any accountants on here, what will Foscue clear on that 3.25 mill?

[HoopsDawg]

nm.

[Leroy Jenkins]

Probably a little under half. 35% to the feds, 15% state, 10% agent. Complete SWAG at those numbers. #NotAnAccountant

[ShotgunDawg]

Probably a little under half. 35% to the feds, 15% state, 10% agent. Complete SWAG at those numbers. #NotAnAccountant

Agent likely got about 5%

[HoopsDawg]

Probably a little under half. 35% to the feds, 15% state, 10% agent. Complete SWAG at those numbers. #NotAnAccountant

15% to the state? surely not. I wonder how that works. He was drafted by Texas which doesn't have state taxes. He probably lives in MS or AL which is no where near 15%. Are agents really taking 10? I would think 6% max. Also, his agent didn't so such a great job as he took 787K below slot.

[Leroy Jenkins]

15% to the state? surely not. I wonder how that works. He was drafted by Texas which doesn't have state taxes. He probably lives in MS or AL which is no where near 15%. Are agents really taking 10? I would think 6% max. Also, his agent didn't so such a great job as he took 787K below slot.

At one time pro athletes had to pay taxes in every state and city they played in during the year. I don't know if that's still the case.

[Leroy Jenkins]

Agent likely got about 5%

You right.

[HoopsDawg]

At one time pro athletes had to pay taxes in every state and city they played in during the year. I don't know if that's still the case.

Yes, but this was a signing bonus, not a salary.

[Leroy Jenkins]

Yes, but this was a signing bonus, not a salary.

I don't have a clue about the specifics of when it's distributed or where the person resides at that point.

[HoopsDawg]

I don't have a clue about the specifics of when it's distributed or where the person resides at that point.

no offense, but it appears you don't have a clue about any of the questions I was asking, lol.

If I'm Foscue's dad. I tell him to take 1 million, open up an online brokerage account. Invest the million in VOO. When Foscue's 51, he will more than likely have at least 7.6 million to live off for the rest of his life.

[Leroy Jenkins]

no offense, but it appears you don't have a clue about any of the questions I was asking, lol.


https://media1.tenor.com/images/b16eabfe7d4a696e5e6623d9ec96d0a0/tenor.gif?itemid=14782869

[MarcoRubio]

no offense, but it appears you don't have a clue about any of the questions I was asking, lol.

If I'm Foscue's dad. I tell him to take 1 million, open up an online brokerage account. Invest the million in VOO. When Foscue's 51, he will more than likely have at least 7.6 million to live off for the rest of his life.

For the novice investor, why ETF (which is what VOO is I believe) and not standard index fund? Outside of a retirement account I assume ETF is more tax efficient? What about in a Roth? Any other advantages?

[Cowbell]

no offense, but it appears you don't have a clue about any of the questions I was asking, lol.

If I'm Foscue's dad. I tell him to take 1 million, open up an online brokerage account. Invest the million in VOO. When Foscue's 51, he will more than likely have at least 7.6 million to live off for the rest of his life.

I would ask him to buy land. A real tangible asset that will appreciate in value long-term and can produce short-term returns and enjoyment.

Land is about to be a hot commodity with all this craziness.

[HoopsDawg]

For the novice investor, why ETF (which is what VOO is I believe) and not standard index fund? Outside of a retirement account I assume ETF is more tax efficient? What about in a Roth? Any other advantages?

VOO is basically free. 0.03 fee. And yes, very tax efficient since you want have to pay capital gains distributions like you would with a mutual fund. Also, VOO is something you can hold for 30 years unlike a mutual fund which can have underperformance, manager changes, etc.

In a Roth, I would look to be more aggressive since the main advantage of a Roth is tax-free growth + tax free distributions. Though very few people, managers can beat the Index over time. So even in the Roth VOO would be a good choice.

[HoopsDawg]

I would ask him to buy land. A real tangible asset that will appreciate in value long-term and can produce short-term returns and enjoyment.

Land is about to be a hot commodity with all this craziness.

Not for your core holding. Land is not going to produce anything. He's 21, he might not buy the right land. You have to pay taxes on Land and maintenance costs. Land is not liquid. Need to buy a home and pay it off before you buy land. If Foscue makes it to MLB and gets another contract then sure, maybe he can add land.

[Cowbell]

Not for your core holding. Land is not going to produce anything. He's 21, he might not buy the right land. You have to pay taxes on Land and maintenance costs. Land is not liquid. Need to buy a home and pay it off before you buy land. If Foscue makes it to MLB and gets another contract then sure, maybe he can add land.

I would own land before I owned a home. Especially in TX.

[Randolph Dupree]

At one time pro athletes had to pay taxes in every state and city they played in during the year. I don't know if that's still the case.

I think that's just football because they get a "game check"...so their salary is prorated per game. Not sure that applies to baseball and basketball but honestly don't know.

[RocketDawg]

Probably a little under half. 35% to the feds, 15% state, 10% agent. Complete SWAG at those numbers. #NotAnAccountant

He lives in Alabama so the max state tax is 5%.

[MarcoRubio]

VOO is basically free. 0.03 fee. And yes, very tax efficient since you want have to pay capital gains distributions like you would with a mutual fund. Also, VOO is something you can hold for 30 years unlike a mutual fund which can have underperformance, manager changes, etc.

In a Roth, I would look to be more aggressive since the main advantage of a Roth is tax-free growth + tax free distributions. Though very few people, managers can beat the Index over time. So even in the Roth VOO would be a good choice.

I?ve been wanting to start something for the kids. I tend to over analyze which usually leads to inaction. I need to get something started soon.