Broke Athletes- Aspect 2
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How Pro Athletes Should Invest Their Money

How Pro Athletes Should Invest Their Money | Broke Athletes- Aspect 2 | Scoop.it
This hub discusses how pro athletes should invest their money in order to avoid becoming another financial cautionary tale.
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Corey Stanford's comment, March 13, 2013 3:36 PM
The average professional sports career is very short. With this in mind, you start planning for life after sports. Naturally, most athletes want to go straight into broadcasting. There is obviously only so many of those jobs around, so you'll have to do some to separate yourself. Interning would be a good start. If broadcasting does't work out, another common career choice is motivational speaking. People love to hear athletes talk about their lives. This is something that isn't very hard, but if good can be very lucrative.
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The Superstar Athlete’s Guide to (Mis)managing Your Money — Automatic Finances

The Superstar Athlete’s Guide to (Mis)managing Your Money — Automatic Finances | Broke Athletes- Aspect 2 | Scoop.it
What would you do with a multi-million dollar a year salary? You’d have it made. Money to spend, cars to buy, houses to invest in. It’d be the life, right?
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Corey Stanford's comment, March 13, 2013 10:33 AM
It's very common for newly rich athletes to become overwhelmed by their new income. This new wealth attracts the shadiest of characters. When deciding to hire someone to manage your money know two things: Who they are, and what does that person charge. "Between 1999 and 2002, the NFL Players Association says that at least 78 players lost more than $42 million combined-to their financial advisors!"
Corey Stanford's comment, March 13, 2013 3:22 PM
When most people come into a large sum of money, dont really know how to manage it. When you don't know how to do something you usually hire someone to do it for you. This is especially about athletes and their money. This seems simple, but for some people it's not. What if you don't understand the person you hired to manage your money? Now that's a problem. "I once had a meeting with J.P. Morgan … and it was literally like listening to Charlie Brown’s teacher,” (Rocket Ismail)
Corey Stanford's comment, March 13, 2013 3:27 PM
Off the field, "Keeping up with the Jonses" isn't what you want to do. Buying sneakers, cars, houses, and boats aren't incresasing your net worth. A multi-million dollar salary isn't worth anything if you don't keep it. “I was trying to spend all my money. Now I try to preach to young guys in the clubhouse who are like that. I’ve got all this stuff from 10 years ago?jewelry, rims?that I think, Why the f— did I even buy this?” Spending isn't setting you for the rest of your life.
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Teacher's Comments

Senior Research Project

Corey Stanford's insight:

anything

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Tami Yaklich's comment, March 21, 2013 9:50 PM
Good job synthesizing information from your sources and putting it into your own words
Tami Yaklich's comment, March 21, 2013 9:50 PM
30/30
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Why It’s No Shocker When Athletes Go Broke

Why It’s No Shocker When Athletes Go Broke | Broke Athletes- Aspect 2 | Scoop.it
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Corey Stanford's comment, March 13, 2013 2:05 PM
The earnings we see on tv or in the newspaper aren't actually what an athlete earns. "After taxes, agent fees, management fees and the cost of maintaining their bodies, many athletes take home only 40-50 cents on the dollar."(Smith)
Corey Stanford's comment, March 13, 2013 2:10 PM
Athletes pay taxes in every state and municipality in which they earn income. For example: "A baseball player that plays 81 home games and 81 road games will pay taxes in his "home field" state for 1/2 of his income, but may pay taxes in 7-10 other states where he played away games." Athletes also pay in the top tax bracket due to their hefty incomes. So when we hear of an athlete making $1 million dollars, that athlete may only see half of that amount.
Corey Stanford's comment, March 13, 2013 2:15 PM
Being financially disciplined is essential in becoming successful athlete. The athletes that are financially disciplined save their money over the course of their career and when that career is over, they have the ability to start the rest of lives financial stable. Those athletes don't overspend on short-term luxuries.
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How Should Athletes Manage Their Money? | Neon Tommy

How Should Athletes Manage Their Money? | Neon Tommy | Broke Athletes- Aspect 2 | Scoop.it
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Corey Stanford's comment, March 13, 2013 10:26 AM
Risky investments such restaurants, small business and real estate are very problematic for athletes when it becomes a major part of their portfolio. "All of these people are not the smartest people in the world...The truth is they got lucky. There are thousands that are smarter that it didn't work out for." (Butowsky) According to Butowsky, the smartest athletes are the ones who use their current stauts to branch out and network with "high-rollers", instead of imitating how those "high-wollers" live their lives.
Corey Stanford's comment, March 13, 2013 2:23 PM
The rise of various recruiting websites such as Rivals.com has fueled a world without privacy that has made the younger generation feel entitled. Twitter, Facebook, and these new recruiting websites has fueled the egos of young superstars, which leads them carrying that ego into their college years. "They come in thinking the school owes them something rather than the other way around (that they owe the school something for giving them a free education)," La Placa said.