Financial Advisors React to NFL Players Spending Their First Million!
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- เผยแพร่เมื่อ 4 ส.ค. 2022
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Cam “I always wanted an Escalade. Me too, here’s a suburban.”
4:16 I was smiling through this whole section, what a wholesome turn
Great video! I had a similar thing coming out of college. I went from making minimum wage working at Staples to making 63k (with another 50k coming from my wife, girlfriend at the time). Because of videos like these we made sure to budget and make investing a priority, so now based on your lump sum resource we'll have around 2 million at age 65, and we aren't planning on stopping! Thank you for all that you do
The most money I ever received at one time was $58k. I spent half of that in one day...on paying off my 2 high interest car loans.
I got half of a $67k from a 401k that was closed (i had another one already going with higher contributions than the now-closed one) when my security contractor job changed company ownership. First thing my wife and I did, was pay off one of our vehicles. Our justification for doing that, was that we are only 40 and are not retiring until 2050 at the EARLIEST. It has proven fruitful so far. We now not only have an extra $500/mo, but now we are no longer hurting for money come paydays. And i still have another $37k sitting in an IRA, and after filing 2023 taxes, we are going to get it out and pay our OTHER car off which will give us another $600/mo.
Cam Jordan is a real class act
I told my friends that I understand how someone could spend $1M in a year and not be crazy
$200k to the agent/lawyer/financial advisor
$320k in taxes
$300k as a house
$50k for a car
$120k to live on which is not the NFL lifestyle.
Money talks, wealth whispers...
This was an absolute blast to watch, thanks for putting it together! I can't imagine the overwhelming emotions these guys experienced when they signed these deals. Money and emotions are a dangerous combination and I wholeheartedly agree that we all need to have that 'no' person who can give us grounding when we went to overspend.
This was great! I was just talking about Alfred Morris driving his old Mazda "Bentley" today. Loved this one.
This was so good 😂. Definitely do more of this.
Such a great video! You guys are awesome. Helpful and funny criticism, not judgmental degree flashing.
Brian-I think what you're trying to say is "money makes you rich, assets make you wealthy".
NFL = Not For Long. Those that understand this and think of their future before the shopping spree prosper.
Next time. Bo, put on sun block.
This was a great video!
More of this please
The first time I had a LARGE windfall was overwhelming. You really gotta step back and be extra aware of where your money is going and be intentional. The people clowning on these athletes may not understand what it's like to have such a large amount of cash after having a lean bank account.
No clowning here - I worked with athletes and hope that the tone that comes through is positive and we profiled positive outcomes 👍
@@MoneyGuyShow I'm not referring to you guys at all. I mean specifically the people that do. I think you guys were super understanding.
Thank you for showing athletes, particularly black athletes, in a positive light. Why I like you guys. You don’t take cheap shots. Great episode!
Love to see Cam’s enthusiasm for high-end watches!
$375k on clothes is the biggest travesty in the entire video
yeah that one hurt the most, that could essentially pay for a house
Yeah that's a preposterous amount of money for fabric.
I would love to hear your takes on the contracts from soccer, insane amounts of money.
Cam Jordan was by far the best. He was entertaining and just always so humble about it. In the end, he obviously takes care of his family but hes well aware that a 15-30 k car is for the most part no different than the 90 k car so why buy it. Nothing lasts forever.
Emmanuel Sanders also made $86 million before the video and he just signed ANOTHER deal, all these were not just on his rookie deal
Does anyone know if Shaq or Magic have ever had a large interview about their expenses throughout their careers and post retirement? I know Shaq has small stories here and there, but I think imo those 2 are probably some of the greatest examples of how to save and spend their money, you can throw several others ofc but it would be interesting to see those 2
I must say, that was nowhere near as painful as I was afraid it was going to be. Yeah, they threw around a lot of cash on questionable things, but sounded like they also knew the gravy train would end and they needed to be ready for it.
Man, more and more I listen to Bo. He reminds me of Linus Sebestian from LinusTech. Y'all look alike and sound alike.
NFL should just force a portion of their salary into some sort of annuity fund as a safety net
They do have a pension plan. That is why OJ Simpson is still living so well. Those pension plans are pretty lawsuit proof.
@@mattbenz99 ah ok cool good to know…I guess the NBA needs it cuz apparently there are some in dire affairs over there. And I suppose it should be set at a rate that would cover most lifestyles that they could live on their current salary
As a Bucs fan I hated cam but now I have newfound respect for him.He gets it
dumb question but can you explain what a fiduciary advisor is and why its important your financial advisor is fiduciary ?
It means they're legally required to act in your best interest, not theirs or their company's.
I think the real problem lies in the fact that these pro players are figuring out how to spend their money instead of saving and investing for the future. What I have learned about money is regardless of how much or little you have,. without proper managerial skills the money will evaporate. Getting a large sum of money, park it for at least 1 year and think about how to spend some and invest for the future. Also statistics show people who win the lottery are usually broke within 5 years of winning.
I don't begrudge these men their success. I just hope they hold on to some of that income for when the ride is over. Good luck to them. I hope they don't get played by people. Cam Newton was fabulous.
My man Emmanuel Sanders on the thumbnail, long live Super Bowl 50 champion Denver Broncos!
Mecole Mardman only had 2.3 guaranteed on his contract and went and blew money like that. hope he doesn't blow out a knee or something. What are the odds.
I laughed one day at work when my CEO worth multiple 10s of millions nearly bugged out as the receptionist making $35K a year was arguing with me that no way she could find the time to bring her lunch to our Park Ave NY office. He laughed since he brought his every day as did I and we looked at each other in amazement! It does not matter how much you make if your mind is not right.
The thing that disgusts me is how they had access to 1% mortgages when the best a normal person had access to was around 2.7% at its lowest.
If you earn 100 grand per annum and spend 20k on a car you are no different than a person earning 1 million per annum spending 200 grand on a car. Finance Theory of Relativity
I was going to show this to my middle schoolers until we heard about the sexiest thing
My man Cam Jordan! Who dat!!!
A financial mutant and defensive mutant. Eating oats for bfast and Brady for 10 yard losses.
Divorce court takes 70 % in one day if your the man. Be happy with a depreciating assest like a Rolls Royce. If least you have the car.
I guess they failed to watch MC Hammer videos😂🤪😂..
These are some crippling expenses. No wonder NFL players go broke.
Great! I couldn't feel worse about myself.
Says he gets a Gallardo, video is of a Murcielago. GQ can’t even get it right.
The comment section scams never stop
Report them for "unwanted commercial content or spam"
🇺🇸🇺🇸🇺🇸
At the very least NFL players contribute to the velocity of money 💰 💀
Literally every one of these guys but maybe one blew through hundreds of thousands of dollars within their first year.
I appreciate trying to be nice with some of these guys, but come on, gentlemen. Do not praise these guys for saving $50k out of their first $600k post-tax earnings. That’s not saving, that’s absurd levels of spending and unabashedly irresponsible
Realize they are in their early 20s when all of this is heaped onto them- this is why- awareness and education are so important 👍
Agreed, and many times they are from poor upbringings, have no financial experience, and suddenly are the financial providers for the rest of the family.
its an absurd amount of money!!! They only need a small percentage saved and they'll still be way ahead of everyone
can you answer why you think that they did this? like what you personally think leads to this unabashedly irresponsible spending? Is it their age, career path, anything you have especially in mind?
Did GQ only interview black NFL players? seems odd that a league that makes a point about its diversity only has the black players selectively interviewed about their finances