Welcome to PatsFans.com

78% of retired NFL players go bankrupt or enter financial distress.

Discussion in 'NFL Football Forum' started by fnordcircle, May 1, 2012.

Thread Status:
Not open for further replies.
  1. fnordcircle

    fnordcircle tfw not enough helmets PatsFans.com Supporter

    Joined:
    Sep 10, 2006
    Messages:
    3,416
    Likes Received:
    10
    Ratings:
    +17 / 2 / -0

    My Jersey:

    It's old but with the indignant posts cropping up RE: Welker I figure it's a good time for what I assume is a repost here (saw it on Reddit)

    Recession or no recession, many NFL, NBA and Major League - 03.23.09 - SI Vault

    Give it a read and think about this the next time you want to get self-righteous about a player trying to maximize their earnings. Only a fool wouldn't consider that they themselves could fall prey to this were the situations reversed.
    Last edited: May 1, 2012
  2. CheeseMonkeys

    CheeseMonkeys Rookie

    Joined:
    Mar 25, 2010
    Messages:
    1,807
    Likes Received:
    0
    Ratings:
    +0 / 1 / -0

    My Jersey:

    Doesn't Welker make 9 million off the franchise tag? That's a ton of cash and he'll be jeopardizing his chances at making the hall of fame by passing up the opportunity to catch 120 passes from TFB and contribute to a SB win.
    Last edited: May 1, 2012
  3. TyronePoole

    TyronePoole Banned

    Joined:
    Jan 21, 2012
    Messages:
    1,335
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    If he gets hurt on that contract after taxes, agent fees etc. That's about $5 million for the rest of his life. that's not bad money but it's not a ton of money, certainly a lot less than you'd expect for an elite athlete in the most popular sport in The United States.
  4. TyronePoole

    TyronePoole Banned

    Joined:
    Jan 21, 2012
    Messages:
    1,335
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    btw I'm sure the medical bills a lot of these guys have to deal with are staggering
  5. Armchair Quarterback

    Armchair Quarterback Rookie

    Joined:
    Apr 9, 2009
    Messages:
    2,542
    Likes Received:
    0
    Ratings:
    +4 / 0 / -0

    My Jersey:

    I won't get self righteous about maximizing earnings but I will get self righteous about going broke after being given a $20,000,000 head start.

    I have little sympathy for someone who squanders a fortune on investing in every dumb idea they're told about, having someone unqualified handle your money, spending money on cars, rims, aquariums, exotic pets, entourages, 500 pair of shoes or having a dozen children each with a different baby mama.

    And don't even get me started on the stupid ******* jewelry they spend their money on. Watching the draft I noticed they pretty much all had spent money they haven't even made yet on those hideous looking watches the size of a laptop, it's like they can't wait to piss it away fast enough.
    Last edited: May 2, 2012
  6. Armchair Quarterback

    Armchair Quarterback Rookie

    Joined:
    Apr 9, 2009
    Messages:
    2,542
    Likes Received:
    0
    Ratings:
    +4 / 0 / -0

    My Jersey:

    Case in point, a man should never where a watch like this. And he hasn't even made dollar one yet. Mike Pouncey from 2011 draft. [​IMG]
  7. VrabelJr

    VrabelJr Rookie

    Joined:
    Dec 22, 2011
    Messages:
    2,215
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    Here's to hoping Brandon Jacobs ends up in that 78%
  8. TruthSeeker

    TruthSeeker PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 9, 2006
    Messages:
    1,787
    Likes Received:
    3
    Ratings:
    +4 / 0 / -0

    My Jersey:

    This has very little to do with maximizing earnings and a whole lot to do with preservation of capital.
  9. TheBeers

    TheBeers Rookie

    Joined:
    Sep 7, 2009
    Messages:
    528
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    :eat3: ahahahahaha lololololol :rofl:
  10. supafly

    supafly PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 9, 2008
    Messages:
    13,277
    Likes Received:
    21
    Ratings:
    +32 / 1 / -0

    My Jersey:

    #24 Jersey
    That's pretty much the solution that many of the players dismiss.

    Just the interest alone off of some of those signing bonuses would allow a person to live a somewhat lavish lifestyle, without tapping into their capital too much (should they choose, obviously).

    I think the bottom line is that when they do walk away from the game, they likely have a good chunk of money that they earned. The ability to slow down their spending at that point, and cherish the material possessions that they already have such as cars, houses, etc should be common sense.

    I have no sympathy whatsoever for someone who's dumb enough to spend tens of millions of dollars and allow themselves to become dead broke.
  11. supafly

    supafly PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 9, 2008
    Messages:
    13,277
    Likes Received:
    21
    Ratings:
    +32 / 1 / -0

    My Jersey:

    #24 Jersey
    Sad thing is...it's butt ass ugly. Much like Maurkice and the team he plays for.

    You'd think with all that money that most have, they could at least purchase some respectable looking jewelry...I know I could.
  12. aurakilla

    aurakilla Rookie

    Joined:
    Apr 25, 2009
    Messages:
    605
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    didnt some idiot NBA player blow 10k on lottery tickets?

    it amazes me the income these kids get for 1-3 years and they save none of it.....
  13. RelocatedPatFan

    RelocatedPatFan Rookie

    Joined:
    Dec 13, 2009
    Messages:
    2,236
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    The NFL has programs for these guys on how to set themselves up for life after football. I'd like to see a breakdown because they probably include those players who have a very short shelf life in the NFL. Though a great amjority of them are probably aware their bubble players and (i would hope) see that every season is a gift.
    Surely you meant to say Bernard Pollard?
  14. Sporin

    Sporin Rookie

    Joined:
    Aug 20, 2006
    Messages:
    166
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    Similar to lotto winners and many others who experience a massive windfall but never have the education or positive support system to spend, save, and invest wisely.

    Some (most?) people are absolutely stupid about money.... and this is often magnified by impoverished upbringing as many athletes today have had.

    Exactly.

    The "maximize their earnings" thing is fine with me, but let's not fool ourselves into thinking that getting 10M a year instead of 9M a year is the difference maker in long term financial stability. That long term stability is about planning, patience, and self control, not the total dollar figure.
  15. fnordcircle

    fnordcircle tfw not enough helmets PatsFans.com Supporter

    Joined:
    Sep 10, 2006
    Messages:
    3,416
    Likes Received:
    10
    Ratings:
    +17 / 2 / -0

    My Jersey:

    So what makes you guys think you would be the special 22% who doesn't end up struggling financially after their football career ends? And the parallel has already been drawn with lottery winnings causing issues.

    Anyone who goes from nothing to being a millionaire overnight struggles with not ending up worse than when they started. Going from having $200 to your name to, say, $2m is a staggering change and it is very easy to lose perspective and to not understand that even though $2m seems like an unending supply of money - it really isn't. Lose a chunk of it to the government. Buy your mom a house. Buy yourself a house and suddenly you're broke.

    It's really only hubris that would make anyone think they would be immune to this.

    And to handwave away the fact that an extra million or two increases someone's chances of avoiding financial failure is ridiculous. The difference between $9m and $10m is substantial and could be the difference between a player becoming financially solvent or busted.

    I'm not even going to comment on the jewelry bull**** because it smacks of thinly-veiled racism which this board always toes the line on anyways.
  16. patsfaninpittsburgh

    patsfaninpittsburgh Banned

    Joined:
    Feb 6, 2008
    Messages:
    3,055
    Likes Received:
    1
    Ratings:
    +1 / 0 / -0

    My Jersey:

    Sports and entertainment are one of the few areas that can generate huge earnings independent of financial acumen.

    Building great wealth through advanced pump technology has financial proficiency as an inherent requirement. If not, it's bankrupt.
  17. Armchair Quarterback

    Armchair Quarterback Rookie

    Joined:
    Apr 9, 2009
    Messages:
    2,542
    Likes Received:
    0
    Ratings:
    +4 / 0 / -0

    My Jersey:

    Oh good, you're gonna call in the race card. Now that's bull****.

    What do you want us all to do? Have a good cry for all the multimillionaires who piss it all away?

    Or is this just a way of showing that you're above all of us knuckledraggers and mouthbreathers because you have compassion and understanding?
  18. Patsfan_22

    Patsfan_22 Rookie

    Joined:
    Nov 15, 2010
    Messages:
    148
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    These players earn so much more than the average American lets not have a pity party for them. 9 million dollars a year is absolutely stupid money, I don't have a problem with Welker demanding more because his skillset is in high demand but to feel sorry for all these millionaires is insane. You should save your pity for people that truly deserve it, not idiots that throw themselves 861,000 in debt before they even get drafted (Dez Bryant).
    Last edited: May 2, 2012
  19. Haley

    Haley Rookie

    Joined:
    Sep 14, 2010
    Messages:
    2,112
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    So...is your solution to a gambling addiction to give the addict a higher salary?

    Honestly, this is pretty ridiculous. These people are financially irresponsible. Perhaps they need more financial education but I don't see why irresponsibility means they deserve higher pay. By your own argument, they would end up even worse off!
    Last edited: May 2, 2012
  20. NEGoldenAge

    NEGoldenAge Banned

    Joined:
    Nov 21, 2007
    Messages:
    2,025
    Likes Received:
    2
    Ratings:
    +2 / 0 / -0

    My Jersey:

    The median househould income in MA is about $62,000, which is usally the sum of two incomes. Let's say that the average person works 45 years.

    62,000 * 45 = $2,790,000

    Now that you can see what an average household will make in their entire lifetime, perhaps you can form a sound opinion on this subject.

    Sorry, I don't think I can help you with whatever psychological condition caused you to play the race card in this situation.
  21. CheeseMonkeys

    CheeseMonkeys Rookie

    Joined:
    Mar 25, 2010
    Messages:
    1,807
    Likes Received:
    0
    Ratings:
    +0 / 1 / -0

    My Jersey:

    Ah, screw it. I'm quitting my job as a chemistry teacher and I'm gonna start manufacturing methamphetamine and I'm going to make some serious bank. Wait, that's already TV show? SHUT UP! :eek:
  22. PatsWickedPissah

    PatsWickedPissah PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Feb 10, 2005
    Messages:
    22,508
    Likes Received:
    70
    Ratings:
    +78 / 0 / -0

    My Jersey:

    #37 Jersey
    Good topic. Wrong conclusion. Does not necessarily follow.
    Were the answer more millions and not careful preservation of capital, the only bankrupt players would be the low paid ones. Not so.

    It's disappointing that the players ignore the seminars that the NFL has for them on how to deal with money, something lottery winners don't receive. Are the seminars that bad or is the culture they grew up in which idolizes athleticism and ignores fiscal responsibility responsible? Some players get scammed, something that can happen to anyone who trusts the wrong advisors, but most simply fail to manage earned windfalls that would set most anyone up for life and their next generation as well. Hopefully the Moms that get given homes by many players still get to keep them.
    Last edited: May 2, 2012
  23. Sicilian

    Sicilian Rookie

    Joined:
    Dec 6, 2007
    Messages:
    4,704
    Likes Received:
    16
    Ratings:
    +16 / 0 / -0

    My Jersey:

    My problem isn't maximizing the income, as every player has the right to do what he has to do to earn what the market dictates he is worth. My problem isn't even with their lifestyle, as I understand the temptation of sudden large amounts of money can throw a lot of people off, it's actually hard wired in our genetics.

    My problem is the idea that we should feel sorry for them either way, because guess what? I don't care if the only thing you're qualified to do after you retire is bag groceries. You got a huge financial headstart on the average American, and then worked for a relatively miniscule length of time. Now we're supposed to feel sympathy for you because you pissed it away and now might actually have to get some other kind of job for the rest of your working life? Cry me a damn river.

    And my problem with Welker's comments was restricted solely to him mentioning his family. As though if he didn't get more than $9.4m his future children might end up on the street, and that it wouldn't be entirely HIS fault if he let that happen. In the end I think it was just a poor choice of words and not reflecting of Wes' true character though.
  24. ThatllMoveTheChains!!!

    ThatllMoveTheChains!!! Rookie

    Joined:
    Oct 31, 2011
    Messages:
    1,048
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    What you seem to be saying:

    “Here's to alcohol: the cause of, and solution to, all of life's problems.”

    The truth is more:

    “Give a man a fish; you have fed him for today. Teach a man to fish; and you have fed him for a lifetime”

    A player in Welker's situation needs proper advice/education on money management far more than he needs more money. I have no clue how you've come to the conclusion that a player who's able to blow through 9M will magically be set for life off 10. Best case that person would be broke slightly later. This isn't like rooting around in your pocket for change at the convenience store where if you find just the right amount you're good to go.
  25. Deus Irae

    Deus Irae PatsFans.com Retired Jersey Club PatsFans.com Supporter

    Joined:
    Oct 10, 2006
    Messages:
    40,755
    Likes Received:
    52
    Ratings:
    +71 / 3 / -0

    My Jersey:

    Always good to hear people who don't have millions talking about how millionaires lose their money and how they handle it as if they're speaking from a position of knowledge. Meanwhile, the average American has more than $10k in credit card debt.
    Last edited: May 2, 2012
  26. State

    State Rookie

    Joined:
    Jan 10, 2005
    Messages:
    2,507
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    About the same as people who win the lottery.
  27. ThatllMoveTheChains!!!

    ThatllMoveTheChains!!! Rookie

    Joined:
    Oct 31, 2011
    Messages:
    1,048
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    Can you please explain to me how anything you just posted is relevant to what I posted?
  28. Sporin

    Sporin Rookie

    Joined:
    Aug 20, 2006
    Messages:
    166
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    My Jersey:

    We'll have to agree to disagree. In my opinion, if you are going to piss away $9M, then you'll piss away $10M the same way.
  29. Deus Irae

    Deus Irae PatsFans.com Retired Jersey Club PatsFans.com Supporter

    Joined:
    Oct 10, 2006
    Messages:
    40,755
    Likes Received:
    52
    Ratings:
    +71 / 3 / -0

    My Jersey:

    It really doesn't need explaining.
  30. AndyJohnson

    AndyJohnson PatsFans.com Veteran PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    21,845
    Likes Received:
    12
    Ratings:
    +18 / 0 / -0

    My Jersey:

    Its good that you decided not to comment on what you actually commented on, because your comments are a bunch of crap.
    Since when is the decision to purchase jewelry, or find it wasteful anything that has anything to do with race? And to say this board toes the line of racism is flat out ignorant.
Thread Status:
Not open for further replies.

Share This Page