An interesting NBA rookie idea

[JasonEvans]

Michael Carter-Williams of the Sixers is putting his entire salary (http://www.cbssports.com/nba/eye-on-basketball/24314999/michael-carterwilliams-has-put-his-rookie-salary-in-a-trust-fund) for his first 2 years in the league into trust fund that he will not be able to touch for 3 more years. He will live off his endorsement income for the first couple years of his career. This will ensure that he does not foolishly blow his money and that he has less to hand out to hanger-ons.

Strikes me as really smart. I've mentioned in the past the notion of the NBA forcing players to take 25% or so of their salary and invest it in a some kind of annuity that will begin paying them back when they reach age 30 or 35 or something like that. I want to applaud Carter-W and his family for being prudent with his money.

-Jason "wish he was a Dukie. I really like that kid and he appears to be a future star in the league" Evans

[CrazyNotCrazie]

This is great to see. Kudos to MCW, his family and his agent for making this happen. Hopefully he will speak at next year's rookie orientation and plant the seed for this in future players.

[SheltonBob]

What a fantastic idea!! Wonder if his agent is deferring his/its compensation? Presume they are depositing the net after tax # - I hope!! Congratulations to a player who seems well grounded!!

[UrinalCake]

This is a great decision and I certainly wish more players did the same... but I am not in favor of the league mandating this for everyone. It's a free country and players can choose to do what they want with their money, even if a lot of them waste it. Or to put forth a hypothetical scenario, what if a player had a family member who was seriously ill, and they wanted to use their entire salary to pay for treatment? If the league required them to save part of that salary, I could see them suing.

However, I am in favor of providing financial planning/advising, which I believe they already have as part of the rookie orientation program, and maybe having players like MCW come back and speak to rookies would carry more weight than hearing it from some nerdy accountant. Most kids coming out of college are unprepared for how to handle their money. In the case of NBA players, the problems are magnified because the numbers are so much bigger.

[brevity]

Eh. Any hanger-on worth his or her salt can stick around until Year 4 or whenever before asking for that pricey favor. It's called a long con for a reason.

Besides, if all pro athletes were responsible with their finances, they wouldn't be desperate for cash, and we'd never have poorly produced endorsements of the local car dealership, mattress emporium, or sandwich shop:

http://chicago.cbslocal.com/top-lists/chicago-on-youtube-scottie-pippen-the-ladies-sub-sandwiches/

Celebrity ads like this do not exist without bad business decisions, greedy managers, or persistent hangers-on.

[mr. synellinden]

Eh. Any hanger-on worth his or her salt can stick around until Year 4 or whenever before asking for that pricey favor. It's called a long con for a reason.

Besides, if all pro athletes were responsible with their finances, they wouldn't be desperate for cash, and we'd never have poorly produced endorsements of the local car dealership, mattress emporium, or sandwich shop:

http://chicago.cbslocal.com/top-lists/chicago-on-youtube-scottie-pippen-the-ladies-sub-sandwiches/

Celebrity ads like this do not exist without bad business decisions, greedy managers, or persistent hangers-on.

This is a very timely topic for me after watching the Marcus Dupree 30 for 30 on Christmas eve. I highly recommend it as I do most of the 30 for 30 specials.

[UrinalCake]

Celebrity ads like this do not exist without bad business decisions, greedy managers, or persistent hangers-on.

Then how do you explain this one?


http://youtube.com/watch?v=LqC44EIqGcw&desktop_uri=%2Fwatch%3Fv%3DLqC44EIqGcw

[subzero02]

Michael Carter-Williams of the Sixers is putting his entire salary (http://www.cbssports.com/nba/eye-on-basketball/24314999/michael-carterwilliams-has-put-his-rookie-salary-in-a-trust-fund) for his first 2 years in the league into trust fund that he will not be able to touch for 3 more years. He will live off his endorsement income for the first couple years of his career. This will ensure that he does not foolishly blow his money and that he has less to hand out to hanger-ons.

Strikes me as really smart. I've mentioned in the past the notion of the NBA forcing players to take 25% or so of their salary and invest it in a some kind of annuity that will begin paying them back when they reach age 30 or 35 or something like that. I want to applaud Carter-W and his family for being prudent with his money.

-Jason "wish he was a Dukie. I really like that kid and he appears to be a future star in the league" Evans

This would only make sense if Carter-Williams plans to borrow against the trust in order to fund an Amish music label.

[chaosmage]

Eh. Any hanger-on worth his or her salt can stick around until Year 4 or whenever before asking for that pricey favor. It's called a long con for a reason.

Besides, if all pro athletes were responsible with their finances, they wouldn't be desperate for cash, and we'd never have poorly produced endorsements of the local car dealership, mattress emporium, or sandwich shop:

http://chicago.cbslocal.com/top-lists/chicago-on-youtube-scottie-pippen-the-ladies-sub-sandwiches/

Celebrity ads like this do not exist without bad business decisions, greedy managers, or persistent hangers-on.

And if you live in the OC/LA area and are sick and tired of seeing the "Kevin Jewelers" ad with James Worthy every other commercial, you definitely know what this means.

[brevity]

Celebrity ads like this do not exist without bad business decisions, greedy managers, or persistent hangers-on.


Then how do you explain this one?


http://youtube.com/watch?v=LqC44EIqGcw&desktop_uri=%2Fwatch%3Fv%3DLqC44EIqGcw

You don't think that putting Tyler Hansbrough in a commercial is a bad business decision?

[Turk]

You don't think that putting Tyler Hansbrough in a commercial is a bad business decision?

Not if your company is Travelocity...

[Indoor66]

You don't think that putting Tyler Hansbrough in a commercial is a bad business decision?

Sure doesn't seem to have done hansblahblah any good!:eek:

[brevity]

You don't think that putting Tyler Hansbrough in a commercial is a bad business decision?


Not if your company is Travelocity...

Nice! We could add Foot Locker, since the refs are already in love with him.

[miramar]

Then how do you explain this one?


http://youtube.com/watch?v=LqC44EIqGcw&desktop_uri=%2Fwatch%3Fv%3DLqC44EIqGcw

They have him repeat a one syllable word over and over.

[Reilly]

Pippen says to two willing, scantily-clad gals: "ladies, let's have a party"

Hanstravel sits in a car and says "wow" to a middle-aged man

Glad to see the NBA star-system-hierarchy holds even in the land of cheaply-produced commercials.