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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?
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?
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> 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.
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.
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> 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…
That is quite literally how retirement works.
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> '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…
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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.
Clearly, given that this is your second round of reduction to the absurd.
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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.
NFL players are required to be at least three years out of high school.
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…
This might be anecdotal, but I feel like we don't hear these athlete bankruptcy stories as often about hockey players. Why? Because they're all white, not black. Putting a kid through junior hockey is expensive and hockey players tend to come from privileged homes with much better financial education than young black football players. They get just as many knocks on the head, but they get better advice from their father's accountant, and they make it to retirement with some money left.
Making them sign away control of their money sounds like a new version of the old story of infantilizing black people by removing their adult rights, "for their own good".
The athlete attempts to do the responsible thing and hires someone they are led to trust with managing their assets only to be ripped off. I'm not sure how financial literacy prevents this from happening when you literally may be lied to about where your money is.