NFL lockout

[Sam_2.0]

Goes to show that its not how much you make, but how disciplined you are.

[Sam_2.0]

www.msnbc.msn.com/id/41855264/ns/business-personal_finance/

I found it interesting - even people that make $300,000+ per year still have the same "attitude" issues when it comes to money. It really shows that bigger paychecks don't just solve all of life's issues - you still have to be responsible with your money, whether its $30k or $3M per year.

[sapphire12]

So sad, but so very true.

[blackcard]

Spot on Sam 814. Karma 4 U. It is peoples attitude about money. I almost spit my coffee on the keyboard when I found out that Britney Spears had a $49,627.00 monthly mortgage, and then read that she was late on the payments.

[Minnesotagirl7]

I am so impressed with that article Sam, thanks for sharing it. There were two quotes in there that really spoke to me:

“I remember my grandpa always told me: ‘The first bill you always pay is your savings account.’ ”

"You can live like a king for a while, or you can live like a prince forever."

[Sam_2.0]

I loved those quotes too. I thought it was GREAT that the NFL union employs financial managers & makes the guys have monthly meetings with them. I think more places should employ financial managers - maybe not make it mandatory, but at least available & encourage people to go.

[greeneyedchicka]

The quote that I always remember is, "It is not how much you make, but how much you spend" or you could say, "It is not how much you make, but how much you keep" both work.

I also realize that money and expenses are relative. Britney Spears having a $49,627 mortgage payment really isn't that surprising. What is surprising to me is why she didn't buy her house with cash? That is what I always picture, the really rich buying all things in cash, but I guess that is naive. I was watching Selling New York the other day and a guy got turned down for a million-something loan because he already had a million dollar mortgage on another house.

[Clever Username]

Mar 2, 2011 11:20:28 GMT -5 Sam_2.0 said:

I found it interesting - even people that make $300,000+ per year still have the same "attitude" issues when it comes to money.

I think it's actually worse for them.
I heard a bit about this recently.
The numbers are quite shocking and there's not much set up to help the players long term.

They've obviously devoted a large part of their life to their sport to reach this level.
But excluding the outliers like Favre with a decades long career and earning in the Millions.

The starting income is $300k.
The average career is 2-3 years.

Averaged over a lifetime, most earn many times more in their post-NFL careers that they do on the field.

[Clever Username]

One odd recomendation I heard, compared it back to the gridiron days.
Pay them less.
Much less.

This will cause most players to get on off-season J-O-B (gasp, horror).
But it will make the post-NFL transition much easier.

[Sam_2.0]

Along those lines, Clever, I think they should have to obtain a college degree before entering the NFL. And, if most colleges are like the one I attended, they need to raise the minimum GPA for those guys to ensure they are actually benefiting from their educations. Infuriated me to no end - I had to maintain a 3.8 to keep my academic scholarship (1/4 tuition), while the guys I tutored had to maintain a 1.5 to keep their full-ride to play football. SERIOUSLY ?!?!? Pretty sad when their motto was "D for Degree!!". Ughghgh.

[skubikky]

" I think they should have to obtain a college degree before entering the NFL"

yes, that would be wonderful, except for the fact that football career's can be ended with an injury. There is great motivation to go pro ASAP.

"they need to raise the minimum GPA for those guys to ensure they are actually benefiting from their educations. Infuriated me to no end - I had to maintain a 3.8 to keep my academic scholarship (1/4 tuition), while the guys I tutored had to maintain a 1.5 to keep their full-ride to play football."


How much revenue did your 3.8 GPA bring into the school? Division 1 schools get millions of dollars for winning sports programs from advertisers, the NCAA and TV. That football player getting a 1.5 probably helped to fund your scholarship.

[skubikky]

"Goes to show that its not how much you make, but how disciplined you are."

Obviously many of these athletes(and other young professionals) need help in learning to manage their finances so it is to their best long term benefit.

You demonstrate that you haven't a clue as to what type of physical, mental and emotional discipline it takes to be a colleg/professional athlete. Particularly when most don't stay in the pros longer than 2-3 years. And most that play in college will never play pro.