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Link: Warren Sapp - Good reason why education is worth more than getting paid in College!

CapstoneTider

CapstoneTider

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Warren Sapp who is for paying college players - Muti year Pro bowler, 10+ years in the league at better than current rates, earning over 77 million dollars gross in his NFL career and presently makes $11,000 a week on the NFL network filed for bankruptcy and has less money in his account than my 20 year old son at UA on a shoe string budget. 60% of retired basketball players are broke within 5 years of retirement and 78 percent of football players are depleted of earnings within two years of retirement, according to SI. This is the reason why most smart mama's want to hear about education as much as football. In Warren's case, what if $10,0000 had been spent on education concerning money management and common problems like paying interest, predatory brokers and investing money to be paid over his lifetime? At UA I would hope that a long with world class football instructors that the players are being taught good money management. It sounds to me like money is not the problem for superstar college athletes, it's not having the skills to deal with it when they get it. Don't pay players, teach more money management classes! http://www.tampabay.com/sports/foot...arren-sapps-59-page-bankruptcy-filing/1225135
 
bamahippie

bamahippie

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Didn't I just read in the ESPN marijuana piece that he was smokin dope during his time to "get an education"? I guess he was "expanding his mind". :rolleyes:
 
B1GTide

B1GTide

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Apr 13, 2012
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It is great to think of college football in an idealistic way, but I believe that major college football has evolved into a minor league program for the NFL. I don't really have a problem with the idea, but it changes the mindset of the players, IMO.
 
RTR91

RTR91

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Many of these players grow up in bad environments and would not have gotten to college without their athletic ability. Once they get to the league and get paid, they do not know what to do with money they used to dream about. This is where the teaching Capstone refers to.

Another explanation for the poor money management is advice. Some of these guys take advice from anyone that wants to give some. The problem is that some who give the advice also want to take the money.

These players need to be smart with who they take advice from (ala - professionals instead of uncle or best bud back home).
 
CapstoneTider

CapstoneTider

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The old saying you can lead a horse to water but you can't make him drink. I am not sure what type of civic's, money management classes are taught these days but they should stress them as much as possible. When I was at UA I remember the tons of credit card applications I received and saw all over campus, then I found out years later that some schools were getting a kick-back.

A fool and his money are soon parted! Most of the time it's interest related, and since borrowing money makes our world go around, the perils are not stressed enough.
 
M

mdb-tpet

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Sep 2, 2004
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It doesn't matter how much money you have if you are determined to spend it and fritter it away.

I just wish more people understood that concept (that means you, family).

Save 10% of your income every month, no matter what. Stop living at your income level, it's okay to have money left over each month, live in smaller house closer to your job, and drive a cheaper car. Avoid debt like the plague, and you'll be happier too.
 
CapstoneTider

CapstoneTider

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You have to have an intelligent population to have a successful capitalistic society. You can't force someone to save his money or make himself some sort of trust to be paid throughout his lifetime or when he retires. The culture of the NFL is awful in regards to being cool vs being smart, heck everything is turning that way. But this country was found on freedoms that need grey matter to take advantage of. Some are better off without it unfortunately.

I remember a Chris Rock joke about his friend coming home from college with a master's degree and how he was ridiculed with "Master's Degree huh? You think you my master now?" :)

We can be a predatory society, but Sapp looks like he did most to himself by being excessive and getting caught in real estate bubble. Bubble's usually burst when they reach the point that anyone can jump in and make money. I remember hearing a story of a guy that sold his stocks and pulled his money out of the bank when the Bell Boys jumped in the game and were always talking about it. If collapsed soon after.
 
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M

mdb-tpet

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Bubbles will always leave someone holding the bag. In this case, it is anyone who bought a house from 2005 to 2008.
 
SavannahDare

SavannahDare

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Considering one of our former players just tweeted today about dropping $600 on a new game system and games, I'm thinking the message of "be smart with your money" wasn't well-received during his time at the university.

This isn't just an athlete issue, it's a national problem. We as a society want what we want, rather than focusing on what it is that we need. It's a path to financial badness and until we as a society begin teaching our children how to manage their money (no matter how much or how little they have), and until we model that good decision-making for them, we're going to continue to see people get themselves in financial trouble time and again.
 
D

Dallas4Bama

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SavannahDare said:
Considering one of our former players just tweeted today about dropping $600 on a new game system and games, I'm thinking the message of "be smart with your money" wasn't well-received during his time at the university.

This isn't just an athlete issue, it's a national problem. We as a society want what we want, rather than focusing on what it is that we need. It's a path to financial badness and until we as a society begin teaching our children how to manage their money (no matter how much or how little they have), and until we model that good decision-making for them, we're going to continue to see people get themselves in financial trouble time and again.
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We do our best at our house to educate our children. We have a budget and we stick to it. My boys have learned there is an appropriate budget for everything from dinner to birthdays. I think its good for them to understand and so far they've picked up on it pretty well. They understand that we save every penny we can and we don't waste. I cam promise you no other 6 year olds in our neighborhood have to choose between a few nice presents or a party. There is an appropriate amount budgeted for birthdays and even though "Richie Rich" down the street has a big birthday bash with 30 friends at some place with catered food, live entertainment, video arcade, paintball, etc... and get a new game system plus a pile of toys that just ain't gonna happen at our house.
 
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Dallas4Bama

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Mystical said:
74k a month for life to the ladies may be part of the problem. Get married early and bank all that money.
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It has nothing to do with marriage. Keep your dang britches on and bank all that money. If your going to take your britches off don't be stupid enough not to put your hat on. It's not that difficult.
 
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Bad Pony

Bad Pony

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Dallas4Bama said:
It has nothing to do with marriage. Keep your dang britches on and bank all that money. If your going to take your britches off don't be stupid enough not to put your hat on. It's not that difficult.
Click to expand...

I don't think Sapp nor Antonio Cromartie got that memo, especially considering Cromartie's wife just tweeted she is expecting twins, which will make 12 kids by 9 different women.
 
We_are_Bama

We_are_Bama

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Sadly, there just aren't that many people out there who do their money right, or for that matter, even know how. I could go on for days about the examples I have seen in my lifetime of just downright horrific money management. One example would be a college professor who teaches accounting and just had his car repossessed. I mean, REALLY NOW? This guy has been teaching money management for a living for more than 20 years and yet can't manage his own finances. :conf2: Another example would be a friend's father who is 62 and just got hit with yet another wage garnishment. And it isn't the result of hard times either. His father makes upwards of $80K a year. He is simply a spend a holic who can't/ won't stop his irresponsible behavior. Lord knows I made my share of mistakes with money when I was much younger. But at least I can say I learned from those mistakes.
 
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