how long could you make $40 million last?

pjhawks

got to love athletes sometimes - Chris McAlister gets almost $40 million in salary over 5 years and is now broke. what a moron. hard to have any sympathy.

http://aol.sportingnews.com/nfl/story/2 ... k1%7C95858

RW81233

Why is this even a surprise? Not about him specifically, but just in general.

FenwayFaithful

Antoine Walker lost 96 million in less than 10 years. And he lost his wife to Chad Ochocinco. Amazing these idiots don't listen to their financial advisers.

BinauralJam

But how can you have to pay $11,000.00 a month in child support? what the hell does this kid eat?

PureandEasy

I could certainly make it last longer that 5 years.

RW81233

None of this should be amazing or a shock. You take underprivileged kids who get no formative education b/c we've destroyed public schools, send them to "school" to play for free (sorry a retractable "scholarship" to take classes when and where your coach tells you to), then give them a bunch of money and a lot of free time. What did we think was gonna happen?

DS1119

BinauralJam wrote:

But how can you have to pay $11,000.00 a month in child support? what the hell does this kid eat?

I wouldn't mind 11,000 a month in adult support. t.

pjhawks

RW81233 wrote:

None of this should be amazing or a shock. You take underprivileged kids who get no formative education b/c we've destroyed public schools, send them to "school" to play for free (sorry a retractable "scholarship" to take classes when and where your coach tells you to), then give them a bunch of money and a lot of free time. What did we think was gonna happen?

boom there it is. i knew this post was coming. no such thing as personal responsibility i guess. must be the man keeping them down. i guess we need to hold their hands to tell them that 'making it rain' at strip clubs is not sound financial advice. :roll: how did 'we' destroy public schools? i'm not sure how i am responsible for inner-city public schools being crime riddled thug traps where learning is lower than low on the totem pole.

although i do have a question about the child support - for athletes how come it's not treated as long term earnings instead of based on what they are currently making. i mean don't their lawyers argue that there is no way this level of income is going to continue so giving $11,000 a month in child support is absurd. why and how does this happen?

81

people are dumb...


he's just the next in a long line of dumb

RW81233

pjhawks wrote:

RW81233 wrote:

None of this should be amazing or a shock. You take underprivileged kids who get no formative education b/c we've destroyed public schools, send them to "school" to play for free (sorry a retractable "scholarship" to take classes when and where your coach tells you to), then give them a bunch of money and a lot of free time. What did we think was gonna happen?

boom there it is. i knew this post was coming. no such thing as personal responsibility i guess. must be the man keeping them down. i guess we need to hold their hands to tell them that 'making it rain' at strip clubs is not sound financial advice. :roll: how did 'we' destroy public schools? i'm not sure how i am responsible for inner-city public schools being crime riddled thug traps where learning is lower than low on the totem pole.

although i do have a question about the child support - for athletes how come it's not treated as long term earnings instead of based on what they are currently making. i mean don't their lawyers argue that there is no way this level of income is going to continue so giving $11,000 a month in child support is absurd. why and how does this happen?

never said he wasn't personally responsible, just said that it's not surprising. how did we destroy public schools in the inner-city? we vote for people who took the money that once was used to make them acceptable places of learning and started giving it to rich motherfuckers. How do you think Baltimore, Philly, Cincy, Cleveland, Pittsburgh and so on have these beautiful places for middle class suburbanites to come play then return home to their safe havens? B'more sold the inner harbor land for like $1 an acre and didn't charge taxes for companies willing to commercialize that space, they built Camden Yards and M&T Bank Stadium for rich owners using lottery money that is generally earmarked for schools, and they just did it again for that stupid car race. In return urban schools are gutted, that population sees that its own government sold them out, so why would they try learning the rules of a system that is bent against them?

Good question on the child support, I'd like to hear that one.

BinauralJam

DS1119 wrote:

BinauralJam wrote:

But how can you have to pay $11,000.00 a month in child support? what the hell does this kid eat?

I wouldn't mind 11,000 a month in adult support. t.

Me too!!! You know how much weed i would buy? and the good stuff to!

RW81233

What I don't get is why people are a. shocked or b. entertained by this. What's so funny about this? Why does it make you feel better to say "at least I could have made that money last longer"? It's sad that we have a system that makes this possible on all fronts.

SVRDhand13

BinauralJam wrote:

But how can you have to pay $11,000.00 a month in child support? what the hell does this kid eat?

Hahaha you have to give the child the standard of living that the non- custodial parent can attain. The sad part is that I am sure that most parents who receive that much child support are using a lot of it on themselves.

81

pjhawks

RW81233 wrote:

What I don't get is why people are a. shocked or b. entertained by this. What's so funny about this? Why does it make you feel better to say "at least I could have made that money last longer"? It's sad that we have a system that makes this possible on all fronts.

because most common middle class people realize how much stupid shit you have to do or buy to waste 40 million dollars in such a short period of time.

maybe he could have given some to the baltimore school system

BinauralJam

But wouldn't you buy some land, and a house and a couple of cars, jewerly, ya know assets, you could then turn around and sell in case the shit ever hit the fan.

RW81233

pjhawks wrote:

RW81233 wrote:

What I don't get is why people are a. shocked or b. entertained by this. What's so funny about this? Why does it make you feel better to say "at least I could have made that money last longer"? It's sad that we have a system that makes this possible on all fronts.

because most common middle class people realize how much stupid shit you have to do or buy to waste 40 million dollars in such a short period of time.

maybe he could have given some to the baltimore school system

yeah but most common middle class people have an education and/or a family structure that has taught them the value of a dollar, and how to spend it according to their means. i'm not saying this isn't true for this guy specifically, but the article states that 80 percent of former professional athletes file for bankruptcy at some point. They must have gotten a lot out of that "free" college education they get for putting their bodies on the line for some school.

RW81233

BinauralJam wrote:

But wouldn't you buy some land, and a house and a couple of cars, jewerly, ya know assets, you could then turn around and sell in case the shit ever hit the fan.

you would and I would, but we have a whole different mindset for what to do with money.

pjhawks

RW81233 wrote:

BinauralJam wrote:

But wouldn't you buy some land, and a house and a couple of cars, jewerly, ya know assets, you could then turn around and sell in case the shit ever hit the fan.

you would and I would, but we have a whole different mindset for what to do with money.

it's 80% of NFL players not athletes. Real Sports on HBO did a story about this in the last year. basically agents give them all this advice and they just ignore it.

RW81233

pjhawks wrote:

RW81233 wrote:

BinauralJam wrote:

But wouldn't you buy some land, and a house and a couple of cars, jewerly, ya know assets, you could then turn around and sell in case the shit ever hit the fan.

you would and I would, but we have a whole different mindset for what to do with money.

it's 80% of NFL players not athletes. Real Sports on HBO did a story about this in the last year. basically agents give them all this advice and they just ignore it.

ahh missed that part. I know that even Mike Golic blasted through his first contract in like 6 months or something, he's told the story a couple of times on Mike and Mike. He just kept buying rounds of drinks and going out to nice dinners, then his credit card maxed or something like that. Either way I'd venture a guess that most of us on this board are highly educated, in our late 20's-late 40's and have had to work for the last decade or two to get to where we are at. That is a whole lot different than coming from nothing to essentially winning the lottery at 20-22 years old, and being told that you should really listen to that smarmy white guy in a suit telling you what to do with it.

Johnny Abruzzo

I don't see how anyone can make excuses for these people. Making $40M (even $20M after taxes & agents and whatever) and blowing it in 5 years is complete and utter stupidity.

RW81233

Johnny Abruzzo wrote:

I don't see how anyone can make excuses for these people. Making $40M (even $20M after taxes & agents and whatever) and blowing it in 5 years is complete and utter stupidity.

I'm not making an excuse for this particular person. If he screwed up he screwed up. What I am saying is that this story shouldn't be shocking - especially if 80 percent of former NFL players are going bankrupt. Isn't that evidence of a systemic issue more than a personal issue? If it is systemic, and I believe it is, then I believe it makes more sense to change the system than sitting around not "getting" how someone could blow through money like that.

catefrances

probably forever considering id just be living off the interest.

dcfaithful

I'm confident I could make $40 million last my entire life.

I'd buy a house, nothing elaborate, not even 5 bedrooms because I have no need for that.

I'd keep my Honda civic that is still going strong today and is a really nice car.

I'd help out a lot of my family.

How the fuck do you blow that much money?

More money more problems? :roll:

chadwick

BinauralJam wrote:

But how can you have to pay $11,000.00 a month in child support? what the hell does this kid eat?

$11,000.00 a month child support. ok, let us iron this out a bit.

$11 grand a month X 12 month = $132,000.00
($132,000.00)18 years = 2,376,000

what is thefather making annually?
let's say he's worth $8,000,000 every 12 months
$8,000,000/12 months = $666,666.67 per month

he pays the kid $11,000.00 monthly
he gets paid $666,666.67 (if my math is correct here.
$655,666.67 is his monthly net worth payment after child support

im no math wiz... we need a math pro here
what is the % he pays into child support?

$11,000.00(60) = $660,000.00
a shade under his monthly salary of $666,666.67 ($6,666.67 difference)
the kid's 11 grand is 60X smaller than his father's pay check

catefrances

BinauralJam wrote:

But wouldn't you buy some land, and a house and a couple of cars, jewerly, ya know assets, you could then turn around and sell in case the shit ever hit the fan.

you can do that with just the interest. and unless those cars are vintage theyll depreciate the second you drive them off the lot.. and why a couple??? i have no use for jewellery. and how much land you planning on buying???

Phantom Pain

chadwick wrote:

BinauralJam wrote:

But how can you have to pay $11,000.00 a month in child support? what the hell does this kid eat?

$11,000.00 a month child support. ok, let us iron this out a bit.

$11 grand a month X 12 month = $132,000.00
($132,000.00)18 years = 2,376,000

what is thefather making annually?
let's say he's worth $8,000,000 every 12 months
$8,000,000/12 months = $666,666.67 per month

he pays the kid $11,000.00 monthly
he gets paid $666,666.67 (if my math is correct here.
$655,666.67 is his monthly net worth payment after child support

im no math wiz... we need a math pro here
what is the % he pays into child support?

$11,000.00(60) = $660,000.00
a shade under his monthly salary of $666,666.67 ($6,666.67 difference)
the kid's 11 grand is 60X smaller than his father's pay check

Lets be honest its about maintaining the same or close to the same lifestyle the wife had

The kid himself doesn't need a 11K a month

DS1119

RW81233 wrote:

Johnny Abruzzo wrote:

I don't see how anyone can make excuses for these people. Making $40M (even $20M after taxes & agents and whatever) and blowing it in 5 years is complete and utter stupidity.

I'm not making an excuse for this particular person. If he screwed up he screwed up. What I am saying is that this story shouldn't be shocking - especially if 80 percent of former NFL players are going bankrupt. Isn't that evidence of a systemic issue more than a personal issue? If it is systemic, and I believe it is, then I believe it makes more sense to change the system than sitting around not "getting" how someone could blow through money like that.

I don't know how relevant this is but Donald Trump has filed for bankruptcy four times. Doesn't mean he's broke and doesn't make him ignorant or stupid. He may actually be the most brilliant business man of my time.

EZ1221C

I could make 40 mil last a long time, until the next PJ tour. Then I would blow it all.

chadwick

Phantom Pain wrote:

chadwick wrote:

BinauralJam wrote:

But how can you have to pay $11,000.00 a month in child support? what the hell does this kid eat?

$11,000.00 a month child support. ok, let us iron this out a bit.

$11 grand a month X 12 month = $132,000.00
($132,000.00)18 years = 2,376,000

what is thefather making annually?
let's say he's worth $8,000,000 every 12 months
$8,000,000/12 months = $666,666.67 per month

he pays the kid $11,000.00 monthly
he gets paid $666,666.67 (if my math is correct here.
$655,666.67 is his monthly net worth payment after child support

im no math wiz... we need a math pro here
what is the % he pays into child support?

$11,000.00(60) = $660,000.00
a shade under his monthly salary of $666,666.67 ($6,666.67 difference)
the kid's 11 grand is 60X smaller than his father's pay check

Lets be honest its about maintaining the same or close to the same lifestyle the wife had

The kid himself doesn't need a 11K a month

yes that's the ticket...keeping the same lifestyle the family has come acustom too

catefrances

Phantom Pain wrote:

chadwick wrote:

BinauralJam wrote:

But how can you have to pay $11,000.00 a month in child support? what the hell does this kid eat?

$11,000.00 a month child support. ok, let us iron this out a bit.

$11 grand a month X 12 month = $132,000.00
($132,000.00)18 years = 2,376,000

what is thefather making annually?
let's say he's worth $8,000,000 every 12 months
$8,000,000/12 months = $666,666.67 per month

he pays the kid $11,000.00 monthly
he gets paid $666,666.67 (if my math is correct here.
$655,666.67 is his monthly net worth payment after child support

im no math wiz... we need a math pro here
what is the % he pays into child support?

$11,000.00(60) = $660,000.00
a shade under his monthly salary of $666,666.67 ($6,666.67 difference)
the kid's 11 grand is 60X smaller than his father's pay check

Lets be honest its about maintaining the same or close to the same lifestyle the wife had

The kid himself doesn't need a 11K a month

youre right, a kid doesnt need 11K a month but why shouldnt he/she be entitled if the noncustodial parent can afford it. seems fair to me.