1) Gross vs. net: It never fails; when my clients get their first NFL check they call me and say something is wrong. They are floored by how much is taken out for taxes and other deductions. Unfortunately, the shock doesn’t resonate long enough. I would say 90% of players have some type of direct deposit or their check gets mailed to their investment advisor and the players never see the net amount. Thus, they think they always are making more money (in gross numbers) than they actually are. Yahoo Sports read the rest of the 10, its pretty interesting
Awesome read that thing about the guys watch that he spent 20 grand on then got appraised at 1500. Anyways I can understand some of these reasons I could definitely understand getting that type of money that young can be difficult but honestly financial advisors should sack up when their client gets whiny, show them the list of NFL players who are bankrupt, ask them if they want to join that list. I can guarantee they will say no. problem solved.
Good stuff. They are basically kids when they sign these agents, contracts, etc.. Most young people think that they are indestructible. That mindset is multiplied infinitely when you have had your butt kissed most of your life, and your drive has only been focused on the goal of reaching the professional level. You are unprepared and easy prey. Having smart, truly caring family and friends to help guide them is so important.
