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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

#81

Post by coliveira »

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 all the tell signs of a financial lie. I doubt this money will ever materialize. But of course he's immediately receiving the results of the publicity stunt.

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

#82

Post by sejje »

greggh wrote: post #50

The real answer here is that he is mad about people protesting what Israel is doing in Gaza. This $100M donation is being made with funds he had given to UPenn. He has taken it back, via lawyers, because they allowed the protests to go on. He is now just taking that original donation and moving it somewhere else. Not that I am against the Olympians getting paid, just some context. Sources: https://philanthropynewsdig…

Answer to what question?

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

#83

Post by JumpCrisscross »

hsbauauvhabzb wrote: post #52
JumpCrisscross wrote: post #8

Earlier quoted context omitted.

> seems like some billionaire trying to inflate their donation amount My reading is Ross made a $100mm donation to the USOPC. > I’m sure some are just intentional land mines You’re sure based on zero evidence.

Weird aggresssion. You trust billionaires?

> Weird aggresssion

It’s aggressive to call out baseless conclusions being represented as sureties?

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

#84

Post by JumpCrisscross »

greggh wrote: post #50

The real answer here is that he is mad about people protesting what Israel is doing in Gaza. This $100M donation is being made with funds he had given to UPenn. He has taken it back, via lawyers, because they allowed the protests to go on. He is now just taking that original donation and moving it somewhere else. Not that I am against the Olympians getting paid, just some context. Sources: https://philanthropynewsdig…

> real answer here is that he is mad about people protesting what Israel is doing in Gaza

This sounds more like a proximate cause than a “real answer.”

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

#85

Post by JumpCrisscross »

sixo wrote: post #80
an0malous wrote: post #68

Earlier quoted context omitted.

I would have never guessed that a significant portion of western society would not only be ok with killing thousands of children but be outraged that anyone would protest it. I feel like I have more information about the world than ever and understand it less than ever.

What people feel about things is almost an entirely a function of their information environment, rather than the facts of the events themselves. Almost nobody truly aware of the number of slaughtered and starved Palestinian children would be "okay" with it; the people defending it are more-or-less viewing these events in terms so different from that that those basic facts cannot reach their understanding at all.

> Almost nobody truly aware of the number of slaughtered and starved Palestinian children would be "okay" with it

A lot of people aren’t okay with it but also choose not to engage on it.

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

#86

Post by fouc »

koolba wrote: post #51
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…

$100K in 20 years is worth about $37K today (20 year STRIPS pay about 5%). Nobody is making long term or short term financial plans based on this. It’s just a nice bonus to honor dedication to a sport.

I would expect that $100K is hedged against inflation though.

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

#87

Post by peyton »

greggh wrote: post #50

The real answer here is that he is mad about people protesting what Israel is doing in Gaza. This $100M donation is being made with funds he had given to UPenn. He has taken it back, via lawyers, because they allowed the protests to go on. He is now just taking that original donation and moving it somewhere else. Not that I am against the Olympians getting paid, just some context. Sources: https://philanthropynewsdig…

By the article it sounds like Ross Stevens wanted his money to go towards excellence. Perhaps he didn’t find that at today’s Penn. Taking him at his word, he seems to have found that with the US Olympians.

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

#88

Post by mhb »

greggh wrote: post #50

The real answer here is that he is mad about people protesting what Israel is doing in Gaza. This $100M donation is being made with funds he had given to UPenn. He has taken it back, via lawyers, because they allowed the protests to go on. He is now just taking that original donation and moving it somewhere else. Not that I am against the Olympians getting paid, just some context. Sources: https://philanthropynewsdig…

[flagged]

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

#89

Post by stouset »

JumpCrisscross wrote: post #79
stouset wrote: post #27

Earlier quoted context omitted.

$200k is not even remotely close to generational wealth, particularly when structured as $100k 20 years from now and another $100k 50-ish years from now. Those would be worth an estimated $55k and $22k in inflation-adjusted dollars. It’s a totally different story if those are in a trust which is invested on behalf of the athletes, which pays out the invested value at time of disbursement. But I would be shocked if it…

An athlete who competes for a couple seasons would have the down payment for a house in each of those pay-outs. (And be able to, in all likelihood, borrow against it if they needed it earlier.)

We have now moved the goalposts from starting to build generational wealth to maybe part of a down payment on a house in a low-demand area in their mid-forties, assuming they have enough income to still qualify for the loan on the property.

This is a great gift to the athletes, don’t get me wrong. There was just no need to oversell it.

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

#90

Post by skylurk »

zck wrote: post #54
skylurk wrote: post #37

Earlier quoted context omitted.

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

How many of these normal careers pay a single paycheck of $100k that can't be cashed for twenty years? That's what this offer is.

I don't think you should think of it as a paycheck.

Delaying a normal career to compete in the olympics will set your career and earning potential back by a few years. This money tries to balance it out a bit.

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