Shaq on Annuities

Yep. I noticed that. My guess was they didn't agree or they didn't know what an annuity was.

I am guessing they didn't know what an annuity was.

I just checked out NBA Open Court; looks cool.

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The ones with decent financial planners buy annuities. Preferably long surrender period annuities. They also buy high limit DI & Life.

The problem is that there are lots of sharks who are there with grand schemes for these young and uneducated guys... an old favorite of those sharks was to finance the 5 year salary for the guy in a lump sum, give him half in cash and invest the other half. The "thinking" was that the investment interest would more than pay for the loan interest... the financiers , advisors, and the poor guys agent were the ones who benefited the most from that scheme.

Its hard to believe that people could be so stupid. Yeah some are thieves but there are some people that honestly believe that stuff.

There was a guy who was teaching a personal finance class at my church. One day he came in and handed out a sheet with some principles of personal finance. One of the principles was borrowing lots of money to make inflation your friend. No joke, the guy was telling a bunch of young people to borrow away because inflation was going to take care of it all. The guy had a masters degree in economics and was working on a PhD.

I asked him what if there isn't inflation. He didn't have an answer.
 
Retired Shaquille O'Neal Cultivates Fame and Fortune - Businessweek

O’Neal doesn’t need Gold Bond’s money or the rest of his $20 million endorsement income, and he says he doesn’t count it. When he first came into the NBA, his money manager Lester Knispel persuaded him to sock away more than a million dollars a year in annuities. That income is now enough to live on, O’Neal says, “just in case all this stuff goes bad.” His endorsement income, he says, is mostly for his six children. “I have all the toys I want,” he says.

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Shaquille O'Neal Talks Kobe Bryant, Pat Riley & NBA Politics: "I Did It My Way" - PR.com

PR.com: Do you think there should be some kind of program or initiative within professional sports to encourage pro-athletes to complete their bachelor’s degrees?

Shaquille O’Neal: I think they should do that, and I also think pro-teams should give all players built-in annuities. They should say, like, guys who are making $10 million, you only get 5 and these other 5 are gonna be put away, and it can’t be touched ‘till you’re thirty-five or forty. Period.
 
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At first blush, what these guys like most Americans need is a financial product that will severely restrict their urge to blow it all in a matter of years.

Actually, it's hard to blow the amount of money they make on just themselves.

Bad investments is one of the downfalls.

The other is family and friends with their hands constantly out.

According to them anyway.
 
OJ Simpson also put his money into annuity before taking a ride on LA freeway with his white bronco car. No one can touch that money because it is protected.
 
Actually, it's hard to blow the amount of money they make on just themselves.

Bad investments is one of the downfalls.

The other is family and friends with their hands constantly out.

According to them anyway.

That's the other beauty of annuities, money is distributed in an orderly fashion.
 
The other is family and friends with their hands constantly out.


Oh my lord, is that the truth!!! I had one older couple come to my office and the man crossed his arms in contempt, saying "Do you know who I am??". Not a clue. I had no idea who he was. Turns out, he is the father of an NBA player, who makes millions, and expected to be treated like royalty. He needed the best of the best. Nothing less. Of course, this was when health insurance was underwritten, so he got what he got.

But this couple spends their sons money like it's going out of style. Brand new Escalade, custom house, trips around the world, basically anything they want. And they guilt him about it. "We are your parents, we raised you, don't let us starve!" It's disgusting. On their own, the parents don't have 2 nickels to rub together. I wonder what will happen when his money runs out?
 
Actually, it's hard to blow the amount of money they make on just themselves. Bad investments is one of the downfalls. The other is family and friends with their hands constantly out. According to them anyway.

Just watch the show Ballers starring Dwayne Johnson. It shows some of that happening. And it's definitely true. Many of these guys bring their "boys" along for the ride and get bled dry.

Interesting side note, one of the main characters in the show is played by Denzel Washington's son.
 
Just watch the show Ballers starring Dwayne Johnson. It shows some of that happening. And it's definitely true. Many of these guys bring their "boys" along for the ride and get bled dry.

Interesting side note, one of the main characters in the show is played by Denzel Washington's son.

I have actually been implementing Anderson Financial's methods into my own business.

Last week I had a great prospect named Mrs. Ethel that was kind of on the fence about doing business with me. So I just invited her to a party on my bosses yacht, loaned her $300k and like that: BOOM....got her med supp, $15k IRA rollover and a dental plan.

Like fish in a barrel boys.
 
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