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"The Edward Reed Recruiting offices".

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Ash Joshi said:
Looked up his net worth and at least one website puts its at 12 million (who knows if it’s accurate). But if Ed is earning even 5 percent interest per year with nothing but annuities and extremely safe investments, he’s still bringing home $600,000 and keeping 400k after taxes. No need for a full time job.
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I don't buy those websites as they relate to anything but corporate CEO's for ****. Would have had to spend A LOT of money to get to $12M net worth. And that's not even getting into the economic growth from ~2010-2019ish.
 
CashMoneyCane said:
I don't buy those websites as they relate to anything but corporate CEO's for ****. Would have had to spend A LOT of money to get to $12M net worth. And that's not even getting into the economic growth from ~2010-2019ish.
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Agent takes money, the tax man takes money, you spend some money to help your close friends and family that sacrificed for you. You generally end up spending a bunch of money on a house (mortgaged with interest) for comfort, safety, and keeping up with your colleagues. The house money only depreciates, but helps some in terms of asset protection. Then, some people lose a bunch of money on Divorce, Lifestyle choices, multiple houses, poor investments (other than the house), and attorneys etc. In the end, 12 million is still a handsome amount of wealth. However, like ER20 said, in the end it’s not about the money, but about the memories.
 
kryptonite said:
Yeah, if you're canning guys every year for no reason, but there's no downside to clearing out guys who have little history to show they can do better and aren't performing right now. There wasn't anyone on staff last year who was so accomplished and performed so well that an outsider wouldn't have understood firing them.
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There's a big difference between being accomplished and deserving to be fired. I can't say one or the other for Patke. Maybe turning over the offensive staff after one year was good enough?
 
BlastUla said:
Agent takes money, the tax man takes money, you spend some money to help your close friends and family that sacrificed for you. You generally end up spending a bunch of money on a house (mortgaged with interest) for comfort, safety, and keeping up with your colleagues. The house money only depreciates, but helps some in terms of asset protection. Then, some people lose a bunch of money on Divorce, Lifestyle choices, multiple houses, poor investments (other than the house), and attorneys etc. In the end, 12 million is still a handsome amount of wealth. However, like ER20 said, in the end it’s not about the money, but about the memories.
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Thanks, but I hate to break it to you... I'm a professional money manager by background. I'm well aware of the nuances of wealth and could write a dissertation on managing professional athlete wealth.
 
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CashMoneyCane said:
Here's the justifiable explanation (in general, not speaking to Patke specifically): If you are known in coaching circles as a guy who fires people regularly, it's going to be that much more difficult to hire to your staff.

Who wants to work for a business when it's well-known they're quick to fire?

Same reason an AD shouldn't fire an HC after one year. You have a reputation as a boss and college coaching is a tight circle.
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Lol. You don’t have to try to spin a contrarian angle on everything. If you have the replacement (Reed) ready and set to take over for one of the humps on staff, explain to me how that would make it difficult to hire a replacement.
 
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Ash Joshi said:
Looked up his net worth and at least one website puts its at 12 million (who knows if it’s accurate). But if Ed is earning even 5 percent interest per year with nothing but annuities and extremely safe investments, he’s still bringing home $600,000 and keeping 400k after taxes. No need for a full time job.
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Can’t count on those numbers when it comes to former NFL players. Nobody goes broke or bankrupt quicker than those guys.
 
CashMoneyCane said:
I don't buy those websites as they relate to anything but corporate CEO's for ****. Would have had to spend A LOT of money to get to $12M net worth. And that's not even getting into the economic growth from ~2010-2019ish.
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He’s a former football player, man!
 
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CashMoneyCane said:
There's a big difference between being accomplished and deserving to be fired. I can't say one or the other for Patke. Maybe turning over the offensive staff after one year was good enough?
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My point specifically was that unless you had a guy with a great resume, you can fire coaches after last year's performance and the rest of the coaching world will be fine with it. Prospective hires won't be thinking you'll fire them for nothing, they can see quite well why those other guys were fired.
 
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kryptonite said:
My point specifically was that unless you had a guy with a great resume, you can fire coaches after last year's performance and the rest of the coaching world will be fine with it. Prospective hires won't be thinking you'll fire them for nothing, they can see quite well why those other guys were fired.
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And my point, AGAIN, was that I was not talking about a specific person. To say there's no justification to not fire someone after one year is not true. I provided a reasonable justification.

Probably a good time to point out that the D was not statistically bad last year. And also I'd been saying all offseason they were poised to take a big step back.
 
CoronaDoug said:
When did we start believing Blake James?
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Believe anything you want. Most of you clowns believe we'll get an on-campus stadium, have piles of money, should make up a coaching staff exclusively of former players and that Shalala plotted with Hillary Clinton and Nancy Pelosi to destroy Miami football.

Most of you make 'Bama fans look brilliant.
 
kryptonite said:
Please, go on...
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Sure, let me just jump right on writing 50 pages.

The crux of the issue is that the utility of investing for a professional athlete is significantly greater than most other people because the bulk of their wealth (in most cases) is acquired very early in their earning cycle. Further, because many do not have full-time careers after their professional athletic careers (or don't earn nearly as much), their portfolios should be invested relatively conservatively, despite their age, because their investment horizon may be significantly shorter (meaning they'll draw from their investment portfolio at a young age, and not replenish the funds, impacting the principal upon which to earn interest). When you compound these issues with risk of injury that curtails career expectations shortly, the prudent investment of as much of those funds as possible is of paramount importance.

While the utility of investing early is greater than that of investing late, it's still markedly greater for a pro athlete, and their investment objectives at such a young age are contrary to that of others of the same age bracket. A smart pro athlete would live like a broke college kid for at least 5 years into their career.

Or, more simply, there is significantly greater risk aversion necessary for pro athletes.

Feel free to pre-order my forthcoming book "Stop Buying Rolls Royces, Dip****."
 
OriginalGatorHater said:
Those websites are a complete joke.
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For anyone but corporate executives (who are federally required to report the bulk of their wealth, for most, via SEC Form 10-K), yes. For someone like many CEO's, for instance, not really, because you can easily tabulate the majority of their compensation over the history of the position.

The major caveats being inherited wealth, privately sold businesses or other private investments. Further, it would be extremely difficult to compensate for private debts.

I used to create net worth balance sheets for the ultra-rich. They always have more money than you think.
 
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