Dynasty League Football Forum

Ray Finkle wrote: ↑Thu Jul 30, 2020 7:42 am ...which is why I gather my financial advice from Dave Ramsey and Randy Moss.

dustyroads wrote: ↑Thu Jul 30, 2020 4:21 am

alewilliam789 wrote: ↑Tue Jul 28, 2020 2:39 pm

dustyroads wrote: ↑Mon Jul 27, 2020 12:33 pm

That definitely doesn't look as bad. I believe I saw a different iteration that was more of a fabric type material with the small vents stitched into the sides. But I do agree, I think no matter what if they want to actually play the game as we know it, they would need to obviously make concessions safety wise. And such is life that ultimately not everyone will agree with whatever guidelines get put in place.

As the season nears I think we'll see more big name players opting to not play, or at the very least voicing concerns/frustrations over some of the mitigations. I've heard/read elsewhere it may start becoming a divide in the league between players who have guaranteed contracts vs. those who don't driving where they stand on playing/not playing, season length, safety guidelines put in place, etc.

And let's not forget, even though we know players tend to make a ton of money playing, most of their career windows (especially in terms of high earning potential years) are incredibly short. Many of these guys are trying to make a typical person's 40-years worth of money in this window. Believe the last numbers I saw were ~3 year average career length with ~$7 million average earnings. Sounds like a lot of money, but not very easy to budget when you find yourself out of the league "retired" at 27 years old needing to make it last another 50-60 years. And a ridiculously high percentage of players go broke within a few years of "retirement". I think the average NFL player, the kinds of guys who's names don't show up on our top positional lists for dynasty, are already under immense pressure to get on the field and get their paycheck while they can. Probably don't need anymore pressure from us...

By no means do I sympathize with the original poster and I actually agree they can make whatever decision they want (including sitting out due to COVID), but this last take is laughable in my opinion. There are obviously many driving forces behind this that drive these players to go broke, but even if they had 3-5 million after taxes they should be set for life. I’ll tell you straight up there basically no standard job that sets you up for a retirement plan of $50,000 each year for the rest of your life and retirement at 27. My response isn’t COVID related at all, but I’m sorry this is laughable honestly.

I totally get that, and a part of me wonders the same thing. I'm not in finance, but I know large lump sums of money helps make money and there must be very safe ways to invest where if one limits their spending to that of an average person (don't buy the mansion or the fancy cars or the $5,000 weekly dinners, etc etc), they can live the rest of their life comfortably. Not to mention they could still get an even semi-decent/part-time job to help just pay for the regular life expenses. But then I see that players (of all major sports, not just the NFL) are going broke years from retirement at an alarmingly high rate; and at face value think everyone could agree none of them WANT or PLAN to do so. So, I accept maybe it's not as easy as I'd like to think. Even if it's coming down to saying no to friends and family asking for hand outs, disengaging from the gross expenditures all your teammates and peers in the league are making, getting a good and trustworthy financial advisor; they all sound to me like simple things I'd make high priorities. But it must be easier said then done though for the statistics to bear out what they do. Also why I'm pretty sure rookie seminars and orientations now have a lot of emphasis put on all the aforementioned stuff to do so they don't wind up in a bad spot. I wouldn't say I feel bad for the ones who do, as much as I acknowledge it's a situation I have never (and will never) be in, and that there's likely more to it than 75% of all professional athletes are complete idiots. Grass is always greener, yada yada yada lol. But yeah, I definitely understand that viewpoint and it's often my initial reaction as well.

Ray Finkle wrote: ↑Thu Jul 30, 2020 7:42 am ...which is why I gather my financial advice from Dave Ramsey and Randy Moss.

Hankybro21 wrote: ↑Thu Jul 30, 2020 9:10 am

Ray Finkle wrote: ↑Thu Jul 30, 2020 7:42 am ...which is why I gather my financial advice from Dave Ramsey and Randy Moss.

Okay I’m with you in Ramsey but fill me in on Moss here

Orenthal Shames wrote: ↑Thu Jul 30, 2020 9:02 am This topic turn gets my nerd boner going as personal finance is one of my favorite hobbies.

Financial literacy is a glaring weakness in the US educational system. We teach kids to line dance and juggle in PE, but nothing of real-world financial basics. It's a major disservice to our youth.

There was an excellent 30 for 30 on athletes going broke. It's worth a watch if the topic is of interest to you.

It isn't just athletes and lottery winners who go down this path. I have plenty of physician colleagues who
delayed gratification only long enough to eventually splurge on the house, car, etc. rather than knock out their massive loan debt first by living like a resident a bit longer.

These folks are in debt up to their eyeballs, only with nicer amenities. It's a stressful way to live imo. They're an injury or major emergency from being broke.

Orenthal Shames wrote: ↑Thu Jul 30, 2020 9:02 am This topic turn gets my nerd boner going as personal finance is one of my favorite hobbies.

Financial literacy is a glaring weakness in the US educational system. We teach kids to line dance and juggle in PE, but nothing of real-world financial basics. It's a major disservice to our youth.

There was an excellent 30 for 30 on athletes going broke. It's worth a watch if the topic is of interest to you.

It isn't just athletes and lottery winners who go down this path. I have plenty of physician colleagues who
delayed gratification only long enough to eventually splurge on the house, car, etc. rather than knock out their massive loan debt first by living like a resident a bit longer.

These folks are in debt up to their eyeballs, only with nicer amenities. It's a stressful way to live imo. They're an injury or major emergency from being broke.

Orenthal Shames wrote: ↑Thu Jul 30, 2020 9:02 am This topic turn gets my nerd boner going as personal finance is one of my favorite hobbies.

murphysxm wrote: ↑Thu Jul 30, 2020 1:43 pm

Orenthal Shames wrote: ↑Thu Jul 30, 2020 9:02 am This topic turn gets my nerd boner going as personal finance is one of my favorite hobbies.

So I bought a car Monday. The dealership offered me a finance rate of 5.65%, but had to be over 6 years. I declined and provided my 4 year loan with a 3.26% I had already had approved. How many people just take the offer they are given?

TB3falcons wrote: ↑Thu Jul 30, 2020 2:31 pm

murphysxm wrote: ↑Thu Jul 30, 2020 1:43 pm

Orenthal Shames wrote: ↑Thu Jul 30, 2020 9:02 am This topic turn gets my nerd boner going as personal finance is one of my favorite hobbies.

So I bought a car Monday. The dealership offered me a finance rate of 5.65%, but had to be over 6 years. I declined and provided my 4 year loan with a 3.26% I had already had approved. How many people just take the offer they are given?

Right, this nearly happened to me. Dealership tried to get me to take a 5+% loan over 6 years, thankfully I looked up their special offers online and they had a 0.9% interest 4 yr loan. Basically tried to get 6k out of me for free. ALways do your research folks.