| PRO šŸˆ Bama In The NFL - 2024 Season Updates & Highlights

(Stepping back to look at the forest versus a few trees.)

SI: 80% of former NFL players going broke after three years.

In the midst of, or in light of, reading "writers" lamenting Saban's recent comments to Congress...

Look at all of these players signing their second, and third, contracts with the league.

 
The same way that lottery winners are usually broke after a few years. Money doesn't solve your problems. In fact, in a lot of cases, money makes it worse. Because having that kind of wealth requires thought, planning, caution, and discipline. Having said that, I would like to try living that lifestyle just once to see how I would do. :) I've lived my whole life without money (but I've always had enough to meet my needs, so I've been blessed) but it would be nice to see what it's like on the other side, just for once. Like in Brewster's Millions.
 
The same way that lottery winners are usually broke after a few years. Money doesn't solve your problems. In fact, in a lot of cases, money makes it worse. Because having that kind of wealth requires thought, planning, caution, and discipline. Having said that, I would like to try living that lifestyle just once to see how I would do. :) I've lived my whole life without money (but I've always had enough to meet my needs, so I've been blessed) but it would be nice to see what it's like on the other side, just for once. Like in Brewster's Millions.
I'll say this. What do you normally see when rookies sign their first contract? they usually buy a car, house and etc. 2nd contract? What do they spend on? more cars and jewelry. Go back to College and NIL.. same pattern.

It's usually the choice they make.

Lottery: I already know what I'll be doing with lottery money if we win one: Let's say I win 500 million dollar, and Government takes half of it, leave me with what... 250 something.

1. Pay off Mortgage.
2. Don't quit job or at least retire.
2. Get me a nice truck.
3. upgrade to a little bigger home. Nothing crazy.
4. Set a budget each month. (5k-7k a month) (Whole point of this is not to spend crazy on lot of stuff)
5. Move the money to saving account that earns interest.
6. Create a scholarship fund for 2 kids a year. (Will do a charity fundraising where whatever they raise, I'll match.)
7. Find a way to create more income.
 
I'll say this. What do you normally see when rookies sign their first contract? they usually buy a car, house and etc. 2nd contract? What do they spend on? more cars and jewelry. Go back to College and NIL.. same pattern.

It's usually the choice they make.

Lottery: I already know what I'll be doing with lottery money if we win one: Let's say I win 500 million dollar, and Government takes half of it, leave me with what... 250 something.

1. Pay off Mortgage.
2. Don't quit job or at least retire.
2. Get me a nice truck.
3. upgrade to a little bigger home. Nothing crazy.
4. Set a budget each month. (5k-7k a month) (Whole point of this is not to spend crazy on lot of stuff)
5. Move the money to saving account that earns interest.
6. Create a scholarship fund for 2 kids a year. (Will do a charity fundraising where whatever they raise, I'll match.)
7. Find a way to create more income.

Use that money and start your own business so you can write everything off and create even more wealth. You should be your own boss with $250M in the bank if you aren't already.
 
Iā€™ve only had one personal experience with this topic, but it aligns to whatā€™s been said. Former Virginia Tech LB/DE had come from a small West Tennessee town near where I was living just after I finished college. He was on a couple of Vickā€™s good teams in college I believe. Was selected I believe in the first round of the draft. Had his struggles here and there off the field. Even got shot on one trip back home. Anyway, comes in the bank I was working in and asks for a loan to consolidate some debt. Gives me his name as I open an application. He didnā€™t have a relationship with us. I typed right through the name and eventually get to employer. Miami Dolphins. Bell goes off, now I remember the guy. We start going through his assets and then his debt. His debt was staggering. He had either 5 or 6 significant mortgage loans, some for his houses, some for family houses. Close to 10 car loans. Then a load of unsecured debts and credit cards. He plopped down a printed out copy of paper that was his most recent contract. Sad thing was, we couldnā€™t do anything for him. He had more income than debt, somehow. But everything he had was leveraged to the hilt and he wasnā€™t performing (his debt service). I would have only made his situation worse. He told me his mom was going to lose her house if he didnā€™t get some help with it. I was 22 or 23 and couldnā€™t believe what I was dealing with.
 
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