Perhaps Mack Should have Stayed?

[Bausfkid]

Just having fun with numbers here.  I agree he should have left. 

$3.2M over 4 years (if he hits all his incentives on the $2.81M).

Lets just say 50% off the top for taxes, agent fees and any additional costs to his salary.

Puts him at $1.6M for 4 years.  Let's also look at worst case scenario, he plays only 4 years.

Over the next 25 years, if he's smart he'll collect about $64K a year in salary $1.6M divided by 25).  He'll then be 45 years old.  I'm not sure in this scenario, even he makes great investments that "he's set for life as are his children and grandchildren. 

This doesn't take into account if he's smart and invests any of his salary and several other variables. 

My hope is he has a 10 year career and makes gobs of money.  The reality is he won't and will need to work.  $64K a year is peanuts in our world.

Go Bulls!

[Dogma]

3 hours ago, Bausfkid said:

  $64K a year is peanuts in our world.

 

...Considering that's more than the average household income in the US.. but don't want to MadCow this thread

[Apis Bull]

4 hours ago, Bausfkid said:

Just having fun with numbers here.  I agree he should have left. 

$3.2M over 4 years (if he hits all his incentives on the $2.81M).

Lets just say 50% off the top for taxes, agent fees and any additional costs to his salary.

Puts him at $1.6M for 4 years.  Let's also look at worst case scenario, he plays only 4 years.

Over the next 25 years, if he's smart he'll collect about $64K a year in salary $1.6M divided by 25).  He'll then be 45 years old.  I'm not sure in this scenario, even he makes great investments that "he's set for life as are his children and grandchildren. 

This doesn't take into account if he's smart and invests any of his salary and several other variables. 

My hope is he has a 10 year career and makes gobs of money.  The reality is he won't and will need to work.  $64K a year is peanuts in our world.

Go Bulls!

The flaw in your argument is that he won't have any other income after his first contract is over.  He either play beyond this first contract or be employed somewhere else, earning additional income.  He's already planning to complete his degree, so that will help.

[Bausfkid]

Correct Apis.  I said there were other variables.  Its a solid supplement to His long term income.  The greatest part may not be income driven, but dream driven.  Playing even one NFL down is a great part of his life.

[George_Bullnard_Shaw]

6 hours ago, Bausfkid said:

Just having fun with numbers here.  I agree he should have left. 

$3.2M over 4 years (if he hits all his incentives on the $2.81M).

Lets just say 50% off the top for taxes, agent fees and any additional costs to his salary.

Puts him at $1.6M for 4 years.  Let's also look at worst case scenario, he plays only 4 years.

Over the next 25 years, if he's smart he'll collect about $64K a year in salary $1.6M divided by 25).  He'll then be 45 years old.  I'm not sure in this scenario, even he makes great investments that "he's set for life as are his children and grandchildren. 

This doesn't take into account if he's smart and invests any of his salary and several other variables. 

My hope is he has a 10 year career and makes gobs of money.  The reality is he won't and will need to work.  $64K a year is peanuts in our world.

Go Bulls!

I see you got downranked but it is true. After taxes, insurance, agent fees etc a couple million is not enough to set a family up for life. I might have 1 million in my retirement fund come retirement time and I realize that will barely be enough. I'm frankly scared it won't be nearly enough. A million just isn't what it used to be. There's also a reason why rookie camp has intense life skills and money management seminars. You can eat the $1.6M up fast in cars and homes.

But it will be enough for a nice soft landing when he has to retire from the NFL and give him time to find something else. It isn't family dynasty money.

[BDYZR]

3 hours ago, George_Bullnard_Shaw said:

I see you got downranked but it is true. After taxes, insurance, agent fees etc a couple million is not enough to set a family up for life. I might have 1 million in my retirement fund come retirement time and I realize that will barely be enough. I'm frankly scared it won't be nearly enough. A million just isn't what it used to be. There's also a reason why rookie camp has intense life skills and money management seminars. You can eat the $1.6M up fast in cars and homes.

But it will be enough for a nice soft landing when he has to retire from the NFL and give him time to find something else. It isn't family dynasty money.

WOW! You guys would hate being my child.Having said that, she has graduated with ZERO debt. I set her up for life with a paid education, the rest is up to her. We paid 100% for her first year, years two thru four if she wanted to eat and have a car she had to have a job to pay for it.

Work and responsibility never hurt anybody.

[charsibb]

5 hours ago, BDYZR said:

WOW! You guys would hate being my child.Having said that, she has graduated with ZERO debt. I set her up for life with a paid education, the rest is up to her. We paid 100% for her first year, years two thru four if she wanted to eat and have a car she had to have a job to pay for it.

Work and responsibility never hurt anybody.

Preach, brother!

[Calibull]

6 hours ago, BDYZR said:

WOW! You guys would hate being my child.Having said that, she has graduated with ZERO debt. I set her up for life with a paid education, the rest is up to her. We paid 100% for her first year, years two thru four if she wanted to eat and have a car she had to have a job to pay for it.

Work and responsibility never hurt anybody.

good stuff

[Bausfkid]

And your approach to your daughter's education has what to do with MM's going pro or staying in school?  

 

[GaUSFBull]

3 hours ago, Bausfkid said:

And your approach to your daughter's education has what to do with MM's going pro or staying in school?  

 

About the same as your above salary scenario over the next 25 years for MM has to do with real life.