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

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

    nm.

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    Probably a little under half. 35% to the feds, 15% state, 10% agent. Complete SWAG at those numbers. #NotAnAccountant
    Everyone wants to be a beast...until its time to do what beasts do.

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    Senior Member ShotgunDawg's Avatar
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    Quote Originally Posted by Leroy Jenkins View Post
    Probably a little under half. 35% to the feds, 15% state, 10% agent. Complete SWAG at those numbers. #NotAnAccountant
    Agent likely got about 5%
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    Quote Originally Posted by Leroy Jenkins View Post
    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.

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    Quote Originally Posted by HoopsDawg View Post
    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.
    Everyone wants to be a beast...until its time to do what beasts do.

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    Quote Originally Posted by ShotgunDawg View Post
    Agent likely got about 5%
    You right.
    Everyone wants to be a beast...until its time to do what beasts do.

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    Quote Originally Posted by Leroy Jenkins View Post
    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.

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    Quote Originally Posted by HoopsDawg View Post
    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.
    Everyone wants to be a beast...until its time to do what beasts do.

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    Quote Originally Posted by Leroy Jenkins View Post
    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.

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    Quote Originally Posted by HoopsDawg View Post
    no offense, but it appears you don't have a clue about any of the questions I was asking, lol.

    Everyone wants to be a beast...until its time to do what beasts do.

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    Slight hijack...

    Quote Originally Posted by HoopsDawg View Post
    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?

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    Quote Originally Posted by HoopsDawg View Post
    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.

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    Quote Originally Posted by MarcoRubio View Post
    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.

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    Quote Originally Posted by Cowbell View Post
    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.

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    Quote Originally Posted by HoopsDawg View Post
    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.

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    Quote Originally Posted by Leroy Jenkins View Post
    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.

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    Quote Originally Posted by Leroy Jenkins View Post
    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%.

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    Thanks for the info.

    Quote Originally Posted by HoopsDawg View Post
    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.

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