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Thread: Money Management

  1. #21
    Bottom Tier Superhero Iceaxe's Avatar
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    Warren Sapp Files For Bankruptcy
    FORT LAUDERDALE, Fla. -- Former NFL star Warren Sapp has filed for bankruptcy in South Florida.

    Court filings show Sapp filed for Chapter 7 bankruptcy in Fort Lauderdale on March 30. The documents show he owes more than $6.7 million to creditors and back child support and alimony. Sapp's $6.45 million in assets include more than 200 pairs of Jordan sneakers.

    He also reported losing his 2002 Super Bowl ring with the Bucs and his 1991 national championship ring from the University of Miami.

    TMZ.com first reported the filing. Messages left with his attorney Saturday by The Associated Press were not immediately returned.

    Sapp was a former defensive tackle for the Tampa Bay Buccaneers and the Oakland Raiders.


    How not to manage money....

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  3. #22
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    It's sad that far too many of professional athletes end up just like this. Most of their careers are farr to short to live like that. If they only invested their money they earn wisely, they could put that money to good use and it could last most of their lifetime.

  4. #23
    Bottom Tier Superhero Iceaxe's Avatar
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    Money cannot buy happiness, but it's more comfortable to cry in a Corvette than on a bicycle.


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  6. #25
    Bottom Tier Superhero Iceaxe's Avatar
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    Re: Money Management

    Interesting read.....


    Why athletes go broke
    By Matt Harpring, ksl.com Contributor

    SALT LAKE CITY — Evander Holyfield, boxing icon, made over $230 million over his entire career and finds himself going to court because he is over $372,000 behind in child support.

    Evander had 12 kids from six different mothers. Child support payments were reported to be $19,270 a month just for one of his kids. The home he built was 54,000 square feet, which is only 1,000 square feet smaller than the White House, has 109 rooms, 17 baths, three kitchens, a bowling alley, a movie theater, an Olympic-sized swimming pool, and sits on 235 acres.

    The home sold at auction for $7.5 million with Holyfield owing a reported $14 million on the home.

    Every year we hear stories of athletes that made many millions of dollars over their careers but end up in bankruptcy. How? Why? It doesn't seem possible!

    I want to start with some shocking statistics. 60 percent of NBA athletes go broke after five years of being retired and 78 percent of NFL players are bankrupt or under financial stress after just two years of retirement.

    A common misconception amongst the public is that athletes are "dumb jocks." While there are a few that fit that description, a recent study showed American elite athletes scored, on average, 96 to 107 on I.Q. tests. The problem lies not with the lack of intelligence, but rather the same challenges and issues every American faces.

    Regardless of salary, statistics show many Americans spend everything they earn. As dangerous as that is for the ordinary folk, it's even more so for athletes that are one injury away from a career being over.

    Let's take a look at how these million-dollar bank accounts get reduced to zero.

    Taxes

    Yes, this is huge. Let's not forget about Uncle Sam. We all pay our fair share to the government, but with ultra high salaries comes ultra high tax bills. Every contract should be viewed as half of the actual amount. A player signs a $20 million contract, he will clear only $10million. I know, who can't live off $10million?

    Divorce

    Again divide by two. That player that signed a $20 million contract gets divorced; he will receive $5 million of that $20 million after taxes and a divorce settlement. During NBA careers, 90 percent of married couples stay together. Post NBA career, 18 percent stay together!

    When a divorce settlement is reached, each walks away with half and legal costs are usually through the roof. Oh, and what if there are kids?

    Child support

    Depending on the number of kids an athlete has, child support can be extremely costly. Travis Henry, former Denver Broncos tailback, has obligations to pay $170,000 annually in child support. Remember, that is for one year and for one child.

    Bad investments

    Athletes all have them and they are lucky if they just have one. Read any story of an athlete going bankrupt and there will be a high probability of him having a bad real estate deal, a bar/restaurant that failed, a next "big thing" investment that busts, or a plain old risky investment in stocks and bonds that losses money.

    Some athletes have services that pay their bills and handle all their business matters so they can focus on their sport. They trust people, the wrong people, and shell huge amounts of money for the "sure thing" investment. Money managers, CPA's, lawyers, and agents can grossly overcharge or outright steal without detection.

    Unfortunately for an athlete, there is no high school or college course on how to live with and protect millions of dollars.

    Most athletes are first generation wealthy; meaning their parents never had nor know what its like to have money. They usually are young, new to money, and often try to surround themselves with people they have been around their entire life- family.

    An athlete can always rely on family right? Sadly, in many cases, it's the family members who put their own self- interests first. They put enormous amount of pressure on the athlete to be generous; reminding him he didn't get there by himself. Many times it's the buying of houses, cars, and expensive jewelry to show appreciation. Next thing you know, mom, dad, brother, uncle, and cousin are on the payroll. Financially it can be managed when the money is flowing in, but the real problem arises when taking care of family lasts a lifetime.

    The average NBA player has a career span of 4.8 years; NFL is 3.2 years, and MLB is 5.6 years. It should be obvious that careers don't last forever. Unfortunately, that is not the mentality of an athlete. Athletes can't envision the body breaking down or getting old until it is too late. Spending habits form off the money that is currently coming in from paychecks.

    They usually associate with other athletes or high spenders and tend to spend accordingly. They buy cars, houses, jewelry, clothes, and fancy dinners because there is almost nothing they can't afford at the time.

    The years of undisciplined spending habits are too hard to break. Factor in taxes, divorce, child support, pressure from loved ones, bad investments, and unchecked spending, there is a perfect storm brewing for bankruptcy.

  7. #26
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    Re: Money Management

    Money management (regardless of income bracket) summed up in a few words:

    Spend less than you make = good

    Spend more than you make = bad
    Utah is a very special and unique place. There is no where else like it on earth. Please take care of it and keep the remaining wild areas in pristine condition. The world will be a better place if you do.

  8. #27

    Re: Money Management

    1. Pay off debts. Maintain only the mortgage.

    2. Put most of the rest of your cash into a HIGH DIVIDEND IRA. Mine currently yields 14%/monthly. It kicks ass. You're lucky to get more than 3% from the clowns at your local bank.

  9. #28

    Money Management

    Spend like there's no tomorrow...because there may not be...

    :)
    Randy Langstraat
    ADVENTR.CO | Anasazi Photography

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  11. #29

    Re: Money Management

    Quote Originally Posted by rockgremlin View Post
    Mine currently yields 14%/monthly. It kicks ass. You're lucky to get more than 3% from the clowns at your local bank.

    Ummmmmm, are you sure????

    Cuz if you are getting 14% a month on anything, you need to send me a PM with how to do it!!!!!! Legal methods would be preferred....

  12. #30
    Bottom Tier Superhero Iceaxe's Avatar
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    Re: Money Management

    Rockgremlin invests with the firm Ponzi & Ponzi.

    Sent using Tapatalk

  13. #31

    Re: Money Management

    Quote Originally Posted by JONBOYLEMON View Post
    Ummmmmm, are you sure????

    Cuz if you are getting 14% a month on anything, you need to send me a PM with how to do it!!!!!! Legal methods would be preferred....

    Oh it's 100% legal. But you have to open an account with TD Ameritrade or Etrade or any other trading platform like that. Once you get that far let me know and I'll walk you through the rest. Don't get caught up in "day trading" penny stocks...that's a sure way to lose your shirt.

  14. #32
    Bottom Tier Superhero Iceaxe's Avatar
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    Re: Money Management

    Rock.... he was making fun of the 14% a month when I'm guessing you meant year.... cause if its really a month its either illegal or you are getting scammed.

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  15. #33
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    Re: Money Management

    Rock.... he was making fun of the 14% a month when I'm guessing you meant year.... cause if its really a month its either illegal or you are getting scammed.
    Some of those payday loans really do (or did) work out to be 14%+ a month!
    Utah is a very special and unique place. There is no where else like it on earth. Please take care of it and keep the remaining wild areas in pristine condition. The world will be a better place if you do.

  16. #34
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    Re: Money Management

    Quote Originally Posted by Scott P View Post
    Some of those payday loans really do (or did) work out to be 14%+ a month!
    And that's my point.... if you used them you were getting scammed. Loan sharking has always bee a lucrative business.

    FWIW: I'd like to see the government put those payday loan places out of business. The only people using them are people that absolutely shouldn't be.

  17. #35
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    Re: Money Management

    And just for fun....

    DOW Average Monthly Performance Since 1929

    Return in January has been 1.04%
    Return in February has been -0.01%
    Return in March has been 0.37%
    Return in April has been 1.44%
    Return in May has been -0.2%
    Return in June has been 0.51%
    Return in July has been 1.5%
    Return in August has been 0.75%
    Return in September has been -1.3%
    Return in October has been 0.01%
    Return in November has been 0.84%
    Return in December has been 1.46%

  18. #36

    Re: Money Management

    Quote Originally Posted by Iceaxe View Post
    Rock.... he was making fun of the 14% a month when I'm guessing you meant year.... cause if its really a month its either illegal or you are getting scammed.

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    Two corrections (I haven't logged into my account for a while).

    1. Shane's correct - it is an annual dividend...

    2. It's actually not 14%, but 21%. It's become my favorite savings account. It's performed flawlessly for almost two years now. I was carrying a margin balance for a while there, but the monthly dividend has paid it all off.

    Anyone who stows their cash in a bank either must love the 2.75% interest they're getting, or love to pad the pockets of the greedy corporate banks.

  19. #37

    Re: Money Management

    OK 14% annually. These are High Dividend stocks? Seriously 21%?????

    Also, I have a couple of brokerage accounts that I use, so I am set up and awaiting direction on how to get 21%!!

  20. #38
    Bottom Tier Superhero Iceaxe's Avatar
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    Re: Money Management

    Quote Originally Posted by rockgremlin View Post
    Anyone who stows their cash in a bank either must love the 2.75% interest they're getting, or love to pad the pockets of the greedy corporate banks.
    If you can find a bank paying 2.75% right now you are way ahead of the curve. Most at currently paying less then 1%.

  21. #39
    Bottom Tier Superhero Iceaxe's Avatar
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    Awesome article well worth reading.

    Average people think you need money to make money, but the rich use other people's money.

    21 Ways Rich People Think Differently

  22. #40
    Z-Crew Deathcricket's Avatar
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    Quote Originally Posted by Iceaxe View Post
    Awesome article well worth reading.

    Average people think you need money to make money, but the rich use other people's money.

    21 Ways Rich People Think Differently
    "Meanwhile, the masses are convinced that master's degrees and doctorates are the way to wealth, mostly because they are trapped in the linear line of thought that holds them back from higher levels of consciousness...The wealthy aren't interested in the means, only the end."
    That's a good quote right there. Great article!
    Your safety is not my responsibility.

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