LSAClassOf2000

May 4th, 2016 at 10:29 AM ^

Investments and start-up companies looking for venture capital money are discussed all of the time in the locker room. One player buys in and more start to follow. Easy, easy way to get burned. That Iraqi currency? Players were investing $40,000 and getting absolutely zero in return. All gone.

Because I've never been in a position where I've gone from being a college student with comparatively limited means to having first round money, it's admittedly hard for me to know how those amounts process in the heads of players, but it seems clear that whatever financial education the NFL or teams put on for players needs to be expanded in the hope that maybe a few more get the message. You won't get through to everyone, and I think some already get it anyway, but there's still an opportunity here, I would think. 

Floatable furniture? Someone really bought into the idea that it would be a good idea to sell floatable furniture in flood-prone areas? Yikes.

mgolund

May 4th, 2016 at 10:53 AM ^

Yeah, maybe most of us don't come out of school making NFL money. But, many of us make the same kinds of mistakes.

Think about all the new crap persons buy on credit - cars, furniture, jewelry, hell, even dental work can be secured on credit now. This is all on a smaller scale than what the athletes do, but how is it really any different? Because it's stuff that many other Americans buy? 

I suspect that two of the biggest problems athletes and muggles encounter are: 1) not budgeting their income and expenses every month, and 2) not understanding how their money is being invested. 

Live on what you make, not on what payments you can afford, and understand where your money is going. Those principles would serve everyone well.

AllStater

May 4th, 2016 at 10:38 AM ^

It's only a matter of time.

Retire crippled with no money, no home, no ride, no bling and no chicks.

A fool and his money are soon parted.

Rage86

May 4th, 2016 at 10:49 AM ^

If i had first round money i think i would probably:

1. Rent a house where I play
2. Invest my money in land.
3. Bank the majority of money and live off of endorsements and the interest from the savings account.

Well at least that is what I think i would do...Now reality is probably more like:

1. Buy a massive house
2. Buy a bunch of cars
3. Walk around and make it rain at strip clubs
4. Buy a giraffe and saddle him up and ride him through a drive thru a some where just because I have the money to pay for the fines and Im just that bad of a MoFo.


......ONE COULD ONLY DREAM.....INSTEAD ILL SIT IN MY CUBICAL AND LOOK AT MY BROKE ASS BANK ACCOUNT AND MY RUST BUCKET CAR LOL.

 

Eastside Maize

May 4th, 2016 at 10:52 AM ^

I would get sugar cookies from Brooklyn, a set of left handed golf clubs, Cambodian breast milk (I drink nothing but the finest breast milks) and a butler named Farnsworth.

H-Eazy

May 4th, 2016 at 11:20 AM ^

And then there is former Detroit Tiger Yoenis Cespedes driving a new exotic car everyday... he did almost single-handedly carry the Mets through the postseason to be fair though.

BlueinOK

May 4th, 2016 at 11:23 AM ^

I don't understand why players spend so much. They need to realize they have only a small window to earn millions of dollars. Once their careers are over, they aren't likely to keep making money at that high of a level. Unless they are lucky to get into broadcasting or top-end talent were they will have endorsement deals forever. But that doesn't seem like the norm. Just put some money away so you can live the next 30-40 years after football. 

kscurrie2

May 4th, 2016 at 11:32 AM ^

The chameleon mb g-wagon was Charles Rogers. I saw him multiple times in it when he was with the lions. He dated a girl in Ann Arbor and I would see him on my way to work.

Kevin13

May 4th, 2016 at 11:37 AM ^

Many of these guys are broke after they leave the league. Just blow their money like there is no end to it. Get cut and have nothing when they are done.

a different Jason

May 4th, 2016 at 11:41 AM ^

I don't understand this level stupidity, but that's what makes it special. If I earned what some of those dudes do I would live like a bum for a few years and then quit football and go live in a lake MI port town and fish off the pier every day. Because I don't like getting hit in the head by HOUS (humans of unusual size) and I really enjoy fishing. And you get to talk to people that way, that's always fun.

Nickel

May 4th, 2016 at 11:50 AM ^

Relative to income, I don't think their dumb mistakes are all that different than the dumb mistakes ordinary people make with money.  The only difference is that for NFL players, the income typically dries up after 3-5 years, while for ordinary people they can keep working to make the payments on their stupidity.

After all, a 300k car for a rookie making 500k is no different than someone making 50k buying a 30k car (both are DUMB).  Timeshares, whole life insurance, vacations they can't afford.  Stupidity with money is rampant at all income levels.

PopeLando

May 4th, 2016 at 11:58 AM ^

Getting lots of money quickly has never, in the history of humankind, inspired clear thinking. The problem is that you're asking 20-22 year old kids to be responsible adults. That involves saying no to your friends a lot, which is hard if you're broke and harder if you're rich.

Perkis-Size Me

May 4th, 2016 at 1:47 PM ^

The hard part is asking young kids, many of whom came a life of having little to no money, to be thrifty and responsible now that someone has given them a truckload of money.

I won't deny that it has to be hard. All of a sudden you've got friends, old teammates, people you've never even met that claim to be long lost family members are coming out of the woodworks asking if they can bum a few bucks off of you.

Have to be able to say no sometimes. And in today's NFL, you're not playing for that first contract. That's just to get you into the league. You're playing for the second one, where the real money is.



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Number 7

May 4th, 2016 at 1:48 PM ^

I remember when Keith Bostic -- an Ann Arborite like myself, from the same West Side neighborhood -- was drafted in 1983 by the Oilers, a new Buick (Olds?) showed up outside his parents' home.   As a percentage of his first paycheck, it was probably much larger than a new Buick/Olds would be today, but I always dug that he gave back to his family first.

bacon

May 4th, 2016 at 2:07 PM ^

I was surprised not to see snakes on the list, let alone planes to house the snakes. I guess the snakes and planes don't qualify as dumb.

DrewGOBLUE

May 4th, 2016 at 6:19 PM ^

Crazy Fact: There are more tigers kept as pets in the US than in the wild.

It's like people want a little, cuddly-wuddly lion or tiger cub soooo badly that they become delusively convinced it won't get bigger. But when the things are suddenly 300 lb beasts that people can't handle, some just let the animals loose to get rid of them.

So basically there's a chance one shows up in your backyard.