nuklz2594 Posted February 10, 2018 Share Posted February 10, 2018 ok... so i survive on va disability. too many wars. the jimmy g. contract...how do you bank that? is it like direct deposit to usaa? Link to comment Share on other sites More sharing options...
Kirby Jackson Posted February 10, 2018 Share Posted February 10, 2018 The signing bonus you get a check for at the time of signing. Most guys get paid their salary weekly during the season. I think that it is 1/16th of their salary. I’m not sure on workout bonuses and stuff like that. I assume that they get a check (direct deposit) like everything else. Most, if not all, players have someone that manages their money, investments, etc... Link to comment Share on other sites More sharing options...
nuklz2594 Posted February 10, 2018 Author Share Posted February 10, 2018 i always wondered if like a local bank can/would handle this. the workout bonus and others are just...ugh Link to comment Share on other sites More sharing options...
row_33 Posted February 10, 2018 Share Posted February 10, 2018 By your fifth million dollar weekly cheque you should be able to save a few thousand till the next week, so it won’t strain the reserves of a local branch. Link to comment Share on other sites More sharing options...
plenzmd1 Posted February 10, 2018 Share Posted February 10, 2018 38 minutes ago, Kirby Jackson said: The signing bonus you get a check for at the time of signing. Not always eh? Seems to me I recall negotiations over the timing of signing bonus payments, can't remember if NFL or not, but think so.It is guaranteed money the moment you sign your name, but might be paid in 4 installments over the course of a year for instance..cash flow thing for the clubs. Link to comment Share on other sites More sharing options...
buffaloboyinATL Posted February 10, 2018 Share Posted February 10, 2018 I always wonder what percentage of their contracts go to agents, trainer, nutritionists, massage therapists etc... Not to mention all the family members and friends who expect them to foot the bill everywhere they go. Not saying we should feel sorry for them but I imagine that early on in a players career it is difficult to manage all of that money, no matter how much it is. Link to comment Share on other sites More sharing options...
stony Posted February 10, 2018 Share Posted February 10, 2018 18 minutes ago, buffaloboyinATL said: I always wonder what percentage of their contracts go to agents, trainer, nutritionists, massage therapists etc... Not to mention all the family members and friends who expect them to foot the bill everywhere they go. Not saying we should feel sorry for them but I imagine that early on in a players career it is difficult to manage all of that money, no matter how much it is. ESPN did a feature a while back that took a bunch of NBA players, and broke out taxes, agent fees, escrow, minimum 401k etc. It was staggering how much is taken out. 1 Link to comment Share on other sites More sharing options...
Kirby Jackson Posted February 10, 2018 Share Posted February 10, 2018 32 minutes ago, plenzmd1 said: Not always eh? Seems to me I recall negotiations over the timing of signing bonus payments, can't remember if NFL or not, but think so.It is guaranteed money the moment you sign your name, but might be paid in 4 installments over the course of a year for instance..cash flow thing for the clubs. Maybe so but don’t think it is signing bonuses (I could be wrong). I thought that is why it is so easy to re-structure guys. They basically get their deferred money now. Maybe I’m wrong though. Link to comment Share on other sites More sharing options...
bobobonators Posted February 10, 2018 Share Posted February 10, 2018 (edited) 1 hour ago, nuklz2594 said: i always wondered if like a local bank can/would handle this. the workout bonus and others are just...ugh No they cant and no they wont. Private banks are commonly utilized (public banks like BofA have private banking arms that deal only with high-end clients). Ultimately, diversification is key when dealing with that amount of money. Edited February 10, 2018 by bobobonators Link to comment Share on other sites More sharing options...
WhoTom Posted February 10, 2018 Share Posted February 10, 2018 Regular banks - the kind that you and I use - are only insured for $100k per account by the FDIC. You don't deposit a multi-million dollar check into a bank like that. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted February 10, 2018 Share Posted February 10, 2018 (edited) I used to be close to a guy that played about 7 seasons. He probably made $10M ish if I was to guess. My fiancé and his were best friends so we spent a ton of time together and had a key to the house (which was a ridiculous house btw). Anyways, they were hosting a party for about 20 friends one day and I went early to help set up. He was going to be late so he asked me if I would run out to do the shopping and start chopping vegetables. I had nothing better to do so agreed. He said “the grocery list is on the island and there’s some cash in the junk drawer. Just take whatever you need.” I opened the junk drawer and there was a hand gun (he used to hide guns all over the house he has over 100) and $20k in 2 stacks. That was just normal in his word. He’d play $200 a pull on the slots and be playing 2 machines. He’d start at the casino with a $10k line of credit and would go like 4 days a week. There was a host that would escort us everywhere and we’d drink from his office not the menu. We would go to the steakhouse at the casino and run up a $1200 bill for 3 guys (all comped). It really is just a different world. This isn’t some super star either. He had a fine career but by no means was Jimmy G. Edited February 10, 2018 by Kirby Jackson 1 Link to comment Share on other sites More sharing options...
OldTimeAFLGuy Posted February 10, 2018 Share Posted February 10, 2018 1 hour ago, nuklz2594 said: ok... so i survive on va disability. too many wars. the jimmy g. contract...how do you bank that? is it like direct deposit to usaa? ...Grand Cayman Savings & Loan....they have really BIG vaults................. Link to comment Share on other sites More sharing options...
row_33 Posted February 10, 2018 Share Posted February 10, 2018 4 minutes ago, OldTimeAFLGuy said: ...Grand Cayman Savings & Loan....they have really BIG vaults................. That is for revenue that is not widely advertised in public Link to comment Share on other sites More sharing options...
buffaloboyinATL Posted February 10, 2018 Share Posted February 10, 2018 13 minutes ago, Kirby Jackson said: I used to be close to a guy that played about 7 seasons. He probably made $10M ish if I was to guess. Has his lifestyle changed after his playing career and does he have any of that money left, as far as you know? too many athletes try and keep it up too long after the checks stop coming in... Link to comment Share on other sites More sharing options...
OldTimeAFLGuy Posted February 10, 2018 Share Posted February 10, 2018 6 minutes ago, row_33 said: That is for revenue that is not widely advertised in public ...LOL....no IRS office there....I checked when I was there..... Link to comment Share on other sites More sharing options...
Kirby Jackson Posted February 10, 2018 Share Posted February 10, 2018 Just now, buffaloboyinATL said: Has his lifestyle changed after his playing career and does he have any of that money left, as far as you know? too many athletes try and keep it up too long after the checks stop coming in... He hasn’t been out long (and is still trying to come back). He made some good investments so he still has a lot of money but the lifestyle has changed some. I don’t see him much anymore but I’d venture to say that there aren’t random $10k stacks sitting in a drawer. He owns some businesses and has a TV show. He’s good financially but not like it was. 1 Link to comment Share on other sites More sharing options...
row_33 Posted February 10, 2018 Share Posted February 10, 2018 Had a matter for work where a former pro athlete testified that he handed over a bag filled with money to his brother and couldn’t recall whether there was $50,000 or $250,000 involved, couldn’t begin to guess where in that range it was. 1 Link to comment Share on other sites More sharing options...
billsfan89 Posted February 10, 2018 Share Posted February 10, 2018 2 hours ago, nuklz2594 said: i always wondered if like a local bank can/would handle this. the workout bonus and others are just...ugh It's all handled through wire transfers and electronic deposit. Players agents and management handle getting the money into their accounts and give their clients statements. When you get to that high a level your agents and management starts to take care of the little things, they really do try and earn their 2-5%. My source is having worked in sports and knowing people who currently work for agents. Link to comment Share on other sites More sharing options...
Punching Bag Posted February 10, 2018 Share Posted February 10, 2018 2 hours ago, plenzmd1 said: Not always eh? Seems to me I recall negotiations over the timing of signing bonus payments, can't remember if NFL or not, but think so.It is guaranteed money the moment you sign your name, but might be paid in 4 installments over the course of a year for instance..cash flow thing for the clubs. Chargers had issues for they want to be conservative on payments; maybe they learned something from Leaf. Link to comment Share on other sites More sharing options...
plenzmd1 Posted February 10, 2018 Share Posted February 10, 2018 1 hour ago, Kirby Jackson said: He hasn’t been out long (and is still trying to come back). He made some good investments so he still has a lot of money but the lifestyle has changed some. I don’t see him much anymore but I’d venture to say that there aren’t random $10k stacks sitting in a drawer. He owns some businesses and has a TV show. He’s good financially but not like it was. I was going to say go broke fast playing like that (based on total on $10M earnings, not per year) After taxes, agents, etc, prolly netted a little less than $5M..nice sum, upper middle class, but not rich by any stretch! Link to comment Share on other sites More sharing options...
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