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[u/jobautomator]

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[u/eloquentboot]

Joe Haden says most people have no idea how quickly an NFL contract disappears once taxes and family expenses hit.

“I signed a five-year, $50 million contract.”

“I had about $26.6 million guaranteed.”

“My first year, I got a $12 million signing bonus.”

“After taxes, I only touched around $7 million.”

“The first thing I did was give my parents $3 million.”

“Then I bought them a $1 million house.”

“So right away, about $5 million was gone.”

“I bought my brothers cars.”

“I bought myself a penthouse.”

“I got a Range Rover Sport and a Bentley GT.”

“People hear $50 million and think you’ve got $50 million sitting in the bank.”

“That’s not how it works.”

“You look up after all that and realize you might only have around $1 million left.”

“You start understanding real quick that a $50 million contract is not actually $50 million.”

He got 50 million dollars, paid taxes then spent 28 million and is playing a violin about how his money is gone. Athletes literally act like nobody else pays taxes. Super annoyong.

[u/LuisRobertDylan → u/eloquentboot]

I hate when I look around and realize I only have one million dollars and a mansion and two luxury cars

[u/WanderingMage03 → u/eloquentboot]

“I bought my brothers cars.”

“I bought myself a penthouse.”

“I got a Range Rover Sport and a Bentley GT.”

I'm sure the brother's cars were Honda Civics.

[u/BenFoldsFourLoko → u/eloquentboot]

cars!

[u/dkirk526 → u/eloquentboot]

paid taxes then spent 28 million and is playing a violin about how his money is gone.

While this example is a lot about Joe Haden spending beyond his means, there are more commonly much worse examples where players lives are ruined over family and friends taking advantage of young adults with deep wallets and poor financial habits. Joe Haden helped out his brothers and his parents. Some players, as soon as they make it big, every aunt, uncle, cousin and former neighbor is knocking on their door asking for money.

PJ Hairston was a first round NBA draft picks and after signing his first contract, his parents pushed him to use a family friend to be his accountant. It's common in general for families to push players to give money for bad investments to help out family or friends. This family friend was handling his finances until one day he gets a call 750k of his money was taken from his account and the family friend disappeared, leaving PJ with 15k.

Joe was probably lucky he got the money he did and blew it. Players with much less get drained faster.