another example of living paycheck to paycheck

[Hector]

doesnt matter, how much we make, most of us love living paycheck to paycheck. Some wont mind borrowing at 30% rate NFL lockout leads to players taking out astronomical loans - NFL News | FOX Sports on MSN

[disneysteve]

Players make their entire salary during the regular season, and many rely on offseason workout bonuses to get them through the spring and summer.

Hmmm. Did it ever occur to them to save some of their salary during the season to get them through spring and summer?

I know many, many teachers who make less all year than these guys make in a couple of hours. Somehow, the teachers don't need to take out high interest loans to get through the summer even though they aren't receiving a paycheck during those 10 weeks.

It just goes to show that most people do not have an income problem. They have a spending problem. Most people make all the money they need to live just fine but only if they budget it and manage it properly. More money won't fix poor spending habits. In fact, more money will actually aggravate the problem.

[JoshuaHeckathorn]

How sad...sounds like lending to cash-strapped athletes is good business. 30% interest! I wonder what their default rates are on the loans.

[GREENBACK]

In their defense(not an excuse). Many of these kids are pushed through a system that rewards them for there athletic prowess and by people who really couldn't care less about how fast or far they fall when the show is over.Many are from poor backgrounds and They buy everything they ever wanted for themselves and everyone around them. Most, but not all, have no concept of saving and investing their money. They live paycheck to paycheck because they have no other concept of money.

No, I'm not feeling sorry for them but The agents and team owners of these players don't give a damn about the person after they can't perform. The lockout gives us a good view of that. It's a shame the NFLPA doesn't focus more on educating these young people so they don't get in this kind of mess. Guess they've got 9 billion other things to focus on.

With that said, yes, they closely resemble the average person who gets into debt regardless of income.

[maat55]

Hmmm. Did it ever occur to them to save some of their salary during the season to get them through spring and summer?

I know many, many teachers who make less all year than these guys make in a couple of hours. Somehow, the teachers don't need to take out high interest loans to get through the summer even though they aren't receiving a paycheck during those 10 weeks.

It just goes to show that most people do not have an income problem. They have a spending problem. Most people make all the money they need to live just fine but only if they budget it and manage it properly. More money won't fix poor spending habits. In fact, more money will actually aggravate the problem.

And governments.

[Cassius King]

All these players before they come into the league have to take classes on finance and personal behavior. They're told and taught and choose to ignore that. The NFL has one of the most beneficial 401k plans in existence. Something to the tune of $3 match for every $1 you put in, and still most players don't utilize it.
These players and the owners can take their league and go home. They're turning off so many fans including myself, that I'll never go back.

[NolaP]

That is just so ridiculous, making that kind of money and then needing to take out a loan. What are they going to do when their careers are over due to an injury or getting older?

[Cassius King]

That is just so ridiculous, making that kind of money and then needing to take out a loan. What are they going to do when their careers are over due to an injury or getting older?

They'll be a story on ESPN's "Outside the Lines" on Sunday mornings.

[Simplicity-]

Cassius, they already had one. But not on OTL.

They had a story on Sportscenter with Jared Allen DT for the Vikings, it was about all the "Bling" and fancy clothes, rings, chains, watches, etc. that were being worn by the kids drafted in this years draft. It was a great thing to watch.

He was saying minus a house, and new cars in his first year in the league, he lives a frugal life, one vacation a year for the family, in the offseason they stay home, eat in, and he only goes out to turkey hunt, and that's for the meat.

He said on the Vikings, he is in-charge of the rookie year of most players, giving them savings advice, budget advice, and so forth so these accurances don't happen.

Great guy he is, and unfortunately they're not more like him.

[disneysteve]

All these players before they come into the league have to take classes on finance and personal behavior. They're told and taught and choose to ignore that.

Exactly. Like most Americans, they ignore common sense and refuse to follow sound financial advice.

What are they going to do when their careers are over due to an injury or getting older?

Many of them end up bankrupt living relatively meager lives relative to what they could have had if they had been better stewards of the wealth they enjoyed during their careers.

[Simplicity-]

Case of the Joneses, it still applies here as well. Another WR bought a Bentley, I gotta get the Maybach. Oh this guy bought the $5MIL house, i'm gonna upstage him get bigger for $6MIL. So on and so forth.

Also unfortunately, and this is noway a racist jab, but people get "hood rich". Everyone becomes there friend, family comes out of nowhere, and if they come from poor up-bringings they don't know much better, so they buy anythign and everything because they THINK they can.

I feel if this country taught FINANCE EDUCATION as a second language, vs. spanish/french/latin that was offered in my HS then this country would be alot better off. You want to learn an additional language, make it an elective, but that is a different battle.

[Hector]

All these players before they come into the league have to take classes on finance and personal behavior. They're told and taught and choose to ignore that. The NFL has one of the most beneficial 401k plans in existence. Something to the tune of $3 match for every $1 you put in, and still most players don't utilize it.
These players and the owners can take their league and go home. They're turning off so many fans including myself, that I'll never go back.

I dont think any school teaches personal finance. A few of use learn from our parents. A few of us learn after making mistakes. A few of us are naturally into it and a few of us never learn.

[disneysteve]

I dont think any school teaches personal finance.

Actually, a lot of schools do have a personal finance course as part of their curriculum. It is often in high school though I think it should start before that. It really should be part of all basic education in this country.

[buildmybudget]

I think it should start in elementary school. I've heard of some programs where students basically take a "job" and in return earn money which they can use at a basic market to purchase goods or services. It's really just a big game, but does get across the point of fiscal responsibility. Maybe they should use some of this extra time off to set up the same play market for the members of the NFL, lol. (They can use million dollar houses and cars!) Most people wind up in this situation though because they don't stop long enough to see where they are heading financially and budgeting programs in general don't show you where you will be in six months to a year.

[Cassius King]

I dont think any school teaches personal finance. A few of use learn from our parents. A few of us learn after making mistakes. A few of us are naturally into it and a few of us never learn.

There are too few schools that teach personal finance. However, the NFL has a program for all incoming rookies that teaches them how to manage and handle the money they just came into. As well as teaching them how to manage their money, they also help make them aware of the friends/women that will be after them as well, lol.