....signs a 4 year contract extension worth $42 million.....$30 million guaranteed. Not too shabby!
....signs a 4 year contract extension worth $42 million.....$30 million guaranteed. Not too shabby!
Good for him. Hope he realizes some things though.
LA >>>>>> expensive than St. Louis.
Also 30 mil guaranteed is actually under 15 million that will go to his pocket. Taxes (fed, state, & city) are at least 50% out there. Add in in 3% to the agent and a % point or 2 for the NFL Players Union, he may get $13.5 to $14 million guaranteed over 4 years.
Nice chunk of change still, but it's got to last the rest of his life if something bad happens. Don't need to be in the 30 for 30 sequal Broke 2.
If the Rams would have moved to TX or FL, that's $1 million savings in taxes. Even TN, cause none have state income tax.
That should help a little more with recruiting some of the smaller great athletes that are considering WV as a option.Good for him. Hope he realizes some things though.
LA >>>>>> expensive than St. Louis.
Also 30 mil guaranteed is actually under 15 million that will go to his pocket. Taxes (fed, state, & city) are at least 50% out there. Add in in 3% to the agent and a % point or 2 for the NFL Players Union, he may get $13.5 to $14 million guaranteed over 4 years.
Nice chunk of change still, but it's got to last the rest of his life if something bad happens. Don't need to be in the 30 for 30 sequal Broke 2.
If the Rams would have moved to TX or FL, that's $1 million savings in taxes. Even TN, cause none have state income tax.
Just wondering if the rams had moved to Texas or Florida and Tavon had that million in tax savings what could he do with 14.5 to 15 million that he couldn't do with 13.5-14? It probably would be best to stay out of Tennessee considering that sales tax is sky high and he wouldn't want to invest in stocks and bonds considering the hall income tax Tennessee has in place.
What could he do with an extra million $$$$$$$? I don't know other than have an extra $1,000,000. Plus cost of housing in LA & CA in general is way >>>>> than Texas & Florida.
And considering 80% of professional athletes (according to Sports Illustrated) are broke or in financial trouble within 3 years from when their careers are over, I doubt that many would just go ahead and give away the tax savings.
Smart athletes think about that stuff. It's why most athletes declare FL as their place of residence.
Just wondering if the rams had moved to Texas or Florida and Tavon had that million in tax savings what could he do with 14.5 to 15 million that he couldn't do with 13.5-14? It probably would be best to stay out of Tennessee considering that sales tax is sky high and he wouldn't want to invest in stocks and bonds considering the hall income tax Tennessee has in place.
I know the NFL has resources to provide these players financial guidance but at some point you wonder why more players don't elect to put a potion of their cash compensation into some sort of reputable trust vehicle. Obviously the NFL isn't unique in players going bust after their career ends. However, the league seems to have more resources available for player financial education.
Most athletes get into money troubles because they don't now how to manage it in the 1st place and end up getting swindled by con men. Anyone who's smart won't have any trouble getting by on 14 million and probably wouldn't notice the difference between 14 million and 15. allot of people with money troubles go to Florida due to the Homestead laws.
You're correct. In theory, the difference between 14 and 15 million doesn't seem like much. But in financial practice, 1 million is enormous when you consider the money needs stretched over the course of 50 years.
1 million could easily represent a significant portion of his lifetime earnings. Especially when he could get injured tomorrow.
But either way, it's a pointless debate. They moved to LA and he'll need to make do well enough.
You're correct. In theory, the difference between 14 and 15 million doesn't seem like much. But in financial practice, 1 million is enormous when you consider the money needs stretched over the course of 50 years.
1 million could easily represent a significant portion of his lifetime earnings. Especially when he could get injured tomorrow.
But either way, it's a pointless debate. They moved to LA and he'll need to make do well enough.
I doubt he will notice any difference between 14 and 15 million considering it would take someone making 1 million 14 years to equal his pay or if you're making 500,000 it would take you 28 years to earn that or if you just earn 100,000 it would take you 140 years. If you can't make 14 or 15 last over a lifetime its because you can't manage money.
I doubt he will notice any difference between 14 and 15 million considering it would take someone making 1 million 14 years to equal his pay or if you're making 500,000 it would take you 28 years to earn that or if you just earn 100,000 it would take you 140 years. If you can't make 14 or 15 last over a lifetime its because you can't manage money.
And if you don't know that having an additional one million is significantly better than not having it, you can't manage money either.
After football, which could be next week or next season, his income will drop to zero.
That's the point Engineer was making, you maximize your earnings, and considering 1 million will probably be close to 10% of his final guaranteed income, it's not something you dismiss.
Do the math on a properly invested one million dollar portfolio over the course of 30 years - that's exactly how much he will be missing.
The 14 million is guaranteed which is more than you'll make in you're entire life. Smart people will maximize their earnings but living on 14 million over a lifetime won't seem much different than 15 or 16 million. Anyway its more than you or any average person will ever see over the course of you're lifetime.
I'm just pointing out the irony of a person preaching money management who doesn't respect the difference between retaining one million dollars and losing it.
The truth is that a smart person wouldn't shrug off such a significant sum. Do as I suggest and run the math on a return for a one million dollar investment over 30 years and tell me whether or not it would be missed by the individual (who I believe is only about 24 right now).
LOL - YOU'RE.
For starts im not preaching money management Im just pointing out that the average person won't make 14 million during the course of there lifetime. Like I said do the math someone making 100K a year would have to work 140 years to reach that sum or at 200K 70 years to reach it. If that happens to be you then you can come back in 70 years and tells us how hard up you are about not making that extra million. If I where to invest 1 million there is no guarantee I would make anything I could make the same bad investments some of these athletics make. See Curt Schilling. I know for someone like yourself who probably saw Wall Street for the 1st time and now you think you're the next Gordon Gecko well its not that easy but you'll find out when you graduate High school and stop living off mommy and Daddy.
BTW I saw the original Star Wars in 1977 in the theater and maybe you will see that 14 mil. you're an md right? How are you're patients? LMAO
The discussion is pointless anyone who can't get by on 14 million a year obviously is making ill informed decisions. Smart investments will add to the sum but i doubt you would really notice the difference when you earn that much.
Engineer posted an estimate that the guaranteed portion of the contract was probably closer to $14 million, and that being in LA might come with an additional $1 million tax burden compared to other locations.
Over a lifetime, yes...that $1 million is enormous when invested.
He's only in his early 20's, and his income could drop to zero very quickly. Hopefully he has someone competent guiding him on these issues.
However, you are correct. The discussion is pointless because the Rams are in LA and that's just how it is.
Engineer made a very simple point, that you felt compelled to disagree with - simply to be argumentative. Which is all you really do around here, anyways.
1) 1st of all im not sure what you're intention is. I am an 85 y/o retiree who enjoys wvu athletics. I have been reading this board since the late 90's and decided to join recently because most of the people I went to school with are no longer on earth with me. I have noticed you seem to spend allot of time responding to every single poster you have a disagreement with Turning 2 page threads into 5.
2) Secondly anyone who blows 14 million dollars would blow 15 or 16 regardless. Geography has nothing to do with it. Its bad judgment and probably any investments they made where ill guided.
3)I agree with you the discussion is pointless you have already made this point. why don't you take you're own advice and practice what you preach and stop responding too this nonsense.
4) I have 3 sons and 1 daughter. 9 grandchildren and two great granddaughters. I enjoy getting up in the morning playing a couple of holes of golf if the arthritis in my knee isn't acting up. I enjoy taking my great granddaughter to swimming lessons. I will enjoy rooting for the old gold and blue against mizzou this weekend. My life is good. If you enjoy spending you're time responding to gibberish and turning 1-2 page threads into five then god bless you. I have better things to do with my time. I'm done with this conversation. I leave the last word to you.
Well the ole already exposed you on this one. So how many pages are you gonna drag this thread out? The only one arguing is you. The way you dragged the big 12 thread out was one of your're classics.
1) 1st of all im not sure what you're intention is. I am an 85 y/o retiree who enjoys wvu athletics. I have been reading this board since the late 90's and decided to join recently because most of the people I went to school with are no longer on earth with me. I have noticed you seem to spend allot of time responding to every single poster you have a disagreement with Turning 2 page threads into 5.
2) Secondly anyone who blows 14 million dollars would blow 15 or 16 regardless. Geography has nothing to do with it. Its bad judgment and probably any investments they made where ill guided.
3)I agree with you the discussion is pointless you have already made this point. why don't you take you're own advice and practice what you preach and stop responding too this nonsense.
4) I have 3 sons and 1 daughter. 9 grandchildren and two great granddaughters. I enjoy getting up in the morning playing a couple of holes of golf if the arthritis in my knee isn't acting up. I enjoy taking my great granddaughter to swimming lessons. I will enjoy rooting for the old gold and blue against mizzou this weekend. My life is good. If you enjoy spending you're time responding to gibberish and turning 1-2 page threads into five then god bless you. I have better things to do with my time. I'm done with this conversation. I leave the last word to you.