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Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

townandcountrymag.com

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Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

#31

Post by dylan604 »

embedding-shape wrote: post #28
dylan604 wrote: post #24

Earlier quoted context omitted.

A trust that says you don't get access to the rest unless you graduate college isn't meant as motivation? Allowing extra payout for a house only if married? People have put all sorts of limitations on trusts specifically as motivation.

> A trust that says you don't get access to the rest unless you graduate college isn't meant as motivation? No, a trust that is setup to give your family money when you die, in order to serve as motivation for you to "break through new frontiers of excellence"

This isn't motivation though. This is a reward for achieving a place on the Olympic team. If this does not continue as a thing past the upcoming Olympics, athletes will still train in hopes of qualifying for the next team. They won't be doing it because this might be available to them. If they qualify, this will just be a bonus.

Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

#32

Post by throwaway439080 »

zck wrote: post #10

> “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said upon the announcement of his gift. So his goal is to prevent money issues from being a thing getting in the way of athletes achieving. But he has structured it in a way that prevents the money from helping this goal. > Per the Wall Street Journal, “Half will come 20…

Wow. When I saw the headline, I thought this would be a generous donation so that Olympians wouldn't need to work day jobs to make ends meet, allowing them to focus on training. But... nope...

Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

#33

Post by [deleted] »

TacticalCoder wrote: post #14
zck wrote: post #10

> “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said upon the announcement of his gift. So his goal is to prevent money issues from being a thing getting in the way of athletes achieving. But he has structured it in a way that prevents the money from helping this goal. > Per the Wall Street Journal, “Half will come 20…

You ask a just question and shouldn't be downvoted. A friend of mine is an ex-pro tennis player. She's nearing 60 years old now. She's been n 1 in her country and n 2 worldwide in doubles. And it's not easy for athletes once they age: when they're still young, they make money doing their sport. Then they find other things, often related, to do: for example she trained a world number one for years. But later on, it ge…

[deleted]

Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

#34

Post by nrmitchi »

zck wrote: post #10

> “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said upon the announcement of his gift. So his goal is to prevent money issues from being a thing getting in the way of athletes achieving. But he has structured it in a way that prevents the money from helping this goal. > Per the Wall Street Journal, “Half will come 20…

This has some real "Scott's Tots" energy to it.

Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

#35

Post by bsder »

zck wrote: post #10

> “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said upon the announcement of his gift. So his goal is to prevent money issues from being a thing getting in the way of athletes achieving. But he has structured it in a way that prevents the money from helping this goal. > Per the Wall Street Journal, “Half will come 20…

> But he has structured it in a way that prevents the money from helping this goal.

I suspect it's worse. It's structured in a way that will probably harm the goal.

The money will go to people who somehow already managed to marshal enough resources to get to the Olympics. Good on you for supporting people after the fact, but by that point money problems have long before winnowed far too many qualified athletes out of the pipeline.

That kid from Moab would be an amazing swimmer. That kid from Punxsutawney shoots one hell of a bow. That kid from Tuscaloosa would have a smoking slapshot. None of them have a hope of clearing the initial monetary barriers.

The most effective time to apply resources is when the athletes are young, not done.

Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

#36

Post by hartator »

zck wrote: post #10

> “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said upon the announcement of his gift. So his goal is to prevent money issues from being a thing getting in the way of athletes achieving. But he has structured it in a way that prevents the money from helping this goal. > Per the Wall Street Journal, “Half will come 20…

Real answer are probably tax benefits for Ross.

He can now report a $100M donation, let it grow for 20 years, pay the actual donation, and pocket the remainder tax free.

Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

#37

Post by skylurk »

zck wrote: post #16
TacticalCoder wrote: post #14

Earlier quoted context omitted.

You ask a just question and shouldn't be downvoted. A friend of mine is an ex-pro tennis player. She's nearing 60 years old now. She's been n 1 in her country and n 2 worldwide in doubles. And it's not easy for athletes once they age: when they're still young, they make money doing their sport. Then they find other things, often related, to do: for example she trained a world number one for years. But later on, it ge…

Is your argument that, if she knew she was going to get $100,000 in 2010, she would have been number 1 in the world in doubles in 1990? That's how I understand the stated goal of this gift.

People absolutely do give up their athletic career to start a normal career for better financial security.

Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

#38

Post by [deleted] »

zck wrote: post #10

> “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said upon the announcement of his gift. So his goal is to prevent money issues from being a thing getting in the way of athletes achieving. But he has structured it in a way that prevents the money from helping this goal. > Per the Wall Street Journal, “Half will come 20…

[deleted]

Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

#39

Post by fn-mote »

maxerickson wrote: post #22
apparent wrote: post #11

Earlier quoted context omitted.

It allows them to "income smooth". They will know they're getting $100k down the road, so they can count on having that money to use for their kids' college or part of their nest egg. In the meantime, they can spend more freely. As for the gift to their heirs, that also allows them to consume somewhat more freely, instead of purchasing (as much) life insurance. Most young people don't, but people who compete in dange…

That's like $75 a year of term life insurance for a young healthy person.

Not to be too pedantic, but this is not a term life insurance policy. It's a guaranteed benefit, so you should compare it to a "whole" life insurance policy (US terms). I see $500k benefit for $500+/mo, so I guess $100k benefit is $100/mo. Not amazing but not a joke either.

Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k

#40

Post by justin66 »

apparent wrote: post #11
zck wrote: post #10

> “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said upon the announcement of his gift. So his goal is to prevent money issues from being a thing getting in the way of athletes achieving. But he has structured it in a way that prevents the money from helping this goal. > Per the Wall Street Journal, “Half will come 20…

It allows them to "income smooth". They will know they're getting $100k down the road, so they can count on having that money to use for their kids' college or part of their nest egg. In the meantime, they can spend more freely. As for the gift to their heirs, that also allows them to consume somewhat more freely, instead of purchasing (as much) life insurance. Most young people don't, but people who compete in dange…

You make it sound like the word of an eccentric billionaire is as good as a US treasury bond.
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