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Probably a little under half. 35% to the feds, 15% state, 10% agent. Complete SWAG at those numbers. #NotAnAccountant
Agent likely got about 5%Quote:
Originally Posted by 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.Quote:
Originally Posted by Leroy Jenkins
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.Quote:
Originally Posted by HoopsDawg
You right.Quote:
Originally Posted by ShotgunDawg
Yes, but this was a signing bonus, not a salary.Quote:
Originally Posted by Leroy Jenkins
I don't have a clue about the specifics of when it's distributed or where the person resides at that point.Quote:
Originally Posted by HoopsDawg
no offense, but it appears you don't have a clue about any of the questions I was asking, lol.Quote:
Originally Posted by Leroy Jenkins
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.
Quote:
Originally Posted by HoopsDawg
https://media1.tenor.com/images/b16e...temid=14782869
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?Quote:
Originally Posted by 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.Quote:
Originally Posted by HoopsDawg
Land is about to be a hot commodity with all this craziness.
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.Quote:
Originally Posted by MarcoRubio
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.
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.Quote:
Originally Posted by Cowbell
I would own land before I owned a home. Especially in TX.Quote:
Originally Posted by HoopsDawg
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.Quote:
Originally Posted by Leroy Jenkins
He lives in Alabama so the max state tax is 5%.Quote:
Originally Posted by Leroy Jenkins
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.Quote:
Originally Posted by HoopsDawg