flynn and greene earnings (NBA only)

[EnnisEnvy]

Guys leave so early b/c they are banking on the second contract to be the big payoff. The earlier they get to the 2nd contract the more they can make faster. Problem is, if you aren't good enough to get to the second contract. Say a player gets 5 mil for their first contract, 2 mil goes for fed income taxes, 750K goes to your agent, if you live in NY you will pay another 500K+ in income tax, anothe 310K for social security. Grand total net income= 1.44 million. A lot of money but a far cry from 5 Million.

 

[Cowtown]

One can rationalize almost anything, even the eating of compost, I'm sure .

 

[bozophobe]

Guys leave so early b/c they are banking on the second contract to be the big payoff. The earlier they get to the 2nd contract the more they can make faster. Problem is, if you aren't good enough to get to the second contract. Say a player gets 5 mil for their first contract, 2 mil goes for fed income taxes, 750K goes to your agent, if you live in NY you will pay another 500K+ in income tax, anothe 310K for social security. Grand total net income= 1.44 million. A lot of money but a far cry from 5 Million.

Good points. But there are always ways to mitigate the tax bite for people with money. Bobby Bonilla will be collecting deferred pay from the Mets until the the sun goes supernova (or Villanova, heh).

 

[bozophobe]

One thing about playing abroad is that basketball seasons tend to be much shorter and less strenuous than even US college ball. So someone can gross $120,000, get a free apartment, car, meals, etc. Sure, repatriating the saved money will cost (again, loopholes) quite a bit, but there's still a huge portion of the year left to earn more money. It's hard to keep up with all these ex-SU players. One minute they're in New Zealand; the next they're in a cheap hotel in Iowa somewhere.

As of 2012, there were 4 million Americans between the ages of 25 and 34 living with their parents; many with Bachelor's or Master's degrees. They too have a difficult decision to make about the future. I'll bet some of them would prefer to be Andy Rautins strolling down to the Spanish Riviera beach on free afternoons checking out babes while drawing better than SBUX barrista pay.. The horror!

 

[CusefanATL]

That's the crux isn't it? If he sets himself up.

Thats the crux whether he makes 200 million in his career like melo or 5 million.

They need good, trustworthy people handling their money.

 

[CusefanATL]

Guys leave so early b/c they are banking on the second contract to be the big payoff. The earlier they get to the 2nd contract the more they can make faster. Problem is, if you aren't good enough to get to the second contract. Say a player gets 5 mil for their first contract, 2 mil goes for fed income taxes, 750K goes to your agent, if you live in NY you will pay another 500K+ in income tax, anothe 310K for social security. Grand total net income= 1.44 million. A lot of money but a far cry from 5 Million.

agents dont make 15% off of salary. they can from endorsements.

I dont know bball for sure - but football is limited to 3% of salary.

 

[EastCoast2]

The kid was a mcdonalds all american, he is 6'9 and can shoot the three. I wouldn't call playing in China at the age of 26 a huge success.

How many mcdonalds all Americans are there each year? How many guys can be on an NBA roster at once?

 

[44cuse]

Ask Donte if he thinks he made the right decision today, I am sure he would admit he made a mistake. Making 5 mil is great, but that can only last you so long, especially with some of the lifestyles that these players live.

Not disagreeing if you applied that to everyone in the NBA. But $5M is still a lot of money and Donte doesn't live large. At least he wasn't.

44cuse

 

[alphaorange]

Not sure, but I thought I just read that US citizens working abroad will still pay Federal Income Tax. If true, Greene would be in the big boy bracket, even in China. That being said, the opportunity to have a few to several million in the bank in your 20s is one hell of an opportunity. One could be, and should be, set for life. The fact that they can't figure out how to live on a couple hundred thousand a year is on them. If they can't figure that out, they likely won't figure out how to live on a million, either, leading to the same ultimate result.

 

[Czar]

I like people that assume if he came back for another year it'd make a difference in him making it in the league.

 

[Briancuse]

How many mcdonalds all Americans are there each year? How many guys can be on an NBA roster at once?

20-25 each year, 15 guys on each nba roster.

 

[Millhouse]

You realize that the vast majority of folks who went to college make 40-50k to start their careers, right? It somehow makes sense to tell the guy who's made millions that it's not enough? They can have fallback gigs when retired that equal the typical person's salary. They can have big annuities. If the issue is financial planning, that's very different than the issue of whether they should accept the multi million dollar lump sum in the first place. Dante is in a more enviable financial position than 99.99% of people on the planet. That's enough for me to not judge and tell him what he did wrong.

people presume the guys are so stupid that they'll squander 5 to 10 million dollars while at the same time expecting them to stay in school and get a degree.

if you are worried that someone is dumb enought to squander 10 million dollars, imagine what kind of position they'll be in staying in school, getting hurt, and still not having a degree

 

[TheOrangeBuddha]

Guys leave so early b/c they are banking on the second contract to be the big payoff. The earlier they get to the 2nd contract the more they can make faster. Problem is, if you aren't good enough to get to the second contract. Say a player gets 5 mil for their first contract, 2 mil goes for fed income taxes, 750K goes to your agent, if you live in NY you will pay another 500K+ in income tax, anothe 310K for social security. Grand total net income= 1.44 million. A lot of money but a far cry from 5 Million.

Just a head's up (doesn't really change the underlying point of your post), but the NBA agent's fee for their player's NBA salary (does not include off-court income) is capped at 4%. So assuming total NBA salary of $5M, agent's take is $200,000 not $750,000.

 

[EnnisEnvy]

Just a head's up (doesn't really change the underlying point of your post), but the NBA agent's fee for their player's NBA salary (does not include off-court income) is capped at 4%. So assuming total NBA salary of $5M, agent's take is $200,000 not $750,000.

Thanks, Buddha, I'm all for accuracy. I read somewhere that it was 15% but that was wrong.

 

[Pat Kelly]

I am pretty sure when Donte came to Syracuse he wasn't dreaming of playing in China.

I think he wanted to make some money and I think he's pretty content right now

 

[Pat Kelly]

He was the 28th pick, it wouldn't have been too difficult to improve on that.

If he wasn't good enough to play in the NBA after his freshman season, odds are he still wouldn't have been good enough after his sophomore season. It's not like Boeheim has a track record of helping guys succeed in the NBA anyways.