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Philadelphia 76ers Rookie Puts Salary in Trust: A Smart Choice?
ABC News ^ | 12/03/2013 | Susanna Kim

Posted on 12/03/2013 2:53:04 PM PST by SeekAndFind

A rookie NBA player for the Philadelphia 76ers is being lauded for his financial prowess in putting his salary in a trust that he can't touch for three years, possibly avoiding the fate of a famous basketball player who donned the same jersey and now can't pay child support.

Drafted 11th overall in the 2013 NBA Draft, Michael Carter-Williams, 22, is guaranteed $4.5 million over his first two seasons, but some of his salary is being put into a trust he can't touch for three years, the Philadelphia Inquirer reported. In the meantime, he is living off his endorsement deals with Nike and Panini trading cards, the newspaper said.

A trust is probably something that one of the most famous 76ers, Allen Iverson, could have used. A "Sixer" from 1996 to 2006 then 2009 to 2010, Iverson said this year that he is broke and can't pay child support. The ex-wife of the 36-year-old former Georgetown University player demanded that he put over a million dollars into a trust fund for child support.

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Society; Sports
KEYWORDS: athletes; nba; philadelphia76ers; salary; trust

1 posted on 12/03/2013 2:53:05 PM PST by SeekAndFind
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To: SeekAndFind

This young man is wise. I would have recommended a trust with some available in three years, some in six, and some in 9.


2 posted on 12/03/2013 2:59:09 PM PST by rcofdayton (.)
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To: SeekAndFind

Smart kid. Parents looking out for him and he is smart enough to listen.


3 posted on 12/03/2013 2:59:40 PM PST by Foundahardheadedwoman (God don't have a statute of limitations)
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To: SeekAndFind

Smart move by Carter-Williams. I don’t know if the average citizen knows the speed by which many pro athletes spend their money. I remember reading a statement by one pro agent who said many of his players spent every cent they earned. And this was in the modern era of million dollar contracts for average players. And despite him strongly encouraging them to save some of their money. Many of the players are very present-oriented and think the cash spigot will flow forever. They have no concept of ten or twenty years down the road.


4 posted on 12/03/2013 3:05:36 PM PST by driftless2
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To: SeekAndFind
Any kid that age...particularly one who came from difficult circumstances (don't know if this kid falls into *that* category)...is very wise to put a big chunk of any multi million dollar paycheck away.Such a kid can still live *very* comfortably (more comfortably than most Americans) and then,when the career is over (age,injury,poor performance) he's still golden.

This kid sounds like a very smart one...one for whom I can have real respect.

5 posted on 12/03/2013 3:06:36 PM PST by Gay State Conservative (Osama Obama Care: A Religion That Will Have You On Your Knees!)
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To: SeekAndFind
You'd think that the major league organizations would encourage such an intelligent move. Another possibility would be to pay out each year's salary over 20 years.

They just might be better players with longer careers if they aren't so busy spending millions of dollars a year.

6 posted on 12/03/2013 3:11:41 PM PST by grania
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To: SeekAndFind

The league should have done this for their players long ago.


7 posted on 12/03/2013 3:23:17 PM PST by Baynative (Wake me up early, be good to my dogs and teach my children to pray.)
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To: SeekAndFind

It should probably be longer that 3 years.

I always remember reading an interview in TV Guide with the comedian Flip Wilson (who had a bit of a smash tv show and then kind of faded off the scene) and he said that he was doing great financially and that he “never touched one penny of the principal”.


8 posted on 12/03/2013 3:25:57 PM PST by jocon307
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Is it just me, or does he look more intelligent and grounded than most NBA thugs players?


9 posted on 12/03/2013 3:30:08 PM PST by Baynative (Wake me up early, be good to my dogs and teach my children to pray.)
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To: Baynative

He grew up in Hamilton MA so its pretty safe to say he hasn’t got a posse from the ‘hood to take care of


10 posted on 12/03/2013 3:47:31 PM PST by GQuagmire
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To: SeekAndFind

Hope he doesn’t forget where he put it.


11 posted on 12/03/2013 4:08:26 PM PST by Uncle Chip
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To: Baynative

See something missing? I do.

No tats!!


12 posted on 12/03/2013 4:11:11 PM PST by HereInTheHeartland (Obama lied; our healthcare died.)
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To: HereInTheHeartland

I wouldn’t be as awkward with him approaching me on the street as I would Alan Iverson.


13 posted on 12/03/2013 4:24:33 PM PST by Baynative (Wake me up early, be good to my dogs and teach my children to pray.)
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To: SeekAndFind

If it’s in a US trust for 3 + years it’s pretty much not going to be pierced.

If it’s in a Nevis Trust for 2+ years you’re homey free...


14 posted on 12/03/2013 4:28:25 PM PST by Vendome (Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
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To: Gay State Conservative

I worked with a former NFL player who showed similar wisdom. First, he did grow up in a single parent family. Yet, his degree was in engineering. He worked as a co-op at a local refinery. When he graduated, he signed on to an NFL contract, but did not make a mistake of “living large”. The money was put away and invested wisely. Two years later his NFL career ended due to injuries. He was back in the refinery, and eventually started a business specializing in plant instrumentation.
These are the pro athlete stories we hardly hear about.


15 posted on 12/03/2013 5:10:13 PM PST by Fred Hayek (The Democratic Party is now the operational arm of the CPUSA)
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To: SeekAndFind

Smart player. No sense spending all that money now.

Scary that some of these players are broke after making so much money.

Rod Smith, former WR of the Denver Broncos in their Super Bowl winning era, was pretty good with his money. He had a modest house and modest cars, and saved most of it while playing


16 posted on 12/03/2013 6:27:14 PM PST by SeminoleCounty (2014: Real Conservatives Only, Please)
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To: SeekAndFind

Perhaps a good idea. But if he sires a half dozen bastard offspring by a similar number of women, he’ll still be in trouble down the road. That seems to be the financial downfall of a lot of pro athletes.


17 posted on 12/03/2013 6:30:26 PM PST by nascarnation (Wish everyone see a "Gay Kwanzaa")
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To: Fred Hayek

I have a theory that within 5-10 years of retirement, professional athletes end up in pretty much the same financial circumstances they would have been in if they had never signed a pro contract in the first place. The successful ones would have been successful anyway, and the bums end up where they were destined to be, too.


18 posted on 12/03/2013 6:56:38 PM PST by Alberta's Child ("I've never seen such a conclave of minstrels in my life.")
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To: driftless2

Good move by Carter-Williams. He probably comes from a more stable environment than most professional athletes. Not only do they not know how to manage the large incomes they make at 21-22 years of age, but their lives are full of leeches and hangers-on. Not unlike lottery winners.


19 posted on 12/03/2013 7:01:42 PM PST by EDINVA
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To: Fred Hayek
Reminds me of the New York Giants offensive line of the mid-1980s when they won their first Super Bowl. They were nicknamed "The Suburbanites" because they were dull, boring guys who all had successful professional careers outside of football even while they were still playing. If I remember correctly, they were:

Brad Benson ... he's more famous today than ever, as the owner of a major car dealership in central New Jersey that he opened back in his playing days

Bill Ard ... worked in the offseason as a broker at one of the big financial companies in New York City

Bart Oates ... real estate attorney

Chris Godfrey ... attorney, financial planner and founder of Life Athletes

Karl Nelson ... industrial engineer

20 posted on 12/03/2013 7:11:45 PM PST by Alberta's Child ("I've never seen such a conclave of minstrels in my life.")
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To: Alberta's Child

I think its time for the sports leagues to require these players to place 25% of their salary into a 4-year holding fund. After 4 years you get back the first set aside, and so on.


21 posted on 12/03/2013 7:14:09 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: Fred Hayek

A lot of these guys are broke within a couple years of their careers ending. A lot.


22 posted on 12/03/2013 7:15:35 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: EDINVA

The entourage, some of these guys are paying for everything when they are out with thier posse.


23 posted on 12/03/2013 7:18:35 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: Alberta's Child
I had the legally troubled son of a dear pal once tell me - "I was standing on the street corner and wanted out - I hit the road, and a year to the day - I was on the same street corner, doing what I did."

predestination isn't pretty

24 posted on 12/04/2013 3:54:51 AM PST by Revelation 911 (if "meat is murder" what is abortion?)
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