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Title: Speaking of Dan Marino... Post by: dolphins4life on January 18, 2016, 10:15:53 pm I heard reports that he went bankrupt.
This is mind-boggling. He made a lot of money over his career. When he retired, he continued to work in football and did lots of advertisements. He is not the first NFLer to have this happen. Mark Brunell is an extreme example of this. I know many MLBers defer their salaries for after they retire. I believe this is not allowed in the NFL. I wonder though, why do so many NFLers invest in businesses, when there are safer CDs you can put your money in. Title: Re: Speaking of Dan Marino... Post by: Pappy13 on January 18, 2016, 10:51:02 pm I heard reports that he went bankrupt. Correction, his company went bankrupt and he lost millions, but I don't believe that Dan Marino is broke. He just has a lot less than he had. Not sure what Dan Marino's net worth is these days, but I don't really think he's hurting for cash.EDIT: According to this website he's worth $35 million. He's not exactly bankrupt. http://www.celebritynetworth.com/richest-athletes/nfl/dan-marino-net-worth/ Title: Re: Speaking of Dan Marino... Post by: Run Ricky Run on January 18, 2016, 10:55:33 pm They don't make that much money in their career and CDs don't pay anything. There income stops really early and once you are adjusted to a certain way of life, it is really hard to adjust.
Title: Re: Speaking of Dan Marino... Post by: dolphins4life on January 18, 2016, 11:06:37 pm Brunell signed a contract worth over $40 million with the Redskins in 2004. You don't NEED to invest that. Saving it up is enough to retire on.
Title: Re: Speaking of Dan Marino... Post by: dolphins4life on January 18, 2016, 11:10:21 pm Talking about other sports right now, why is only Bobby Bonilla day "celebrated" on social media? Many other Major League Baseball players also defer their salaries.
Title: Re: Speaking of Dan Marino... Post by: Run Ricky Run on January 18, 2016, 11:11:27 pm Brunell signed a contract worth over $40 million with the Redskins in 2004. You don't NEED to invest that. Saving it up is enough to retire on. 10% to agent/ 50% to taxes/ buy a house. Oh that money isn't guarenteed? Title: Re: Speaking of Dan Marino... Post by: Dave Gray on January 18, 2016, 11:17:18 pm Also, many football players have short lifespans of earning potential. They get 5-12 years (about) to earn all the money they'll make in their career. So, they get used to a particular lifestyle and then the money dries up.
Even if you bought a big house a long time ago, the cost to maintain it can be crazy...not to mention agents, lawyers, security, all of that... It doesn't excuse poor money management, which is really the issue, but this is why that happens. Title: Re: Speaking of Dan Marino... Post by: dolphins4life on January 19, 2016, 08:42:44 pm Anyway, you would expect quarterbacks to be good money managers.
Have any of you ever tried to open a business? Title: Re: Speaking of Dan Marino... Post by: Brian Fein on January 20, 2016, 09:50:33 am Anyway, you would expect quarterbacks to be good money managers. Why?These guys likely hire financial planners to manage their money. Title: Re: Speaking of Dan Marino... Post by: dolphins4life on January 21, 2016, 11:33:56 pm I grew up rooting for Marino during the end of his career. That's how I became a Dolphins fan.
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