How Marshon Lattimore Spent His First $1M in the NFL? (2 Viewers)

[dooce]

Dude I’m so cheap, if I were in his shoes it would be titled, “How I spent my first $50 dollars”.

Sure you would

 

[Broad St. Saint]

nah man, if I got to play in the NFL and made $1M, to paraphrase the late George Best, I'd spend it on "booze, birds and fast cars . . . the rest I['d] squander[]."

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[Madmarsha]

You gonna be standing on a stool, because you be like... "How am I supposed to see over these 6 feet tall athlete to see my boys." lol

Yeah, but you'll be like in the middle of the action!!!

 

[Outbackjack]

People never believe me but if I had a big 6 year 90 million dollar type of rookie contract before the NFL moved to the fixed rookie rates. I might only immediately buy a new house and a car. Upgrade my current Ford Expedition to the newest model. But I'd save the rest and invest a good bit into stocks and stuff. I'd still eat Popeyes, McDonalds $1 menu, etc. Being a card collector, I'd invest in my own rookie cards and also make Panini give me some signed cards that I do for them because right now Justin Herbert rookie cards are ranging from $1000 for a graded base rookie to $10K and up for the higher end stuff. I'd invest in myself via sports cards.

You won’t be getting the 90 million contract eating $1 menu fast food

 

[BreesIsMyFather]

My man got that swag

 

[NO Saint]

When I win Mega Millions on Friday ($750 million), I'm spending my first million on a big Saints party.

I'll be there. Sister can you spare a dime?

 

[OutlawSaint]

You won’t be getting the 90 million contract eating $1 menu fast food

Haha I have to believe that college athletes still indulge in their fast food from time to time lol

 

[Jb25saints]

When I win Mega Millions on Friday ($750 million), I'm spending my first million on a big Saints party.

You might be able to buy the team

 

[pierce2poydras]

People never believe me but if I had a big 6 year 90 million dollar type of rookie contract before the NFL moved to the fixed rookie rates. I might only immediately buy a new house and a car. Upgrade my current Ford Expedition to the newest model. But I'd save the rest and invest a good bit into stocks and stuff. I'd still eat Popeyes, McDonalds $1 menu, etc. Being a card collector, I'd invest in my own rookie cards and also make Panini give me some signed cards that I do for them because right now Justin Herbert rookie cards are ranging from $1000 for a graded base rookie to $10K and up for the higher end stuff. I'd invest in myself via sports cards.

So many very wealthy people operate on the surface as if they’re middle/lower class in income. One of my best friends growing up would always take my hand-me-downs, so I thought he was kind of poor as a kid. In high school I learned his mom was actually CFO of a large bank, and in reality they probably had more money than anyone I know. She just didn’t believe in spending money on anything she didn’t have to. To this day she treats herself with Milwaukee’s Best and shops at Save-A-Lot. We’re talking a multi-multi millionaire here. Blew my mind. But as I’ve gotten older I’ve actually tried to be more and more like her.

Also reminds me of this story I read about Kawhi Leonard a couple of years ago. He was like 4 years into a huge contract but was still driving a 1993 Chevy Tahoe and living in a single bedroom apartment. A lot of these athletes make just truly insane amounts of money, and even if they can just act semi-responsibly they can seriously create generational wealth for their family. Easier said than done though, unfortunately!

 

[LAhotsauce]

I'm glad he has a good head on his shoulders as one of the unicorns to make it out of some redlined area in Cleveland.

If only redlined areas didn't exist in the first place. They never had to.

And anybody saying they'd never buy a Rolex, or keep eating cheap food if they had millions of dollars at their disposal is lying.

 

[Madmarsha]

You might be able to buy the team

I'd be happy just to take a meeting with Mrs. Benson for the opportunity to have a small minority stake.

 

[Madmarsha]

So many very wealthy people operate on the surface as if they’re middle/lower class in income. One of my best friends growing up would always take my hand-me-downs, so I thought he was kind of poor as a kid. In high school I learned his mom was actually CFO of a large bank, and in reality they probably had more money than anyone I know. She just didn’t believe in spending money on anything she didn’t have to. To this day she treats herself with Milwaukee’s Best and shops at Save-A-Lot. We’re talking a multi-multi millionaire here. Blew my mind. But as I’ve gotten older I’ve actually tried to be more and more like her.

Also reminds me of this story I read about Kawhi Leonard a couple of years ago. He was like 4 years into a huge contract but was still driving a 1993 Chevy Tahoe and living in a single bedroom apartment. A lot of these athletes make just truly insane amounts of money, and even if they can just act semi-responsibly they can seriously create generational wealth for their family. Easier said than done though, unfortunately!

Most people say that's WHY people get to be millionaires, because they're frugal. Sure, I want to be mega rich; but I also want to be mega happy.

 

[SystemShock]

Booze, women, and fast cars, The rest he just squandered.

 

[Complex Kid]

I'm glad he has a good head on his shoulders as one of the unicorns to make it out of some redlined area in Cleveland.

If only redlined areas didn't exist in the first place. They never had to.

And anybody saying they'd never buy a Rolex, or keep eating cheap food if they had millions of dollars at their disposal is lying.

I don't even own or wear a watch right now but I think if I one the Powerball even I'd get me a Rolex.

Actually now that I look at the prices nah. I think I'd rather spend that on a broadcaster/nocaster

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[UncleTrvlingJim]

So many very wealthy people operate on the surface as if they’re middle/lower class in income. One of my best friends growing up would always take my hand-me-downs, so I thought he was kind of poor as a kid. In high school I learned his mom was actually CFO of a large bank, and in reality they probably had more money than anyone I know. She just didn’t believe in spending money on anything she didn’t have to. To this day she treats herself with Milwaukee’s Best and shops at Save-A-Lot. We’re talking a multi-multi millionaire here. Blew my mind. But as I’ve gotten older I’ve actually tried to be more and more like her.

Also reminds me of this story I read about Kawhi Leonard a couple of years ago. He was like 4 years into a huge contract but was still driving a 1993 Chevy Tahoe and living in a single bedroom apartment. A lot of these athletes make just truly insane amounts of money, and even if they can just act semi-responsibly they can seriously create generational wealth for their family. Easier said than done though, unfortunately!

Most people say that's WHY people get to be millionaires, because they're frugal. Sure, I want to be mega rich; but I also want to be mega happy.

There ought to be a balance between saving, spending and giving. Accumulating money just for the sake of accumulating money does not seem to have much utility in my mind (not saying that's what your friend's mother was doing @pierce2poydras ).

Money is only good for what it can do - for you or for others. So, while I'm a very big fan of living within your means and saving up, there should be some sort of purpose for it. Trying to hit X goal so that I can buy Y thing and have long term security. Or, hit goal X so that I can have a Y annuity for the rest of my life.

And all that needs to be balanced with not being miserable now. I'm not sure it's a great trade-off to living uncomfortably for 45 years just so you can be rich your last 10 years, although that's a value judgement.

I just want to add a little nuance to the generally good advice of living below your means and saving your money.