Carmelo Anthony explains why a $100,000,000 contract doesn’t make professional athletes rich for life
“$100 million… let’s not get that twisted.”
“It’s not really $100 million.”
“You’re taking 50% to 60% off the top.”
“So that $10 million becomes $5 million.”
“Then you’ve got taxes in every state you play in.”
“You’ve got a house.”
“You’re taking care of your mom.”
“You’ve got a 4% agent fee.”
“You’re not working with $10 million anymore, you’re working with $5 million.”
“That drastic lifestyle change is what messes a lot of athletes up mentally.”
“You’ve got to budget how you pay your mortgage.”
“You’ve got to budget your food.”
“$100 million is not $100 million.”
“You’re not even seeing 50% of that money.”
JJ Redick says Michael Jordan and California are the reason NBA players and other athletes pay the jock tax
“I believe Michael Jordan was essentially the reason that athletes get taxed the same way that entertainers get taxed. At the height of MJ, this guy's earning $30 million on his NBA salary, and he's going and playing in the finals in these different states”
“I want to say it was California. They were like, ‘Ah, this is messed up. This guy should be paying us taxes while he's here. He's working. He's making a lot of money.’ So all these states instituted this tax”
“When people sign NBA contracts and it's like, ‘Oh, this guy's worth this amount of money,’ it's like, no. Cut it in half before the guy spends a dollar. In some states like California you probably cut it a little bit more than half because then you're paying agent fees as well”
“I remember you could negotiate like a 20% signing bonus on your rookie deal. I was expecting $200,000 to be deposited into my account on August 15th. I was like, ‘This is the most money I'll ever have.’ Then I saw the wire hit, and I was like, ‘Oh’”
25 years ago WWE dropped the iconic “My Way” video package for The Rock vs Stone Cold Steve Austin at Wrestlemania
THE GREATEST VIDEO PACKAGE IN HISTORY NO QUESTIONS ASKED
(2001)
🐐🐐🐐🐐🐐🐐🐐🐐🐐🐐
https://t.co/sRzSkAW5TX