AP In Massive Debt?

[Triumph]

If you are educated in finances, it's not hard. However, these people are not educated in finances. Moreover, their parents are not educated in finances, so the temptation is there to spend. I'm not saying at all it isn't their fault, but I would find it difficult to avoid spending if my family income is 20K and shoots up to $10 million overnight. If you are a poor person, you want to experience the things in life that you never had. Unfortunately, there is a massive price to pay for that. AP is completely at fault for the number of kids he has had and the child support payments that come with that.

Whats to learn about finance?

1.Do not spend more than you earn.
2 Save and invest.

You dont have to be Warren Buffet to have enough sense to take a couple of million and invest with Edward Jones.

 

[SammyBlueCat]

Luckily you had a strong support system in place. Vast majority of these kids don’t have a dad who is an accountant or in-law CFO...not that I am trying to make you feel guilty or anything. If you’re dad is unemployed or in jail, what are you going to do with all that money? What’s stopping you from spending it?

Fear? That was the case with my Grandfather.
(I am also not trying to make anyone feel guilty)

 

[Triumph]

No, spending recklessly on over-the-top things on oneself is just a personality trait/decision. I didn’t learn over the years to be mindful of responsibilities to others rather than vain, idiotic selfish purchases for myself. I’ve always been like that. I’m just saying that I’ve worked my ass off over many years to reach a level of relative financial comfort for my family. I’m sure that, even though I’m proud of my earnings, my running tally lifetime amount is probably not even equal to AP’s rookie contract.

For most people, earning a high amount does not come over night. “Good financial sense” is not really the issue here - it’s outright arrogance and vanity.

This dude owes 5.6 million on cars.

 

[SammyBlueCat]

The Warren Buffet and Bill Gates of this world probably make Lincoln blink before they spend a nickel.

 

[SHOWTIME15]

Whats to learn about finance?

1.Do not spend more than you earn.
2 Save and invest.

You dont have to be Warren Buffet to have enough sense to take a couple of million and invest with Edward Jones.

You don't really understand how poor people think, do you? These people don't know the first thing about saving and buying stock/real estate...they probably think Edward Jones is a former NFL player.

 

[Triumph]

You don't really understand how poor people think, do you? These people don't know the first thing about saving and buying stock/real estate...they probably think Edward Jones is a former NFL player.

The NFL has people to advise these players about investing after the game.

Peterson is responsible for his own actions. Its a free country and if you want to have 9 kids and 5 luxury cars go for it. Ignorance is no excuse for your own life choices.

 

[chris_in_sunnyvale]

...they probably think Edward Jones is a former NFL player.

"Stop calling me for financial advice!" - Ed 'Too Tall' Jones

Regards,
Chris

 

[Triumph]

You don't really understand how poor people think, do you? These people don't know the first thing about saving and buying stock/real estate...they probably think Edward Jones is a former NFL player.

Im not rich.

I picked eggs for a penny a dozen and had 2 full time jobs years ago.

 

[Triumph]

You don't really understand how poor people think, do you? These people don't know the first thing about saving and buying stock/real estate...they probably think Edward Jones is a former NFL player.

Its so complicated to not put down money for everything in sight and worry about paying for it later.

Im going down to my local Tesla showroom and plopping down a nice deposit on a the best they got. Later when the I cant afford the payments and the repo man is looking for my ride, I will just plead "Nobody educated me about finance"

I dont know. I used to pick eggs.

 

[RobertWeathers]

You don't really understand how poor people think, do you? These people don't know the first thing about saving and buying stock/real estate...they probably think Edward Jones is a former NFL player.

I posted this a few weeks ago but Zo recalled a team meeting in the late 90s when Bob Kraft announced to the team the NEP had made available a 401k for players to contribute to. Zo said 1st rounder Chris Canty went ballistic and stormed out of the room yelling, "Ain't nobody gonna take my 401 thousand dollars! I'm calling the Players Union about this!".

In fairness, I don't think in college I had an intimate understanding of how a 401k works but you are correct, some of these players do not know Money 101.

 

[RobertWeathers]

Im not rich.

I picked eggs for a penny a dozen and had 2 full time jobs years ago.

...and you had to wash the turd off the eggs too. Thats a treat.

I think my worst job was either as an attendant to a master stone mason or a picked up trash/emptied trash cans at the town carnival at night for a week. Both were the same summer going into junior year in HS. The trash job was awful but the stone job....i'd come home hands all smashed and cut up burning from the muriatic acid. 530am to 430pm Monday thru Saturday. Sheer hell.

 

[SHOWTIME15]

The NFL has people to advise these players about investing after the game.

Peterson is responsible for his own actions. Its a free country and if you want to have 9 kids and 5 luxury cars go for it. Ignorance is no excuse for your own life choices.

I agree...to a certain point. I feel bad for the players who are given bad advice and their advisors don't tell them the right thing. I don't feel bad for players who have multiple kids and buy too many luxury items.

The NFL has advisors, but many of them at the age of 21 aren't thinking about their future. All they think about is that they were poor and now are rich. They watch TV and see people driving around in luxury cars and immediately want that lifestyle. The parents in many cases encourage it because they too are poor and want a piece of the rich lifestyle. Heck, like @robertweathers said, at that age I didn't know what a 401K was or the first thing about buying property. Really, good advice has to come from a strong family unit, which many of these players don't have.

 

[varjao]

He's gonna spank his advisers with a branch

 

[SammyBlueCat]

Really, good advice has to come from a strong family unit, which many of these players don't have.

Many of these young men need the humility to seek advice whether that advice comes from family members or from a professional.

 

[RobertWeathers]

I agree...to a certain point. I feel bad for the players who are given bad advice and their advisors don't tell them the right thing. I don't feel bad for players who have multiple kids and buy too many luxury items.

The NFL has advisors, but many of them at the age of 21 aren't thinking about their future. All they think about is that they were poor and now are rich. They watch TV and see people driving around in luxury cars and immediately want that lifestyle. The parents in many cases encourage it because they too are poor and want a piece of the rich lifestyle. Heck, like @robertweathers said, at that age I didn't know what a 401K was or the first thing about buying property. Really, good advice has to come from a strong family unit, which many of these players don't have.

Exactly. From a financial standpoint, it's so important to have access to the right knowledge with the right purpose. For example, a stock broker is not a financial planner. A financial planner does not have an intimate understanding all the various markets and sector to invest in. An accountant is not a professional investor. I've said before on this board I've got 3 laptops going daily. One for my real job. One for this site and social media/personal. The other one is secure where I do my financial stuff. I know my industry pretty well and will "play" in that market but if I'm considering shifting some stuff around in this order I talk to my buddy who is a VP at Charles Schwab (close friends since 6th grade and best man at my wedding), our CFP and my dad....and i'm not even wealthy

 

[XLIX]

You don't really understand how poor people think, do you? These people don't know the first thing about saving and buying stock/real estate...they probably think Edward Jones is a former NFL player.

I believe he played for the St. Louis Rams. He was so good they named the Stadium after him.

 

[XLIX]

The Warren Buffet and Bill Gates of this world probably make Lincoln blink before they spend a nickel.

I remember reading an article about how Bill Gates - the world’s richest man - doesn’t get any comps in Las Vegas. He just doesn’t gamble enough to merit it. They don’t care how rich you are, just how much you bet.

 

[SHOWTIME15]

Many of these young men need the humility to seek advice whether that advice comes from family members or from a professional.

sure, but at that age it’s not as easy to do. heck, at 21, I was pretty haughty myself.

 

[IllegalContact]

Never lease.

in 2004, my buddy leased a truck and I bought a truck. After 4 years mine was paid for and I held the title. My buddy had to return his truck and pay a penalty for driving too many miles. Yeah, he invested less money than I did but all he has is memories to show for it.

I've leased for years........why plunk all that cash down on a declining asset? My cars have been a fixed cost for years.

If I decide to stop leasing, I will go back to only buying cars with >100K on them

 

[Triumph]

I've leased for years........why plunk all that cash down on a declining asset? My cars have been a fixed cost for years.

If I decide to stop leasing, I will go back to only buying cars with >100K on them

My current vehicle with 128K is paid off in 2 months.

My last vehicle lasted 250, 000 when I traded it in. I will accept the depreciation because i keep them until just before the end of their life. I have no car cost after the loan is satisfied.