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How and Why Athletes Go Broke (2009)

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Re: How and Why Athletes Go Broke (2009)

#21

Post by djrogers »

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.

First of all, these are not minors - they are over 18. Secondly who the heck are you to decide that you should be in charge of what they can and can't do with their money?

Re: How and Why Athletes Go Broke (2009)

#22

Post by soared »

jstanley wrote: post #17
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 to…

Replace your employer with government and its real life social security. In theory I support it... if it lasted till I retired.

Re: How and Why Athletes Go Broke (2009)

#26

Post by jdmichal »

djrogers wrote: post #21
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. First of all, these are not minors - they are over 18. Secondly who the heck are you to decide that you should be in charge of what they can and can't do with their money?

It's also very uncommon for NFL recruits to go straight from high school without passing through college. Which would put them at closer to 21 than 18.

Re: How and Why Athletes Go Broke (2009)

#27

Post by manigandham »

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…

It's called personal responsibility. They're earning sums that many will never reach and it's on them to figure out what to do with it. Nobody is stopping them from asking for help and it's not like there aren't enough examples to learn from by now.

Someone who doesn't have responsibility can't be forced into it.

Re: How and Why Athletes Go Broke (2009)

#28

Post by dragonwriter »

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]

> 'Mansplaining' by definition means that a man explains something the other person already knows.

No, it means a man explaining something condescendingly to a woman based on and conveying a negative, gender-based presumption of the target’s understanding and/or capacity for understanding.

While its most egregious when the matter is something where the target is an expert (and especially where the speaker is not, and is relatively clueless), that's not the essence of the term.

Re: How and Why Athletes Go Broke (2009)

#29

Post by manigandham »

andrepd wrote: post #23
tw1010 wrote: post #14

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?

What's your basis for saying athletes have impulsive personalities?

...because many go broke?

Re: How and Why Athletes Go Broke (2009)

#30

Post by ch4s3 »

andrepd wrote: post #23
tw1010 wrote: post #14

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?

What's your basis for saying athletes have impulsive personalities?

Perhaps that could be better stated. Being a star athlete is highly correlated with having a risk insensitive personality. That type of personality also correlates with impulsive financial decisions.

I'm no sure if that's all true of if it's anything more than correlation, but it makes some sense as a hypothesis.

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