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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