If you were a $40,000,000 a year basketball player...how would you divvy up the money?

Coinstartled

Nice house for mom is a given. Where do you go from there?

Siblings, aunts, uncles, cousins and friends?

If you are too generous, the recipients might become lazy.

Coinstartled

I would buy Dimeman a small pharmacy so that he could get aspirin every time the Cowboys played.

artee

Slowly via pennies.

LarkinCollector

I'd pay off my sister/brother-in-law's current house, possibly set up a trust for her at least part of her kids college, but they should be able to save a lot more without a house payment every month.

A nice annuity set up for the parents to enhance their retirement.

$10k one time gift to avoid as much tax as possible to whatever family it's allowed.

Take a few select friends on an all expenses paid trip around the world for a month or so.

Other than that,, probably not much. Quit after one year and retire in peace somewhere in the backwoods of SE Asia w/a large garden/small farm and, unbeknownst even to the locals, slowly build my black market empire and personal army.

artee

But let’s get to the real figure. After your agent, manager, accountant, federal/state taxes and then anywhere between 3-11% sales tax on each dollar spent, you’re sitting around $10m.

And for those saying $10m is still a good chunk of change, I agree. But ratio wise, you can buy a lot more things with $4 than a buck.

The problems most athletes fall into is maintaining that $40m lifestyle when it never truly existed and then all of a sudden that $40m rug gets pulled out from underneath them for whatever reason.

hammer1

buy houses on either side of HLT. Put you in one. Me in the other one.

Wouldn't need a TV for entertainment.

perkdog

@artee said:
But let’s get to the real figure. After your agent, manager, accountant, federal/state taxes and then anywhere between 3-11% sales tax on each dollar spent, you’re sitting around $10m.

And for those saying $10m is still a good chunk of change, I agree. But ratio wise, you can buy a lot more things with $4 than a buck.

The problems most athletes fall into is maintaining that $40m lifestyle when it never truly existed and then all of a sudden that $40m rug gets pulled out from underneath them for whatever reason.

Depending on the length of the contract, sure your numbers are probably correct so take home 10 million a year for say 5 years? If that’s the bottom line then agreed on being smart. Houses for parents, 2 sisters and buy girlfriend a new house. I’m talking 350K style houses that they can afford to maintain. I’d buy a decent million dollar ocean front house for myself and NOT get any woman pregnant, once you start having multiple children with multiple woman the downfall begins. Close friends I count 4. I’d give them 100K a year for the length of my contract. I would say I have about 10 other people I’m tight enough with that I’d give them 25K a piece. I haven’t talked to my cousins or Aunt and Uncle in years so I wouldn’t even bother reaching out to be honest.

doubledragon

I would spend it all on napkins. You can never have too many napkins.

JoeBanzai

I'd spend 90% on booze and hookers, the rest, I'd waste. ;-)

Coinstartled

@perkdog said:

@artee said:
But let’s get to the real figure. After your agent, manager, accountant, federal/state taxes and then anywhere between 3-11% sales tax on each dollar spent, you’re sitting around $10m.

And for those saying $10m is still a good chunk of change, I agree. But ratio wise, you can buy a lot more things with $4 than a buck.

I’d buy a decent million dollar ocean front house for myself...

You better be playing in Alaska or Australia.

artee

@doubledragon said:
I would spend it all on napkins. You can never have too many napkins.

It is estimated that Subway saves anywhere from $8-13 mil a year simply because their sandwich artists’ dispense the napkins themselves. 2 per sub.

perkdog

@Coinstartled said:

@perkdog said:

@artee said:
But let’s get to the real figure. After your agent, manager, accountant, federal/state taxes and then anywhere between 3-11% sales tax on each dollar spent, you’re sitting around $10m.

And for those saying $10m is still a good chunk of change, I agree. But ratio wise, you can buy a lot more things with $4 than a buck.

I’d buy a decent million dollar ocean front house for myself...

You better be playing in Alaska or Australia.

On the Seacoast here you can get a modest place for around a million

artee

@perkdog said:

@Coinstartled said:

@perkdog said:

@artee said:
But let’s get to the real figure. After your agent, manager, accountant, federal/state taxes and then anywhere between 3-11% sales tax on each dollar spent, you’re sitting around $10m.

And for those saying $10m is still a good chunk of change, I agree. But ratio wise, you can buy a lot more things with $4 than a buck.

I’d buy a decent million dollar ocean front house for myself...

You better be playing in Alaska or Australia.

On the Seacoast here you can get a modest place for around a million

Like ya mentioned earlier about purchasing the folks a house, it’s not about that initial price tag. Its the ability to maintain that residence. More taxes, more insurance, upkeep and heaven forbid you need a new seawall these days!

perkdog

@artee said:

@perkdog said:

@Coinstartled said:

@perkdog said:

@artee said:
But let’s get to the real figure. After your agent, manager, accountant, federal/state taxes and then anywhere between 3-11% sales tax on each dollar spent, you’re sitting around $10m.

And for those saying $10m is still a good chunk of change, I agree. But ratio wise, you can buy a lot more things with $4 than a buck.

I’d buy a decent million dollar ocean front house for myself...

You better be playing in Alaska or Australia.

On the Seacoast here you can get a modest place for around a million

Like ya mentioned earlier about purchasing the folks a house, it’s not about that initial price tag. Its the ability to maintain that residence. More taxes, more insurance, upkeep and heaven forbid you need a new seawall these days!

Exactly. It’s funny you mention a sea wall, in a town over from mine their are houses that literally have run out of real estate as the landscape is eroding at such an alarming rate they have had real problems. https://www.wbur.org/news/2018/06/28/plum-island-erosion-battle

galaxy27

i would have the sickest Joe Louis collection. i would corner the market and make other collectors cry.

perkdog

@galaxy27 said:
i would have the sickest Joe Louis collection. i would corner the market and no one else would own a single card of his.

I wouldn’t even be able to have the best collection of ‘52 Bowman Large, a lot of the highest graded cards are locked away in personal collections. It would be fun buying every high grade card available though yet frustrating to have the funds and not complete it