Marshawn Lynch credited his Buffalo Bills teammates for informing him about contributing to retirement accounts early in his career. “You’re going to do this, even if you don’t want to.” https://t.co/NuDyFq5ZAM
— NYT Sports (@NYTSports) January 20, 2022
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New York Times interviews financial advisor Marshawn
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Last: 2 yr ago by BearGoggles
Take care of yo chicken.
Interesting that Beast Mode Marketing is looking to advise college players on NIL.
Interesting that Beast Mode Marketing is looking to advise college players on NIL.
He really is a fascinating guy. Frankly I think smart as whip and entirely authentic and unapologetic.
Take care of your Chicken
Reading this article which showed Marshawn's complete lack of knowledge regarding basic personal financial matters upon entering the NFL and receiving a big paycheck made me think that some sort of course should be offered to undergraduates, especially athletes, in personal finance and wealth management. It sounds like he had no advise or help from anyone in these matters until he joined the Bills. Sort of disturbing.
I heard from someone that other than what he donates to charity, he still has the first dime he ever earned. The sign of a very wise man.
Cancel my subscription to the Resurrection
Send my credentials to the House of Detention
I got some friends inside
Send my credentials to the House of Detention
I got some friends inside
bipolarbear said:
Reading this article which showed Marshawn's complete lack of knowledge regarding basic personal financial matters upon entering the NFL and receiving a big paycheck made me think that some sort of course should be offered to undergraduates, especially athletes, in personal finance and wealth management. It sounds like he had no advise or help from anyone in these matters until he joined the Bills. Sort of disturbing.
A financial literacy class should be requirement of every American who attends elementary/junior/high school in this country.
I'm also a believer that the government should put $22000 in an interest bearing account for every natural born citizen that could be used after they turn 65 with some limitations. (In place of a broken social security system)
bipolarbear said:
Reading this article which showed Marshawn's complete lack of knowledge regarding basic personal financial matters upon entering the NFL and receiving a big paycheck made me think that some sort of course should be offered to undergraduates, especially athletes, in personal finance and wealth management. It sounds like he had no advise or help from anyone in these matters until he joined the Bills. Sort of disturbing.
Marshawn did get expert advice from Cal faculty members prior to his draft and NFL career start. They put together a program for him for just the reasons that you alude to. Not everyone really understand everything g that people are telling them until they get into the thick of it, though.
Jalen Brown has also talked about this program with professors from the. Business School going through a process prior to his draft as well. This is set up by the athletic department and actually sort of a recruiting point for the Bears. And I could not say that he is saying he was unprepared- he was grounded in the idea to save and invest - I think this shows that the details were a little mixed up.
Anyway - this ia a great thing that he is doing and frankly it is embarrassing that the NFL does not do a better job of this.
I also think that for players - they should have a flow chart of expected career value for each position and draft slot, and how that translates to lifetime earnings. Example - 5th round running back - average lifetime earning - 1.8 million. After tax and agent fees - 900,000. Lifetime earnings if 100% invested - 50,000 per year. Seems like not a lot of money really. Much better to go to Business school.
bipolarbear said:
Reading this article which showed Marshawn's complete lack of knowledge regarding basic personal financial matters upon entering the NFL and receiving a big paycheck made me think that some sort of course should be offered to undergraduates, especially athletes, in personal finance and wealth management. It sounds like he had no advise or help from anyone in these matters until he joined the Bills. Sort of disturbing.
https://www.nytimes.com/2015/10/24/sports/ncaafootball/jared-goff-among-student-athletes-learning-to-manage-millions.html
Sounds like for Marshawn common sense and smarts prevailed.
The mind boggles to think how much Missy Franklin would have earned if the current NIL rules had been in effect while she was at Cal.
One of the interesting things in the article - and there were many - was Marshawn saying "and yeah, they try and teach you in school" but him not really understanding the lessons until put in practice a few years later. Maybe the teaching could be better. Or maybe it is something you can only learn through experience. I think most of us were shocked when we had a first job and saw how much was withheld for taxes ("Who is FICA"?).Oski87 said:bipolarbear said:
Reading this article which showed Marshawn's complete lack of knowledge regarding basic personal financial matters upon entering the NFL and receiving a big paycheck made me think that some sort of course should be offered to undergraduates, especially athletes, in personal finance and wealth management. It sounds like he had no advise or help from anyone in these matters until he joined the Bills. Sort of disturbing.
Marshawn did get expert advice from Cal faculty members prior to his draft and NFL career start. They put together a program for him for just the reasons that you alude to. Not everyone really understand everything g that people are telling them until they get into the thick of it, though.
Jalen Brown has also talked about this program with professors from the. Business School going through a process prior to his draft as well. This is set up by the athletic department and actually sort of a recruiting point for the Bears. And I could not say that he is saying he was unprepared- he was grounded in the idea to save and invest - I think this shows that the details were a little mixed up.
Anyway - this ia a great thing that he is doing and frankly it is embarrassing that the NFL does not do a better job of this.
I also think that for players - they should have a flow chart of expected career value for each position and draft slot, and how that translates to lifetime earnings. Example - 5th round running back - average lifetime earning - 1.8 million. After tax and agent fees - 900,000. Lifetime earnings if 100% invested - 50,000 per year. Seems like not a lot of money really. Much better to go to Business school.
Marshawn has an incredible way with words combined with a strong authentic sense of self. Its a real gift.
He should make a shirt "It's time to use your wittys to get up out that siti,"
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