Mr. WEO Posted May 18, 2011 Share Posted May 18, 2011 check your credit card rates. True. Not sure why this is "usury"? Link to comment Share on other sites More sharing options...
Lurker Posted May 18, 2011 Share Posted May 18, 2011 That seems like a very high percentage. Can you support this claim with any links? Of course not... Link to comment Share on other sites More sharing options...
DasNootz Posted May 18, 2011 Share Posted May 18, 2011 That seems like a very high percentage. Can you support this claim with any links? I believe this is low. The last figure I saw was that 78% of all NFL players are bankrupt within 2 years of retirement. Understand that most players only last a couple seasons in the league. They take on debt like they'll have long careers, but when it doesn't pan out, they're stuck with a house payement and vehicle loans that they can't afford when working at Home Depot. http://sports.yahoo.com/nfl/blog/shutdown_corner/post/Why-do-so-many-NFL-players-go-bankrupt-?urn=nfl-190555 Link to comment Share on other sites More sharing options...
DrDawkinstein Posted May 18, 2011 Share Posted May 18, 2011 I believe this is low. The last figure I saw was that 78% of all NFL players are bankrupt within 2 years of retirement. Understand that most players only last a couple seasons in the league. They take on debt like they'll have long careers, but when it doesn't pan out, they're stuck with a house payement and vehicle loans that they can't afford when working at Home Depot. http://sports.yahoo.com/nfl/blog/shutdown_corner/post/Why-do-so-many-NFL-players-go-bankrupt-?urn=nfl-190555 Exactly. People always forget that the guys who never make a team, or get cut in camp, or only bounce around practice squads for a couple years, are included in this. That is also what skews stats such as "The average career for a RB lasts 3 years". Not really. The average career for a STARTING RB is about 5-7. But when you mix in all of the late round picks that get cut in camp, and the backups that get replaced every year, it brings the average down to less than 3. A lot of those backups and late round picks only get a little money and blow right through it. There is a much higher number of those types of players than there are starters. Link to comment Share on other sites More sharing options...
youngjebrey Posted May 18, 2011 Share Posted May 18, 2011 Ellis Lankster comes to mind when i see something like this. In case you forgot.......http://www.youtube.com/watch?v=Tv1aqmuyZE8&feature=related Link to comment Share on other sites More sharing options...
bourbonboy Posted May 18, 2011 Share Posted May 18, 2011 Here's more info: http://msn.foxsports.com/nfl/story/nfl-lockout-leads-to-players-taking-out-cash-loans-with-huge-interest-rates-051511 One firm alone has already issued 25 loans to players already...rates as high as 30%, and the players "love" the lenders. The players don't need more money in the CBA - they just need a paid course in basic home economics! Ridiculous.... Link to comment Share on other sites More sharing options...
DrDawkinstein Posted May 18, 2011 Share Posted May 18, 2011 Here's more info: http://msn.foxsports.com/nfl/story/nfl-lockout-leads-to-players-taking-out-cash-loans-with-huge-interest-rates-051511 One firm alone has already issued 25 loans to players already...rates as high as 30%, and the players "love" the lenders. The players don't need more money in the CBA - they just need a paid course in basic home economics! Ridiculous.... The owners have to be laughing hysterically as they read that article. They just need to sit on their Billions for a couple more weeks and the players will be begging to come back. How great would it be if we found out that this lender was actually owned by an NFL owner?!?!?! Link to comment Share on other sites More sharing options...
ieatcrayonz 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. I understand your point but hope you are being facetious. You are aware that a billion is not some infinite number but just a thousand million right? If I said you'd get a thousand million instead of saying a billion would you still really retire at 57? Say you lived to be 90. That is 33 years which leaves about 30 million a year to spend. That is just 15 million each for you and your wife. I think you meant to say trillion which makes more sense. Link to comment Share on other sites More sharing options...
Tim Anderson's Lunch Pail Posted May 18, 2011 Share Posted May 18, 2011 Most troubling to me is the fact that an employee from that insurance company would divulge such information, and give his own name. That's dumber than a millionaire taking out a high interest loan. Link to comment Share on other sites More sharing options...
aristocrat Posted May 18, 2011 Share Posted May 18, 2011 Of course not... do you see the links above? Link to comment Share on other sites More sharing options...
Malazan 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.... So Lee Evans should be cut? Link to comment Share on other sites More sharing options...
BuffaloBill 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. ` Your post brings up an interesting point. Is a million dollars a lot of money? it is really easy to simply say yes. However, it may not be depending on what you have to do with it. in your scenario (assuming you wife is your age or a bit younger) you will need to live on it for about thirty years or so. Depending on how you live this might be possible. However if you are a young guy (in the NFL) you could blow through it in short order. Buy a house for yourself - a car - a little bling and next thing you know you are broke. Link to comment Share on other sites More sharing options...
DrDawkinstein Posted May 19, 2011 Share Posted May 19, 2011 ` Your post brings up an interesting point. Is a million dollars a lot of money? it is really easy to simply say yes. However, it may not be depending on what you have to do with it. in your scenario (assuming you wife is your age or a bit younger) you will need to live on it for about thirty years or so. Depending on how you live this might be possible. However if you are a young guy (in the NFL) you could blow through it in short order. Buy a house for yourself - a car - a little bling and next thing you know you are broke. Im 31, and sometimes will play the lottery when the jackpot is over $100mil. The reason I dont play anything smaller (like the $12mil jackpot) is that I'm afraid $6mil wouldnt last 50 years even if I was wise with it, and theres no way I'm going to work if I have a couple mil in the bank. LOL. And to answer your question, unfortunately $1mil is not "a lot" of money anymore, imo. Buy a nice house for your family, and about 1/3 is already gone. It doesnt take much. Link to comment Share on other sites More sharing options...
Malazan Posted May 19, 2011 Share Posted May 19, 2011 ` Your post brings up an interesting point. Is a million dollars a lot of money? it is really easy to simply say yes. However, it may not be depending on what you have to do with it. in your scenario (assuming you wife is your age or a bit younger) you will need to live on it for about thirty years or so. Depending on how you live this might be possible. However if you are a young guy (in the NFL) you could blow through it in short order. Buy a house for yourself - a car - a little bling and next thing you know you are broke. simply because you blow through it does not change its value. Link to comment Share on other sites More sharing options...
tonyd19 Posted May 19, 2011 Share Posted May 19, 2011 Here's more info: http://msn.foxsports.com/nfl/story/nfl-lockout-leads-to-players-taking-out-cash-loans-with-huge-interest-rates-051511 One firm alone has already issued 25 loans to players already...rates as high as 30%, and the players "love" the lenders. The players don't need more money in the CBA - they just need a paid course in basic home economics! Ridiculous.... I own a wealth management firm in Henderson Nevada that specializes in working with professional athleates. I have worked with one of the lenders in this article regarding loans for some NFL players, as well as other sports. The players do not care what interest rate they pay, which is sad, because they are not getting the best advice. We usually recommend asset based loans for these players. This way they can access cash and leverage the assets they already have without liquidating other accounts. The rates are typically around prime. Which is much better than most of the rates these guys are getting. Funny, the guy I worked on these deals with, that is mentioned in the article, acutally sent me this article a few days ago. Im 31, and sometimes will play the lottery when the jackpot is over $100mil. The reason I dont play anything smaller (like the $12mil jackpot) is that I'm afraid $6mil wouldnt last 50 years even if I was wise with it, and theres no way I'm going to work if I have a couple mil in the bank. LOL. And to answer your question, unfortunately $1mil is not "a lot" of money anymore, imo. Buy a nice house for your family, and about 1/3 is already gone. It doesnt take much. 6 million should generate around $300,000 to $360,000 in gross income per year with some pretty conservative planning. This would be without touching any of the principal. If you stay disciplined and don't go crazy, this could easily last you 50 years. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted May 19, 2011 Share Posted May 19, 2011 True. Not sure why this is "usury"? I consider the classical definition... Usury being ANY charging of interest. In what historical period did this change with usury being considered high rates only? Link to comment Share on other sites More sharing options...
Geno Smith's Arm Posted May 19, 2011 Share Posted May 19, 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? You need Rush Limbaugh's help to come to that conclusion? Link to comment Share on other sites More sharing options...
Lurker Posted May 19, 2011 Share Posted May 19, 2011 (edited) I believe this is low. The last figure I saw was that 78% of all NFL players are bankrupt within 2 years of retirement. Here's the actual line from the SI article: "By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce." That "or" certainly broadens the claim well beyond "78% are bankrupt." The operative word is "joblessness," since that situation would create distress for anyone--ex NFL player or ex-WalMart clerk--forced to look for a new career. http://www.ehow.com/facts_5005211_what-average-salary-nfl-players.html "The average NFL salary is a shade under $1.8 million in 2009, but that can be a misleading number. Less than a quarter of the roughly 1,800 NFL players make that amount, and less than half make a million dollars per season. In reality, the NFL isn't nearly the "easy money" venue that many fans think. The majority of players never even see a million dollars for their career." Median NFL salaries 2009-10 Edited May 19, 2011 by Lurker Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted May 19, 2011 Share Posted May 19, 2011 Here's the actual line from the SI article: "By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce." That "or" certainly broadens the claim well beyond "78% are bankrupt." The operative word is "joblessness," since that situation would create distress for anyone--ex NFL player or ex-WalMart clerk--forced to look for a new career. The only way to break free from this dilemma is for a player to live well below their means and as cheap a tight-wad as possible WHILE playing. That is sure to make a hit amnogst the rest of the locker room. Like one poster said earlier, it has to be some pretty strange dynamics that play out amongst these players. I imagine it is harder than we all think. Link to comment Share on other sites More sharing options...
ieatcrayonz Posted May 19, 2011 Share Posted May 19, 2011 I own a wealth management firm in Henderson Nevada that specializes in.... 6 million should generate around $300,000 to $360,000 in gross income per year with some pretty conservative planning. This would be without touching any of the principal. If you stay disciplined and don't go crazy, this could easily last you 50 years. So if I have this straight you are a financial professional telling this guy to go ahead and play the lottery every week and not just when it gets big? Link to comment Share on other sites More sharing options...
Recommended Posts