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Old 04-07-2008   #41
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Default Re: Weaver Made Financial Decision...........

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Originally Posted by KeithW View Post
Lucky! Where you been, man?!

I estimated Weaver's dead money on Stephanie's blog about a month ago.



Since the time I wrote that, I gained (and quickly lost) access to official salary cap data. And while I don't have Weaver's details saved, I seem to recall checking it out and thinking it matched my estimate.
Keith, is there a story here?
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Old 04-07-2008   #42
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Default Re: Weaver Made Financial Decision...........

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Originally Posted by RTP2110 View Post
Ya know, I'm tired of these athletes saying that they're trying to take care of their families. Or saying that they have kids to feed. Seriously, we all have families, and kids to feed. The NFL league minimum is 10 times more than most people make anyway. I don't understand why they all keep saying that. How many kids do you have? 36


I understand that contracts are not guaranteed, and every contract could be a player's last. I don't blame them for getting all they can, from any team they can. They just need to drop the ''support my family" line already.

I don't have any problem when players say that. The average career of an NFL player is very short. They have to get all they can because it can be gone in a second.

Most players will not be able to get post-playing careers where they make nearly as much money as when they played.
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Old 04-07-2008   #43
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Default Re: Weaver Made Financial Decision...........

Case in point, Kevin Everett. Experts estimate you need at least a million to retire at 65. How about at 26 + medical expenses? Not to mention the NFL's disability and pension:

http://sportsillustrated.cnn.com/200...ngs/index.html

Last edited by Rex King; 04-07-2008 at 04:18 PM.
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Old 04-07-2008   #44
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Default Re: Weaver Made Financial Decision...........

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Originally Posted by RTP2110 View Post
Ya know, I'm tired of these athletes saying that they're trying to take care of their families. Or saying that they have kids to feed. Seriously, we all have families, and kids to feed. The NFL league minimum is 10 times more than most people make anyway. I don't understand why they all keep saying that. How many kids do you have? 36


I understand that contracts are not guaranteed, and every contract could be a player's last. I don't blame them for getting all they can, from any team they can. They just need to drop the ''support my family" line already.

Most guys have a very short career and most of them don't have any skills to do anything else once that career is over. They have to make as much money as they can because it has to last them for the rest of their lives.

Let's say a guy is going to make 20 million dollars. After taxes, it's really about 10 million. Let's say he lives to 80 years old. That means he's got to subsist on that 10 million for about 58 years and that makes it about 175,000 a year. That's a nice living. Not a particularly extravagant one. Most guys don't make what their contract is worth. And most guys don't make that much. And most of them blow a huge chunk right after they get that contract so they end up with less money to work with because they buy a bunch of expensive cars and houses and toys.

Since a lot of these guys aren't good with their money, they're going to end up needing to do SOMETHING to make money later in life.

So I have no problem with hearing these guys talking about having to make bank because of their family because it's not that far off.

If someone gives you a million dollars, that doesn't mean you're set for life anymore. Especially if you live high on the hog a couple of years and get used to it.
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Old 04-07-2008   #45
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Default Re: Weaver Made Financial Decision...........

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How do you know they are just talking about immediate family ?

I know that if I am ever blessed enough to have great wealth I'm going to make sure everyone around me (meaning very close friends and relatives) see's a little piece of the pie...
*checks family tree for relationship to Polo*
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Old 04-07-2008   #46
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Default Re: Weaver Made Financial Decision...........

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Originally Posted by The Pencil Neck View Post
Most guys have a very short career and most of them don't have any skills to do anything else once that career is over. They have to make as much money as they can because it has to last them for the rest of their lives.

Let's say a guy is going to make 20 million dollars. After taxes, it's really about 10 million. Let's say he lives to 80 years old. That means he's got to subsist on that 10 million for about 58 years and that makes it about 175,000 a year. That's a nice living. Not a particularly extravagant one. Most guys don't make what their contract is worth. And most guys don't make that much. And most of them blow a huge chunk right after they get that contract so they end up with less money to work with because they buy a bunch of expensive cars and houses and toys.

Since a lot of these guys aren't good with their money, they're going to end up needing to do SOMETHING to make money later in life.

So I have no problem with hearing these guys talking about having to make bank because of their family because it's not that far off.

If someone gives you a million dollars, that doesn't mean you're set for life anymore. Especially if you live high on the hog a couple of years and get used to it.
Invest that 10 million - even in something very conservative at say 4% - and you can skim off $400k per year for, forever, and never touch the 10 million.

I don't feel sorry for anyone that has an opportunity to be set for a lifetime and blows it. Nor do I feel that they 'deserve more' because they might have a higher chance of mis-managing their windfall after they get it.
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Old 04-07-2008   #47
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Default Re: Weaver Made Financial Decision...........

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Originally Posted by aj. View Post
Invest that 10 million - even in something very conservative at say 4% - and you can skim off $400k per year for, forever, and never touch the 10 million.

I don't feel sorry for anyone that has an opportunity to be set for a lifetime and blows it. Nor do I feel that they 'deserve more' because they might have a higher chance of mis-managing their windfall after they get it.
You don't have to feel sorry for them. It's just more realistic for them to realize that they have to maximize their earnings now. I don't mind them saying that they need to make the money for their families. The less intelligent they are with their money, the more that statement is probably true.
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Old 04-07-2008   #48
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Default Re: Weaver Made Financial Decision...........

Quote:
Originally Posted by RTP2110 View Post
Ya know, I'm tired of these athletes saying that they're trying to take care of their families. Or saying that they have kids to feed. Seriously, we all have families, and kids to feed. The NFL league minimum is 10 times more than most people make anyway. I don't understand why they all keep saying that. How many kids do you have? 36


I understand that contracts are not guaranteed, and every contract could be a player's last. I don't blame them for getting all they can, from any team they can. They just need to drop the ''support my family" line already.
NFL Minimum Salaries For 2008 Season

R - $295,000
1 - $370,000
2 - $445,000
3 - $520,000
4-6 - $605,000
7-9 - $730,000
10+ - $830,000

While it would be nice to get a windfall like that in one year, I doubt that I'd consider myself set for life.... or even ten years.

Now if we were talking Peyton Manning money.....

"Family" could mean anything from "just me and mom" to "everyone in the my community that helped me along the way".

And I stand by my original statement, this is a capitalist country. You get what you can, when you can. At least up to the point that your needs and responsibilities are covered (with some pad for emergencies) for the foreseeable future. After that you're being greedy.

Let me put it another way, if someone offered me $5-10 million / yr to relocate but still do my exact same job for the next 3-4 years, I'd sure as heck take that deal. I'll bet there's few people on this board who honestly wouldn't take a deal like that if offered to them.

Last edited by ObsiWan; 04-07-2008 at 07:23 PM.
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Old 04-07-2008   #49
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Default Re: Weaver Made Financial Decision...........

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Keith, is there a story here?
We wants it, we needs it. Must have the precious. They stole it from us. Sneaky little leagueses. Wicked, tricksy, false!

Other than that, nope.
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Old 04-08-2008   #50
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Default Re: Weaver Made Financial Decision...........

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Originally Posted by KeithW View Post
We wants it, we needs it. Must have the precious. They stole it from us. Sneaky little leagueses. Wicked, tricksy, false!

Other than that, nope.
Dad burn it! I already had a call into Hollywood. Just knew I could set you up with a movie deal and I only wanted 50% of the profits. Hey John. John McClain! Go ahead and cancel that call we talked about. Keith let me down on the big and juicy.
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Old 04-08-2008   #51
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Default Re: Weaver Made Financial Decision...........

I don't feel sorry for professional atheletes. They make enough money that with some sound investments they should be set for the rest of their lives.

With that said I think they should try to get every penny they can.

It's called capitalism.
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