I been an application programmer for 10 years and all I have is an associate degree from a technical school
PJ Dozier Gone
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I been an application programmer for 10 years and all I have is an associate degree from a technical school
These kind of threads get me shaking my head, Most look at these kind of questions from the fans perspective, the kids have a very different view. Basketball is a business to them, a business they prep for from middle school and it is a year round schedule of prep. It is not about their team or their school, it is about their brand, it is about their marketing. Team, actually funny, these kids play for so any teams, at times multiple teams in a single week, which team should they be loyal to, the very concept is not what it was not that many years ago.
We fans have one TEAM we love but we are on the outside looking in. Older players had 1 high school team for 4 years, moved on to college and had that 1 team for 4 more years ALL before having to deal with the sport they love as a business more so than a love of team, school, and play. Now these kids are going to work nearly every day of the year just like you but for most their pay days are delayed for several years. Now how long would you work your job every day and not get paid for it, can you blame these kids for getting their pay days started as soon as they can?
Now we love to think that the value of that college education is as or even more valuable to these kids than pro ball pay days beginning early? Some one mentioned Marvin taking 10 years to finish his degree...LOL... Marvin was getting paid, paid BIG TIME and here is the secret...He didn't need his degree to get paid like that, his college education did not help him one bit in getting those pay days. Getting his degree was important to Marvin so he got it but I assure you, it didn't matter to him that UNC only paid for a year of his education, he was completely able to pay for the rest of it...That is whats up when you have a few million in the bank. And even those that squander their professional pay and end up broke, ya really think a degree in general studies is going to be a game changer for them? Stupid is as stupid does...The ones that would really benifit from that degree will tend to be the ones that didn't squander their wealth and most of those guys can easy afford to pay their own way if they want it, geez, they donate more to the programs than the cost of a scholly any way. Most programs now days will let you come back and finish your degree at no cost any way...
We fans have one TEAM we love but we are on the outside looking in. Older players had 1 high school team for 4 years, moved on to college and had that 1 team for 4 more years ALL before having to deal with the sport they love as a business more so than a love of team, school, and play. Now these kids are going to work nearly every day of the year just like you but for most their pay days are delayed for several years. Now how long would you work your job every day and not get paid for it, can you blame these kids for getting their pay days started as soon as they can?
Now we love to think that the value of that college education is as or even more valuable to these kids than pro ball pay days beginning early? Some one mentioned Marvin taking 10 years to finish his degree...LOL... Marvin was getting paid, paid BIG TIME and here is the secret...He didn't need his degree to get paid like that, his college education did not help him one bit in getting those pay days. Getting his degree was important to Marvin so he got it but I assure you, it didn't matter to him that UNC only paid for a year of his education, he was completely able to pay for the rest of it...That is whats up when you have a few million in the bank. And even those that squander their professional pay and end up broke, ya really think a degree in general studies is going to be a game changer for them? Stupid is as stupid does...The ones that would really benifit from that degree will tend to be the ones that didn't squander their wealth and most of those guys can easy afford to pay their own way if they want it, geez, they donate more to the programs than the cost of a scholly any way. Most programs now days will let you come back and finish your degree at no cost any way...
B...S, look how much money Bill Gates has made BECAUSE of his degree...well OK, so maybe a bad example, but Lebron James would not be nearly a billionaire right now with out his degree from...OK, so maybe the BS stands for bye school in some cases and should...
By the way, in case my humor didn't work, I am agreeing with ya! LOL
Beginning of this season, Marvin signed a 4 year deal worth 54 million. So he is still going to be getting paid.
Not a chance USC was a top 15 if Dozier came back. They lose Thornwell for which they have zero replacement, and Notice, who made them dangerous when he was hitting 3's. Not much offensive firepower coming off that bench last year. NBA scouts are intrigued by Doziers ability to play guard at 6'7" and ability to get in the lane. Think Dozier knew that if he came back he would be the focal point from opposing defenses and wouldn't have had as good of a year. Now I don't think he is ready for the league, but wish him nothing but the best.
$200,000 a year is what he would get doing "nothing".... absolutely nothing. On the other hand he can get a college degree and make less or more salary can get layed-off his job a several times over his life. This $200,000 goes to him "every year" until he passes away. The current capital gains rate is 10%, so the maximum tax he would pay is $20,000 per year. Lets say he lives to age 80. That's 45 years (80-35= 45). Multiply 45 yrs times $200,000 per year and that's 90 Million. Receving 90 Million on a 2 Million investment is a pretty good investment. I think most will take the guaranteed $200,000 per year for life. He can supplement his income by getting a job as a janitor. Get the drift? There are many other ways a player can invest his money. The key is investing the money wisely and that college degree is not the priority or a necessity for many kids. Different era.
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There is so much off base in this poast I'm not sure where to start. Long term capital gains at that bracket would be 15%, not 10%. Also, I'm not sure why you're using the LTCG rate, when annuity growth (everything except the original $2M he put in) would be taxed as ordinary income - which depending on whether he's filing single or married would put him either in the 28% or 33% bracket. That doesn't count any state income taxes that he'd owe as well.
Also, I'm not sure where you get the impression that a $2M lump sum can get you a 200K annuity payment for 45 years. If that were the case I'd buy one tomorrow.
Plus you're not factoring in inflation and the time value of money. $200K 50 years from now won't be worth anything close to what it is today. Assuming a relatively standard inflation of 2.5%, that'd be worth $58K in today's dollars.
This, I do agree with.
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This place is a one-stop shop for all the world's wisdom!
And to think I paid Old Chuck S so much money for advice I just got here for free! Now if I only had enough money for the advice to matter, lol!
I forgot what the OP was about, but I do know that OADs are ruining college bball and Roy needs to call timeouts!
UNC = 7 Time National Champions!
And to think I paid Old Chuck S so much money for advice I just got here for free! Now if I only had enough money for the advice to matter, lol!
I forgot what the OP was about, but I do know that OADs are ruining college bball and Roy needs to call timeouts!
UNC = 7 Time National Champions!
First, he needs to hire a financial advisor to help him avoid some of the issues you point out. Send me your email address and I'll send you an illustration. Guaranteed 7% growth for 10 years and 2-3 projected lock-ins based on historical performance of the stock market. Keep in mind that the original 2M has already been taxed and will not be taxed again. I'll explain the other stuff in an email if interested. Also, if the player is a good planner he would not spend the full $180,000 annually. Hopefully, he is smart enough to get a job making a decent wage and do other investments to diversify his portfolio. Among other things, open up a ROTH IRA and pump the maximum in each year
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The biggest problem is the time value of money and the total lack of flexibility of the annuity. It's just not a good investment for a young guy. They also tax them LIFO. There is also a fee to get the 7% guarantee which will cost you thousands a year off the actual value and can go up. It's a product typically marketed to seniors.First, he needs to hire a financial advisor to help him avoid some of the issues you point out. Send me your email address and I'll send you an illustration. Guaranteed 7% growth for 10 years and 2-3 projected lock-ins based on historical performance of the stock market. Keep in mind that the original 2M has already been taxed and will not be taxed again. I'll explain the other stuff in an email if interested. Also, if the player is a good planner he would not spend the full $180,000 annually. Hopefully, he is smart enough to get a job making a decent wage and do other investments to diversify his portfolio. Among other things, open up a ROTH IRA and pump the maximum in each year
Look guys this kind of stuff blows my mind. Lol. Let's talk hoops so us average minded people can chime in.
Agreed with a lot of the earlier posts that I support these guys going early if playing professionally is their dream. Also I am digging the numbers (sorry HeelzLover).
Bottomline, making even $100k to play a game in Europe as a young, super athletic American is a pretty sweet life. I don't fault someone for pursuing that.
Bottomline, making even $100k to play a game in Europe as a young, super athletic American is a pretty sweet life. I don't fault someone for pursuing that.
There are no fees deducted on a "Lifetime Income" Rider...absolutely zero. You are correct that this is a product marketing to older folks, but since many of these your players have no concept of money management setting up something like this would be good for them. They will need a cash reserve to tap into to avoid have to tapping into the annuity. No doubt this investment is the type that you must invest in and forget about for 7-10 years. One needs to have a cash reserve to avoid tapping into the annuity. Could be good for some of them because they may blow the money if it was readily available to them. Been there...seen that. It boils down to the player having a good financial advisor. Everybody situation is different. You look at a player like Allen Iverson who make millions over the years and is now broke. You telling me that with the money he made he could not afford to put away 2M for 10 years? He is absolutely broke now and that $200,000 a year would come in handy right now for him. As Mike Tyson said "Everybody has a plan until they get hit in the face".
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There is a fee on the actual value of the annuity to guarantee the 7% and it adds up.
There is a fee for the Rider and mortality expense, but there is NO fee in the lifetime pay-out which is the most important feature on a Lifetime Income Rider.
As long as the person takes the "Lifetime Income" option there are no fees deducted from the payouts.
For example, if you invest $2M with a 7% guaranteed annual credit off the the base for 10 years this comes to $140,000 per year.
Multiply 10 years X $140,000 =1.4M. Thus, after 10 years you have a total of 3.4M.
2M (original investment) + 1.4M ( 7% credit for 10 years) = 3.4M
Your payout is 6% of the 3.4M for life: $204,000 per year
There are no fees deducted from your lifetime payout.
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