18, 2011 isn´t a rate like that illegal? over here we would call it " wucher ". couldnt find a translation just now. but if you ask for rates like that over here your next meal will be served behind bars. check your credit card rates. Link to comment Share on other sites More sharing options...
DrDawkinstein Posted May 18, 2011 Share Posted May 18, 2011 (edited) I am 57 yrs old & would love to retire. If I acquired one million dollars tomorrow, I would have to think long & hard about retiring. It would require much thought & planning...long discussions with my wife, crunching numbers, talks about our lifestyle, etc. If, on the other hand, I acquired one billion dollars tomorrow, there would be no thought & no discussions with anyone except maybe a financial advisor. Retirement would be instantaneous. I see your point. In fact, I touched on it as well. I just don't think the owners are sitting around stewing about money, where most of the players have to be thinking about it by now. This has to give the owners the advantage. There's no question that the owners have the advantage in terms of milking their finances. My only point is that it's not because the owners have more money but rather because generally speaking (compared to the players), they are more prudent with the money that they have. Youre both correct. It's the combination. One side has less money and doesnt know how to save it. The other has LOTS of money, and will most likely always have lots of money. DeSmith needs to be fired, immediately. Edited May 18, 2011 by DrDareustein Link to comment Share on other sites More sharing options...
aristocrat Posted May 18, 2011 Share Posted May 18, 2011 this is why you always here about 50-75 percent going into bankruptcy within a couple years of retirement. Link to comment Share on other sites More sharing options...
Glory Bound Posted May 18, 2011 Share Posted May 18, 2011 this is why you always here about 50-75 percent going into bankruptcy within a couple years of retirement. That seems like a very high percentage. Can you support this claim with any links? Link to comment Share on other sites More sharing options...
KD in CA Posted May 18, 2011 Share Posted May 18, 2011 These players are dumber than rocks. Who the hell makes over 400k minimum, and likely 7 figures a year, and needs a loan BEFORE THE LOCKOUT HAS EVEN AFFECT A PAYCHECK!!!!!!! But if I believe the other thread on this board, the players would have no problem coming up with billions of dollars to fund a competing league! Link to comment Share on other sites More sharing options...
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