Quote:
Originally Posted by GatorB
Agents take no more than 3% taxes on $300K would total less than 25%. Lawyers shouldn't take very much. So really one should have at least 65% left over. So at least $750K. The average American would earn about less than $175K BEFORE taxes in that time. Plus you forgot players get signing bonuses too.
So he made MUCH more than the average American in that time. And he got a free colllege education and NFL players do get pensions. So really no excuse. What rule says that just because you were some 5th round draft pick that manage to last 4 years in the NFL as 3rd string player that that means you're entitled to something and you no longer can get a real job? If your 22 when you get drafted and last 4 years you're 26. So what is stopping that guy from getting a job?
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From what I understand most agents get 10% not 3%, but maybe some agents will take less to get a client that is going to get a huge contract.
As for taxes, 25% is probably too low. It all depends on where you live. If you live in a state where there is a state income tax that can range from 6-8% then federal on that amount of money can be around 20-25% and they pay social security on the first 100K or so.
As for signing bonuses, that number often includes the signing bonus. In the NFL if you are not picked in one of the top 3-4 rounds chances are you will be offered a contract making the league minimum which is about 285K. They tend to sign a guy for 3 years just in case he turns out to be a really good player and they offer very little in the way of a signing bonus.
I'm not saying just because they played in the NFL that they deserve to never work again. I understand that they make far more than the average person does and there is no excuse for them to not get a job when they leave the game. Most of them do just that. The point of my post was to illustrate how being a pro sports player doesn't mean you are rich and you blew threw millions. Pro sports is just like the real world. About 10% of the guys make about 90% of the money. The rest can make very good money, but they often leave the game and are not multi-millionaires like a lot of people think.