View Full Version : Football The sad Financial History of Mark Brunell
Deberg_1990
11-01-2011, 04:07 PM
:facepalm:
http://www.thepostgame.com/blog/dish/201111/nfl-quarterback-will-have-work-9-5-after-18-year-career
Although he has a better playoff winning percentage than Peyton Manning, 18-year NFL quarterback Mark Brunell is facing a financial nightmare.
Action News Jacksonville reports the current Jets backup and former Jaguars hero has managed to run through $50 million as an active player and will have to start a 9-to-5 job as soon as his NFL career is over.
And that will be soon. Brunell plans to retire from the Jets after this season and, because of his financial misfortunes, will have to become a regular working stiff. Bankruptcy filings show Brunell has a job lined up to work as a medical sales representative after he's done holding a clipboard in New York.
Brunell, originally a fifth-round selection by the Packers in 1993, was twice traded for third-round picks, first in 1995 when the Packers traded him to the expansion Jaguars and again in 2004 when the Jaguars traded him the Redskins. He won a Saints world championship ring as Drew Brees' backup with the Saints in Super Bowl XLIV. He also started two AFC title games with the Jags.
Mark Sanchez's current backup and one of New York coach Rex Ryan's favorites is appearing more in bankruptcy court than on the field these days, according to the Jacksonville TV station.
Brunell, 40, blew all his money with lousy investments into nine businesses -- more than half of which are already closed. His most ponderous financial disaster was in Champion LLC, a company that invested in high-end real estate properties. That may have worked out great had the housing market not soured over the course of Brunell's NFL career. He also invested in a Whataburger fast-food franchise, and ended up losing every penny he invested and even more according to financial documents. Brunell attempted to cover the loans with his own cash.
If that's not harsh enough, the three-time Pro Bowl quarterback is facing six lawsuits. Brunell is on the hook for a whopping $24.7 million, according to the litigation.
Ken Ruettgers, a former Green Bay Packers lineman and Brunell teammate who is now working to help retired players who are down and out, claims a majority of athletes have trouble very soon after hanging up the pads.
"It's something like 78 percent of former NFL players, two years after their last game, are either bankrupt, divorced, or unemployed," Ruettgers told WAWS-TV.
Brunell holds the NFL single-game record for most consecutive completions with 22 in a row with the Redskins against the Texans in 2006.
Reerun_KC
11-01-2011, 04:08 PM
Ha ha. Sucks for him.
blaise
11-01-2011, 04:10 PM
I feel bad for him on one level, but I'm sure he enjoyed a pretty comfortable life during his career, which is more than you can say for most people.
Rain Man
11-01-2011, 04:11 PM
I don't know about all of his businesses, but I recall that he'd made big investments in real estate at exactly the wrong time, right as the market tanked. That's not necessarily stupid other than perhaps non-diversification - it was just really bad timing. Lots of people lost their shirt in real estate.
As an aside, I'm getting annoyed by the constant quoting of that 78 percent number. It includes "unemployed". How many of these guys don't have to work two years later?
notorious
11-01-2011, 04:12 PM
Oh Golly Jee, a single tear rolls down my cheek.
Micjones
11-01-2011, 04:18 PM
VERY common in the NFL, but usually for players who've never seen the kind of jack Brunell got during his NFL career. Sounds like a lot of money, but after you consider bad investments, annual property taxes, tons of money dumped into multiple homes and cars...it's not hard to see how this happens.
jd1020
11-01-2011, 04:20 PM
One would think with all the money you make in the NFL that you would spend a couple grand to learn the ins and outs of the stock market.
vailpass
11-01-2011, 04:21 PM
Nicholas Cage thinks Brunell is a whiner...
When he isn't chasing down his purloined Superman comic books, actor Nicolas Cage has kept busy cranking out a steady combination of box-office fluff and embarrassing mug shots. The latest addition to that canon came on Saturday, when a scruffy-looking Cage was arrested in New Orleans on charges of domestic abuse battery and disturbing the peace.
According to ABC News, the heavily intoxicated actor engaged in a violent argument with his wife, Alice Kim, in a tattoo parlor and then on the street, during which he allegedly pushed her, punched a few cars and dared police to arrest him in a scene that could have come from his Oscar-winning 1995 film "Leaving Las Vegas."
It's just the latest legal problem the actor, who has weathered a string of financial and legal setbacks — not to mention a series of box-office duds — has battled over the past few years.
Cage was caught on tape getting into a violent altercation at a Romanian nightclub while filming the "Ghost Rider" sequel last year. And though he was not charged in the incident, he also allegedly got into a drunken verbal brawl at a New Orleans bar during Mardi Gras in March.
He's also faced a series of financial problems, despite being one of the highest-paid actors in Hollywood. In late 2009, the IRS put a tax lien on Cage's real-estate holdings, including properties he owns in New Orleans, over failure to pay federal taxes. He is also alleged to have failed to pay more than $6.2 million in taxes in 2007 and more than $350,000 from 2002 to 2004.
Cage has admitted that he owes the IRS $14 million and is in the midst of repaying it after changing business managers. While he's blamed his handlers, they've said his outrageous spending on items ranging from lavish homes, castles and Caribbean islands to gothic curios, dozens of cars, jewelry and dinosaur skulls have done him in. Cage has sued his former business manager, Samuel Levin, for $20 million for mismanagement, a claim Levin denies.
In addition to the scuffle with his third wife, mother of his young son Kal-El, he's also been sued by an ex-girlfriend, Christina Fulton, mother of his oldest child, 20-year-old Weston. Fulton hit Cage with a fraud and breach of contract action in 2009. She claimed in the suit that Cage inflicted "mental, physical and emotional abuse" on her during their relationship. She further claimed that he bought her a house in 2001, but that when she tried to sell it in 2009 she learned the title was not in her name. Cage's spokespeople called the suit "absurd."
http://www.mtv.com/news/articles/1662158/nicolas-cage-domestic-violence-legal-problems.jhtml
Fritz88
11-01-2011, 04:22 PM
Ha ha. Sucks for him.
It doesn't look like the guy blew it on hookers or booze. He made bad business decisions.
Deberg_1990
11-01-2011, 04:22 PM
Nicholas Cage thinks Brunell is a whiner...
When he isn't chasing down his purloined Superman comic books, actor Nicolas Cage has kept busy cranking out a steady combination of box-office fluff and embarrassing mug shots. The latest addition to that canon came on Saturday, when a scruffy-looking Cage was arrested in New Orleans on charges of domestic abuse battery and disturbing the peace.
According to ABC News, the heavily intoxicated actor engaged in a violent argument with his wife, Alice Kim, in a tattoo parlor and then on the street, during which he allegedly pushed her, punched a few cars and dared police to arrest him in a scene that could have come from his Oscar-winning 1995 film "Leaving Las Vegas."
It's just the latest legal problem the actor, who has weathered a string of financial and legal setbacks — not to mention a series of box-office duds — has battled over the past few years.
Cage was caught on tape getting into a violent altercation at a Romanian nightclub while filming the "Ghost Rider" sequel last year. And though he was not charged in the incident, he also allegedly got into a drunken verbal brawl at a New Orleans bar during Mardi Gras in March.
He's also faced a series of financial problems, despite being one of the highest-paid actors in Hollywood. In late 2009, the IRS put a tax lien on Cage's real-estate holdings, including properties he owns in New Orleans, over failure to pay federal taxes. He is also alleged to have failed to pay more than $6.2 million in taxes in 2007 and more than $350,000 from 2002 to 2004.
Cage has admitted that he owes the IRS $14 million and is in the midst of repaying it after changing business managers. While he's blamed his handlers, they've said his outrageous spending on items ranging from lavish homes, castles and Caribbean islands to gothic curios, dozens of cars, jewelry and dinosaur skulls have done him in. Cage has sued his former business manager, Samuel Levin, for $20 million for mismanagement, a claim Levin denies.
In addition to the scuffle with his third wife, mother of his young son Kal-El, he's also been sued by an ex-girlfriend, Christina Fulton, mother of his oldest child, 20-year-old Weston. Fulton hit Cage with a fraud and breach of contract action in 2009. She claimed in the suit that Cage inflicted "mental, physical and emotional abuse" on her during their relationship. She further claimed that he bought her a house in 2001, but that when she tried to sell it in 2009 she learned the title was not in her name. Cage's spokespeople called the suit "absurd."
http://www.mtv.com/news/articles/1662158/nicolas-cage-domestic-violence-legal-problems.jhtml
Nic Cage can work his primary job until hes practically dead.....Mark Brunell, not so much....
big nasty kcnut
11-01-2011, 04:26 PM
Not ever do the hoarding of money thing. also invest in stuff that won't tank like gold or oil.
Micjones
11-01-2011, 04:27 PM
One would think with all the money you make in the NFL that you would spend a couple grand to learn the ins and outs of the stock market.
It's still a risky proposition...even for those well-versed in it.
BossChief
11-01-2011, 04:28 PM
Maybe he can get Ric Flair to give him a little loan.
Deberg_1990
11-01-2011, 04:31 PM
Story claims he earned nearly 50 mil in his career......he couldnt learn to live off that without investing in risky propositions?? Why risk so much money when you dont have to?
journeyscarab
11-01-2011, 04:32 PM
Story claims he earned nearly 50 mil in his career......he couldnt learn to live off that without investing in risky propositions?? Why risk so much money when you dont have to?
Making that kind of bank...put it mason jars in the backyard or in your mattress. /sarc
Pants
11-01-2011, 04:33 PM
Story claims he earned nearly 50 mil in his career......he couldnt learn to live off that without investing in risky propositions?? Why risk so much money when you dont have to?
There can never be "enough" money, I guess.
BossChief
11-01-2011, 04:35 PM
Some people should never have been given the ability to watch Brewsters Millions.
teedubya
11-01-2011, 04:36 PM
Brunell is part of the 99%
Reerun_KC
11-01-2011, 04:40 PM
Oh Golly Jee, a single tear rolls down my cheek.
ROFL
jd1020
11-01-2011, 04:42 PM
It's still a risky proposition...even for those well-versed in it.
Not really. Ya you are going to lose some investments but the people who know the ins and outs make cash in a rising, stable, or declining market.
vailpass
11-01-2011, 04:46 PM
Nic Cage can work his primary job until hes practically dead.....Mark Brunell, not so much....
Not from jail.
jspchief
11-01-2011, 05:14 PM
Amazing story. Who'd have thought Brunell was still in the NFL.
Sent from my ADR6350
chefsos
11-01-2011, 05:22 PM
Got no comment on Brunell but Nicholas Cage should go to jail for this alone:his young son Kal-El
Thig Lyfe
11-01-2011, 05:27 PM
There can never be "enough" money, I guess.
Yeah, I really don't see why no pro athlete ever realizes that millions of dollars can go a long way on their own. The concept of living even slightly below one's means is completely foreign to pro athletes (or Americans in general, I guess).
memyselfI
11-01-2011, 05:49 PM
Whataburger is really good. Not sure how he'd lose money on that fast food franchise.
'Hamas' Jenkins
11-01-2011, 05:59 PM
Once he hits 55 he'll have a fairly nice pension lined up given that he has so many years of league service. He's the kind of guy who would do fairly well on television as well.
Saul Good
11-01-2011, 06:04 PM
Not really. Ya you are going to lose some investments but the people who know the ins and outs make cash in a rising, stable, or declining market.
Its just that easy, huh?
jd1020
11-01-2011, 06:07 PM
Its just that easy, huh?
Everything is easy with knowledge.
I'd like to know about it. I've taken a couple of entry courses, but unfortunately I don't have $6k+ laying around for the full deal.
FringeNC
11-01-2011, 06:07 PM
JFC. Have these guys never heard of stock index funds? Sure, go ahead and speculate A LITTLE, but invest most of it in an index fund and forget about it.
These "financial advisors" are such a joke.
CoMoChief
11-01-2011, 06:13 PM
LOL
I don't feel sorry for any of these clowns. The way these athletes blow through money is just mind baffling. They are given the opportunity 99% of the people in America would love to have, and that's playing a game for a living and making lots of millions doing it.
Have fun Brunell. ROFL
CoMoChief
11-01-2011, 06:14 PM
Once he hits 55 he'll have a fairly nice pension lined up given that he has so many years of league service. He's the kind of guy who would do fairly well on television as well.
That fairly nice pension will have to have taxes taken out, and will also probably have to pay a lot of that to the lawsuits he's involved in.
Calcountry
11-01-2011, 06:19 PM
Ha ha. Sucks for him.He should go downtown with those hippies and beat a drum, dammit, it's da man's fault.
Brock
11-01-2011, 06:26 PM
That fairly nice pension will have to have taxes taken out, and will also probably have to pay a lot of that to the lawsuits he's involved in.
Ask OJ about that.
Bugeater
11-01-2011, 06:28 PM
Story claims he earned nearly 50 mil in his career......he couldnt learn to live off that without investing in risky propositions?? Why risk so much money when you dont have to?
G-R-E-E-D
Saul Good
11-01-2011, 06:31 PM
Everything is easy with knowledge.
I'd like to know about it. I've taken a couple of entry courses, but unfortunately I don't have $6k+ laying around for the full deal.
Wow. If I knew that, I'd have gotten a degree in Finance. Oh wait, I did. It doesn't work that way. There is no class, especially a $6,000 class, that is going to make you invulnerable to losing in the market.
jd1020
11-01-2011, 06:32 PM
Wow. If I knew that, I'd have gotten a degree in Finance. Oh wait, I did. It doesn't work that way. There is no class, especially a $6,000 class, that is going to make you invulnerable to losing in the market.
Who said invulnerable?
I should probably just invest my money into a financial adviser. We all know that's a fucking GREAT investment.
Spott
11-01-2011, 06:35 PM
Whataburger is really good. Not sure how he'd lose money on that fast food franchise.
Not sure either. Him and Tony Boselli both invested a lot of money to help bring Whataburger to the Jacksonville area. IIRC, they opened up 8 of them in Jacksonville and they are all still in business.
Rain Man
11-01-2011, 07:05 PM
Who said invulnerable?
I should probably just invest my money into a financial adviser. We all know that's a ****ing GREAT investment.
"Yes, it is. I can guarantee a positive return for you for the first five years."
http://4.bp.blogspot.com/_r6dVm17Qwj0/S7kuSbvLWuI/AAAAAAAABTA/e2PLLQRSLxk/s200/bernard-madoff-portrait.jpg
jd1020
11-01-2011, 07:43 PM
"Yes, it is. I can guarantee a positive return for you for the first five years."
http://4.bp.blogspot.com/_r6dVm17Qwj0/S7kuSbvLWuI/AAAAAAAABTA/e2PLLQRSLxk/s200/bernard-madoff-portrait.jpg
http://sharing.woodtv.com/sharewlin//photo/2010/12/13/Madoff-Son_Gree_20101213042552_320_240.JPG
listopencil
11-01-2011, 07:50 PM
In addition to the scuffle with his third wife, mother of his young son Kal-El...
You deserve a good kick in the nuts for giving your son a name like that.
listopencil
11-01-2011, 07:52 PM
Got no comment on Brunell but Nicholas Cage should go to jail for this alone:
^
Setsuna
11-01-2011, 08:08 PM
....noooo! Brunell! Come work @ Publix!
Okie_Apparition
11-01-2011, 09:29 PM
He's making good coin being a sideline snotrag
Ming the Merciless
11-01-2011, 09:57 PM
Everything is easy with knowledge. I don't have $6k.
LOL....shocking
Phobia
11-01-2011, 10:00 PM
It's not like the dude went through $50M with bimbos, blow, BMW's and bling. He thought he was doing the right thing for his future. He messed up, over and over again.
Doesn't make him a bad guy.
suzzer99
11-01-2011, 10:03 PM
Should have hired Lenny Dykstra as a financial advisor obv.
Titty Meat
11-02-2011, 12:19 AM
Mark Brunell is the 1%
rocknrolla
11-02-2011, 12:44 AM
Blah. Blah, Blah! While most of us fight tooth and nail to make ends meet. Sorry I threw my tiny violin out years ago. Stupid f*CK!
SPchief
11-02-2011, 01:21 AM
I wonder if the Raiders or Broncos take a risk on him?
Deberg_1990
11-02-2011, 05:23 AM
It's not like the dude went through $50M with bimbos, blow, BMW's and bling. He thought he was doing the right thing for his future. He messed up, over and over again.
Doesn't make him a bad guy.
Oh, i dont think hes stupid or bad. But ill pose the question again: He was already set for life if he just simply saved, why risk so much when you dont have to?
Bugeater
11-02-2011, 05:44 AM
Oh, i dont think hes stupid or bad. But ill pose the question again: He was already set for life if he just simply saved, why risk so much when you dont have to?
Well there's the greed factor that I mentioned earlier, but there's also an ego factor. Having a lot of money makes people feel smarter than they really are.
Amnorix
11-02-2011, 05:59 AM
It's not like the dude went through $50M with bimbos, blow, BMW's and bling.
Ah, like Antoine Walker you mean...
Caseyguyrr
11-02-2011, 06:52 AM
Amazing story. Who'd have thought Brunell was still in the NFL.
Sent from my ADR6350
wait.......... he is?
NewChief
11-02-2011, 06:53 AM
Oh, i dont think hes stupid or bad. But ill pose the question again: He was already set for life if he just simply saved, why risk so much when you dont have to?
Maybe he was investing with friends and family members? It's possible he was motivated by altruism, not greed.
For some reason, Trent passed on my offer to go in with me on a Nigerian money shuffle. Seemed like a sure thing, too.
Archie F. Swin
11-02-2011, 07:22 AM
I'll send him a dollar just for destroying the Broncos nation in '96...or was it '97?
He invested in high end real estate. 10, 15 years ago, many felt that real estate was one of the safest investments available. The man was trying to secure his future. NO ONE imagined the recession to be as devistating as it was/is.
Once again, the genioses of the planet dog pile.:shake:
Saul Good
11-02-2011, 08:07 AM
It's not like the dude went through $50M with bimbos, blow, BMW's and bling. He thought he was doing the right thing for his future. He messed up, over and over again.
Doesn't make him a bad guy.
That's even worse. If you blow $50,000,000 on hookers, blow, cars, and bling, you're an idiot who had a good run. If you blow $50,000,000 and don't have any hookers, blow, cars, and bling to show for it, kill yourself.
That's even worse. If you blow $50,000,000 on hookers, blow, cars, and bling, you're an idiot who had a good run. If you blow $50,000,000 and don't have any hookers, blow, cars, and bling to show for it, kill yourself.
sound financial advice there........:shake:
Saul Good
11-02-2011, 08:17 AM
if you're going to blow $50 mill, at least have fun doing it.
Brock
11-02-2011, 08:24 AM
He invested in high end real estate. 10, 15 years ago, many felt that real estate was one of the safest investments available. The man was trying to secure his future. NO ONE imagined the recession to be as devistating as it was/is.
Once again, the genioses of the planet dog pile.:shake:
"Secure his future"? His future was secured with his first NFL contract. He blew it.
He invested in high end real estate. 10, 15 years ago, many felt that real estate was one of the safest investments available. The man was trying to secure his future. NO ONE imagined the recession to be as devistating as it was/is.
Once again, the genioses of the planet dog pile.:shake:
Wrong. He already had a very secure financial future just by making low-risk investments and living off the interest. You also don't "lose everything" and have lawsuits for millions of dollars you don't have just by investing your own money in real estate. I'm guessing a lot of borrowing was involved to have a collapse like this.
It's a mistake many have made, but not some crazy unforeseeable end. Real estate bubbles happen frequently, as do economic recessions. Hopefully he can use his celebrity and NFL pension to build a comfortable life for himself.
Reerun_KC
11-02-2011, 08:26 AM
The sad Financial History of Mark Brunell - There is nothing sad when someone foolishly blows through that much money.
I dont feel sad, sorry or anything for him.
the Talking Can
11-02-2011, 08:30 AM
losing 50 mill makes you an idiot
MahiMike
11-02-2011, 08:30 AM
I don't understand how he lost money on the Whataburger deal. He and Boselli bought into those together. The chain is doing quite well here. Musta just overpaid.
On the real estate side, he did alright at 1st, then got greedy with too big of projects. Then just timed it wrong. My realtor is same as Kyle Brady. He's another big investor here in town. He's doing quite well buying up foreclosures right now. Kyle started out with Brunell but luckily got out.
Sad 'cause Mark's a nice guy. Just unlucky.
alnorth
11-02-2011, 08:33 AM
Who said invulnerable?
I should probably just invest my money into a financial adviser. We all know that's a ****ing GREAT investment.
A $6,000 class is almost certainly a market-timing scam based on some supposedly proprietary "system". The people who teach it may even believe in the garbage and not think it is a scam (doubtful).
The scam relies on testimonials from happy customers who got lucky. They probably don't realize they got lucky, they probably either believe the system worked, or they are brilliant, or both, but either way they are asked to help advertise quickly before their luck runs out. Most of the people who lose money are either too embarrassed to admit they wasted several grand plus whatever investment, or they try a futile lawsuit that won't win.
There are two ways to make money in the market: the hard way or the boring way. The hard way is probably not worth it, because it requires such a gigantic amount of tedious research that whatever you manage to earn in informed trades above a no-effort index amounts to a low-paying full-time job. That might be a way to go if you are retired, bored, and have spare money. The boring way is to assess the risk you can take vs years to retirement, diversify (not 10 or 20 stocks, but hundreds or thousands, in several mutual funds), buy, hold, and rebalance.
alnorth
11-02-2011, 08:42 AM
He invested in high end real estate. 10, 15 years ago, many felt that real estate was one of the safest investments available. The man was trying to secure his future. NO ONE imagined the recession to be as devistating as it was/is.
Once again, the genioses of the planet dog pile.:shake:
Rather than gamble all $50MM, even on supposedly safe bets (in his mind) he could have put maybe, I don't know, $5MM away into treasuries and money markets, then go to Vegas with the rest. If he busted out, he might not be rich anymore, but he'd at least not have to sell medical equipment. It wouldn't be glamorous, but even if he could only find something that paid 2%, he'd still have a 6-figure income, and if he spends just a little principal every year he could be comfortable.
Frazod
11-02-2011, 08:53 AM
The sad Financial History of Mark Brunell - There is nothing sad when someone foolishly blows through that much money.
I dont feel sad, sorry or anything for him.
This. Guys make more in a year than most of us will see in a lifetime, and then fritter it all away. Cry me a river, douchebag.
Saul Good
11-02-2011, 09:00 AM
Would you rather somebody give you $50,000,000 with the stipulation that you have to blow every penny of it in 5 years or $1,000,000 to use any way you choose?
boogblaster
11-02-2011, 09:11 AM
investing money in housing was the rip of the century ....
tomahawk kid
11-02-2011, 09:12 AM
I think the larger question we need to ask ourselves here is, how the f do Whataburger franchises lose money?
They're pure deliciousness.
DaKCMan AP
11-02-2011, 09:15 AM
Not ever do the hoarding of money thing. also invest in stuff that won't tank like gold or oil.
Nothing like misguided advice from someone without a clue.
Rather than gamble all $50MM, even on supposedly safe bets (in his mind) he could have put maybe, I don't know, $5MM away into treasuries and money markets, then go to Vegas with the rest. If he busted out, he might not be rich anymore, but he'd at least not have to sell medical equipment. It wouldn't be glamorous, but even if he could only find something that paid 2%, he'd still have a 6-figure income, and if he spends just a little principal every year he could be comfortable.
I am sure, in hindsight, he would agree with you.
Nothing like misguided advice from someone without a clue.
welcome to CP!
Deberg_1990
11-02-2011, 09:18 AM
Would you rather somebody give you $50,000,000 with the stipulation that you have to blow every penny of it in 5 years or $1,000,000 to use any way you choose?
Depends on how old i am at the the time. : )
This story just helps prove my theory that no matter how much money you make, you will always want more. Human nature i guess.......A Rich man just has bigger bills than a poor man.
Saul Good
11-02-2011, 09:19 AM
Nothing like misguided advice from someone without a clue.
You're telling me that gold and oil are volatile? Crap. My $6,000 was wasted on that class.
ReynardMuldrake
11-02-2011, 09:39 AM
"Yes, it is. I can guarantee a positive return for you for the first five years."
http://4.bp.blogspot.com/_r6dVm17Qwj0/S7kuSbvLWuI/AAAAAAAABTA/e2PLLQRSLxk/s200/bernard-madoff-portrait.jpg
I don't understand where this reputation about financial advisers comes from. Why is it considered a bad idea to have one? I am hiring an expert for a fee who knows a lot more about the market and retirement funds than I ever could. I plan on retiring at 55 due to investing early. That would be impossible without an adviser.
I watched both of my parents get past retirement age and both are still working. I've decided I won't let that happen to me. What is it about Americans that we just refuse to look out for our own future? The whole mentality I find mystifying.
alnorth
11-02-2011, 09:47 AM
I am sure, in hindsight, he would agree with you.
hindsight, foresight, or sidewaysight, I don't care. If you have $50MM and no ability to earn much more, if you don't set aside a few million into the "in case s*** happens" pile, you are a fool.
alnorth
11-02-2011, 09:53 AM
I don't understand where this reputation about financial advisers comes from. Why is it considered a bad idea to have one? I am hiring an expert for a fee who knows a lot more about the market and retirement funds than I ever could. I plan on retiring at 55 due to investing early. That would be impossible without an adviser.
I watched both of my parents get past retirement age and both are still working. I've decided I won't let that happen to me. What is it about Americans that we just refuse to look out for our own future? The whole mentality I find mystifying.
A fee-only adviser is probably the only kind I'd ever recommend. (I dont need one) If you pay a guy to give you advice on what bonds, stocks, mutual funds, etc to buy, then you take your money, log onto your own account, and go buy them yourself, I'm fine with that.
I am not fine with handing my money to a guy who promises me he'll get me into a hot new hedge fund. Sure, some of them work out, but you just have to trust that you aren't dealing with a moron or a crook, and given what happened with MF Global, you cant trust anyone. (For crying out loud, Corzine was a former senator and former governor of New Jersey, yet that moron somehow thought it would be a good idea to go long on European PIGS debt and leverage it up 40-to-1) You may not even know your money is going off to Madoff or MF Global, it can be repackaged, bundled up, and shipped off for another healthy commission.
So yeah, fee-only adviser who never actually touches your money? OK fine but you should try to at least be a little knowledgable about what diversification really means before following his orders.
Saul Good
11-02-2011, 09:54 AM
I don't understand where this reputation about financial advisers comes from. Why is it considered a bad idea to have one? I am hiring an expert for a fee who knows a lot more about the market and retirement funds than I ever could. I plan on retiring at 55 due to investing early. That would be impossible without an adviser.
I watched both of my parents get past retirement age and both are still working. I've decided I won't let that happen to me. What is it about Americans that we just refuse to look out for our own future? The whole mentality I find mystifying.
There is nothing wrong with hiring an advisor. Just make sure that you don't turn everything over to him. Its very important to understand where your money is being invested and why.
Rain Man
11-02-2011, 10:09 AM
I don't understand where this reputation about financial advisers comes from. Why is it considered a bad idea to have one? I am hiring an expert for a fee who knows a lot more about the market and retirement funds than I ever could. I plan on retiring at 55 due to investing early. That would be impossible without an adviser.
I watched both of my parents get past retirement age and both are still working. I've decided I won't let that happen to me. What is it about Americans that we just refuse to look out for our own future? The whole mentality I find mystifying.
Eh, I don't really have anything against financial advisors. Their problem is that the only time they're in the news is when one of them rips off a client. That industry really needs some better p.r. work.
Having said that, I had a broker back when I was in grad school. At the time, that was the only way an average person could invest in stocks since it was before internet trading came around. He was a nice guy and he spent his day doing nothing but researching stocks, and over the three years or so I worked with him I think I got an average return at best, and then paid his fees. My own picks worked out better than his on average.
Steron
11-02-2011, 10:13 AM
Americans thrive on watching rich/famous people fail. Don't get me wrong, I like to watch players fail on the field. Off of it, is a different story. Especially a guy, like Brunell, who lost his money to bad investments. Wasting your money on bitches and bling is a different story. See Dez Bryant and Antonio Cromartie.
Through nine pages in this thread the majority were indifferent or calling Brunell stupid. I don't get it. There is very little compassion left for your fellow man. I feel bad for the guy. Losing everything and having to go to work 9-5 after spending 18 years playing a game you love has got to suck for him.
alnorth
11-02-2011, 10:15 AM
Americans thrive on watching rich/famous people fail. Don't get me wrong, I like to watch players fail on the field. Off of it, is a different story. Especially a guy, like Brunell, who lost his money to bad investments. Wasting your money on bitches and bling is a different story. See Dez Bryant and Antonio Cromartie.
Through nine pages in this thread the majority were indifferent or calling Brunell stupid. I don't get it. There is very little compassion left for your fellow man. I feel bad for the guy. Losing everything and having to go to work 9-5 after spending 18 years playing a game you love has got to suck for him.
You can feel sorry for stupid men, there's not a contradiction there.
Frosty
11-02-2011, 12:47 PM
Must have been taking advantage of that quality University of Washington education.
Must have been taking advantage of that quality University of Washington education.
University of Washington? Aren't they the Beavers?ROFL
Americans thrive on watching rich/famous people fail. Don't get me wrong, I like to watch players fail on the field. Off of it, is a different story. Especially a guy, like Brunell, who lost his money to bad investments. Wasting your money on bitches and bling is a different story. See Dez Bryant and Antonio Cromartie.
Through nine pages in this thread the majority were indifferent or calling Brunell stupid. I don't get it. There is very little compassion left for your fellow man. I feel bad for the guy. Losing everything and having to go to work 9-5 after spending 18 years playing a game you love has got to suck for him.
Good post. I don't get the hate either. Obviously Brunell was stupid with his money, but the "fuck him" mentality in this thread is bizarre given the lack of any real rivalry or "bad guy" character concerns. That being said, I do have to admit that if this were a thread about John Elway I would be piling on.
mikey23545
11-02-2011, 01:19 PM
Americans thrive on watching rich/famous people fail. Don't get me wrong, I like to watch players fail on the field. Off of it, is a different story. Especially a guy, like Brunell, who lost his money to bad investments. Wasting your money on bitches and bling is a different story. See Dez Bryant and Antonio Cromartie.
Through nine pages in this thread the majority were indifferent or calling Brunell stupid. I don't get it. There is very little compassion left for your fellow man. I feel bad for the guy. Losing everything and having to go to work 9-5 after spending 18 years playing a game you love has got to suck for him.
This thread goes to show just how much envy has inbred with ignorance among the Planet posters.
Frosty
11-02-2011, 01:25 PM
University of Washington? Aren't they the Beavers?ROFL
:spock:
Yeah, because Washington is the Beaver State. :spock:
He invested in high end real estate. 10, 15 years ago, many felt that real estate was one of the safest investments available. The man was trying to secure his future. NO ONE imagined the recession to be as devistating as it was/is.
Once again, the genioses of the planet dog pile.:shake:
I guess I get a day pass?
:spock:
Yeah, because Washington is the Beaver State. :spock:
j/k....... loosen up Francis..........
notorious
11-02-2011, 01:43 PM
All of this "Secure his future" talk is a pile of crap.
His future and the next 4 generations of his family WERE secure. He over extended and fucked it all up.
No hate toward the man, but he is a dumbass when it comes to money.
O.city
11-02-2011, 02:01 PM
I have no grief towards an NFL player who, within two years of retirement, is bankrupt. Sorry, but don't overextend yourself.
jspchief
11-02-2011, 02:14 PM
.... having to go to work 9-5 after spending 18 years playing a game you love ...
I have to work 9-5 for my entire adult life. I don't get 18 years of doing something I love. I also don't get the retirement package he's going to get.
And when it's all said and done, if I'm SMART with my retirement investments, I'll have a reasonable living.
So forgive me if I don't see much in his situation that stirs my compassion.
Sent from my ADR6350
All of this "Secure his future" talk is a pile of crap.
Okay, so lets say he was trying to increase his wealth.
No hate toward the man, but he is a dumbass when it comes to money.
And there isn't one of us here that isn't a dumbass in some capacity. I refuse to revel in his misfortune.
This story makes me want to cry a Phillip Rivers. Sounds like Mark Brunell is having some of his worst days ever.
Reerun_KC
11-02-2011, 02:35 PM
Okay, so lets say he was trying to increase his wealth.
And there isn't one of us here that isn't a dumbass in some capacity. I refuse to revel in his misfortune.
Were not, we just dont care that his lost off of his money on bad investiments...
he could of saved himself something for a rainy day. but he didnt...
Dont care if he is broke or not, he should of been smarter and thought ahead.
alnorth
11-02-2011, 03:04 PM
It would be different if he were an uneducated taxi cab driver who won the lottery and then blew it. A few would be disgusted, a few would laugh, but most would pity him, because sure there are lottery ruin stories, but lottery winners probably haven't read those stories.
It is different here because the NFL makes a big concerted effort to educate young players about money, bringing in broke former players to give their sad eye-opening stories about losing it all, hooking them up with financial planners, etc. Then after the first couple years when the NFL stops nagging the players, the agents almost all constantly tell their clients not to spend so much, save your money because your career is only a few more years, dont make stupid investments, etc.
At that point, its basically informed consent, not the yokel from tumbleweed, texas who never heard anything about managing money. If you blow $50MM after all the education and people surrounding you trying to give good advice and instead try to start a lot of businesses with *ALL* your money instead of just most of it, at that point you are snow-ski BASE jumping off the cliff. If you get off cleanly, pull your chute, and land safely on the powder below we'll all cheer, but if not, its kind of silly to expect a whole lot of sympathy.
It would be different if he were an uneducated taxi cab driver who won the lottery and then blew it. A few would be disgusted, a few would laugh, but most would pity him, because sure there are lottery ruin stories, but lottery winners probably haven't read those stories.
It is different here because the NFL makes a big concerted effort to educate young players about money, bringing in broke former players to give their sad eye-opening stories about losing it all, hooking them up with financial planners, etc. Then after the first couple years when the NFL stops nagging the players, the agents almost all constantly tell their clients not to spend so much, save your money because your career is only a few more years, dont make stupid investments, etc.
At that point, its basically informed consent, not the yokel from tumbleweed, texas who never heard anything about managing money. If you blow $50MM after all the education and people surrounding you trying to give good advice and instead try to start a lot of businesses with *ALL* your money instead of just most of it, at that point you are snow-ski BASE jumping off the cliff. If you get off cleanly, pull your chute, and land safely on the powder below we'll all cheer, but if not, its kind of silly to expect a whole lot of sympathy.
I don't know that Brunell is expecting sympathy. I'm sympathetic anyway because I, too, have done stupid things. Fortunately none of my stupid things had a lasting effect like this. It will be something he'll kick himself about for the rest of his life. Just a shame.
Backwards Masking
11-02-2011, 04:44 PM
Okay, so lets say he was trying to increase his wealth.
And there isn't one of us here that isn't a dumbass in some capacity. I refuse to revel in his misfortune.
Misforntune is when an AC rent falls from 10 stories and leaves you brain dead for life.
I don't feel sorry for somebody that purposely cuts off their hand, then cries about how they can't write anymore - therefore I don't feel sorry for Mark Brunell.
Misforntune is when an AC rent falls from 10 stories and leaves you brain dead for life.
I don't feel sorry for somebody that purposely cuts off their hand, then cries about how they can't write anymore - therefore I don't feel sorry for Mark Brunell.
This isn't purposely cutting off his hand. This is using a power saw with no training or idea what the hell he is doing, disregarding warning labels and common sense, and somehow having it result in him cutting off his hand.
Backwards Masking
11-02-2011, 04:51 PM
This isn't purposely cutting off his hand. This is using a power saw with no training or idea what the hell he is doing, disregarding warning labels and common sense, and somehow having it result in him cutting off his hand.
I was trying to figure out a better way of saying this. Hit the nail on the head perfectly, if I do say so myself.
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