What does NFL owe to retired players?

[mtrycrafts]

Anyone who is in their 20s and making 6 figures is an idiot not to think about retirement especially if they are playing a high-impact sport like football. I make virtually nothing compared to these players and have been saving since I was 13 and could first get a job. Ever since I had a job I have been saving some money from every paycheck, at least what I could for a rainy day and it has added up its one of the reasons I have my HT. If these role models can't scrounge up enough sense to set aside 20 grand a year when they are making nearly 300 a year they don't know how to manage their money and are not living within their means and I could show them its really not hard.

Consider yourself very lucky, especially if you had parents to instill that savings habit and more power to you if you discovered it on your own. Many don't have a clue and all they see are the push to spend on the tube and they fall prey.

 

[MDS]

I haven't read this entire thread because the title didn't really interest me.
But, I have to applaud avaserfi. The key to success is living beneath your means at least until such time as your means get to a point where you can spend more and still not jeopardize your future.

I have no sympathy for the idiots that make millions of dollars per year from an early age and yet end up broke.

 

[avaserfi]

I have no sympathy for the idiots that make millions of dollars per year from an early age and yet end up broke.

I don't think anyone could have put it better.

In the end having an idea of the value of money is something that parents instill in their children when they are young or it is something that will be learned when you are on your own. I am glad my parents beat it into me because it makes money management much easier now. I am one of the few people my age I know who doesn't have 3 credit card they need to balance and I have nicer stuff .

 

[gmichael]

Am I missing something? Weren't they already paid for their services? And paid well at that. Why would anyone owe them anymore? What they did with their money is their business. If they were smart and saved some, then they're set. If they were stupid and blew it all, then that was their fault. No one else's. People need to take responsibility for their own actions and not try to blame others

 

[NYyankeeboi]

It they truly want to play for the game, ABSOLUTELY NOTHING.

 

[avaserfi]

It they truly want to play for the game, ABSOLUTELY NOTHING.

Thats besides the point most of them might enjoy the game but they don't just play for the game they play to make a living they just want a 401k that they invest nothing in and pays them well later anyways.

 

[NYyankeeboi]

Anyone who is in their 20s and making 6 figures is an idiot not to think about retirement especially if they are playing a high-impact sport like football. I make virtually nothing compared to these players and have been saving since I was 13 and could first get a job. Ever since I had a job I have been saving some money from every paycheck, at least what I could for a rainy day and it has added up its one of the reasons I have my HT. If these role models can't scrounge up enough sense to set aside 20 grand a year when they are making nearly 300 a year they don't know how to manage their money and are not living within their means and I could show them its really not hard.

I am not yet in my 20's, however, I have already started planning for my reitirement.

I learned...It was never what you make......its what you do with it..

 

[billy p]

I for one

feel that most of the players in the 50's,60's & 70's did it for the love of the game and most of them didn't get rich by it. I was listening to our local talk show one afternoon. A lady came on (I can't remember her name) and was the wife of a former player, talking about her current situation. Her husband suffers from dementia due to post concussion syndrome( at least 30 of them in his short career) and now suffer from depression and suicidal behaviour. I know who cares? She now has to seek employment and does various other jobs just to pay the bills and for treatment. Her biggest fear though, is leaving him at home unattended. I think the NFL could find it within their heart to help her, YES? Now, as for players who made a boat load of money and wasted it, I'm apathetic!

I know, it's the bleeding heart liberal in me, that comes out from time to time!

 

[mtrycrafts]

I am not yet in my 20's, however, I have already started planning for my reitirement.

I learned...It was never what you make......its what you do with it..

That is great. Find out about compounding interest returns if you don't already know about it. And, you have lots of time ahead of you to compound it.
Roth is one good way to go.

 

[MDS]

That is great. Find out about compounding interest returns if you don't already know about it.

Yep, TIME is the most important variable in finance. Start saving small amounts regularly when you are young and you will be way ahead of those that wait until they are in their 40s and 50s and have to sock away huge amounts and pray for huge returns (which are not realistic over long periods of time).

I wish I could get through to my oldest friends that still have the 'you can't take it with you' mindset. Nobody wants to be old and poor. Young and poor is normal, old and poor woud be miserable.