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How To Not Go Broke After Hitting A Big Payday · Earn Your Leisure

• 0:01
  Speaker 1: Earners. What's up.
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• 1:51
  Speaker 1: But you know what's interesting.
• 1:52
  Speaker 3: We haven't spoken about this too much on Market Mondays,
• 1:54
  Speaker 3: but it is a financial conversation. And I was at
• 1:57
  Speaker 3: Saint John's yesterday, so Ian Jack, Captain Jack back home,
• 2:03
  Speaker 3: so the ax, what's up?
• 2:04
  Speaker 1: You know?
• 2:04
  Speaker 3: He was somebody that actually was a five star recruit
• 2:07
  Speaker 3: basketball and went to North Carolina and he's from the
• 2:12
  Speaker 3: Bronx and he did one year at North Carolina and
• 2:14
  Speaker 3: he's transferring it to Saint John's. The reason why I
• 2:16
  Speaker 3: brought him up is that I'm at Saint John's yesterday
• 2:18
  Speaker 3: I'm just looking at Saint John's, a beautiful campus in Queens,
• 2:21
  Speaker 3: and I'm just thinking to myself, like, man, Captain Jack's
• 2:26
  Speaker 3: coming to Saint John's for two million dollars.
• 2:27
  Speaker 1: They put two million dollars, gave him two million dollars
• 2:30
  Speaker 1: in il deal.
• 2:31
  Speaker 3: I'm like, man, he's making more money anybody on the
• 2:33
  Speaker 3: campus outside of Rick Patino.
• 2:35
  Speaker 1: That's crazy. Yeah, you know what I'm saying. That's great.
• 2:40
  Speaker 3: You got a nineteen year old sophomore that's coming on it,
• 2:44
  Speaker 3: and I'm just looking at all of the prestigious buildings,
• 2:46
  Speaker 3: all of the clergy everything, and like I said, I mean,
• 2:49
  Speaker 3: ric Portino's making the most money. But after that, you
• 2:51
  Speaker 3: got a nineteen year old. If he's not the second
• 2:55
  Speaker 3: highest paid individual on campus, he's at he's at least ten.
• 3:01
  Speaker 3: So the next question that I have for that is
• 3:04
  Speaker 3: for these kids that's getting nil money the fight, what
• 3:09
  Speaker 3: financial steps should they be doing them and their parents
• 3:13
  Speaker 3: to make sure that they're not blowing this bag.
• 3:17
  Speaker 4: Well, it's always percentages for me, So it'side the percentage
• 3:20
  Speaker 4: of money. Like for him, specifically, you gotta put half
• 3:25
  Speaker 4: of the money away because he's already lit like.
• 3:28
  Speaker 1: A lot of times index funds.
• 3:31
  Speaker 4: I would do half index funds and then probably have
• 3:33
  Speaker 4: Microsoft and then Visa for sure. Of course Bitcoin if
• 3:39
  Speaker 4: you can grape. But I think it's an easy win
• 3:43
  Speaker 4: because especially just on Microsoft the loan, just on an
• 3:46
  Speaker 4: open AI. Whether they choose to be bought out or
• 3:48
  Speaker 4: they become public. I don't know if they'll allow that,
• 3:51
  Speaker 4: but that probably I said at the top of the decade,
• 3:54
  Speaker 4: it's gonna be I think stock of the decade, and
• 3:56
  Speaker 4: that's panning out to be true. So off, let's say
• 4:00
  Speaker 4: if he put five hundred thousand into them, he's probably
• 4:03
  Speaker 4: gonna make eight million dollars off of that, probably by
• 4:05
  Speaker 4: year nine. Easy, easy win, regardless of what happens, whether
• 4:10
  Speaker 4: he goes to the league, what his contract situation is.
• 4:13
  Speaker 4: What I try and tell any player like, think of
• 4:15
  Speaker 4: it as you get your same salary in the NBA
• 4:18
  Speaker 4: or NFL without having to play more years. So you'll
• 4:23
  Speaker 4: spend five six hundred thousand on a woman down the
• 4:26
  Speaker 4: line trying to get out of a situation, or you
• 4:29
  Speaker 4: can put some of that capital in now and have
• 4:31
  Speaker 4: it growth for you and you never have to worry
• 4:33
  Speaker 4: about what's going on off the field. So yeah, I
• 4:36
  Speaker 4: will put half away, so I will put a million
• 4:38
  Speaker 4: away into I was split up between Microsoft, Voo, third Visa,
• 4:45
  Speaker 4: fourth Bitcoin.
• 4:47
  Speaker 1: Let her run.
• 4:47
  Speaker 4: In nine years she should have eight or nine million
• 4:49
  Speaker 4: dollars easily. And that's not even including the dividends. And
• 4:53
  Speaker 4: don't give all your money away to women.
• 4:56
  Speaker 3: And that's and that's the thing too, because it's like
• 5:00
  Speaker 3: this is an important conversation because you know, I'm into space.
• 5:03
  Speaker 3: So what's happening now is that you have an agents
• 5:06
  Speaker 3: that take their cut, but then there's like street agents.
• 5:09
  Speaker 3: There was always street agents, but now there's street agents
• 5:11
  Speaker 3: that's broken in il deals and they're taking anywhere from
• 5:15
  Speaker 3: five to twenty percent of nil dealing. So parents, it's
• 5:19
  Speaker 3: vitally important. Few things. It's a middle man is never
• 5:24
  Speaker 3: really needed. But if you do have a middle man,
• 5:26
  Speaker 3: you got negotiate that contract to as low as possible
• 5:29
  Speaker 3: and to the kids, because you've seen a lot of
• 5:31
  Speaker 3: kids that's driving Lamborghinis and all of these cars on campus.
• 5:37
  Speaker 3: Like you said, invest your money. You getting three million dollars,
• 5:40
  Speaker 3: you buy a Lamborghini, that's five hundred thousand dollars, right,
• 5:45
  Speaker 3: and you still got to pay taxes on the money.
• 5:46
  Speaker 3: Then like, so, I get it, you're eighteen, but like
• 5:51
  Speaker 3: you said, if you put that money into an investment
• 5:54
  Speaker 3: in a relatively short period of time, by the time
• 5:58
  Speaker 3: you twenty eight, not even thirty. By ti time you're
• 6:00
  Speaker 3: twenty eight, you're going to have multiple millions of dollars
• 6:03
  Speaker 3: where even if you don't make it into the league,
• 6:05
  Speaker 3: you're still going to be a multi millionaire and you
• 6:08
  Speaker 3: should be set for the rest of your life if
• 6:10
  Speaker 3: done correctly, like this nil money is to the point now, like,
• 6:13
  Speaker 3: if done correctly, but you don't even got to go
• 6:16
  Speaker 3: to the league, you can be real for the rest
• 6:18
  Speaker 3: of your life just based off of decisions that you
• 6:20
  Speaker 3: make from nil money when you're eighteen nineteen years old.
• 6:23
  Speaker 1: Yeah, and that helps go ahead.
• 6:25
  Speaker 2: I'm just saying, we got to take into account that
• 6:27
  Speaker 2: he's not coming from like any school like he was
• 6:29
  Speaker 2: at North Carolina where he had nil money as well.
• 6:32
  Speaker 2: But there's a big difference in state tax when you
• 6:34
  Speaker 2: leave from North Carolina to New York, especially when you're
• 6:37
  Speaker 2: playing in New.
• 6:38
  Speaker 1: York City, and so.
• 6:41
  Speaker 2: Having somebody on your team like a CPA that can
• 6:44
  Speaker 2: explain that to you, because yeah, it's a lot of
• 6:45
  Speaker 2: money and this is a hometown kid. This is like
• 6:48
  Speaker 2: you know what I mean, Like, I think the best
• 6:51
  Speaker 2: advice on top of everything that you said is that
• 6:53
  Speaker 2: you've got to realize everybody can't come with you on
• 6:54
  Speaker 2: this journey.
• 6:56
  Speaker 4: And on top of that, there's a lot of conversations
• 6:58
  Speaker 4: shouts to raping the sports on players and the owners
• 7:01
  Speaker 4: one game at the time. Yeah, yeah, the politics of
• 7:04
  Speaker 4: the business that you're in, the NBA, NFL, That's why
• 7:07
  Speaker 4: the investment part is so important.
• 7:10
  Speaker 1: There's no reason because it's not talked about.
• 7:14
  Speaker 4: There is a system for you to get those big
• 7:16
  Speaker 4: contracts and for people to steal that money away from you.
• 7:19
  Speaker 4: And Duncan comes to mind. I'm glad glad KG recovered.
• 7:24
  Speaker 4: Sebastian Tailfair comes to mind. Like there's a lot of
• 7:26
  Speaker 4: people I've met that have made thirty and forty and
• 7:29
  Speaker 4: they have two million left and everyone wants to blame
• 7:32
  Speaker 4: it on the entourage. No one ever talks about the
• 7:35
  Speaker 4: financial syndicate. That is a homourage that takes all the
• 7:38
  Speaker 4: money away.
• 7:39
  Speaker 1: It's fact. That's a fact.
• 7:42
  Speaker 5: Everyone Like, yo, when if y'all qut the angling with
• 7:44
  Speaker 5: twenty people, what about the twenty financial people that's on
• 7:47
  Speaker 5: the team that is feeding you to death two to
• 7:50
  Speaker 5: three percent of the time, two to three percent with
• 7:52
  Speaker 5: twenty people adds up.
• 7:54
  Speaker 1: That is a fact. That's a fact.
• 7:56
  Speaker 3: And the thing about I'm gonna give you guys some
• 7:58
  Speaker 3: game outside of the usual conversation that we speak about
• 8:01
  Speaker 3: in market, mondays. Dea idea is a deferred income annuity.
• 8:06
  Speaker 3: So if you're getting money, if you're getting a lump
• 8:09
  Speaker 3: sum of money, especially when you're young, put a portion
• 8:12
  Speaker 3: of that into a DEA because what that does is
• 8:14
  Speaker 3: that grows over the course of time. Then you take
• 8:16
  Speaker 3: income from it. So like Alan Iverson right, everybody always
• 8:20
  Speaker 3: talks about like his legendary deal that he did with
• 8:22
  Speaker 3: Reebok and how he's going to be getting like I
• 8:24
  Speaker 3: think next maybe he started this year when he turned
• 8:27
  Speaker 3: fifty fifty, he'll probably be fifty soon, but whenever he
• 8:31
  Speaker 3: turns fifty, he gets like a million dollars a year
• 8:33
  Speaker 3: for the rest of his life. That's because when he
• 8:36
  Speaker 3: structured that the first deal, he had a good advice
• 8:40
  Speaker 3: and somebody on it on the team that actually said, Okay,
• 8:42
  Speaker 3: we're going to put a portion of this away into
• 8:44
  Speaker 3: the decl You can't spend it, obviously, you know people,
• 8:46
  Speaker 3: you know he had spending habits, so they it's forced
• 8:49
  Speaker 3: savings that grew over the course of time. And now
• 8:53
  Speaker 3: let's say you put a million dollars in and you
• 8:55
  Speaker 3: wait till you're forty years old, that million dollars is
• 8:57
  Speaker 3: going to be ten millionion dollars right now. You can
• 9:01
  Speaker 3: draw income off of that ten million for the rest
• 9:03
  Speaker 3: of your life. Bobby Bonia, a lot of these sports
• 9:06
  Speaker 3: contracts that lump sum was put into an annuity that
• 9:10
  Speaker 3: grew over the course of time, tax deferred by the way,
• 9:13
  Speaker 3: and then now that provides a lifetime income, and depending
• 9:16
  Speaker 3: on what type of venuity it is, you can actually
• 9:18
  Speaker 3: have some guarantees on it, so it's like an insurance
• 9:20
  Speaker 3: based product, so it's not as risky as.
• 9:24
  Speaker 1: Just having it in the stock market.
• 9:25
  Speaker 3: So that's something that, like I said, if you wish,
• 9:29
  Speaker 3: if you hit the lottery, if you have a lawsuit,
• 9:33
  Speaker 3: if you again nil money, sports, any lump sum, any
• 9:38
  Speaker 3: any type of thing where you get a lump sum
• 9:41
  Speaker 3: at a relatively young age, I would definitely, at the
• 9:44
  Speaker 3: very least look into it.
• 9:46
  Speaker 1: Educate yourself on a da d.
• 9:49
  Speaker 3: I, a deferred income annuity that you can put money
• 9:54
  Speaker 3: into and you can draw income down a line.
• 9:58
  Speaker 2: Yeah, so Iverson is going to receive from his bout
• 10:00
  Speaker 2: there eight hundred thousand dollars a year annually, and he
• 10:04
  Speaker 2: will have access to thirty two million at fifty five.
• 10:08
  Speaker 2: So he's forty nine now, so when he's fifty five,
• 10:10
  Speaker 2: he'll have access to that thirty two million.
• 10:13
  Speaker 3: And then some people be like, well, I don't want
• 10:14
  Speaker 3: I want my money right now.
• 10:15
  Speaker 1: It's a porch.
• 10:16
  Speaker 3: Like you gotta have portions. You gotta layer it, layer it,
• 10:20
  Speaker 3: layer it out. Nobody's gonna be mad at saying, Okay,
• 10:23
  Speaker 3: I got thirty million waiting for me in fifteen years.
• 10:26
  Speaker 1: Yeah.
• 10:26
  Speaker 2: Look, I mean a good case study with if you
• 10:29
  Speaker 2: watch sports and study sports.
• 10:30
  Speaker 1: Look at what the Los Angeles Dodgers have done.
• 10:32
  Speaker 2: Yep, differring contract show heyl Tony deferred seven hundred, six
• 10:37
  Speaker 2: hundred million, six hundred and fifty million deferred.
• 10:41
  Speaker 3: You gotta say, sometimes in life, you guys save people
• 10:44
  Speaker 3: from themselves. I goess, for sure, disrespect to to Alan Ovison.
• 10:47
  Speaker 3: He's one of the greatest that ever did it. But
• 10:49
  Speaker 3: of course he has financial problems, right Like you go
• 10:52
  Speaker 3: through a divorce and then you have issues that come
• 10:55
  Speaker 3: and it's just like you're getting money at a young age.
• 10:57
  Speaker 3: And sometimes as an advisor or as a parent, you
• 11:03
  Speaker 3: have to save people from themselves, that's.
• 11:08
  Speaker 4: Important, or the team that is put around them to
• 11:14
  Speaker 4: take all the money away. Like I would love to
• 11:16
  Speaker 4: see from the time he was drafted in ninety six
• 11:18
  Speaker 4: to when they went to the finals, what are the
• 11:20
  Speaker 4: value of the seventy six is increasing?
• 11:22
  Speaker 1: And then how much he made in Jersey sales.
• 11:24
  Speaker 4: Because if I don't put a plan in place that
• 11:26
  Speaker 4: and I allow you to go, everyone doesn't operator as
• 11:29
  Speaker 4: a fiduciary. But there's a lot of teams that profit
• 11:33
  Speaker 4: from the destruction of athlete.
• 11:35
  Speaker 1: Of course not talked about.
• 11:37
  Speaker 2: Yeah, and they're gonna leach off of them until it's
• 11:39
  Speaker 2: the next athlete yep, and then rent to repeat year
• 11:42
  Speaker 2: after year, decade after decade.
• 11:45
  Speaker 3: And then some more game for you is that if
• 11:47
  Speaker 3: you have a business manager. So there's a few different
• 11:50
  Speaker 3: things here. There's the agent who works out contracts stuff
• 11:54
  Speaker 3: like that. Then there's a business manager who is actually
• 11:58
  Speaker 3: more on the financial side. Right, the business manager, it
• 12:02
  Speaker 3: would be better to have them on salary as opposed
• 12:05
  Speaker 3: to them getting percentages of.
• 12:06
  Speaker 4: The percentage hell, hold on, say it again. That's the
• 12:09
  Speaker 4: gym of the day.
• 12:11
  Speaker 1: I'm gonna save your.
• 12:12
  Speaker 3: Millions facts, you gotta put them on salary. And that's
• 12:17
  Speaker 3: something that even Steve Harvey spoke about on his conversation
• 12:21
  Speaker 3: with us, because you got especially in Hollywood. Now, going
• 12:24
  Speaker 3: to Hollywood, you got an agent, you got a business manager,
• 12:28
  Speaker 3: you got the talent manager, you got the financial advisor,
• 12:31
  Speaker 3: the CPA, you got and all these people are taking percentages.
• 12:36
  Speaker 3: And it might it might seem small, four percent, five percent,
• 12:40
  Speaker 3: it adds up, especially you're geting millions of dollars like you,
• 12:43
  Speaker 3: Before you know it, thirty five percent is out the door.
• 12:47
  Speaker 1: That's before taxes. Now you got to take access.
• 12:49
  Speaker 3: So now you you've giving away sixty seventy percent of
• 12:52
  Speaker 3: your money. Now you understand why people can actually go broke.
• 12:54
  Speaker 3: Thirty percent of your money is going to tax. Thirty
• 12:56
  Speaker 3: five percent your money is going to taxes. Then you
• 12:58
  Speaker 3: got thirty percent going into all of these other people
• 13:01
  Speaker 3: that I just named. Then we're not even talking about
• 13:03
  Speaker 3: all of the lifestyle as far as you know, your cars,
• 13:06
  Speaker 3: your house, then you got you know, child support, you
• 13:08
  Speaker 3: got all of these things. Now before you know it,
• 13:10
  Speaker 3: you're in the red, so you may not have your
• 13:13
  Speaker 3: IP exactly. So it's better than a lot if you
• 13:16
  Speaker 3: can put people on salary because then also when you
• 13:18
  Speaker 3: put them on salary is tax. It's tax deductible for
• 13:22
  Speaker 3: you because you're paying make sure that they fill out
• 13:25
  Speaker 3: there there w nine forms right now you're paying them
• 13:29
  Speaker 3: as a employee, independent contractor however you set it up.
• 13:32
  Speaker 3: But now that's that's tax deductible to you as a
• 13:35
  Speaker 3: business entity. Set up, set up your business entity, your LLC,
• 13:39
  Speaker 3: your escort, your C corp. You know you gotta do it.
• 13:42
  Speaker 3: You just can't go into this just thinking that you
• 13:45
  Speaker 3: just talent. That's how you're gonna get taken advantage of everything.
• 13:49
  Speaker 4: Yeah, and money master of the game. One of the
• 13:51
  Speaker 4: things that UH had a great impact on me was
• 13:57
  Speaker 4: the fee structure that if you have other people invest
• 13:59
  Speaker 4: for you, right, but no one talks about it on
• 14:02
  Speaker 4: the talent or entertainment side of business side, Like I
• 14:05
  Speaker 4: am great point where shot made to put everybody on
• 14:08
  Speaker 4: salary because even if you're starting out as they begin
• 14:11
  Speaker 4: an entrepreneur and you're saying, hey, do this business with me,
• 14:13
  Speaker 4: you get fifty percent.
• 14:15
  Speaker 1: I get fifty percent it's a recipe for disaster.
• 14:18
  Speaker 4: You have to count up all the fees and percentages
• 14:21
  Speaker 4: that you're paying in if you're an artist to a manager.
• 14:25
  Speaker 4: And then also too like even let's say for us,
• 14:29
  Speaker 4: you may have to enter a deal with somebody, then
• 14:31
  Speaker 4: they don't even want to give you your data, like it's
• 14:34
  Speaker 4: theft across the board. And then they'll say, well, you're
• 14:38
  Speaker 4: tough to work with. No, I don't want to be robbed. No,
• 14:43
  Speaker 4: you're gonna take twenty percent and I don't get my data,
• 14:45
  Speaker 4: and no, then you're gonna cross collateralize what I built
• 14:49
  Speaker 4: with something. Be mindful because you'll look up in ten
• 14:52
  Speaker 4: to fifteen years and you'll be paying twenty or thirty
• 14:55
  Speaker 4: different people a bunch of percentages. And if you're averaging
• 14:58
  Speaker 4: twelve or fifteen percent return, you're in the negative.
• 15:01
  Speaker 3: So but that's all I got to say about You
• 15:04
  Speaker 3: haven't that's a that's a million dollars a game for.
• 15:07
  Speaker 1: You for sure.
• 15:08
  Speaker 4: And breaking news last night, the Japanese Prime Minister Eashiba
• 15:12
  Speaker 4: says Japan's financial situation is worse than the Greece situation.
• 15:17
  Speaker 1: Very the Greek situation from to oh wow.
• 15:22
  Speaker 4: Yes, No, one's saying a word, wow, there's things on
• 15:28
  Speaker 4: a chessboard financially worldwide. I forgot who said it, but
• 15:34
  Speaker 4: that was like for all parties involved, India, the United States, China,
• 15:39
  Speaker 4: it is best for us to all get along because
• 15:41
  Speaker 4: the real world war is going to be like the
• 15:43
  Speaker 4: collapse that happens in all of the markets. If we
• 15:46
  Speaker 4: don't find a way to get along. We need each
• 15:48
  Speaker 4: other and I like each other. Can we all just
• 15:52
  Speaker 4: get along for real? Reginald Denny said that no, that
• 15:59
  Speaker 4: King rest in peace. That's the peace around the carea.
• 16:03
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  Speaker 6: Do what's right. Leave now. Under President Trump America's laws,
• 16:58
  Speaker 6: border and families will be protected.
• 17:01
  Speaker 1: Sponsored by the United States Department of Homeland Security,