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Willie Reed - Impressive Heat Debut


philliken

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57 minutes ago, Old guy said:

I think, by the flurry of posts I have engendered, that there are many in this board that believe in spend, spend, spend as a way of life. 

No one said that. I believe I can be quoted as saying "... if he invests a fourth of his income." 

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4 hours ago, Old guy said:

This is a great thought, you live to impress people parked in the Appleby's parking lot, as well as valet attendants which no doubt will also be impressed by the car. Great thinking.

Many moons ago I moonlighted as a valet, and the worst gig the company had was the lunch time "rush" at a suburban Houlihan's. You had to take one or two of those a week if you wanted a shot at the lucrative night clubs. So I can't say I'd be too shocked if the infamous Willie Reed Applebee's location actually did have some poor kid parking cars for all the aspiring NBAers who hang out there.

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3 hours ago, P.B. said:

He's making a million this year and will get close to $10 million in free agency. Buy a Bentley, buy a house. You earned it. 

A $200,000 car on a $1 million salary is probably a lower percentage than most on this board pay for their car. I don't see it as a big deal. 

His agent gets 10% up front. Federal,State,and local taxes are probably close to 50%.(maybe he is a Florida resident saving state) I can't imagine he is taking home more than 400-450k. The man's got expenses. Not a whole lot left to buy a 200k car. If you google NBA players going broke .One  site says 60% are bankrupt after 5 years. Some of these guys go thru a hell of a lot of money. As I said earlier,it's not what you make but what you keep. 

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21 hours ago, willie said:

His agent gets 10% up front. Federal,State,and local taxes are probably close to 50%.(maybe he is a Florida resident saving state) I can't imagine he is taking home more than 400-450k. The man's got expenses. Not a whole lot left to buy a 200k car. If you google NBA players going broke .One  site says 60% are bankrupt after 5 years. Some of these guys go thru a hell of a lot of money. As I said earlier,it's not what you make but what you keep. 

As a retired CPA I'd like to point out that players pay state income tax to every state where they play that has an income tax.  The big savings come from home games and future investment earnings, assuming they invest well.  In FL the homestead exemption can be huge going forward if they keep the same home - RE tax increase are kept to a small % each year.

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22 hours ago, willie said:

His agent gets 10% up front. Federal,State,and local taxes are probably close to 50%.(maybe he is a Florida resident saving state) I can't imagine he is taking home more than 400-450k. The man's got expenses. Not a whole lot left to buy a 200k car. If you google NBA players going broke .One  site says 60% are bankrupt after 5 years. Some of these guys go thru a hell of a lot of money. As I said earlier,it's not what you make but what you keep. 

I find it very humorous that you (and others) are telling us all about Willie's earnings, expenses, and poor decisions without being able to get basic facts correct. The NBA caps agent fees at 4% for playing contracts. Please tell us more about how an NBA player should live though.

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When Willie was renting out theme parks on his first contract - stupid. Willie buys a nice car? Who cares. The guy is about to make more next year than 90% of this board combined career earnings. 

Do you make 70,000 a year? You better not have purchased a car for more than $9300!

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1 hour ago, For-DaLove said:

I find it very humorous that you (and others) are telling us all about Willie's earnings, expenses, and poor decisions without being able to get basic facts correct. The NBA caps agent fees at 4% for playing contracts. Please tell us more about how an NBA player should live though.

I'll be happy to tell Willie how to live. Save every dollar you can as your career will be short. Find a good financial advisor. Don't invest in anything that is not conventional. (Stocks Bonds) . Never borrow money besides a home mortgage and make that small. Don't buy a Bentley when a Lexus will do. When your career is over go back and get a degree. 

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2 minutes ago, willie said:

I'll be happy to tell Willie how to live. Save every dollar you can as your career will be short. Find a good financial advisor. Don't invest in anything that is not conventional. (Stocks Bonds) . Never borrow money besides a home mortgage and make that small. Don't buy a Bentley when a Lexus will do. When your career is over go back and get a degree. 

Well said if Mr. Reed follows that advice he will live well for the rest of his life.

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14 minutes ago, willie said:

I'll be happy to tell Willie how to live. Save every dollar you can as your career will be short. Find a good financial advisor. Don't invest in anything that is not conventional. (Stocks Bonds) . Never borrow money besides a home mortgage and make that small. Don't buy a Bentley when a Lexus will do. When your career is over go back and get a degree. 

My advice for you is to never buy a Lexus when public transportation will do. See how big of a prick I sound like?

You all will be happy to hear that Willie is doing quite well. He is living within his means (whether you want to believe it or not), has a beautiful family, and is set to make a ton of cash over the next few years.

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13 minutes ago, willie said:

I'll be happy to tell Willie how to live. Save every dollar you can as your career will be short. Find a good financial advisor. Don't invest in anything that is not conventional. (Stocks Bonds) . Never borrow money besides a home mortgage and make that small. Don't buy a Bentley when a Lexus will do. When your career is over go back and get a degree. 

And to think people have been paying you for that advice for 45 years and now you just give it away to people for free on Billikens.com!

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2 minutes ago, For-DaLove said:

My advice for you is to never buy a Lexus when public transportation will do. See how big of a prick I sound like?

If you live near a bus stop and make 35k a year, you probably shouldn't buy a Lexus. It's all relative and nobody would question lebron buying a Bentley.

but questioning why someone with take home pay of less than 500k and virtually no earning prospects should he get injured spends 200k on something he doesn't need it is certainly fair game.

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Look, all many are saying is that if 60% of NBA players end up broke after their careers end it only makes sens for Willie and all of them for that matter to use some common sense at least do what the 40% who don't go broke.  I do agree if somebody wants to spend his money irrationally then go ahead but that does not mean that they should.  I for one want nothing but the best for Willie and would hate to learn that he was broke after his career ends.

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Just now, cheeseman said:

Look, all many are saying is that if 60% of NBA players end up broke after their careers end it only makes sens for Willie and all of them for that matter to use some common sense at least do what the 40% who don't go broke.  I do agree if somebody wants to spend his money irrationally then go ahead but that does not mean that they should.  I for one want nothing but the best for Willie and would hate to learn that he was broke after his career ends.

Exactly. Nobody is saying he can't do it. Of course he can. But he shouldn't. 

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4 minutes ago, kshoe said:

If you live near a bus stop and make 35k a year, you probably shouldn't buy a Lexus. It's all relative and nobody would question lebron buying a Bentley.

but questioning why someone with take home pay of less than 500k and virtually no earning prospects should he get injured spends 200k on something he doesn't need it is certainly fair game.

No earning prospects if he gets injured? You clearly have no idea how any of this works. Willie, like other professional athletes in similar situations, has a loss of value insurance policy. He is getting paid regardless of whether he suffers a devastating injury in the coming months.

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29 minutes ago, For-DaLove said:

No earning prospects if he gets injured? You clearly have no idea how any of this works. Willie, like other professional athletes in similar situations, has a loss of value insurance policy. He is getting paid regardless of whether he suffers a devastating injury in the coming months.

You keep telling us we don't know how this works. While our numbers might not be  perfect the point is many professional athletes end up bankrupt. Why? They spend too much money  and make bad investments. A Bentley at this stage of his career fits both in my opinion. 

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@moytoy12 if he has a six disc in the dash CD player he's basically a P-I-M-P.  Also I will make him a sweet mixed CD to pump him up before games, it's kinda a hobby.

Get a Bentley roll up to that Applebees curb side pick up in style.

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30 minutes ago, willie said:

You keep telling us we don't know how this works. While our numbers might not be  perfect the point is many professional athletes end up bankrupt. Why? They spend too much money  and make bad investments. A Bentley at this stage of his career fits both in my opinion. 

My responses to this thread have very little to do with the financial implications of the Bentley, although you brushing off how your "numbers might not be perfect" is comical since the whole premise of your argument is about the numbers. You were off by 6% on the sports agent's fee. Surely a financial stickler like yourself would consider 6% to be a significant figure.

Beyond the financial decisions, I do question what you get out of putting our recruits, players, and former players lives under the microscope to judge them. It's very bizarre. Just recently you even went so far as to PM an internet stranger (me) to ask if a certain SLU basketball player has a kid. By the way, the answer is no, not that it would matter (or be any of your business) either way.

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17 minutes ago, For-DaLove said:

My responses to this thread have very little to do with the financial implications of the Bentley, although you brushing off how your "numbers might not be perfect" is comical since the whole premise of your argument is about the numbers. You were off by 6% on the sports agent's fee. Surely a financial stickler like yourself would consider 6% to be a significant figure.

Beyond the financial decisions, I do question what you get out of putting our recruits, players, and former players lives under the microscope to judge them. It's very bizarre. Just recently you even went so far as to PM an internet stranger (me) to ask if a certain SLU basketball player has a kid. By the way, the answer is no, not that it would matter (or be any of your business) either way.

My response to this thread has everything to do with the financial aspects . Many, I guess young posters think spending 40% of your take home on an automobile is OK. That is not good financial management. Because I don't know an NBA agent is capped at 4% is not relevant to the point that Willie will give half of that million dollar salary to taxes and fees. As far as judging players you won't find anyone more supportive than me. My PM to you was simply an observation. Couldn't care less but curious. 

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