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pro sports money/contracts


nuklz2594

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Just now, 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. 

 

I think you're right, they did raise it to $250k a while back.

 

But to the OPs point, he probably has it deposited into his brokerage account at his investment adviser's bank/firm where the money is managed by a professional.

 

Back when Entourage was on TV, I always thought some of the funniest scenes where between the dopes and their financial adviser who was always telling them they were idiots and should be saving a big chunk of his movie money.

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50 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.

 

 

 

Yeah - that too.

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4 hours 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. 

 

I pray there is not a single player in the league who is not maxing out on the 401k. It’s not only free money, but tax deferred which is something they need with such short careers and peak earning years. 

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6 hours ago, Augie said:

 

I pray there is not a single player in the league who is not maxing out on the 401k. It’s not only free money, but tax deferred which is something they need with such short careers and peak earning years. 

They have 91% participation (the highest in sports apparently). 

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2 minutes ago, Kirby Jackson said:

They have 91% participation (the highest in sports apparently). 

 

So only 9% are complete idiots! I hope the agents are banging on the 9% to get on the free money/deferred taxes train. If they think they can’t afford to contribute now, wait until they are trying to live on a gym teachers salary! 

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9 hours ago, keepthefaith said:

 

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. 

You got that almost right. He’ll also pay property tax on his home and another 8% on everything he buys. So in the end he gets to keep about 35% if what he makes while the various levels of beurocracy take the other 65%.  Simply ridiculous!

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4 hours ago, The Drought said:

Poor guys, having to live paycheck to paycheck during the season.

The only paycheck that I've worried about is my own. I could not care less how much a Fortune 500 CEO makes or an NFL Star.  It has no real impact on me and my life. But with that said, no one should be forced to pay a larger percentage of their pay to the Government than they get to keep for themselves and their family.

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9 minutes ago, SoCal Deek said:

The only paycheck that I've worried about is my own. I could not care less how much a Fortune 500 CEO makes or an NFL Star.  It has no real impact on me and my life. But with that said, no one should be forced to pay a larger percentage of their pay to the Government than they get to keep for themselves and their family.

 

you'd care if your small business had to eat a $100,000 account receivable from a pro athlete who up and declared bankruptcy leaving you up the creek.

 

 

 

 

not to say that happened to Buffalo proprietors and Hall of Fame QBs.....

 

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3 minutes ago, row_33 said:

 

you'd care if your small business had to eat a $100,000 account receivable from a pro athlete who up and declared bankruptcy leaving you up the creek.

 

 

 

 

not to say that happened to Buffalo proprietors and Hall of Fame QBs.....

 

Can't say that I know what that has to do with their rate of taxation....but I'm guessing you were stiffed?  And that you think only rich folks stiff people?

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11 minutes ago, SoCal Deek said:

Can't say that I know what that has to do with their rate of taxation....but I'm guessing you were stiffed?  And that you think only rich folks stiff people?

 

to quote you:  It has no real impact on me and my life

 

So that would help you with my response.  You are on here getting ticked off at an honest response yet try to pretend calmness like the Buddha over financial concerns.

 

DOES... NOT... COMPUTE... :D

 

 

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Just now, SoCal Deek said:

Can't say that I know what that has to do with their rate of taxation....but I'm guessing you were stiffed?  And that you think only rich folks stiff people?

 

I waited tables at a Tully's during summer months while in college.

 

I can confirm, people of all colors, creeds and background tip like crap!!!  Rich or poor, it doesn't matter.  But lets not start a debate about proper tipping etiquette. 

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33 minutes ago, row_33 said:

 

to quote you:  It has no real impact on me and my life

 

So that would help you with my response.  You are on here getting ticked off at an honest response yet try to pretend calmness like the Buddha over financial concerns.

 

DOES... NOT... COMPUTE... :D

 

 

I'm not sure why you think I'm ticked off. Again, I've never cared how much money other people make. What I find ridiculous is those who expect the government to come in like some sort of modern day Robin Hood and re-distribute that money after the game has been played.

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On 2/11/2018 at 7:58 AM, Kirby Jackson said:

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.”

 

The important question is - did he get them with ranch sauce?

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