Clint Ports Bankruptcy

[Gatorhater]

I recently read about an NFL player who was married (no children) who lived off $60,000. year and invested the remainder. He had 3 separate financial advisors. In addition, he was the only one who could sign a check or move around monies. Smart man.

Actually most people are unaware of the risk of living too long. You buy annuities to protect yourself from that risk. I retired the first time at age 29. If I had just died at 40 everything would have been fine. Just my luck I didn't. Smart players with worthwhile advisers would take some income as deferred compensation of some sort with stream of payments starting later in life. Then again, it is a lot more fun to spend money when you are young than when you are old.

One thing players never seem to factor in when deciding if to leave school early is the value of perhaps spending a year studying courses covering finance matters and basic investments. They leave in 3 to make more money. Keeping that money is another way of making more money.

They cover most of this in the NFL rookie intro, some don't listen and rely too much on family and get screwed. It's the same issue with people that win the lottery as well. Some invest well, and some are broke within a few years. Circle of life...

True. My mission is to die spending my last penny -- just to frustre the heck out of the kids. So far, so good.

 

[marshallrc13]

He owes his mom 500K... lol How does that happen?

 

[FullyERicht]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

 

[plantcity3]

I recently read about an NFL player who was married (no children) who lived off $60,000. year and invested the remainder. He had 3 separate financial advisors. In addition, he was the only one who could sign a check or move around monies. Smart man.

Actually most people are unaware of the risk of living too long. You buy annuities to protect yourself from that risk. I retired the first time at age 29. If I had just died at 40 everything would have been fine. Just my luck I didn't. Smart players with worthwhile advisers would take some income as deferred compensation of some sort with stream of payments starting later in life. Then again, it is a lot more fun to spend money when you are young than when you are old.

One thing players never seem to factor in when deciding if to leave school early is the value of perhaps spending a year studying courses covering finance matters and basic investments. They leave in 3 to make more money. Keeping that money is another way of making more money.

They cover most of this in the NFL rookie intro, some don't listen and rely too much on family and get screwed. It's the same issue with people that win the lottery as well. Some invest well, and some are broke within a few years. Circle of life...

Those rookie symposiums consist of a bunch of tedious meetings where the nfl throws up stats and tell horror of players who scree up. The takeaway is usually, "Please dont ***** up and make the nfl look bad".

 

[CaneOil]

Why should he worry about debt..The Fl. Bankruptcy laws will let him skate but somebody else will suffer over this, not Portis...There's a guy in the Republican Party, running for President, who declared bankruptcy four times to the tune of $3.4-$1.7-$1.8 billion and $550 million. Portis is much faster than him, so I would think he skates right through this matter....

He also saved thousands of those jobs by not closing the doors for good, wake up! He took the corrupt banks and big investors, he actually saved many jobs. Go Trump, sick of weak minded Americans!

 

[marshallrc13]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

You make many great points. However, this is America. Home of the free. No way in **** something like this ever happens. The NFl gives these guys educations and makes them go to required seminars. This is their money and they will continue doing dumb ****. It is very unfortunate. **** I spent 22 yrs in the military and probably didn't make anywhere close to 1.5M over that span and I live perfectly fine, have no debt (other than my house/car) and buy whatever I want. It's a very sad state these days how many of these guys make soooo much money and have nothing. Mike Tyson (500M) broke, Dennis Rodman (10M/yr) broke. It's ridiculous. You give me 500K and I never have to work again the rest of my life.

And to call the NFL a disgrace?? They gave some of these guys as you said never had any money at all growing up hundreds of millions. Yeah, they are a disgrace.

 

[Miami82]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

Its actually a low % that end up like this and has more to do with greed than money management. No company wants to play the nanny state and babysit their employees.

What you stated is a liberal feel good agenda, not reality.

At some point these "kids" have to grow-up and start acting like responsible adults.

 

[djh]

So is Billy Corben gonna make a sequel of Broke?

 

[FullyERicht]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

Its actually a low % that end up like this and has more to do with greed than money management. No company wants to play the nanny state and babysit their employees.

What you stated is a liberal feel good agenda, not reality.

At some point these "kids" have to grow-up and start acting like responsible adults.

Except real companies give their employees equity in the company. The NFL? Nope.

How is it a liberal agenda to change the payment structure for a players' earnings? In fact, it's actually a conservative concept: invest your money in the free market economy, reinvest the dividends, and never have to ask uncle sam to bail you out.

Again, 22 years old is a child. Whether you like it or not, these guys don't have the emotional maturity to handle going from food stamps to 7 figures. Is it so hard to help these guys out by taking the money they earned and putting it away for them instead of getting them some stupid seminar that they won't care about or understand???

 

[DC Dog Nuts]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

Yeah, let's put the blame elsewhere other than the idiots who blow through their millions. This is the same type of attitude that gets these guys into trouble to start with. Maybe their agents should do more to help them out. It's not the NFL or owners responsibility to have these guys be responsible for their own finances.

 

[FullyERicht]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

Yeah, let's put the blame elsewhere other than the idiots who blow through their millions. This is the same type of attitude that gets these guys into trouble to start with. Maybe their agents should do more to help them out. It's not the NFL or owners responsibility to have these guys be responsible for their own finances.

Tell me, do you think these guys are capable of understanding what shareholder equity is? What is so horrible and offensive about having the NFL set these guys up with an investment account that essentially guarantees them income for life? How is this so offensive? Would you prefer the taxpayers bail these guys out?

You live in a dream world if you think that some seminar is going to make Clinton Portis understand how finance works. Instead of living in ideals, I prefer to deal wth reality. Reality is these are children who don't know anything, and this type of story will go on and on and on. Makes more sense to try to fix things in a reasonable way than dig your heels in and say "well 22 year olds from the Port N Beans should know better!"

 

[marshallrc13]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

Yeah, let's put the blame elsewhere other than the idiots who blow through their millions. This is the same type of attitude that gets these guys into trouble to start with. Maybe their agents should do more to help them out. It's not the NFL or owners responsibility to have these guys be responsible for their own finances.

I would think that their agent's primary duty, other than getting their client paid the most possible, is to advise in financial situations. I mean they are getting like 10% of the deal as it is. Anyways, you can lead a horse to water but you can't make it drink. I will assume, as ERicht said above, you give a 22yr old 50 million dollars, they are probably going to tell the agent to kick rocks. You can't tell a rich 22 yr old what to do. They know everything. It's unfortunate as well that most of the guys seem to have the same issues: giving money to family and friends, massive child support payments, and stupid purchases. While I do not take any of the blame away from these athletes, these parents of them should be ashamed of themselves. They are a major part of the problem.

 

[FullyERicht]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

Yeah, let's put the blame elsewhere other than the idiots who blow through their millions. This is the same type of attitude that gets these guys into trouble to start with. Maybe their agents should do more to help them out. It's not the NFL or owners responsibility to have these guys be responsible for their own finances.

I would think that their agent's primary duty, other than getting their client paid the most possible, is to advise in financial situations. I mean they are getting like 10% of the deal as it is. Anyways, you can lead a horse to water but you can't make it drink. I will assume, as ERicht said above, you give a 22yr old 50 million dollars, they are probably going to tell the agent to kick rocks. You can't tell a rich 22 yr old what to do. They know everything. It's unfortunate as well that most of the guys seem to have the same issues: giving money to family and friends, massive child support payments, and stupid purchases. While I do not take any of the blame away from these athletes, these parents of them should be ashamed of themselves. They are a major part of the problem.

Exactly. I mean yes in an ideal world 20-something athletes of poor education would instantly become responsible. But that is like saying in an ideal world women won't have PMS. Sorry, not gonna ever happen.

Instead, create a workaround that makes the natural idiotic behavior of 20-something athletes irrelevant.

 

[DC Dog Nuts]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

Yeah, let's put the blame elsewhere other than the idiots who blow through their millions. This is the same type of attitude that gets these guys into trouble to start with. Maybe their agents should do more to help them out. It's not the NFL or owners responsibility to have these guys be responsible for their own finances.

Tell me, do you think these guys are capable of understanding what shareholder equity is? What is so horrible and offensive about having the NFL set these guys up with an investment account that essentially guarantees them income for life? How is this so offensive? Would you prefer the taxpayers bail these guys out?

You live in a dream world if you think that some seminar is going to make Clinton Portis understand how finance works. Instead of living in ideals, I prefer to deal wth reality. Reality is these are children who don't know anything, and this type of story will go on and on and on. Makes more sense to try to fix things in a reasonable way than dig your heels in and say "well 22 year olds from the Port N Beans should know better!"

First, it's not the NFL's job or responsibility to do this. It falls squarely on the shoulders of the individual. He has an agent and these agents should be helping guide them.

These "children" are performing a service that the owners handsomely reward them for. If they can't effectively manage their finances then they should ask for help. But they don't. You know why? Because they aren't children, they are fully functional adults. This whole notion of holding every body's hand through life gets old. These guys have resources available to them. They just choose not to pursue those resources. Stop with the bleeding heart routine about the poor black kids from the hood who are being setup for failure by the rich white owners because they aren't teaching them enough.

 

[Miami82]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

Its actually a low % that end up like this and has more to do with greed than money management. No company wants to play the nanny state and babysit their employees.

What you stated is a liberal feel good agenda, not reality.

At some point these "kids" have to grow-up and start acting like responsible adults.

Except real companies give their employees equity in the company. The NFL? Nope.

How is it a liberal agenda to change the payment structure for a players' earnings? In fact, it's actually a conservative concept: invest your money in the free market economy, reinvest the dividends, and never have to ask uncle sam to bail you out.

Again, 22 years old is a child. Whether you like it or not, these guys don't have the emotional maturity to handle going from food stamps to 7 figures. Is it so hard to help these guys out by taking the money they earned and putting it away for them instead of getting them some stupid seminar that they won't care about or understand???

Nothing you stated there is a conservative platform.

The one entity that could make changes and hasn't is the union on how the pay is set up.

Again, rookies are educated quite well I might add and if they chose to be foolish that falls on them. Not the league.

 

[FullyERicht]

the NFL is a true disgrace. These guys are underpaid given the product, and sorely undereducated.

I don't give a **** if you are a republican, dem, independent, whatever: to expect any 22 year old, let alone a 22 year old jock from the projects who hasn't taken a real class in his life, to be able to handle that kind of money properly is naive.

Heck I got myself in debt at that age, on basically no income, and I'm a pasty white dude with a masters degree from NYC.

The NFL has an obligation to protect its players. The solution is very simple. Increase player salaries, but decrease the amounts paid out as income versus investment income. A guy on a 1 million dollar a year contract should receive $500K, and the other $500 should be invested in dividend paying blue chip companies. An NFL career with that above circumstance (with a dividend yield of 4% and not even factoring growth of principal nor dividend reinvestment) would produce 50k a year to live off of after just 5 years of playing.

Add this on top of the pension money and players would be essentially forced to have income for life.

Their 500K check would still allow them to live as 1%ers, and they could buy mom a house and drive a Benz or 2. Make it part of their contractual agreement, just like no drugs and no roids.

Its actually a low % that end up like this and has more to do with greed than money management. No company wants to play the nanny state and babysit their employees.

What you stated is a liberal feel good agenda, not reality.

At some point these "kids" have to grow-up and start acting like responsible adults.

Except real companies give their employees equity in the company. The NFL? Nope.

How is it a liberal agenda to change the payment structure for a players' earnings? In fact, it's actually a conservative concept: invest your money in the free market economy, reinvest the dividends, and never have to ask uncle sam to bail you out.

Again, 22 years old is a child. Whether you like it or not, these guys don't have the emotional maturity to handle going from food stamps to 7 figures. Is it so hard to help these guys out by taking the money they earned and putting it away for them instead of getting them some stupid seminar that they won't care about or understand???

Nothing you stated there is a conservative platform.

The one entity that could make changes and hasn't is the union on how the pay is set up.

Again, rookies are educated quite well I might add and if they chose to be foolish that falls on them. Not the league.

HAHAHAHA at "rookies are educated quite well".....yea I'm sure Frank Gore really understands what a dividend reinvestment program is. LMFAO. I mean come on, it's not a conservative platform to be annoyed at every little thing that you don't have. That's a "i'm bitter at the world" platform.

Investing half your income in the US equity market is the definitive conservative economic concept. You could not be more conservative financially.

 

[SouthpawX]

Its absolutely absurd that so many professional athletes end up poor or just middle class by the end of their lives.

College teams should make a few personal finance, marketing, and introductory economics classes mandatory for student athletes irrespective of their majors.

Good idea but they would probably have a student ***'t tutor take the course for them.