Next year will be the first time

[JOC44]

One 3 year contract worth millions can set you up for life.

Without wading into the interminable debate of “should he stay or should he go,” I don’t think it’s remotely true that a three-year contract sets these guys up “for life.” As I understand it, I only the first two years are guaranteed, but let’s just assume three years for a total of $5 million.

Federal and state taxes take, say, $2 million of that. Agent takes a couple of hundred grand. Let’s say the player is really careful with his money and lives on $500K per year (which I’m sure almost no NBA players do). That leaves $1 million or slightly more to use to support yourself for the (hopefully) next 60 years. Even if you invest it conservatively and live off the proceeds, you’re talking about $100K or less a year, quite an adjustment from an NBA salary. Realistically, though, you probably have less because I doubt the average NBA player banks 20% of a $5M contract

Now if the NBA fizzles after three years, you can play overseas, which might not build your nest egg but might reduce the number of years you have to live off the money left over from the NBA.

 

[Briancuse]

One time payday of millions. If you are not a prospect by sophomore year, it is rare that your stock will improve: it's more likely to drop.
One 3 year contract worth millions can set you up for life.
One missed opportunity for that money can rarely be made up.
Agents don't get paid if the client doesn't get paid.
They go to schol to get a job in their field. Why wait 4 years, if you can do it in less time.

Its not about the first contract unless all you care about is a quick payday and 3 year nba career. Its about the 2nd contract look at hardaway Jr and his 80 mil contract.

 

[20Plus]

The question is ...


Was there any year that we didn’t lose anybody ?


This thread was not about Tyus

Everybody wants to go pro but I’d want to go at the right time !!

 

[721Comstock]

Without wading into the interminable debate of “should he stay or should he go,” I don’t think it’s remotely true that a three-year contract sets these guys up “for life.” As I understand it, I only the first two years are guaranteed, but let’s just assume three years for a total of $5 million.

Federal and state taxes take, say, $2 million of that. Agent takes a couple of hundred grand. Let’s say the player is really careful with his money and lives on $500K per year (which I’m sure almost no NBA players do). That leaves $1 million or slightly more to use to support yourself for the (hopefully) next 60 years. Even if you invest it conservatively and live off the proceeds, you’re talking about $100K or less a year, quite an adjustment from an NBA salary. Realistically, though, you probably have less because I doubt the average NBA player banks 20% of a $5M contract

Now if the NBA fizzles after three years, you can play overseas, which might not build your nest egg but might reduce the number of years you have to live off the money left over from the NBA.

Sigh.

EVERYBODY pays income taxes.
Nobody ever says “but after taxes” about any other profession’s compensation.

You don’t need to be “set for life” off of a few years of earning millions.

Former D1 athletes have no crushing student loan debt, and can always go back to school FOR FREE to finish up their degree, and get a 9-5 job like all of their non-athlete peers.

So at say age 25, they are still a million miles ahead of their age group peers, who will mostly be living at home because they can’t affoed their own place because of all their student loans.

As much as some people might think a guy like MCW is a “bust”, since his career has kinda fizzled since his ROY campaign, he’s lived well within his means, and actually likely will be ‘set for life’ off his hoops earnings.

And if not, there’s always overseas, or going into coaching after he hangs them up, or - shudder! - finishing his degree and getting a regular job like all the rest of us.

 

[tbonezone]

"He is now back scrambling. His high maintenance wife, the Audi, the beach property and much of the rest of it are gone. "
any chance you have her phone number ?