WEBVTT - How To Not Go Broke After Hitting A Big Payday

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<v Speaker 2>by P and C Bank, a lot of people think

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<v Speaker 2>podcasts about work are boring, and sure they definitely can be,

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<v Speaker 2>but understanding of professional's routine shows us how they achieve

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<v Speaker 2>their success little by little, day after day. It's like

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<v Speaker 2>banking with P and C Bank. It might seem boring

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<v Speaker 2>to save, plan and make calculated decisions with your bank,

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<v Speaker 2>but keeping your money boring is what helps you live

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<v Speaker 2>Boring since eighteen sixty five. Brilliantly Boring since eighteen sixty

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<v Speaker 1>But you know what's interesting.

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<v Speaker 3>We haven't spoken about this too much on Market Mondays,

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<v Speaker 3>but it is a financial conversation. And I was at

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<v Speaker 3>Saint John's yesterday, so Ian Jack, Captain Jack back home,

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<v Speaker 3>so the ax, what's up?

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<v Speaker 1>You know?

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<v Speaker 3>He was somebody that actually was a five star recruit

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<v Speaker 3>basketball and went to North Carolina and he's from the

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<v Speaker 3>Bronx and he did one year at North Carolina and

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<v Speaker 3>he's transferring it to Saint John's. The reason why I

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<v Speaker 3>brought him up is that I'm at Saint John's yesterday

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<v Speaker 3>I'm just looking at Saint John's, a beautiful campus in Queens,

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<v Speaker 3>and I'm just thinking to myself, like, man, Captain Jack's

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<v Speaker 3>coming to Saint John's for two million dollars.

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<v Speaker 1>They put two million dollars, gave him two million dollars

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<v Speaker 1>in il deal.

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<v Speaker 3>I'm like, man, he's making more money anybody on the

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<v Speaker 3>campus outside of Rick Patino.

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<v Speaker 1>That's crazy. Yeah, you know what I'm saying. That's great.

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<v Speaker 3>You got a nineteen year old sophomore that's coming on it,

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<v Speaker 3>and I'm just looking at all of the prestigious buildings,

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<v Speaker 3>all of the clergy everything, and like I said, I mean,

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<v Speaker 3>ric Portino's making the most money. But after that, you

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<v Speaker 3>got a nineteen year old. If he's not the second

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<v Speaker 3>highest paid individual on campus, he's at he's at least ten.

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<v Speaker 3>So the next question that I have for that is

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<v Speaker 3>for these kids that's getting nil money the fight, what

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<v Speaker 3>financial steps should they be doing them and their parents

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<v Speaker 3>to make sure that they're not blowing this bag.

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<v Speaker 4>Well, it's always percentages for me, So it'side the percentage

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<v Speaker 4>of money. Like for him, specifically, you gotta put half

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<v Speaker 4>of the money away because he's already lit like.

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<v Speaker 1>A lot of times index funds.

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<v Speaker 4>I would do half index funds and then probably have

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<v Speaker 4>Microsoft and then Visa for sure. Of course Bitcoin if

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<v Speaker 4>you can grape. But I think it's an easy win

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<v Speaker 4>because especially just on Microsoft the loan, just on an

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<v Speaker 4>open AI. Whether they choose to be bought out or

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<v Speaker 4>they become public. I don't know if they'll allow that,

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<v Speaker 4>but that probably I said at the top of the decade,

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<v Speaker 4>it's gonna be I think stock of the decade, and

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<v Speaker 4>that's panning out to be true. So off, let's say

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<v Speaker 4>if he put five hundred thousand into them, he's probably

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<v Speaker 4>gonna make eight million dollars off of that, probably by

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<v Speaker 4>year nine. Easy, easy win, regardless of what happens, whether

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<v Speaker 4>he goes to the league, what his contract situation is.

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<v Speaker 4>What I try and tell any player like, think of

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<v Speaker 4>it as you get your same salary in the NBA

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<v Speaker 4>or NFL without having to play more years. So you'll

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<v Speaker 4>spend five six hundred thousand on a woman down the

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<v Speaker 4>line trying to get out of a situation, or you

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<v Speaker 4>can put some of that capital in now and have

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<v Speaker 4>it growth for you and you never have to worry

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<v Speaker 4>about what's going on off the field. So yeah, I

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<v Speaker 4>will put half away, so I will put a million

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<v Speaker 4>away into I was split up between Microsoft, Voo, third Visa,

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<v Speaker 4>fourth Bitcoin.

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<v Speaker 1>Let her run.

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<v Speaker 4>In nine years she should have eight or nine million

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<v Speaker 4>dollars easily. And that's not even including the dividends. And

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<v Speaker 4>don't give all your money away to women.

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<v Speaker 3>And that's and that's the thing too, because it's like

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<v Speaker 3>this is an important conversation because you know, I'm into space.

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<v Speaker 3>So what's happening now is that you have an agents

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<v Speaker 3>that take their cut, but then there's like street agents.

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<v Speaker 3>There was always street agents, but now there's street agents

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<v Speaker 3>that's broken in il deals and they're taking anywhere from

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<v Speaker 3>five to twenty percent of nil dealing. So parents, it's

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<v Speaker 3>vitally important. Few things. It's a middle man is never

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<v Speaker 3>really needed. But if you do have a middle man,

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<v Speaker 3>you got negotiate that contract to as low as possible

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<v Speaker 3>and to the kids, because you've seen a lot of

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<v Speaker 3>kids that's driving Lamborghinis and all of these cars on campus.

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<v Speaker 3>Like you said, invest your money. You getting three million dollars,

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<v Speaker 3>you buy a Lamborghini, that's five hundred thousand dollars, right,

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<v Speaker 3>and you still got to pay taxes on the money.

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<v Speaker 3>Then like, so, I get it, you're eighteen, but like

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<v Speaker 3>you said, if you put that money into an investment

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<v Speaker 3>in a relatively short period of time, by the time

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<v Speaker 3>you twenty eight, not even thirty. By ti time you're

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<v Speaker 3>twenty eight, you're going to have multiple millions of dollars

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<v Speaker 3>where even if you don't make it into the league,

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<v Speaker 3>you're still going to be a multi millionaire and you

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<v Speaker 3>should be set for the rest of your life if

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<v Speaker 3>done correctly, like this nil money is to the point now, like,

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<v Speaker 3>if done correctly, but you don't even got to go

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<v Speaker 3>to the league, you can be real for the rest

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<v Speaker 3>of your life just based off of decisions that you

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<v Speaker 3>make from nil money when you're eighteen nineteen years old.

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<v Speaker 1>Yeah, and that helps go ahead.

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<v Speaker 2>I'm just saying, we got to take into account that

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<v Speaker 2>he's not coming from like any school like he was

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<v Speaker 2>at North Carolina where he had nil money as well.

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<v Speaker 2>But there's a big difference in state tax when you

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<v Speaker 2>leave from North Carolina to New York, especially when you're

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<v Speaker 2>playing in New.

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<v Speaker 1>York City, and so.

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<v Speaker 2>Having somebody on your team like a CPA that can

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<v Speaker 2>explain that to you, because yeah, it's a lot of

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<v Speaker 2>money and this is a hometown kid. This is like

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<v Speaker 2>you know what I mean, Like, I think the best

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<v Speaker 2>advice on top of everything that you said is that

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<v Speaker 2>you've got to realize everybody can't come with you on

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<v Speaker 2>this journey.

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<v Speaker 4>And on top of that, there's a lot of conversations

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<v Speaker 4>shouts to raping the sports on players and the owners

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<v Speaker 4>one game at the time. Yeah, yeah, the politics of

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<v Speaker 4>the business that you're in, the NBA, NFL, That's why

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<v Speaker 4>the investment part is so important.

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<v Speaker 1>There's no reason because it's not talked about.

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<v Speaker 4>There is a system for you to get those big

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<v Speaker 4>contracts and for people to steal that money away from you.

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<v Speaker 4>And Duncan comes to mind. I'm glad glad KG recovered.

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<v Speaker 4>Sebastian Tailfair comes to mind. Like there's a lot of

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<v Speaker 4>people I've met that have made thirty and forty and

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<v Speaker 4>they have two million left and everyone wants to blame

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<v Speaker 4>it on the entourage. No one ever talks about the

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<v Speaker 4>financial syndicate. That is a homourage that takes all the

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<v Speaker 4>money away.

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<v Speaker 1>It's fact. That's a fact.

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<v Speaker 5>Everyone Like, yo, when if y'all qut the angling with

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<v Speaker 5>twenty people, what about the twenty financial people that's on

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<v Speaker 5>the team that is feeding you to death two to

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<v Speaker 5>three percent of the time, two to three percent with

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<v Speaker 5>twenty people adds up.

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<v Speaker 1>That is a fact. That's a fact.

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<v Speaker 3>And the thing about I'm gonna give you guys some

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<v Speaker 3>game outside of the usual conversation that we speak about

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<v Speaker 3>in market, mondays. Dea idea is a deferred income annuity.

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<v Speaker 3>So if you're getting money, if you're getting a lump

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<v Speaker 3>sum of money, especially when you're young, put a portion

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<v Speaker 3>of that into a DEA because what that does is

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<v Speaker 3>that grows over the course of time. Then you take

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<v Speaker 3>income from it. So like Alan Iverson right, everybody always

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<v Speaker 3>talks about like his legendary deal that he did with

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<v Speaker 3>Reebok and how he's going to be getting like I

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<v Speaker 3>think next maybe he started this year when he turned

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<v Speaker 3>fifty fifty, he'll probably be fifty soon, but whenever he

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<v Speaker 3>turns fifty, he gets like a million dollars a year

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<v Speaker 3>for the rest of his life. That's because when he

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<v Speaker 3>structured that the first deal, he had a good advice

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<v Speaker 3>and somebody on it on the team that actually said, Okay,

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<v Speaker 3>we're going to put a portion of this away into

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<v Speaker 3>the decl You can't spend it, obviously, you know people,

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<v Speaker 3>you know he had spending habits, so they it's forced

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<v Speaker 3>savings that grew over the course of time. And now

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<v Speaker 3>let's say you put a million dollars in and you

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<v Speaker 3>wait till you're forty years old, that million dollars is

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<v Speaker 3>going to be ten millionion dollars right now. You can

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<v Speaker 3>draw income off of that ten million for the rest

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<v Speaker 3>of your life. Bobby Bonia, a lot of these sports

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<v Speaker 3>contracts that lump sum was put into an annuity that

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<v Speaker 3>grew over the course of time, tax deferred by the way,

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<v Speaker 3>and then now that provides a lifetime income, and depending

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<v Speaker 3>on what type of venuity it is, you can actually

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<v Speaker 3>have some guarantees on it, so it's like an insurance

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<v Speaker 3>based product, so it's not as risky as.

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<v Speaker 1>Just having it in the stock market.

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<v Speaker 3>So that's something that, like I said, if you wish,

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<v Speaker 3>if you hit the lottery, if you have a lawsuit,

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<v Speaker 3>if you again nil money, sports, any lump sum, any

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<v Speaker 3>any type of thing where you get a lump sum

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<v Speaker 3>at a relatively young age, I would definitely, at the

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<v Speaker 3>very least look into it.

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<v Speaker 1>Educate yourself on a da d.

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<v Speaker 3>I, a deferred income annuity that you can put money

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<v Speaker 3>into and you can draw income down a line.

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<v Speaker 2>Yeah, so Iverson is going to receive from his bout

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<v Speaker 2>there eight hundred thousand dollars a year annually, and he

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<v Speaker 2>will have access to thirty two million at fifty five.

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<v Speaker 2>So he's forty nine now, so when he's fifty five,

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<v Speaker 2>he'll have access to that thirty two million.

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<v Speaker 3>And then some people be like, well, I don't want

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<v Speaker 3>I want my money right now.

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<v Speaker 1>It's a porch.

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<v Speaker 3>Like you gotta have portions. You gotta layer it, layer it,

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<v Speaker 3>layer it out. Nobody's gonna be mad at saying, Okay,

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<v Speaker 3>I got thirty million waiting for me in fifteen years.

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<v Speaker 1>Yeah.

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<v Speaker 2>Look, I mean a good case study with if you

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<v Speaker 2>watch sports and study sports.

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<v Speaker 1>Look at what the Los Angeles Dodgers have done.

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<v Speaker 2>Yep, differring contract show heyl Tony deferred seven hundred, six

0:10:37.920 --> 0:10:41.280
<v Speaker 2>hundred million, six hundred and fifty million deferred.

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<v Speaker 3>You gotta say, sometimes in life, you guys save people

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<v Speaker 3>from themselves. I goess, for sure, disrespect to to Alan Ovison.

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<v Speaker 3>He's one of the greatest that ever did it. But

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<v Speaker 3>of course he has financial problems, right Like you go

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<v Speaker 3>through a divorce and then you have issues that come

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<v Speaker 3>and it's just like you're getting money at a young age.

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<v Speaker 3>And sometimes as an advisor or as a parent, you

0:11:03.679 --> 0:11:08.400
<v Speaker 3>have to save people from themselves, that's.

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<v Speaker 4>Important, or the team that is put around them to

0:11:14.000 --> 0:11:16.319
<v Speaker 4>take all the money away. Like I would love to

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<v Speaker 4>see from the time he was drafted in ninety six

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<v Speaker 4>to when they went to the finals, what are the

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<v Speaker 4>value of the seventy six is increasing?

0:11:22.000 --> 0:11:23.600
<v Speaker 1>And then how much he made in Jersey sales.

0:11:24.200 --> 0:11:25.880
<v Speaker 4>Because if I don't put a plan in place that

0:11:26.040 --> 0:11:29.920
<v Speaker 4>and I allow you to go, everyone doesn't operator as

0:11:29.960 --> 0:11:33.120
<v Speaker 4>a fiduciary. But there's a lot of teams that profit

0:11:33.160 --> 0:11:35.000
<v Speaker 4>from the destruction of athlete.

0:11:35.280 --> 0:11:36.800
<v Speaker 1>Of course not talked about.

0:11:37.240 --> 0:11:39.040
<v Speaker 2>Yeah, and they're gonna leach off of them until it's

0:11:39.040 --> 0:11:42.680
<v Speaker 2>the next athlete yep, and then rent to repeat year

0:11:42.720 --> 0:11:44.199
<v Speaker 2>after year, decade after decade.

0:11:45.040 --> 0:11:47.640
<v Speaker 3>And then some more game for you is that if

0:11:47.679 --> 0:11:50.800
<v Speaker 3>you have a business manager. So there's a few different

0:11:50.800 --> 0:11:54.120
<v Speaker 3>things here. There's the agent who works out contracts stuff

0:11:54.160 --> 0:11:57.520
<v Speaker 3>like that. Then there's a business manager who is actually

0:11:58.120 --> 0:12:02.440
<v Speaker 3>more on the financial side. Right, the business manager, it

0:12:02.440 --> 0:12:05.280
<v Speaker 3>would be better to have them on salary as opposed

0:12:05.320 --> 0:12:06.559
<v Speaker 3>to them getting percentages of.

0:12:06.520 --> 0:12:09.760
<v Speaker 4>The percentage hell, hold on, say it again. That's the

0:12:09.800 --> 0:12:11.360
<v Speaker 4>gym of the day.

0:12:11.720 --> 0:12:12.560
<v Speaker 1>I'm gonna save your.

0:12:12.480 --> 0:12:17.280
<v Speaker 3>Millions facts, you gotta put them on salary. And that's

0:12:17.320 --> 0:12:21.040
<v Speaker 3>something that even Steve Harvey spoke about on his conversation

0:12:21.080 --> 0:12:23.959
<v Speaker 3>with us, because you got especially in Hollywood. Now, going

0:12:24.000 --> 0:12:28.160
<v Speaker 3>to Hollywood, you got an agent, you got a business manager,

0:12:28.480 --> 0:12:31.280
<v Speaker 3>you got the talent manager, you got the financial advisor,

0:12:31.840 --> 0:12:35.640
<v Speaker 3>the CPA, you got and all these people are taking percentages.

0:12:36.200 --> 0:12:40.080
<v Speaker 3>And it might it might seem small, four percent, five percent,

0:12:40.120 --> 0:12:43.600
<v Speaker 3>it adds up, especially you're geting millions of dollars like you,

0:12:43.679 --> 0:12:47.000
<v Speaker 3>Before you know it, thirty five percent is out the door.

0:12:47.080 --> 0:12:49.200
<v Speaker 1>That's before taxes. Now you got to take access.

0:12:49.600 --> 0:12:52.160
<v Speaker 3>So now you you've giving away sixty seventy percent of

0:12:52.160 --> 0:12:54.360
<v Speaker 3>your money. Now you understand why people can actually go broke.

0:12:54.600 --> 0:12:56.520
<v Speaker 3>Thirty percent of your money is going to tax. Thirty

0:12:56.520 --> 0:12:58.640
<v Speaker 3>five percent your money is going to taxes. Then you

0:12:58.760 --> 0:13:01.199
<v Speaker 3>got thirty percent going into all of these other people

0:13:01.200 --> 0:13:03.920
<v Speaker 3>that I just named. Then we're not even talking about

0:13:03.960 --> 0:13:06.320
<v Speaker 3>all of the lifestyle as far as you know, your cars,

0:13:06.360 --> 0:13:08.839
<v Speaker 3>your house, then you got you know, child support, you

0:13:08.880 --> 0:13:10.520
<v Speaker 3>got all of these things. Now before you know it,

0:13:10.559 --> 0:13:13.000
<v Speaker 3>you're in the red, so you may not have your

0:13:13.040 --> 0:13:16.640
<v Speaker 3>IP exactly. So it's better than a lot if you

0:13:16.640 --> 0:13:18.720
<v Speaker 3>can put people on salary because then also when you

0:13:18.720 --> 0:13:22.400
<v Speaker 3>put them on salary is tax. It's tax deductible for

0:13:22.559 --> 0:13:25.600
<v Speaker 3>you because you're paying make sure that they fill out

0:13:25.600 --> 0:13:28.960
<v Speaker 3>there there w nine forms right now you're paying them

0:13:29.080 --> 0:13:32.520
<v Speaker 3>as a employee, independent contractor however you set it up.

0:13:32.720 --> 0:13:35.439
<v Speaker 3>But now that's that's tax deductible to you as a

0:13:35.480 --> 0:13:39.080
<v Speaker 3>business entity. Set up, set up your business entity, your LLC,

0:13:39.200 --> 0:13:42.800
<v Speaker 3>your escort, your C corp. You know you gotta do it.

0:13:42.880 --> 0:13:44.679
<v Speaker 3>You just can't go into this just thinking that you

0:13:45.280 --> 0:13:48.640
<v Speaker 3>just talent. That's how you're gonna get taken advantage of everything.

0:13:49.400 --> 0:13:51.320
<v Speaker 4>Yeah, and money master of the game. One of the

0:13:51.360 --> 0:13:57.120
<v Speaker 4>things that UH had a great impact on me was

0:13:57.160 --> 0:13:59.800
<v Speaker 4>the fee structure that if you have other people invest

0:13:59.840 --> 0:14:02.480
<v Speaker 4>for you, right, but no one talks about it on

0:14:02.520 --> 0:14:05.120
<v Speaker 4>the talent or entertainment side of business side, Like I

0:14:05.120 --> 0:14:08.080
<v Speaker 4>am great point where shot made to put everybody on

0:14:08.160 --> 0:14:11.040
<v Speaker 4>salary because even if you're starting out as they begin

0:14:11.080 --> 0:14:13.560
<v Speaker 4>an entrepreneur and you're saying, hey, do this business with me,

0:14:13.960 --> 0:14:14.960
<v Speaker 4>you get fifty percent.

0:14:15.200 --> 0:14:18.760
<v Speaker 1>I get fifty percent it's a recipe for disaster.

0:14:18.920 --> 0:14:21.440
<v Speaker 4>You have to count up all the fees and percentages

0:14:21.760 --> 0:14:24.360
<v Speaker 4>that you're paying in if you're an artist to a manager.

0:14:25.440 --> 0:14:28.080
<v Speaker 4>And then also too like even let's say for us,

0:14:29.680 --> 0:14:31.680
<v Speaker 4>you may have to enter a deal with somebody, then

0:14:31.680 --> 0:14:34.880
<v Speaker 4>they don't even want to give you your data, like it's

0:14:34.960 --> 0:14:38.840
<v Speaker 4>theft across the board. And then they'll say, well, you're

0:14:38.880 --> 0:14:43.360
<v Speaker 4>tough to work with. No, I don't want to be robbed. No,

0:14:43.400 --> 0:14:45.480
<v Speaker 4>you're gonna take twenty percent and I don't get my data,

0:14:45.600 --> 0:14:49.400
<v Speaker 4>and no, then you're gonna cross collateralize what I built

0:14:49.400 --> 0:14:52.920
<v Speaker 4>with something. Be mindful because you'll look up in ten

0:14:52.920 --> 0:14:55.760
<v Speaker 4>to fifteen years and you'll be paying twenty or thirty

0:14:55.800 --> 0:14:58.600
<v Speaker 4>different people a bunch of percentages. And if you're averaging

0:14:58.640 --> 0:15:00.760
<v Speaker 4>twelve or fifteen percent return, you're in the negative.

0:15:01.440 --> 0:15:04.360
<v Speaker 3>So but that's all I got to say about You

0:15:04.400 --> 0:15:07.040
<v Speaker 3>haven't that's a that's a million dollars a game for.

0:15:07.040 --> 0:15:07.760
<v Speaker 1>You for sure.

0:15:08.920 --> 0:15:12.720
<v Speaker 4>And breaking news last night, the Japanese Prime Minister Eashiba

0:15:12.880 --> 0:15:16.920
<v Speaker 4>says Japan's financial situation is worse than the Greece situation.

0:15:17.960 --> 0:15:21.680
<v Speaker 1>Very the Greek situation from to oh wow.

0:15:22.040 --> 0:15:28.640
<v Speaker 4>Yes, No, one's saying a word, wow, there's things on

0:15:28.680 --> 0:15:32.720
<v Speaker 4>a chessboard financially worldwide. I forgot who said it, but

0:15:34.480 --> 0:15:38.960
<v Speaker 4>that was like for all parties involved, India, the United States, China,

0:15:39.240 --> 0:15:41.440
<v Speaker 4>it is best for us to all get along because

0:15:41.480 --> 0:15:43.400
<v Speaker 4>the real world war is going to be like the

0:15:43.480 --> 0:15:46.280
<v Speaker 4>collapse that happens in all of the markets. If we

0:15:46.320 --> 0:15:48.920
<v Speaker 4>don't find a way to get along. We need each

0:15:48.920 --> 0:15:52.040
<v Speaker 4>other and I like each other. Can we all just

0:15:52.080 --> 0:15:58.720
<v Speaker 4>get along for real? Reginald Denny said that no, that

0:15:59.440 --> 0:16:03.400
<v Speaker 4>King rest in peace. That's the peace around the carea.

0:16:03.040 --> 0:16:06.720
<v Speaker 6>An illegal alien from Guatemala charged with raping a child

0:16:06.760 --> 0:16:10.520
<v Speaker 6>in Massachusetts. An MS thirteen gang member from Al Salvador

0:16:10.800 --> 0:16:14.920
<v Speaker 6>accused of murdering a Texas man of Venezuelan charged with

0:16:15.000 --> 0:16:18.880
<v Speaker 6>filming and selling child pornography in Michigan. These are just

0:16:19.000 --> 0:16:22.760
<v Speaker 6>some of the heinous migrant criminals caught because of President

0:16:22.760 --> 0:16:26.320
<v Speaker 6>Donald J. Trump's leadership. I'm Christy nom the United States

0:16:26.360 --> 0:16:31.160
<v Speaker 6>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:16:31.200 --> 0:16:34.760
<v Speaker 6>crossings are at the lowest levels ever recorded, and over

0:16:34.800 --> 0:16:38.040
<v Speaker 6>one hundred thousand illegal aliens have been arrested. If you

0:16:38.120 --> 0:16:41.960
<v Speaker 6>are here illegally, your next You will be fine nearly

0:16:42.040 --> 0:16:46.080
<v Speaker 6>one thousand dollars a day, imprisoned, and deported. You will

0:16:46.080 --> 0:16:49.760
<v Speaker 6>never return. But if you register using our CBP home

0:16:49.800 --> 0:16:53.160
<v Speaker 6>app and leave now, you could be allowed to return legally.

0:16:53.520 --> 0:16:58.320
<v Speaker 6>Do what's right. Leave now. Under President Trump America's laws,

0:16:58.440 --> 0:17:00.880
<v Speaker 6>border and families will be protected.

0:17:01.000 --> 0:17:03.120
<v Speaker 1>Sponsored by the United States Department of Homeland Security,