Mark Brunell is all out of money

LongTimeListener · Nov 2, 2011

dixiehack said:

I never would have guessed Fred Taylor was the more financially stable part of that backfield.
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Taylor had the good fortune to get screwed out of his money when he was only 25.

93Devil · Nov 3, 2011

Kyle Korver, Magic Johnson and Keyshawn Johnson are the names that pop into mind when I think of athletes that are good with money.

Steak Snabler · Nov 3, 2011

Maybe he can box Jose Canseco. [/crossthread]

Guy_Incognito · Nov 3, 2011

93Devil said:

Kyle Korver, Magic Johnson and Keyshawn Johnson are the names that pop into mind when I think of athletes that are good with money.
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Pacman Jones?

Drip · Nov 3, 2011

Not to be an ass about the situation, but I have no pity for Brunnell. He's had more money in his career than I'll probably will see in my lifetime. I've struggled all of my life just to make a decent coin and this guy is playing a child's game makes millions and now he's crying because he's broke? It's called reality. Time to grow up.

Smasher_Sloan · Nov 3, 2011

Drip said:

Not to be an ass about the situation, but I have no pity for Brunnell. He's had more money in his career than I'll probably will see in my lifetime. I've struggled all of my life just to make a decent coin and this guy is playing a child's game makes millions and now he's crying because he's broke? It's called reality. Time to grow up.
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LOL at probably.

Drip · Nov 3, 2011

Smasher_Sloan said:

Drip said:

Not to be an ass about the situation, but I have no pity for Brunnell. He's had more money in his career than I'll probably will see in my lifetime. I've struggled all of my life just to make a decent coin and this guy is playing a child's game makes millions and now he's crying because he's broke? It's called reality. Time to grow up.
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LOL at probably.
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Hey Smasher, anything is possible. LOL

poindexter · Nov 3, 2011

Smasher_Sloan said:

Drip said:

Not to be an ass about the situation, but I have no pity for Brunnell. He's had more money in his career than I'll probably will see in my lifetime. I've struggled all of my life just to make a decent coin and this guy is playing a child's game makes millions and now he's crying because he's broke? It's called reality. Time to grow up.
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LOL at probably.
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If $$ were ass, Drip'd be a trillionaire.

playthrough · Nov 3, 2011

RickStain said:

Everyone acts amazed and swears they would never let it happen, but a high percentage of ordinary people who suddenly get large amounts of money go broke.

You don't know how you'd act until you get there.
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You're probably citing a few high-profile stories about lottery winners going broke. Except if you're playing the lottery heavily and regularly, you already don't have a great hold on money matters. I think the vast majority of ordinary people, with half a mind for money management, would do just fine. They might not leave a fortune for their offspring, but they're not going to be begging for cash within a decade.

lcjjdnh · Nov 3, 2011

Mizzougrad96 said:

RickStain said:

Living off just the interest on $1 million would be pretty tough. I'm not saying it couldn't be done, but it's tough.

Presumably you'd want something risk-free or close to it, and in today's environment you are looking at maybe 3% ROI. So $30k/year, most of us do or could live off that.

But each year that $30k becomes less and less due to inflation. You'd have to start eating into the principle fairly quickly, so at that point it's just a race between your money running out and your death.
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I have a friend who is doing it. I don't know what setup he has, but he has $1.5 million in the bank or in some fund where it is 100 percent protected. He gets between 6-7 percent interest, payback or whatever on it and lives very comfortably. Admittedly, I don't know all the details, but I grilled him about what level the money is protected and he assure me it's 100 percent. I don't know if he was being truthful, but he has no reason to lie to me. I was best man in his wedding and I'm the Godfather to his son, so I'd be stunned if he would lie about something like that, but you never know...
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No one that invested with Bernie Madoff would have been lying about what they thought if they had told their friends about their great investment, either.

lcjjdnh · Nov 3, 2011

lcjjdnh said:

Mizzougrad96 said:

RickStain said:

Living off just the interest on $1 million would be pretty tough. I'm not saying it couldn't be done, but it's tough.

Presumably you'd want something risk-free or close to it, and in today's environment you are looking at maybe 3% ROI. So $30k/year, most of us do or could live off that.

But each year that $30k becomes less and less due to inflation. You'd have to start eating into the principle fairly quickly, so at that point it's just a race between your money running out and your death.
Click to expand...

I have a friend who is doing it. I don't know what setup he has, but he has $1.5 million in the bank or in some fund where it is 100 percent protected. He gets between 6-7 percent interest, payback or whatever on it and lives very comfortably. Admittedly, I don't know all the details, but I grilled him about what level the money is protected and he assure me it's 100 percent. I don't know if he was being truthful, but he has no reason to lie to me. I was best man in his wedding and I'm the Godfather to his son, so I'd be stunned if he would lie about something like that, but you never know...
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No one that invested with Bernie Madoff would have been lying about what they thought if they had told their friends about their great investment, either.
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On a more serious note, I don't think long-term treasury rates have been above 6% since the early 2000s, and you're not getting any safer than that. And banks aren't "risk-free"--deposits are only insured up to a certain amount (unless you're banking on a government bailout).

poindexter · Nov 3, 2011

He may be getting 6-7% return, but I doubt its 100% protected.

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Mark Brunell is all out of money

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Mark Brunell is all out of money

LongTimeListener Well-Known Member

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Steak Snabler Well-Known Member

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Drip Active Member

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Drip Active Member

poindexter Well-Known Member

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