Do teams ever have financial advisors on staff to assist players? If I owned a team and was paying some of these young guys millions of dollars a year I think I would also spend some money on the salary of a decent financial advisor. I can only imagine the people that come out of the woodwork when you start making money like that and how it can affect your mental health and the way you feel on the ice, at home, at team events, etc.
Look at Mr. Orr, trusted the wrong guy and it bit him in the ass in a big way. Have to feel for these people, ya they made millions, but in their respective field they earned it. And the worst part is that some greasy jerk is benefiting from it.
__________________ "In brightest day, in blackest night / No evil shall escape my sight / Let those who worship evil's might / Beware my power, Green Lantern's light!"
All in all.. ####ty for J J, crummy parents, but it is very hard for me to have any empathy or even one ounce of give a #### after reading
"Jack Johnson left his Ferrari parked in the garage of his Dublin apartment and drove his BMW to a federal courthouse Downtown to file for bankruptcy."
Whatever, he will make it back, and still live VERY WELL OFF
“Where the hell in their lifetime were they going to learn anything about [money]?” Butowsky asks. “At no point did they learn anything about personal finance—what a mutual fund is, what a municipal bond is, how the equity markets work. None of that stuff.” What most athletes do know are the things we’re all familiar with: restaurants, bars, bowling alleys, homes, cars. Butowsky says many athletes have dumped about 95 percent of their money into investments in which they should have less than five: private equity and real estate.
Players will always be susceptible to outside pilfering or self-inflicted splurging, though, and many experts are suggesting that players’ unions do more to educate young athletes about money management. The MLBPA works jointly with the MLB in the Rookie Career Development Program, which invites top prospects from each team to participate in a series of seminars. One of the sessions is on financial management. The players’ association has discussed setting up a more substantial financial program for active players, but nothing specific is in the works. The NFL has a program that refers active and retired players to registered financial advisors. But neither it nor the NHL and NBA players’ associations responded to requests for comment.
All in all.. ####ty for J J, crummy parents, but it is very hard for me to have any empathy or even one ounce of give a #### after reading
"Jack Johnson left his Ferrari parked in the garage of his Dublin apartment and drove his BMW to a federal courthouse Downtown to file for bankruptcy."
Whatever, he will make it back, and still live VERY WELL OFF
Important to note something else from the article though:
Quote:
Those close to him say Johnson is pretty frugal. The Ferrari, which likely will be a casualty of the bankruptcy, was the one “extravagant” gift he bought for himself upon turning pro, a source said.
This isn't a moron who took some risks and lost – all he did was trust his parents when he was a kid (which we all do to some degree). I feel quite badly for him. If managed properly that money could have grown for decades, now it's flushed.
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That's incredibly sad to read, but he's at fault for it, signing a power of attorney to let his parents handle his money.
My dad gave me the best advice ever and I'm not a person making millions. Keep your friends and family separate from your money, If you're going to lend money to a friend or family member do it with the expectation that you're never ever going to see that money again and you're going to lose that friend or family member. If you're going to use professionals to touch your money, Vette them 6 ways to sunday.
At the end of the day, he's starting to do the right thing, he's going to make some good money over the next few years but he's starting from less then zero.
This isn't a case where this kid spent his way into bankruptcy like so many pro athletes. He as conned by his the people that he should have trusted the most.
TBH the one thing if I was his shoes, I would do anything I could to get his brother away from those scumbags.
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Important to note something else from the article though:
This isn't a moron who took some risks and lost – all he did was trust his parents when he was a kid (which we all do to some degree). I feel quite badly for him. If managed properly that money could have grown for decades, now it's flushed.
That's his side of the story. However, this morning on the Fan - Eric D talked about the fact that JJ is not known to be frugal. Example: Chartering his own plane to fly from LA to Vancouver for the olympics.
I suspect his parents were a big part of how this went sideways - but I imagine he played his own part too.
Young people in all sorts of professions struggle with $$$ - I have personal friends who have racked up credit card debt so severe that it is stunning. The only difference here is that the dollars are so shocking because it is millions.But at the core I don't think it is too different: Spending above your means and borrowing money in idiotic ways.
I don't know what is done in school nowadays but it feels to me like more time should be spent on personal finances in high school. I think we did a day on it in C.A.L.M (20 years ago) but I'd say that isn't nearly enough.
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Bought the Ferrari during the beginning of the good times and big paycheques, but is now just a material casualty of the whole mess.
No doubt Johnson is going to get back on his feet and be a multimillionaire. No shred of a doubt. But bankruptcy is not an easy thing to recover from. I can't imagine claiming it, especially if you don't have the amount of bucks that JJ has coming in to repair your life.
What ####ty parents, throwing their own son under the bus. That has to be traumatizing.
Young people in all sorts of professions struggle with $$$ - I have personal friends who have racked up credit card debt so severe that it is stunning. The only difference here is that the dollars are so shocking because it is millions.But at the core I don't think it is too different: Spending above your means and borrowing money in idiotic ways.
Yep. I'd estimate 10-20 per cent of people are simply terrible with money. So we shouldn't be surprised when some of them are high-earning athletes.
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Quote:
Originally Posted by fotze
If this day gets you riled up, you obviously aren't numb to the disappointment yet to be a real fan.
Yep. I'd estimate 10-20 per cent of people are simply terrible with money. So we shouldn't be surprised when some of them are high-earning athletes.
Exactly right. It is the same reason why we should not be stunned when we learn of pro athletes who struggle with substance abuse, mental illness and other issues the impact people of all income levels.
The one thing is these guys are better equipped to confront and deal with these issues - money grants you access to a wider net of support. But the person has to want to fix it.
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