Sick of generosity, this is what Rondo & 'Toine need to do...

[TitleMaster]

I'd heard a lot about the generosity of these NBA stars with their so-called friends and family. I say... ditch that idea immediately!

Instead, give each anointed F&F member, a brokerage or futures account of $25-35K and tell 'em to grow it. This will really indicate, who's got the Buffet/Soros touch and who's a money leach. Ask for quarterly portfolio statements and be vigilant.

Now, this doesn't have to be some major competition on who's the next hedge fund 'Masters of the Universe' tournament but it'll give one a sense of who can handle the cash and then afterwards, one can increase the amount of giving, in graduated steps, depending upon how well that person does overall. I suspect that in itself, someone in the clan will end up becoming a self-made person given a seed capital to grow so it really is a win-win proposition.

[PosImpos]

Somehow I have a hard time seeing most NBA players thinking of a complicated financial plan like this.  Not that they're not smart enough to, just...it's not really in the NBA culture to think about investing etc.

[Chris]

How about this...stop giving money away.

Buy your mom a new house, that is not so big that she will not be able to afford the property taxes on.

Take your friends and other family out for a nice dinner every once in a while.

Donate some money to charity. 

And then save some money, and live within your means.

The problem isn't leechers, it is kids who have no clue how to live within their means. 

[TitleMaster]

it's not really in the NBA culture to think about investing

True, I can see this for the majority of one's major contract years, however, the whole coupling playing b-ball and spending like there's no tomorrow makes little sense to me.

I mean just not spending the dough, leaving it in a CD at 2% in itself, and then starting to invest it properly, during the waning years, like ages 31 and above, would be more typical.

[GKC]

Maybe they should implement an NBA wide retirement plan, taking 1% of your salary, putting it into a insured financial plan, and have it given all back to you when you retire.

It is hard to do this with the CBA, as most people don't like being told what to do with their money. However, I really don't see Rondo running into this problem.

People need to calm down and not think every piece of unneccessary spending will lead to "ZOMG TOINE WALKER!". Walker was a case of a guy who had so much money, a huge entourage, and a big gambling problem, along with a lack of motivation to back it up with more contracts. Really, you need all of those problems, and I don't see that happening to Rondo.

[indeedproceed]

Maybe they should implement an NBA wide retirement plan, taking 1% of your salary, putting it into a insured financial plan, and have it given all back to you when you retire.

I'm having fun right now picturing toine and Dale Davis in a Charles Schwab commercial.

http://www.youtube.com/watch?v=mFM-m31y5HY

If only I could find that chappelle skit with Wu-Tang. Diversify your bonds!

[TitleMaster]

taking 1% of your salary, putting it into a insured financial plan

I think if the NBA decided to work with the players union, they could broker a nice deal with some insurance companies for basic annuities plan for the players. This will then be a part of the salary negotiations where the compensation will have both an immediate and a tax deferred part which will form the component of the insurance/retirement package.

[ACF]

Maybe they should implement an NBA wide retirement plan, taking 1% of your salary, putting it into a insured financial plan, and have it given all back to you when you retire.

I'm having fun right now picturing toine and Dale Davis in a Charles Schwab commercial.

http://www.youtube.com/watch?v=mFM-m31y5HY

If only I could find that chappelle skit with Wu-Tang. Diversify your bonds!

http://www.comedycentral.com/videos/index.jhtml?videoId=11887

[indeedproceed]

Maybe they should implement an NBA wide retirement plan, taking 1% of your salary, putting it into a insured financial plan, and have it given all back to you when you retire.

I'm having fun right now picturing toine and Dale Davis in a Charles Schwab commercial.

http://www.youtube.com/watch?v=mFM-m31y5HY

If only I could find that chappelle skit with Wu-Tang. Diversify your bonds!

http://www.comedycentral.com/videos/index.jhtml?videoId=11887

TP's

now I gotta go listen to some 36 chambers.

There's noplace to hide once I step inside the room
Dr. Doom, prepare for the boom

[Lucky17]

I was under the impression this sort of stuff was part of the mandatory rookie orientation. If it isn't, it ought to be.