OT: MCW The Smartest Young NBA Player Out There

[TexanMark]

http://earhustle411.com/nba-rookie-takes-moms-advice-and-put-his-4-5m-salary-in-trust-for-3-years/

 

[kirbivore]

The only thing I'd be nervous about is having family involved in your financial affairs. Thinking of that hockey player whose parents stole a bunch of money earlier this year.

 

[STEVEHOLT]

The only thing I'd be nervous about is having family involved in your financial affairs. Thinking of that hockey player whose parents stole a bunch of money earlier this year.

That would be jack johnson, whose parents somehow took out these payday loans and cash advances on his salary. the only person in the world who cares about your money as much as you do is yourself. trust nobody. everyone is potentially a thief when it comes to your money.

 

[Orangezoo]

Glad to see this published again. Remember seeing something in the wash post last year as well. Good for mcw. Really hope he gets a chance to win some games too.

 

[CusefanATL]

The only thing I'd be nervous about is having family involved in your financial affairs. Thinking of that hockey player whose parents stole a bunch of money earlier this year.

Didnt Ryan Howard have a similar situation?

And isn't he now in a legal battle with his parents over his money?

 

[CusefanATL]

http://www.philly.com/philly/sports/phillies/The_family_legal_fight_over_Ryan_Howards_finances.html

 

[NYCSUGrad]

http://www.philly.com/philly/sports/phillies/The_family_legal_fight_over_Ryan_Howards_finances.html

That's a damn shame. Hope MCW does not end up the same way.

 

[CusefanATL]

That's a damn shame. Hope MCW does not end up the same way.

Yeah iirc there was a e60 or a real sports segment on how he was a new age athlete with his parents protecting his money.

 

[Flintstones]

I remember reading an article about Brandon Jennings buying something like a Focus or Prius, and renting a small apartment when he first entered the league. It's gotta be hard for a young pro athlete when you have guys like James Harden putting kids through college at the local strip club.

 

[Eagles20]

Klay Thompson is another one whose parents manage how he spends.

 

[tptcuse]

The only thing I'd be nervous about is having family involved in your financial affairs. Thinking of that hockey player whose parents stole a bunch of money earlier this year.

I think it is well-publicized that MCW's parents are doing well financially on their own.

 

[TexanMark]

That's a damn shame. Hope MCW does not end up the same way.

His Mom is a professional money manager IIRC. It all goes down to trust...he obviously trusts his Mom.

 

[CusefanATL]

His Mom is a professional money manager IIRC. It all goes down to trust...he obviously trusts his Mom.

She is now... because she started a company to manage her son's money.

But she was a high school girls coach.

 

[CusefanATL]

I think it is well-publicized that MCW's parents are doing well financially on their own.

Are they? They were both high school basketball coaches.

 

[CusefanATL]

I hope it all works out for MCW. But it has a smell of Ryan Howard to me.

Both parents were high school coaches and both quit - 1 to manage and train MCW personal life, the other to manage MCW professional and financial life.

They seem like really good people to me. But Enron seemed like a great company to everyone in 2000.

I would just be really careful of giving my future to my parents to manage - especially every part of it.

 

[TexanMark]

I hope it all works out for MCW. But it has a smell of Ryan Howard to me.

Both parents were high school coaches and both quit - 1 to manage and train MCW personal life, the other to manage MCW professional and financial life.

They seem like really good people to me. But Enron seemed like a great company to everyone in 2000.

I would just be really careful of giving my future to my parents to manage - especially every part of it.

Well if they just stick the money in Vanguard Index Funds they'll probably do well enough.

 

[bozophobe]

Didn't the family home burn down not too long ago? Maybe insurance took care of tangible losses for the most past. I think MCW made a comment then regarding helping them out, in any case.

We never really see many discussions about how much pro athletes make from endorsements (aside from Michael Jordan or Tiger) - although that can seem creepily intrusive. But I admit I'm curious about that, ever since the days I collected baseball cards in the late Seventies /early Eighties. MCW can probably pay a month's condo rent with a local 30 second radio car ad, although Philly-area assistant coaches probably resent him for cutting in on their action.

 

[tptcuse]

Are they? They were both high school basketball coaches.

I could be wrong, but I remember talk that they were doing fine financially and that the house they lost was a nice house. Regardless, the plan is a good one. As you say, hopefully it won't turn out badly.

 

[STEVEHOLT]

Well if they just stick the money in Vanguard Index Funds they'll probably do well enough.

or if they bought a BRKA A share in 2007 for around 77k ..and held onto it. unlike me who sold it about 160 k too early.

 

[AlaskaSU]

The stock market is a reality check. If you are smart and knowledgeable, over the long run, the odds are favorable. If you are not as smart and knowledgeable as you think you are, you will suffer, and might not even realize it in a timely manner. His parents may be smart, but if they are not knowledgeable about the financial world, odds are that they will suffer. I assume that they do not have much background in economics, accounting and financial markets. I hope they find an honest and competent financial advisor but they don't grow on trees.

 

[OttoinGrotto]

Well if they just stick the money in Vanguard Index Funds they'll probably do well enough.

They could also just stick it in a bunch of savings accounts at banks and be fine for life.

 

[AlaskaSU]

They could also just stick it in a bunch of savings accounts at banks and be fine for life.

savings acctgs return less than the inflation rate. For safety, TIPS would be the standard recommendation. inflation protected T bills held to maturity.

 

[OttoinGrotto]

savings acctgs return less than the inflation rate. For safety, TIPS would be the standard recommendation.

I know. My comment was intended more to suggest that you really, really have to try to screw it up if all of the sudden you get millions.

 

[sufandu]

They could just put it in an annuity or universal life insurance policy that appreciates when the market climbs but will not depreciate when the market dips. It may limit return but removes a lot of risk.

 

[orangefog]

If I were them, I would put every last dime into The Susquehanna Hat Company.