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...
row_33 Posted February 10, 2018 Share Posted February 10, 2018 2 hours ago, OldTimeAFLGuy said: ...LOL....no IRS office there....I checked when I was there..... A professional sports contract is public knowledge and tax authorities are on that very quickly you are free to move your post-tax money around the world but you can’t do it to avoid taxes and NFL contracts are not secret Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted February 11, 2018 Share Posted February 11, 2018 16 hours ago, plenzmd1 said: 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! Lol $5m isn’t rich? What universe do you live in Link to comment Share on other sites More sharing options...
Captain_Quint Posted February 11, 2018 Share Posted February 11, 2018 If they're really street, they use the check cashing store on the corner, despite the high fees. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted February 11, 2018 Share Posted February 11, 2018 39 minutes ago, joesixpack said: Lol $5m isn’t rich? What universe do you live in Not really when that’s your career earnings. Most of us will work for 30-40 years. These guys are really not good unless their career spans at least 3 years. When they get vested it is not a bad gig. NFL players can start collecting from their pension at 45 (55 is considered retirement age and it goes up from there). The guy I worked with is 35 and was in 7 years as well. He probably made about $4M (total not after expenses). I think that he said if he starts collecting his pension at 45 he gets like $45k a year. I’ll try to get the actual numbers if I remember. They also have a 401k that the league matches 200%. It’s not the salary from when they played that sets them up for life. It is all of the recent changes by all of the leagues to take care of former players. Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted February 11, 2018 Share Posted February 11, 2018 1 minute ago, Kirby Jackson said: Not really when that’s your career earnings. Most of us will work for 30-40 years. These guys are really not good unless their career spans at least 3 years. When they get vested it is not a bad gig. NFL players can start collecting from their pension at 45 (55 is considered retirement age and it goes up from there). The guy I worked with is 35 and was in 7 years as well. He probably made about $4M (total not after expenses). I think that he said if he starts collecting his pension at 45 he gets like $45k a year. I’ll try to get the actual numbers if I remember. They also have a 401k that the league matches 200%. It’s not the salary from when they played that sets them up for life. It is all of the recent changes by all of the leagues to take care of former players. If you’re smart with 5 million you could live very comfortably for the rest of your life. To me that’s the definition of rich. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted February 11, 2018 Share Posted February 11, 2018 (edited) 58 minutes ago, joesixpack said: If you’re smart with 5 million you could live very comfortably for the rest of your life. To me that’s the definition of rich. I mean it’s not nothing for sure. The investment that the leagues have made though have set the players up for life in a way that they weren’t just a few years ago. Players are better with their money now. There are lots of stories out there on Gronk and Marshawn being great with their money. My favorite quote though came from Alvin Kamara, “I got my signing bonus and I put that s— in the bank and I went and got some motherf—ing wings.” We will see more and more retired athletes doing big things in finance. It won’t just be guys like Shaq or Jeter too that made hundreds of millions. Edited February 11, 2018 by Kirby Jackson Link to comment Share on other sites More sharing options...
SouthNYfan Posted February 11, 2018 Share Posted February 11, 2018 14 minutes ago, Kirby Jackson said: I mean it’s not nothing for sure. The investment that the leagues have made though have set the players up for life in a way that they weren’t just a few years ago. Players are better with their money now. There are lots of stories out there on Gronk and Marshawn being great with their money. My favorite quote though came from Alvin Kamara, “I got my signing bonus and I put that s— in the bank and I went and got some motherf—ing wings.” We will see more and more retired athletes doing big thing a in finance. It won’t just be guys like Shaq or Jeter too that made hundreds of millions. Yeah it's a much better world for them now. Gronk claims he's banked his entire NFL earnings (some savings some invested) and just lives off his endorsements Link to comment Share on other sites More sharing options...
SoCal Deek Posted February 11, 2018 Share Posted February 11, 2018 And over HALF of everything they make goes straight out the door in taxes....but I’m pretty sure they’re not paying their ‘fair share’. Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted February 11, 2018 Share Posted February 11, 2018 4 minutes ago, SoCal Deek said: And over HALF of everything they make goes straight out the door in taxes....but I’m pretty sure they’re not paying their ‘fair share’. Not according to the Democratic Party they’re not lol Link to comment Share on other sites More sharing options...
Kirby Jackson Posted February 11, 2018 Share Posted February 11, 2018 20 minutes ago, SouthNYfan said: Yeah it's a much better world for them now. Gronk claims he's banked his entire NFL earnings (some savings some invested) and just lives off his endorsements Marshawn is in virtually the same boat. You wouldn’t think of Gronk and Marshawn as fiscally responsible. If I were to rank the players in the league they would be right near the bottom for me. Ha ha, I guess you never know. 1 Link to comment Share on other sites More sharing options...
SouthNYfan Posted February 11, 2018 Share Posted February 11, 2018 1 minute ago, Kirby Jackson said: Marshawn is in virtually the same boat. You wouldn’t think of Gronk and Marshawn as fiscally responsible. If I were to rank the players in the league they would be right near the bottom for me. Ha ha, I guess you never know. Yeah. I agree Link to comment Share on other sites More sharing options...
Tenhigh Posted February 11, 2018 Share Posted February 11, 2018 13 minutes ago, Kirby Jackson said: Marshawn is in virtually the same boat. You wouldn’t think of Gronk and Marshawn as fiscally responsible. If I were to rank the players in the league they would be right near the bottom for me. Ha ha, I guess you never know. Gronk and Marshawn seem like the kind of guys you could talk into buying some magic beans. 1 Link to comment Share on other sites More sharing options...
Kirby Jackson Posted February 11, 2018 Share Posted February 11, 2018 Just now, Tenhigh said: Gronk and Marshawn seem like the kind of guys you could talk into buying some magic beans. Ha ha, I would have thought so. On a side note have you ever seen the video of them playing video games together on Conan? If not: Link to comment Share on other sites More sharing options...
aristocrat Posted February 11, 2018 Share Posted February 11, 2018 I don’t think lynch has kids either. That’s what gets a lot of these guys. It really is amazing the amount of coin being handed out in the nba especially. Seems like everyone making 20 mil per year. One of the panthers def ends was my neighbor. At any given time he had about 2 million in cars parked on the street cause he only had one parking spot for his house. He parked his Bugatti in front of my house for like 3 weeks once when he went out of town. I’m like man at least give me the keys so I can move it man! I ended up buying the house across the street, tearing it down and selling the lot and plans for a new house to him. Hasn’t built the house but he built a bad ass playground for his son and parks his cars there lol. 1 1 Link to comment Share on other sites More sharing options...
SouthNYfan Posted February 11, 2018 Share Posted February 11, 2018 17 minutes ago, aristocrat said: I don’t think lynch has kids either. That’s what gets a lot of these guys. It really is amazing the amount of coin being handed out in the nba especially. Seems like everyone making 20 mil per year. One of the panthers def ends was my neighbor. At any given time he had about 2 million in cars parked on the street cause he only had one parking spot for his house. He parked his Bugatti in front of my house for like 3 weeks once when he went out of town. I’m like man at least give me the keys so I can move it man! I ended up buying the house across the street, tearing it down and selling the lot and plans for a new house to him. Hasn’t built the house but he built a bad ass playground for his son and parks his cars there lol. Yeah, a lot of the kids issue is when they knock up multiple different women, and wind up paying their whole paycheck away in child support. Remember cromartie? The Jets had to front him $1.8 mil in advance salary the year they signed him just so child support services didn't put him in jail. The NBA started a few years back including sensible birth control/condom usage into their rookie orientation, and explaining the perils of knocking up multiple women lol Link to comment Share on other sites More sharing options...
Chicken Boo Posted February 11, 2018 Share Posted February 11, 2018 (edited) 1 hour ago, Tenhigh said: Gronk and Marshawn seem like the kind of guys you could talk into buying some magic beans. Not Marshawn. He may not be a scholar, but he's as street smart as they come. Edited February 11, 2018 by Chicken Boo Link to comment Share on other sites More sharing options...
SouthNYfan Posted February 11, 2018 Share Posted February 11, 2018 38 minutes ago, Chicken Boo said: Not Marshawn. He may not be a scholar, but he's as street smart as they come. Yeah, even though he lacks common sense in a lot of situations (or maybe he's just overly emotional in the heat of the moment) and lacks true formal education, he's got brainpower and isn't a moron Link to comment Share on other sites More sharing options...
KD in CA Posted February 11, 2018 Share Posted February 11, 2018 22 hours ago, WhoTom said: 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. There are no accounts that are insured for more than $100k. You don't deposit a seven figure checks into those accounts because they pay .00001% interest. Link to comment Share on other sites More sharing options...
keepthefaith Posted February 11, 2018 Share Posted February 11, 2018 (edited) 20 minutes ago, KD in CA said: There are no accounts that are insured for more than $100k. You don't deposit a seven figure checks into those accounts because they pay .00001% interest. True on the crappy interest. FDIC insures accounts to $250K though I believe. Jimmy G is gonna have a giant tax burden making most of his money in CA where the top tax bracket is what 13%? That plus Fed plus that obamacare tax if still in place and other taxes he's keeping about 45%. Nobody's gonna have a telethon for him but the amount of taxes collected is ridiculous. Edited February 11, 2018 by keepthefaith Link to comment Share on other sites More sharing options...
aristocrat Posted February 11, 2018 Share Posted February 11, 2018 2 minutes ago, keepthefaith said: True on the crappy interest. FDIC insures accounts to $250K though I believe. Jimmy G is gonna have a giant tax burden making most of his money in CA where the top tax bracket is what 13%? That plus Fed plus that obamacare tax if still in place and other taxes he's keeping about 45%. Nobody's gonna have a telethon for him but the amount of taxes collected is ridiculous. That’s why Carr’s deal was backloaded Link to comment Share on other sites More sharing options...
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