Trey Flowers: “We’ve got six, we want seven.”

[50-yard-line]

The marginal value of every extra dollar certainly decreases as a person's income goes up--it's no longer make or break in paying your rent, or letting your kids go to college without drowning in debt. It decreases, but it doesn't disappear. After a certain point, it changes. It's no longer just about lifestyle or "making sure your family is taken care of."

If I had an extra couple of million dollars, I admit it would go to straight to my retirement account to make sure I keep living comfortably for the foreseeable future. If I had millions beyond that, though, things would start getting interesting. As it happens, jewelry and yachts are not interesting to me. But making that cool business idea I've always had a reality? Heck yeah, that's interesting. Not to mention picking out local organizations and schools that are important to me and giving them endowments that would change their future, and potentially the future of hundreds of people they touch. Maybe even buying in to our corrupt political system by donating enough money to make political leaders listen to what I care about.

IOW, when the question comes up in these discussions, "Why does he even care about 10 vs. 15 million? He's set for life either way, right?" My thought is always "That's only the tip of the iceberg of what money can do."

I agree. Again, my point was merely about taxes.

Some people hate them with the fire of a thousand suns. Other people consider them the price you pay for the betterment of the community. I don't think state taxes are a big deciding factor in where someone making that kind of money would live. As you said, it changes when you get way above - lots of other things change, too, like the interest rate you can get on a house, the $ savings when you buy a car (or a house) cash, the ridiculously easy way it becomes to make money from your money - with $20 million in an account at a major brokerage...

 

[patchick]

lots of other things change, too, like the interest rate you can get on a house, the $ savings when you buy a car (or a house) cash, the ridiculously easy way it becomes to make money from your money - with $20 million in an account at a major brokerage...

Yep, one of the cruel things about society is that it's expensive to be poor.

I recently had a weirdly large amount of money in my regular checking account because of several major expenses coming up at the same time. The bank suddenly informed me it was waiving all fees on everything, offering me a special rate to refinance my mortgage, and assigning me a personal banker who was eager to meet with me for free to plan toward my financial goals. It was a revealing glimpse at the world on the other side of the financial curtain: once you no longer need every nickel and dime, they stop nickel-and-diming you.

 

[zimmy]

If we don't re-sign Flowers, which looks increasingly likely, I don't see us looking at Houston or some of the other second tier players. I think it will be a case of hoovering up a few bargain basement John Simon types to go along with what we have (and Bennett) and investing a couple of draft picks on the line. Houston and others are going to be wildly overpaid.

It seems that the positions of need for us, DL, WR, TE, are thin on the ground in free agency but plentiful in the draft. Teams already look like they are going to overpay (see Tyrell Willians, Beasley, Humphries etc looking at $10m+) so I think we bow out early and focus on re-signing some of our own free agents.

 

[SHOWTIME15]

If this report is true, Flowers is gone

Report: Trey Flowers May Command $18 Million Annual Salary In Free Agency

 

[JMC00]

So who is that now Lions, Dolphins, Jets and Bills?

It certainly won't be about winning if one of those teams is who he signs with.

 

[SBLIII]

So who is that now Lions, Dolphins, Jets and Bills?

It certainly won't be about winning if one of those teams is who he signs with.

AFC East bottom feeders

 

[zimmy]

I could definitely see Flowers wanting to play for Flores, Vrabel or Patricia. But the Bills? Nah, not a chance.

 

[patman52]

The question was about living somewhere based on tax, not size of contract.

right, and it is regardless of the size of contract, a mill a year contract the savings in florida over cal or NY is 120,000 in tax and probably at least that in housing.

 

[Ring 6]

So who is that now Lions, Dolphins, Jets and Bills?

It certainly won't be about winning if one of those teams is who he signs with.

Chiefs have dee ford tagged

 

[GodBrady]

One thing I think is very underrated when talking about finances is recurring expenses. Let's say you buy a house for $5M. Okay, that's nothing, you just made $40M guaranteed. How much does it cost to insure that house each month? How much do you pay in home security? How much are your annual property taxes every year? Over the rest of your life, that adds up to a TON of money. Most people do not consider those recurring expenses.

I think it's a lot easier to blow through a huge sum of cash than people think. You don't have to be egregious with your spending. Little things can add up -- and fast.

Not to mention that by the time Flowers takes home money, he's probably losing 50% of it to his agent and taxes.

 

[mgteich]

I could definitely see Flowers wanting to play for Flores, Vrabel or Patricia. But the Bills? Nah, not a chance.

For some, money means much more than whether you have played for and like a particular coach.

 

[JMC00]

Vrabel

Not sure Vrabel should be in with those two. Flowers has zero history with Vrabel

 

[everlong]

NFL rumors are saying Flowers will get 18/year. I was predicting 15M and people thought that was higher than he would get but now with Trent Brown's deal 18M seems likely.

Too bad, great player for us.

 

[50-yard-line]

One thing I think is very underrated when talking about finances is recurring expenses. Let's say you buy a house for $5M. Okay, that's nothing, you just made $40M guaranteed. How much does it cost to insure that house each month? How much do you pay in home security? How much are your annual property taxes every year? Over the rest of your life, that adds up to a TON of money. Most people do not consider those recurring expenses.

I think it's a lot easier to blow through a huge sum of cash than people think. You don't have to be egregious with your spending. Little things can add up -- and fast.

Not to mention that by the time Flowers takes home money, he's probably losing 50% of it to his agent and taxes.

Insure the house? A couple/few grand/year. Nothing. Security? $50/month.

Taxes? Depends where you live. New Hampshire, a ton. California, a ton. Florida, a lot.

And guess what? The house GOES way up in value if you're in prime real estate. My best investment in my portfolio by far is the home I bought in Hermosa Beach. (Can also lease it a few months a year to cover loan interest, taxes, and upkeep, and deduct the mortgage I kept to make the money work for me for more $ than the loan costs me - and it's not close.)

You don't blow through that kind of money on little things. The money will earn you way more than little things - even fancy cars. The players who go broke have gambling habits, huge hangers-on sucking them dry, crooked managers, or invest in video game companies and the like. Sure, there's always someone more than happy to take your money if you're stupid with it, but the idea that someone banking $40m is going to go broke on little things isn't realistic.

Just dropping that into tax-free bonds at 2% (10-year is about 2.6 right now) would earn 800,000/year (again, tax free) forever. And that's just the absolutely safe route - and decent VP at Morgan Stanley or the like will turn 5-6% a year for you, minimum.

Having money is easy. Making money when you have money is the easiest thing in the world.

 

[Mack Herron]

 

[Deus Irae]

Sorry to clutter up the Trey Flowers thread with Trey Flowers news, but

Patriots DE Trey Flowers intends to sign with Detroit, per source.

 

[farn]

Not sure Patricia is really making the right choices : yes Flowers is VG, but for much $$ ? Dola & Coleman ? Waaaaaaay too much $$.

 

[Deus Irae]

It will be a five-year deal in Detroit for Trey Flowers, per source. twitter.com/adamschefter/s…

 

[ViperGTS]

Not sure Patricia is really making the right choices : yes Flowers is VG, but for much $$ ? Dola & Coleman ? Waaaaaaay too much $$.

Desperation breeds stupidity. That what this is.

 

[Deus Irae]

And another compensatory 3rd-round pick to the Patriots.... twitter.com/adamschefter/s…