How and Why Athletes Go Broke (2009) • Hacker News Board

Re: How and Why Athletes Go Broke (2009)

#11

Post by IntronExon » Fri, Feb 09, 2018, 6:14 PM UTC

pc86 wrote: post #9

IntronExon wrote: post #6

Earlier quoted context omitted.

I have an unsupported conjecture that critical thinking skills and financial literacy aren’t taught in (US) schools more or less intentionally. Financial literacy would harm the business models of institutions offering many types of loans, mortgages, lines of credit, etc. Truly educated consumers are harder to fleece. Critical thinking dovetails with that, and would probably make it harder for ideological, religious,…

1. There is a national (or international) cabal of executives and power brokers at major institutions of banking and finance that have infiltrated the federal and state Departments of Education, local school boards, curriculum writing organizations, and more in order to subtly dumb down the American populace with the goal that they will be able to make money off these idiots decades later to the tune of a car loan an…

I didn’t say or intimate your formulation of “1”

Do you think that standardized tests generate spontaneously? SAT-De Novo edition?

Re: How and Why Athletes Go Broke (2009)

#12

Post by IntronExon » Fri, Feb 09, 2018, 6:15 PM UTC

whatshisface wrote: post #8

IntronExon wrote: post #6

Earlier quoted context omitted.

I have an unsupported conjecture that critical thinking skills and financial literacy aren’t taught in (US) schools more or less intentionally. Financial literacy would harm the business models of institutions offering many types of loans, mortgages, lines of credit, etc. Truly educated consumers are harder to fleece. Critical thinking dovetails with that, and would probably make it harder for ideological, religious,…

The biggest difficulty with that theory is that when people loose money to loan sharks they stop buying other things. So as far as either the national economy or the sum of all lobbyists (whichever you think the government is most beholden to) are concerned it's not good on average when people loose everything.

Average people don’t lose everything, they live in debt, and increase their debt.

Credit cards and student loans, medical bills and mortgages. People who make sound financial decisions don’t roll over debt on their cc’s, or allow for a housing bubble. They might be swayed by arguments that single-payer healthcare wouldn’t lower costs.

They might even question the value of spending trillions in Iraq and Afghanistan.

Re: How and Why Athletes Go Broke (2009)

#13

Post by ggm » Fri, Feb 09, 2018, 6:15 PM UTC

In many situations, people who are identified as being at risk have somebody else placed in control of the finance, by court action. Brain injury patients for instance. Hmmm.. hang on.. whats the major risk factor in the football circuit again?

Seriously: the recruitment of minors for major league with giant cash benefits should require them to sign a consent form for arms-length management of their capital for some time period, and give them the income stream not the capital.

after all, its often how the money is being controlled that wound up being their notional capital in the first place

Re: How and Why Athletes Go Broke (2009)

#14

Post by tw1010 » Fri, Feb 09, 2018, 6:15 PM UTC

Let me guess, getting your entire career salary in a lump sum before you're 30 and having the impulsive personality of an athlete doesn't mix well?

Re: How and Why Athletes Go Broke (2009)

#15

Post by gwern » Fri, Feb 09, 2018, 6:16 PM UTC

rectang wrote: post #3

This article is from 2009.

Still one of the best articles on the topic, and if anything, it's even more topical now with the continuous drumbeat of evidence on brain damage in pro sports since 2009 (note the bankruptcy imbalances between professional sports - the ranking goes about as you would predict...).

Re: How and Why Athletes Go Broke (2009)

#16

Post by hycaria » Fri, Feb 09, 2018, 6:16 PM UTC

IntronExon wrote: post #6

Skunkleton wrote: post #2

This sounds a lot like how most people go broke. Even when you are talking about people who have been fortunate enough to make a lot of money (like lotto winners), the story sounds the similar. Maybe we need better financial education in the public school system?

I have an unsupported conjecture that critical thinking skills and financial literacy aren’t taught in (US) schools more or less intentionally. Financial literacy would harm the business models of institutions offering many types of loans, mortgages, lines of credit, etc. Truly educated consumers are harder to fleece. Critical thinking dovetails with that, and would probably make it harder for ideological, religious,…

Yes there's a big risk, because as we all know, humans are very predictable machines : once you teach them something, they consistently act accordingly. We can take as proof tobacco, obesity, sex ed, various addictions and various trendy denials.

Re: How and Why Athletes Go Broke (2009)

#17

Post by jstanley » Fri, Feb 09, 2018, 6:18 PM UTC

ggm wrote: post #13

In many situations, people who are identified as being at risk have somebody else placed in control of the finance, by court action. Brain injury patients for instance. Hmmm.. hang on.. whats the major risk factor in the football circuit again? Seriously: the recruitment of minors for major league with giant cash benefits should require them to sign a consent form for arms-length management of their capital for some…

> Seriously: the recruitment of minors for major league with giant cash benefits should require them to sign a consent form for arms-length management of their capital for some time period, and give them the income stream not the capital.

No, thanks. It's their money, let them have it. If they want it to be invested on their behalf, that's fine. But it should be their choice.

How would you like it if your employer told you that instead of paying you your wages, he was instead going to contribute to an investment fund, and you'd receive the income from that fund rather than receiving the money directly?

Re: How and Why Athletes Go Broke (2009)

#18

Post by IntronExon » Fri, Feb 09, 2018, 6:18 PM UTC

hycaria wrote: post #16

IntronExon wrote: post #6

Earlier quoted context omitted.

I have an unsupported conjecture that critical thinking skills and financial literacy aren’t taught in (US) schools more or less intentionally. Financial literacy would harm the business models of institutions offering many types of loans, mortgages, lines of credit, etc. Truly educated consumers are harder to fleece. Critical thinking dovetails with that, and would probably make it harder for ideological, religious,…

Yes there's a big risk, because as we all know, humans are very predictable machines : once you teach them something, they consistently act accordingly. We can take as proof tobacco, obesity, sex ed, various addictions and various trendy denials.

Many humans would, unless you believe that the tobacco industry spent decades and billlions on FUD, bullshit research, and shady political dealing to keep people in the dark?

Re: How and Why Athletes Go Broke (2009)

#19

Post by sj3k » Fri, Feb 09, 2018, 6:20 PM UTC

zappo2938 wrote: post #10

IntronExon wrote: post #6

Earlier quoted context omitted.

I have an unsupported conjecture that critical thinking skills and financial literacy aren’t taught in (US) schools more or less intentionally. Financial literacy would harm the business models of institutions offering many types of loans, mortgages, lines of credit, etc. Truly educated consumers are harder to fleece. Critical thinking dovetails with that, and would probably make it harder for ideological, religious,…

[deleted]

wow after reading this I have no idea why they were angry and annoyed. I bet you're positively charming.

Re: How and Why Athletes Go Broke (2009)

#20

Post by hycaria » Fri, Feb 09, 2018, 6:20 PM UTC

IntronExon wrote: post #18

hycaria wrote: post #16

Earlier quoted context omitted.

Yes there's a big risk, because as we all know, humans are very predictable machines : once you teach them something, they consistently act accordingly. We can take as proof tobacco, obesity, sex ed, various addictions and various trendy denials.

Many humans would, unless you believe that the tobacco industry spent decades and billlions on FUD, bullshit research, and shady political dealing to keep people in the dark?

But since 20 years that this has all been debunked, we luckily have no more new smokers and everyone is working on quitting !

No amount of education can force behaviours into people. Logic is not a shared resource.