How do you spend your first million?

[MikeT14]

 

[Thaiphoon]

Good for him.

Not being glib about it. Dude made that money. I'm glad he's enjoying the fruits of his labor.

[turtle28]

I’m sure he’s invested some too. And I know it’s a joke, but for the record he got $14.4 million last year. That was what he got guaranteed at signing.

[THESKINSFAN21]

That dude is going to be broke sooner than later.

[naptownskinsfan]

3 hours ago, turtle28 said:

I’m sure he’s invested some too. And I know it’s a joke, but for the record he got $14.4 million last year. That was what he got guaranteed at signing.

I thought Adrian Peterson would've invested some but he's broke.  Clinton Portis is broke.  All these guys need to do is set aside 10%.  That's it.  Don't touch it.  But the freedom to spend all of that money is quite a lure.  

[turtle28]

52 minutes ago, naptownskinsfan said:

I thought Adrian Peterson would've invested some but he's broke.  Clinton Portis is broke.  All these guys need to do is set aside 10%.  That's it.  Don't touch it.  But the freedom to spend all of that money is quite a lure.  

Agreed, but we don't know that Dwayne didn't set aside $2 to $5 million of his signing bonus. I would hope he did, but we’ll only know if he did or didn't in 20-30 years depending on if he's broke or not.

And, in defense of Peterson & Clinton, they essentially had millions stolen from them by dirty investors that they wrongfully trusted. That's where Cooley was smart. He didn't give his $ to an investor to invest, he didn't invest in a shotty business investment w/ people he really didn't know, he saved his money and invested his money on his own. Even if Peterson & Clinton would have conservatively invested they’d still have tens of millions but they gave money to investors who essentially stole it. That happens far too often with athletes, they are abused by white-collar criminals all the time. 

[naptownskinsfan]

8 minutes ago, turtle28 said:

Agreed, but we don't know that Dwayne didn't set aside $2 to $5 million of his signing bonus. I would hope he did, but we’ll only know if he did or didn't in 20-30 years depending on if he's broke or not.

And, in defense of Peterson & Clinton, they essentially had millions stolen from them by dirty investors that they wrongfully trusted. That's where Cooley was smart. He didn't give his $ to an investor to invest, he didn't invest in a shotty business investment w/ people he really didn't know, he saved his money and invested his money on his own. Even if Peterson & Clinton would have conservatively invested they’d still have tens of millions but they gave money to investors who essentially stole it. That happens far too often with athletes, they are abused by white-collar criminals all the time. 

You need to read the stories behind them.  Well, at least for AP.  I'll share my own story about Clinton here in a few shortly.  

[naptownskinsfan]

So I completely understand how some guys get swindled out of money.  It can happen to anyone.  But going through life with complete ignorance of finances is what bothers me.  For example, Adrian Peterson in salary alone has made over $100 million.  Why he couldn't even put away 10% of that for a rainy day account is baffling.  That's before he makes money for jersey sales, use of his likeness, public appearances, endorsements, etc, which is where the real money is at.  

Of course, there is the well-publicized 30th birthday party, where he flew everyone to an island first class, rented it out, had a camel, etc.  Then, you've got taxes galore, whether he's playing or the "gift tax."  

The fact that Pederson made that much money in his career, and couldn't pay back a $5 million lone borders the line of belief for me, especially with no news of a public bankruptcy issue like Mark Brunell had.  

Then you go to Clinton Portis.  Sorry man, I have a first-hand account of how much he spent money.  Multiple times, he went to the golf course where my friend ran the food and beverage outfit. Bought out all of the tee times, which were $100 a pop, in the afternoon for his buddies.  Clinton doesn't golf.  Clinton would then buy out the clubhouse in the middle of the afternoon, sending all of the members home.  At the end, he would spend money on loads of alcohol, including high-end brands that my friend stocked just for Clinton.  Oh yeah, and he also sent an assistant in to plan the whole day.  Which was after his playing career ended.  One time, he had a friend in town and the assistant said he really enjoyed BBQ, and my buddy had a BBQ chef retained for events.  Clinton tipped the chef, bartender and my buddy a couple grand that night.  Clinton came by at least 10 times by his count.  Did I mention he doesn't golf?  

For players who spend like that, I have no sympathy when they go broke.  

 

[turtle28]

26 minutes ago, naptownskinsfan said:

You need to read the stories behind them.  Well, at least for AP.  I'll share my own story about Clinton here in a few shortly.  

I have and I stand by my statement.

[turtle28]

5 minutes ago, naptownskinsfan said:

So I completely understand how some guys get swindled out of money.  It can happen to anyone.  But going through life with complete ignorance of finances is what bothers me.  For example, Adrian Peterson in salary alone has made over $100 million.  Why he couldn't even put away 10% of that for a rainy day account is baffling.  That's before he makes money for jersey sales, use of his likeness, public appearances, endorsements, etc, which is where the real money is at.  

Of course, there is the well-publicized 30th birthday party, where he flew everyone to an island first class, rented it out, had a camel, etc.  Then, you've got taxes galore, whether he's playing or the "gift tax."  

The fact that Pederson made that much money in his career, and couldn't pay back a $5 million lone borders the line of belief for me, especially with no news of a public bankruptcy issue like Mark Brunell had.  

Then you go to Clinton Portis.  Sorry man, I have a first-hand account of how much he spent money.  Multiple times, he went to the golf course where my friend ran the food and beverage outfit. Bought out all of the tee times, which were $100 a pop, in the afternoon for his buddies.  Clinton doesn't golf.  Clinton would then buy out the clubhouse in the middle of the afternoon, sending all of the members home.  At the end, he would spend money on loads of alcohol, including high-end brands that my friend stocked just for Clinton.  Oh yeah, and he also sent an assistant in to plan the whole day.  Which was after his playing career ended.  One time, he had a friend in town and the assistant said he really enjoyed BBQ, and my buddy had a BBQ chef retained for events.  Clinton tipped the chef, bartender and my buddy a couple grand that night.  Clinton came by at least 10 times by his count.  Did I mention he doesn't golf?  

For players who spend like that, I have no sympathy when they go broke.  

 

It's bc they go from having nothing, more $ at one time then they, their friends or family could ever think of. It's easy to spend $ when you're trying to please your family and the entire neighborhood you grew up in. They don't think ahead, they think they’ll never spend $10, 20 or even $100 Million. They don't see the end of their careers, they don't think that far ahead and they usually pick a few people to take care of their finances instead of a team of different people or handling it themselves and then those people steal from the player.

https://www.google.com/amp/s/www.cnbc.com/amp/2019/07/25/adrian-peterson-faces-debt-woes-how-athletes-can-botch-their-finances.html

[PARROTHEAD]

4 hours ago, naptownskinsfan said:

I thought Adrian Peterson would've invested some but he's broke.  Clinton Portis is broke.  All these guys need to do is set aside 10%.  That's it.  Don't touch it.  But the freedom to spend all of that money is quite a lure.  

 Saw Hulk Hogan talking about that. Hed see like an 8-9 million total for a year. That turned out to be 5-6 after taxes, agent cut and whatnot. He was accustomed to a 3 mill a year living expense. So when that money stopped flowing. The lifestyle didnt. Get use to a certain way of living. Its hard for these guys to dumb it down. Everything he had saved up vanished while he thought he was just living his normal daily life.

 

[turtle28]

3 hours ago, PARROTHEAD said:

 Saw Hulk Hogan talking about that. Hed see like an 8-9 million total for a year. That turned out to be 5-6 after taxes, agent cut and whatnot. He was accustomed to a 3 mill a year living expense. So when that money stopped flowing. The lifestyle didnt. Get use to a certain way of living. Its hard for these guys to dumb it down. Everything he had saved up vanished while he thought he was just living his normal daily life.

 

It would be hard for anyone. Us people who work for 40-50 years have decades to prepare for retirement. Athletes - especially football players - have 15 years at most, then the income stops. It's not an excuse, they should prepare better and truthfully the NFLPA, their agent or the team that drafts them should set things up for them when they get their first check that 10% a year goes into a IRA or 401K, And other accounts they can take out when they stop playing and it should be mandatory but it's hard to go from getting no money your whole life to getting $500k a year or $10 plus million a year to then having no income and you're only 30 to 40 years old.

I know the NFLPA, agents & the NFL try to help but, sadly if it's not mandatory then the players usually don't do it. And you can't make something like that mandatory for someone with money they earned personally.

Edited March 3, 2020 by turtle28

[MikeT14]

I seriously don't know how to spend a million that quickly if I came across it, unless I paid cash for the house, which, as cheap as interest is today, I wouldn't do.

[turtle28]

1 hour ago, MikeT14 said:

I seriously don't know how to spend a million that quickly if I came across it, unless I paid cash for the house, which, as cheap as interest is today, I wouldn't do.

He probably did buy a house for himself and one for his parents.

[tredaddy]

No sympathy either for players that go broke.  I will say it’s probably much harder than most think being in your young 20s and being broke to suddenly making millions.