NHL Off-Topic thread

[Money99]

Re: NHL Off-Topic thread

http://www.tsn.ca/bankrupt-nhler-in-...-home-1.441730

Damn I feel so bad for Jack Johnson.


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Me too.
I have a feeling his parents were THOSE parents who put everything into their son's career hoping it would make them rich.

I hope he can recover some of his money and move forward and still live a comfortable life.

[slickdtc]

NHL Off-Topic thread

His parents are despicable, but he has to take some ownership too. Obviously he's no financial expert, but to sign everything away seems incredibly naive. Of course, you don't expect your parents to frivolously spend YOUR money, but you can't give all that power away.

We've heard plenty of stories of lenders/brokers/whatever taking advantage of naive athletes and in turn leaving them broke. If I ever came in to millions of dollars, I'd cross every t and dot every i before making any decisions with my large sums of money.

You need people you TRUST. You have what people want (money), and a lot of it. You're a target. You must protect yourself.

I know some leagues are educating their rookies on these issues as they enter the leagues, and that's a positive step.

They also need to know that even though you're paid handsomely for your profession, it can end like that. Don't blow it on fancy stuff off the bat. Be modest.

A fat check changes people, especially when they receive it at 18-21. You need to be responsible even when you have a lot of money. They have the means to hire a trusted advisor/accountant, but are too young and dumb to cover their bases.

Mo' money, mo' problems.

[pietasterp]

Re: NHL Off-Topic thread

Yeah, I remember reading about Jack Johnson as far back as a few years ago, with regard to having to sue his parents, etc. Sad situation, but as slickdtc, Notorious BIG, and others have noted, mo' money...

The other thing no one ever talks about is that players make all their income in regular wages, so it's the highest taxable portion of their income. They're basically like you or I in that regard, with the obvious exception being that their W-2 regular wages contain a lot more commas than ours. When you make that much money and it's not investment or other income, one of the most important things you can do is reduce your tax liabilities. It's all about wealth-preservation strategies when you're in that kind of situation. Honestly, there should be a league-provided tax attorney to every player in the league.

[Money99]

Re: NHL Off-Topic thread

Yeah, I remember reading about Jack Johnson as far back as a few years ago, with regard to having to sue his parents, etc. Sad situation, but as slickdtc, Notorious BIG, and others have noted, mo' money...

The other thing no one ever talks about is that players make all their income in regular wages, so it's the highest taxable portion of their income. They're basically like you or I in that regard, with the obvious exception being that their W-2 regular wages contain a lot more commas than ours. When you make that much money and it's not investment or other income, one of the most important things you can do is reduce your tax liabilities. It's all about wealth-preservation strategies when you're in that kind of situation. Honestly, there should be a league-provided tax attorney to every player in the league.

That would mean the league actually caring about its players.
Considering we see a player taken off on a stretcher on a nightly basis, I don't think they view the players as anything but meatsticks.

[Majingir]

Re: NHL Off-Topic thread

Lightning re-sign Coburn. Real surprised by that. Thought he was odd man out. They got abunch of young D who could replace him, and trading him now would've freed up cap room to make cup push.

[ubernoob]

Re: NHL Off-Topic thread

A fat check changes people, especially when they receive it at 18-21. You need to be responsible even when you have a lot of money. They have the means to hire a trusted advisor/accountant, but are too young and dumb to cover their bases.

Mo' money, mo' problems.

I think the problem is that fat checks don't change people.

If you're dumb before the money, you'll still be dumb after the money. Just with way more to lose/way more potential blowback.

[Majingir]

Re: NHL Off-Topic thread

If you want current look at guys wasting money, look at Cespedes in mlb. 1m in cars in 1 week. Guys do need to be smarter about these things, but hard to expect lots when teenagers go from working close to minimum wage jobs, to becoming millionaires.

NHL more than other big pro sports i think guys are smartest with their money.

[kehlis]

Re: NHL Off-Topic thread

I think the problem is that fat checks don't change people.

If you're dumb before the money, you'll still be dumb after the money. Just with way more to lose/way more potential blowback.

How was he dumb with his money?


Seems to me the only thing he did wrong was to trust people he should be able to trust. Not sure that really qualifies as being dumb with your money.

[slickdtc]

Re: NHL Off-Topic thread

He signed everything over to his parents. Maybe not dumb, but seems naive to me. You need to be in control of at least some of your money.

But I agree that you should be able to trust your parents. Unfortunately, it may have been clear he shouldn't have but with how controlling parents of athletes can be, he may have been almost brainwashed or pushed in to signing everything away.

[pietasterp]

Re: NHL Off-Topic thread

If you want current look at guys wasting money, look at Cespedes in mlb. 1m in cars in 1 week.

Again providing me with relief that the Tigers did not try to re-acquire him....Verlander provides enough crazy car expenses for 1 team.

I'd be curious if hockey players really do better financially than other sports? It's also interesting because it's the only sport where the majority of players are international (from a US perspective, given that's where a majority of the teams are located). Again, a skilled tax attorney would seem to be paramount for these guys.

[Majingir]

Re: NHL Off-Topic thread

It's prob culture too. Hockey has the good,clean type of player stereotype(in terms of off ice).

And many players come from wealthier backgrounds too,so they come from a lifestyle closer to the one after the money, than other players in other sports. Hockey, you need parents who can continually pay hundreds of dollars in equipment as you get older, and drive you around to tournaments and practice. Something like basketball, players often come from poorer backgrounds, but can still play basketball easily at a schoolyard or something, and once in the nba, they get overwhelmed with money and im sure start trying to support as many family and friends possible. Sometimes too much, which leads to running out.

I mean more in nba than nhl obviously you hear stories of guys coming from next to nothing, possibly raised by single mother who might work two jobs to support their family. But hockey, the typical story is often guys coming from family of hardworking parents who are dedicated to driving their kid around to every tournament.

[Madman55]

Re: NHL Off-Topic thread

It's prob culture too. Hockey has the good,clean type of player stereotype(in terms of off ice).

And many players come from wealthier backgrounds too,so they come from a lifestyle closer to the one after the money, than other players in other sports. Hockey, you need parents who can continually pay hundreds of dollars in equipment as you get older, and drive you around to tournaments and practice. Something like basketball, players often come from poorer backgrounds, but can still play basketball easily at a schoolyard or something, and once in the nba, they get overwhelmed with money and im sure start trying to support as many family and friends possible. Sometimes too much, which leads to running out.

I mean more in nba than nhl obviously you hear stories of guys coming from next to nothing, possibly raised by single mother who might work two jobs to support their family. But hockey, the typical story is often guys coming from family of hardworking parents who are dedicated to driving their kid around to every tournament.

I agree completely. I think player's backgrounds make a huge difference. NHL players tend to come from families who may not be wealthy, but they are accustomed to having nice things, whereas that's not always the story with sports that are cheaper to get into in a casual way. Football you just need a ball and some people to throw with, Baseball you just need a couple people, a bat and gloves, Basketball you just need a hoop and a ball.

[DrJones]

Re: NHL Off-Topic thread

It's prob culture too. Hockey has the good,clean type of player stereotype(in terms of off ice).

[ImTellinTim]

Re: NHL Off-Topic thread

Yep, my exact reaction. Hockey players are generally the biggest *******s in the room.

[Majingir]

Re: NHL Off-Topic thread

So you're saying compared to other sports, hockey players have the worst image? Last time I checked, you hear about things like drug abuse,domestic violence, DUIs, nightclub incidents among others, in NBA,NFL,MLB. Sure, NHL lately has had it's share of things, but not the amount that other sports do.

Even when things like the Patrick Kane stuff was happening, that was what the media stations were talking about. If things like that are tarnishing NHLs clean image.