Just started posting again after 7 years! Were you in prison?
Will RU lose any players to the Portal before the Bronx Bowl?
- Thread starter Proud NJ Sports Fan
- Start date
you're a good father, that was evident in your son in the manner that he conducted himself.
everything you've said here is 100%
tip my hat to you
Pay up fellas. No one's stopping you. Mortgage the house, sell the car, empty the kids college funds, super fans.
No one said to mortgage the house. I suppose you enjoy traveling to away games and coming back a loser because you fail to really get behind the team. That cost you and the wife a couple grand. It’s because you yourself don’t see a real benefit from NIL that you dont commit. Help yourself yes help Rutgers get better players that’s where draw the line. You also traveled to on your dime to spend time with possibly the worst OL coach in this schools history. He had to take a lesser job to save his career because he did such a shit job here. There is no I in team you def are a me me me kind of guy.
Then do it again next year!
What, you think they're investing the principle and paying out the gains? Lulz.
Stop buying tickets, stop buying parking, stop donating towards The World's Greatest Fieldhouse. Put it all into NIL.
Hells Yeah! Sell the weights in the weight room, build condos on the practice fields, sell all the uniforms. Add it to the NIL pool!
I think it's important to make the distinction that we are in agreement that giving money to family is not something that should be on the table. I don't disagree with you. My point is about sending a family to college.
It's also an incredibly unique and specific scenario that most people won't ever face. I don't disagree that my money is my money and vice versa, I have the mindset though that once a person reaches an EIGHT FIGURE net worth, at that point it's ok to help your family with an education. Additionally with an extra $13 million the amount of charity and goodwill one could do is indescribable. It quite literally changes communities. How often have we seen the NFL star go back to his high school or community and give back?
I broke it down above how it get's paid for, extra $13 million you put $5 mil of it in an S%P 500 index fund, average 11% return and your entire family's education is paid for in a few years, you have a money making machine your whole life and an additional $5 million or so (post tax in this scenario- $20 million 50% taxes= $10 million- $5 million of which goes in the index fund) from your 5 year contract. So you have $5 mil to live on for 5 years, your family's college has been paid for with the index fund, and a $5 million fund that's going to generate $500k+ per year for you on average the rest of your life. That's 1 contract, forget about a second deal. With all due respect ANY half decent financial advisor can put ANYONE in a scenario with a $10 million head start where they never have to work again in their life. Now a lot of people are stupid with their money and don't have that foresight, but $10 million when you're 22? make the right moves and you'll never need another paycheck from an employer and can give more generously than anyone in your community.
This is what I meant by saying "taking care of his family"
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I get the point but still a hard no to paying college for these extended family members? If you are talking their younger brothers and sisters or maybe paying off an elder sibling student loan, that is one thing. All other monies you invest for your direct family and your own next 50-60 years. Everyone else- be happy with the upgraded X-Mas and Birthday presents.
And they better know that they have to have a pre-nup as well. The girlfriends are the worst.
We will simply have to agree to disagree there. Again I reference a "teach a man to fish" mentality. I want my family to maximize their lives and if I'm in the position to do so where I wouldn't feel it at all financially, it becomes a no brainer. Heck I'll take it a step further and put out that of all modern athletes in any sport, the one with the greatest legacy is Lebron James... Not for what he accomplished on the court which was GREAT, but for the I Promise School in Akron Ohio. If you are unfamiliar it is a school serving underprivileged youth that each student who graduates with a 3.0 or better GPA gets a full scholarship to the University of Akron... There's not a greater legacy left by an athlete, and I can assure you he didn't feel it at all financially. This is the kind of legacy I'm talking about.
I understand where you are coming from, it's not a shot, it's very Dave Ramsey. Ramsey is fine, he'll make you rich if you follow his plan, I can't begin to tell you how many miserable people I know who follow Ramsey
Agree with all of that. Any actual money exchanging hands between family is off the table unless that family member is doing a job for you. For example I'm good friends with a former NBA players brother who was his managing partner and oversaw his travel/training/off-season schedule. But straight up money for the sake of it? Nah that doesn't fly
And at a minimum these prospective students should be looking for financial aid and summer work to cover at least part of the costs. If you have someone who is Ivy, MIT, Duke, Northwestern, Stanford material the financial aid packages could cover the lion's share of the costs. As much as possible should be done by the individual.
There is a big difference between LJ money and future than most professional athletes, who, as we noted, may have brought home closer to 5-10 mil and are now mid 20's...You have 4 extended family that get free education- there goes between 500k-1 mil.
That is just crazy. If those 4 wouldn't even bother with school- sure, give them a kick start to maybe help them but you should not be giving away 10-20% of your worth that has to last you and your kids.
If you are the 20% that are making generational money- different story. But also stick to the rule that if they weren't there before you made the league- don't come calling now.
If I hit the lottery, I already know who and what I would be helping out.
I am also working to close it out myself with the low 8 figures. And what I don't use on me and the wife, will be left to our kids. I am not paying for anyone's education unless it is my grandchild. Sorry
It's funny too- when these guys hit the pro's- the teams will bring them in and advise them not to hire family and not to let their family manage their money.
Where our son had just the opposite- his Mom managed his money all through school- even money he earned from the age of 14 working at McDonalds. He left College with an 835 credit score and a platinum card in his name. And put away 80% of his first year take home.
He called them out at the meeting and they were looking at him like he was a unicorn. lol
Where our son had just the opposite- his Mom managed his money all through school- even money he earned from the age of 14 working at McDonalds. He left College with an 835 credit score and a platinum card in his name. And put away 80% of his first year take home.
He called them out at the meeting and they were looking at him like he was a unicorn. lol
Opinion with a slight bit of inside info, also things will change based on NFL feedback that GS will help each player understand how they are perceived.
Tyreem goes to the NFL unless his hand surgery becomes a factor
Kyle too close to call, he doesn't help himself by coming back unless he gets NIL money comparable to a low round draft pick
Melton goes if he gets good feedback, plus he has nothing to gain by staying another year.
Toure would like to go but if he stays and has a good year as a LB he really helps himself.
Patel stays nobody buys kickers on one years performance.
Biggest chance of getting poached is our OT #72 Hollin Pierce conceivably could get a huge payday in the portal.
Tyreem goes to the NFL unless his hand surgery becomes a factor
Kyle too close to call, he doesn't help himself by coming back unless he gets NIL money comparable to a low round draft pick
Melton goes if he gets good feedback, plus he has nothing to gain by staying another year.
Toure would like to go but if he stays and has a good year as a LB he really helps himself.
Patel stays nobody buys kickers on one years performance.
Biggest chance of getting poached is our OT #72 Hollin Pierce conceivably could get a huge payday in the portal.
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Saw a documentary on the school and looked into it further. LeBron did a nice thing by starting and organizing corporate donors to the foundation. But he had little monetary outlay. 75% of the operating expense of the school is provided by the city of Akron the rest is covered by corporations and individuals, totaing about $2mill per year, And the scholarship to Akron University are provided by the University not by James or the foundation.
Which is entirely your right to determine how you spend your money. you did just change the parameters there. I’ll remind you this entire discussion came about as a result of the Jaylen Smith debate where he quite literally cost himself $12-13 million dollars as a result of a knee injury. I fully stated that at $6 million not paying for education. I think we agree mostly, I’m talking exclusively 8 figure net worth here. where we differ is you don’t feel an obligation to help anyone besides your immediate family with an education, that’s completely fine btw. I on the other hand believe that an education is the best gift a person can receive to maximize their own potential and want to give that gift to as much family and friends as possible. Particularly if I can do it without feeling it which I laid out above multiple times how it would be done. Who’se giving away 10-20% of your net worth when you take $5 million, put it in an S&P 500 index which will generate between 9-11% annual return per year, EVERY YEAR, as long as you have the policy. You’re telling me you couldn’t make it work to pay that $1 million for college when you’re going to make it entirely back in 2 years on your index fund? Again, not talking about the $5 million athlete, talking about the $20 million athlete which is where this conversation stems from.
like I said I can absolutely tell you are a staunch Ramsey follower which I have no problem with man. I like Ramsey (besides the whole shoving evangelical down your throat), he has good advice. He’s also a greedy old SOB who hasn’t realized you can’t take it with you
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He paid $2 million out of his own pocket to open the school. Yes he also used his platform to get other celebrities and business people involved, notably drake who gave $1 million.
I’ll ask again, can you think of a better legacy?
What tge hell does a cook have to do with my money? Kidding, but I have no idea who or what the Ramsey has to do with my money?
I sort of live by my own thoughts and beliefs.
It has done me very well to be where I am.
Strange you keep referring to him.
And 5/10/20 mil…if you were down and out, who are the people that would try to help you out. Even to offer a meal or a bed. Anyone outside of those people- you should be kind and generous but not actually pay for major items. And if you were to start, where does it end?
I think it is a noble thing what LeBron has done. He has multi generational wealth. Some estimate at $1billion. He donated what comes down to a rounding error to this endeavor. He leant his name and seeded the start up to the tune of $2million. Most professional athletes don’t have anywhere near this type of income be it through contracts or endorsements.
I hope you hit it big and are able to pay for the education for your 17 cousins. But don’t be fooled by celebrity foundations. I have been on the board of a couple of foundations. They rely mostly on local corporations and donations. When we have been contacted by celebrity foundations we have had to say thanks but sorry. The restrictions many put on even their smallest donations make it very difficult to operate.
I think fans vastly overestimate the monetary value of being "one of the program greats".
Sentimental value - sure.
But are Kenny Britt or Ray Rice really benefitting monetarily from being Rutgers greats?
Since your wife had the financial aptitude to manage his money, this worked out well. But generally, the advice is sound, players should have professionals managing their money.
#72 is my biggest concern as well. Who can blame him if he leaves for 6 or 7 figures ?
I could see that as well. He is our best OL at this point and just has the size that the NFL will take a chance on. But most likely, a UDFA at the next level who may even make the roster or PS. But would have to make it to year 4 to get life changing money. So, a 6 figure head start, would be hard to turn down.
Agree - they really do need to get away from family so often. Well, keep them away from their money. I remember at one point, when he was on the Chargers- he had no need to bring his car out so he ended up keeping it at his GF's parents home while away...after the season, he asked me to pick it up for him and bring it home to our house, where he was staying at the time. These people put over 15k miles on the thing. He had also just been released by the Chargers and prior to the Patriots picking him up- and I get to his GF's parents house and the Dad is basically crying about "what is going to happen with his daughter now" - my wife and I are looking at him like "WTF" - he was already counting what he hoped was going to be his SIL's money. lol
Agree with you.
It helps in some cases - maybe if they are trying to break into finance. But the reality, as an ex player- you are still on your own. There is no monetary value for them. Keep in mind- a Rutgers great- is most likely still not a brand name. A great from let's say Michigan, most likely won the Heisman.
The players, and I'll say most American youth, are sorely lacking in financial literacy. Mainly because it's never taught in schools. But with players there's enough money involved to make it important. Was it Gronk that banked his entire salary and lived on his endorsement money? I'd a say the golden rule for a young professional athlete with a better chance to be followed would be to live on your salary and bank all your endorsement money. Doesn't help much with a 1 year stint, but even with a 4-5 year career you'd end up with a nice little nest egg.
That was M Lynch- but he is also a strange dude but also got endorsement money quickly into his career.
The other problem- most NFL players that are not earning FU money, are the guys without endorsements.
They will all get some sort of Nike/Adidas and usually a supplement type of endorsement but it is usually getting free samples. And the shitty thing- they have to pay taxes on those free samples as if they were earnings.
The starting salaries have gone up quite a bit recently but back in 2010- an UDFA got a 4 year 1.4 contract. Keep in mind- that is all only earned if on the active roster all 4 years. No IR or PS. After taxes, agents, seats, etc...you take home maybe $125-140k in year 1.
But if start on PS- cut that in half- if you go on IR, you are getting just 60%.
After 4 years- the average guy back then may be been lucky to clear an average of 200-300 per year and then out of the league.
And forget about it if you do make the team as a rookie- all of a sudden it is the Rookie dinner. You take your position group out for dinner. So, lets say to rookie OL make the team. they are taking out the 8 or so OL out to dinner. That bill is never less than 25-40k.
We tend to often only see what the top half or the guys in the news are doing, earning, spending. And then also say- ok, even rookies are pulling down 300-400k...
It so far different then if one of us normal civilians walk out of school with a 300k salary. For us, that is most likely the low bar of salary for the next 40 years. These guys- for so many- that is the high bar. And even the guys very good with their money- may only be able to save a small portion.
Fair point about the years past. But I believe the rookie minimum is now 750K and practice squad is 12k per year. I think there's room for maneuver at this point.
Dang- gotta tell the wife she got started too early. lol hadn't realized it jumped to 750k. That does make a difference. The key, making the damn team each year and stay healthy. Of course- the IR part is if they do not have a guarantied contract. That makes some of the other smaller things, not so much of an issue. Back when it was under 300- the rookie dinner- 20k, paying for 2 seats every game, etc- ended up taking a serious hit.
The problem still is...the average career is still around 3 years at most.
Dave Ramsey...
You just kinda hit the nail on the head with you're last sentence. My family is extremely close and my cousins are like my brothers and sisters. Any one of them would have a meal of bed ready for any of the other (and we have done this).
Let's not forget, this all stems from how I referenced money as his "family's money". I took it to the extended family route but that also includes simply his immediate family. The difference between $6 million and $20 million will absolutely have an impact on how not only the individual, but also his wife and kids lives. Forget the cousins, just your immediate family. Does that extra money not impact them?
Just seems crazy how offended you became by the "Family's money" reference.
I genuinely don’t know. Geo baker certainly is. I’d imagine opportunities are presented in the business and media fields from time to time. Golf outings, etc.. Heck, I worked with Jeremy Ito at the Rutgers golf course for a hot minute and he mentioned how critical his football exposure was to landing a job in finance.
I get where you're coming from. I really do. I'm very good friends with Doc Evans, Tyreke's brother. I'm well aware of the handouts people come out of the woodwork expecting. I agree with you and have tried to be as clear as I can that outside of Education, I don't believe a person owes his extended family a penny even with substantial wealth. We all know the Andre Risen story of taking care of anyone and everyone without question and going broke, that's not what I'm talking about here.
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