It's bad enough we don't properly prepare them vocationally, we don't even prepare them to hold onto the money they might possibly make once they do launch a career. Holding onto your money and making it grow is just as important as making it in the first place. It's an essential part of taking care of your family... just as essential as landing a good job or starting your own business.
Section 314 is looking for you. He desperately needs someone to replace the guy who sits in front of him.
Well you don't even have to balance a check book nowadays, every transaction can be electronic. That said I find it laughable a dude that made 50mil is broke. I find it equally laughable if someone that made 1/10th that, went broke barring catastrophic health issues. There are so many avenues to protect your wealth and have it grow above inflation, it isn't even funny. It really doesn't take a genius to pick up a $4.00 personal finance book or lacking enough funds for that, read Motley Fools website or even yahoo's personal finance section and just start reading. Anyway, Brunell is just like the other 85-90% of professional athletes and Lotto winners that have gone or will go broke. He is no different. They are a subset of society that has some of the poorest fiscal skills and/or financial prudence yet make and/or have access to substantial amounts of money. I have seen and heard about it 100's of times before and I am sure in the future....... In short F-him.
Athletes usually throw their funds into constant business ventures not endorsed by, gee, I dunno investment firms whos job it is to make money. once you have that much money, its way easier to lose than people think. especially if your using it to try to make more instead of sitting on it like Potsie
Exactly. I mean, Champion LLC... if that doesn't sound like a dubious investment I don't know what does.
Yeah, seriously. These idiots don't understand that diversifying your portfolio doesn't mean throw everything into a bunch of high-yield high-risk investments.
Are you saying you wouldn't trust your money to Champ? He runs a damned good investment outfit. You get a statement that reads: "42 years, 8 months and 3 weeks since we last struck it rich."
Finally a voice of reason...Thank goodness. When you make money at those stratospheric levels, you take a portion of that money and invest it to make more money - whether its for greed or philanthropic reasons. Also, the article states he used his personal money to pay back the debt. That's a man of honor cause most people would just file Chapter 11 relieving themselves of debt and screwing everyone else over. Maybe its throwing good money after bad but he tried to do the right thing and you have to commend him for it. Also, no word from the poster known as "Brunells' Debt" - I find that highly suspicious.
Um...shouldn't it be common sense to not blow your money on unsafe investments... He kept doing it over and over again... You can't teach common sense.
There are plenty of them around. My own daughter is one of them. Simple, staightforward, EZ return with very little to file except her income and a few deductions, yet she runs to an accountant every year. Go figure.
People are afraid to try. I fucked up my taxes the first time I used TT - that was back in 1999. But After that i talked to a few people and learned the ropes. I had to switch over to an accountant when my taxes became too complicated to handle as well (personal, small biz, foreign investments, etc). Its like anything - you have to have the brass ones to make the leap and have enough faith that you can handle it. Most people can't.
It's more important that "Social Studies", where they explain who the favored "minorities" are in the country.
Well, it certainly is a fact today that the tax codes are WAY too fucking complicated. I started out filing my own taxes because I wanted to have a handle on it and the IRS also made it very easy to do so. You went to the post office and picked up several forms and an instruction booklet. You simply followed the numerical instructions per line and on a Sunday morning you could complete the entire thing without making any errors or having to know a hell of a lot. Then you dropped it in the mail and waited for your refund. After I bought my first duplex, I still filled it out myself but now I needed the Schedule E to show Rental Income and figure depreciation, etc. Still not so bad. But after I bought my 2nd one and then a commercial property and then had to form two LLCs, the tax codes became more and more burdensome to the point where i was over my head big time. Today, my accountant does this shit for me and I don't know WTF I'm reading half the time when I get it back. I just file it on time and hope like hell it's 100% correct. I have to admit that I miss the old days and long for the simplicity again. One of these days I'm going to unload the real estate and other investments, dissolve the LLCS and go back to a simpler way of life. Either that or hope like hell that one of these politicians makes good on his proimises to simplify this cockamamie, overbearing, time consuming tax code we have now.
Brunell's an absolute idiot, how in the **** does someone blow 50 million without having some assets to fall back on. Why is this loser a Jet??
Come on, why teach them a trade? That's for the poors! Instead go to private college for a useless creative writing degree and be in 80,000$ debt. That's what that cool kid I saw drinking a PBR in Williamsburg told me he did.
so many of these guys try to become restaurant owners, real estate developers, car wash owners - why don't they just get a good financial manager, invest wisely, and play it safe. Make some nice money while you retire and enjoy life. He might rethink introducing his daughter to Mark Sanchez now.
