Originally posted by Giedi:
Originally posted by CatchMaster80:
Originally posted by Howlett49:
And you can't tell me his living costs are 20 mil per. He's stacking with that kind of $ no matter where he lives
His take home would be about $10 million after state and federal taxes. That's still a lot but I have no idea what his expenses are. Does he have more than one mortgage? If so how many and how big ar ethey? Remember that these guys have a limited career and need to build a nest egg to be able to maintain their standard of living.
I know that sounds silly since most of these guys came from very humble homes but once they taste the good life, it's hard to go back to living at a lower standard. Most of them tend to overspend, just like many of us when we have a good job. It feels like the money will never end
Yup, a good portion of them file bankruptcy after their career ends.
It's easy to see why the way these contracts are structured. They sign a 4 year deal worth $20 million but the last 2 years are voidable. It makes it hard for anyone to really know how much they are going to get. Besides, look at how many people file for bankruptcy who aren'y athletes. Too many want a little more than they can afford and that's what happens. You hear ads all the time from bankruptcy attorneys. Even our former President had his share.