None of which does anything to disprove that the majority of millionaires, who make up less than one percent of the population, are self-made. That is, after all, what we’re talking about.
Thanks for the useless pile of crap.
Less than 10% of the population. Not one.
Who would stay in college when the potential rewards are so great? If you make $1M and get injured, so what? A college grad earning $50K per year would need 20 years to earn that much. Many athletes will do steroids just to try to get an edge on the other guy, hoping to make the pay day.
When Alex Rodriguez signed with the Texas Rangers, his contract was for $250M.
$252 million. That contract is over and has now signed a new 10-year contract worth $275 million.
Right, I was speaking in round figures. And holy shit, that means his contracts are over half a BILLION. :eek:
1> The title of the thread is about celebrities making big money, then going broke; not about self-made millionaires.
2> I’m sure a mod will be along shortly for the other statement.
I was referring to the initial post I replied to, not the entire thread. Had you read the thread, this would be obvious.
Are you sure? As far as I know, my post has broken no rules, as I was referring to the content, not the poster. If you have something to report, then do so. Otherwise, quit the junior mod behavior.
Because so few college football players actually make it and stay in the NFL for a long term career. Guys, I’m not going to change your minds, and you’re not going to change mine.
Do we have a number on how many early NFL-drafts went back to college and got their degrees?
I don’t really disagree with you, ivylass. I’m just noting that the payoff if they do is quite high. Some (many?) of these athletes may realize their strong suit is athletics, not rocket science.
But actually, if they’re in college on a scholarship for sports they can pursue the education until/unless they get an offer. If the pro team makes a good enough offer, why not?
Here’s some highlights from the Larry King (running his mouth randomly while only a few emails from viewers supplied actual intelligent questions) interview with Ed & Pamela McMahon. Ellipses (…) are mine and indicate omitted redundant or not really relevant text and lines ---------- mean “later in the interview”.
His wife Pamela seems kind of a sweet but dim bulb (who later discusses her unsatisfying sex life with Ed after his neck injuries). One caller asks if there’s a fund he can donate to and Larry commends the McMahons for rejecting help of fans… even though, to be honest, they really don’t reject the offers; they just kind of hem-haw about- you can tell they’re considering it.
I think the bolded part of the following excerpt probably says a LOT:
Of course the usual brilliant Larry King empathy and insight comes out in one particular line (bolding mine):
I ask again: has King been going steadily senile for 25 years or has he always been that vapid a shite-for-brains?
On the upside, it’s great to see an 85 year old icon from your childhood who still seems as sharp and fully aware as Ed McMahon, and of course that unmistakable voice is still there. (Even with a broken neck he should be able to get voiceover work, you’d think.) It’s even kind of cool to hear an 85 year old discussing the problems with Britney Spears (his neighbor and according to some a reason the house hasn’t sold [paparazzi are always encamped on the street]).
Ivylass - I used to babysit for an NFL player named Alan Page. He played for the Vikings. During his NFL career, he completed lawschool and passed the bar. After his playing days were over he had a successful law career and is now on the Minnesota State Supreme Court. So certainly it’s possible to continue their education during and after a person’s pro career.
StG
On the subject of college education, I wonder if there have been any studies on whether college graduates are better money managers than non-college graduates. I know that on-average the college graduate earns more (though on the individual basis all bets are off), but that doesn’t necessarily mean they take care of it any better, especially if there degree is in a field that (like most degrees, including many business degrees) has nothing to do with personal finance.
The percentage of kids who leave college early in good standing to pursue lucrative NFL careers is quite high. Most don’t leave early if they aren’t virtually guaranteed a contract.
I doubt the number of kids who return is actually high, but I read about 1 or 2 who come back to UGA every year. Often, it allows them the opportunity to use the team gym and hang out with old friends during the NFL offseason.
Quite frankly, the ones we need to worry about the most are the ones who fail to graduate after they use up all 4 years of their football eligibility.
I realize that this side discussion between Labrador Deceiver and me is a hijack but I’ve had great fun researching this evening; I hope I can be indulged.
So to return to that initial post it went like this:
[Interjection] Sometimes true.
[interjection] Mostly true.
nod Fair point.
I spent a couple of hours wiki-ing the Forbes 400. I was going to do the first 100 but, frankly, I got bored. I’ll do the next 50 over the weekend, maybe, if anyone else wants to know, but after skimming down that list I’m pretty sure “inheritance” is going to come up a lot more. Here’s what I found reading about the top 50:
14 (28%) didn’t have enough information for me to classify them. Most of them didn’t include any childhood information at all but Michael Bloomberg, in particular, was difficult to classify as he started his rise to the top while working with his father. His parents were wealthy enough to endow a bunch of stuff and it’s obvious that he learned enough from his family (who also sent him off to the “right schools” ) and business connections to get into the top 50 but he didn’t exactly “inherit” his wealth.
12 (24%) are now in the top 50 but didn’t exactly come from poverty. #1, Bill Gates, came from stock that included a bank president (grandfather); a lawyer (father); and a member of the United Way executive board (mother). Warren Buffet’s father was a stockbroker – I can’t help but think that he learned something about the “family business”. Several of the Top 50 are in the tech industry and most are children of mathematicians, physicists, and computer science geeks who just happened to come of age at the right time to make money (and don’t for a second think I’m equivocating - I don’t see anyone in the Top 50 who made their initial fortunes in horse buggy- or shipbuilding); I don’t think any of them came from the lower economic strata in the first place but simply moved further up the same strata.
21 (42%) gained their wealth strictly through either outright inheritance or from working in the family business. The Mars family inherited from the chocolate guy; the Walton family inherited from Sam (it could be argued that the kids expanded on Sam’s ideas, but that doesn’t really explain Alice’s presence on the list); the Newhouse brothers are continuing in Pere Nast’s footsteps.
Out of that list of 50 there are 3 (6%) I’d classify as true to the Horatio Alger stereotype – and two of them made their money in Vegas (George Soros is the third).
Like I said, I got tired of searching, so if anyone wants to take a stab at those first 14 names please let me know so they can be stuck somewhere.
Anyhow, the end result are questions directed at LD:
- 6% - that’s about house odds on the casino floors, isn’t it?
- Do you have any data indicating that a child’s chances in life are NOT predicated on familial wealth?
2 (corollary). Many of the riches-to-rags anecdotes in this thread (never mind the ‘rags’-to-riches anecdotes, such as a lawyer father giving advice to the Friends crew) indicate that family background has a direct affect on The Star’s ultimate financial end. Don’t you think that’s telling? - And, finally - why did you take such offense to Bill Door’s post and my response? Sociologists have been studying the subject for decades and the lack of upward mobility across economic strata is a fact, not an opinion; what bothers you about that?
Agreed- I learned all about it in anthropology years ago.
Back when VH1 used to do retrospectives on former musicians, it was always interesting to see:
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Guys who’d had numerous gold singles and platinum albums, but who were living in squalor (Three Dog Night).
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Guys who only had one or two big hits in their entire careers, but seem to be living very comfortably (Terry Jacks, Don McLean).
There may be all kinds of differences (drugs, crooked managers, greedy ex-wives, whatever), but the single biggest thing is this: when you get your first million, you have to know that it may ALSO be your LAST million. So, now is not the time to spend that money. Now is the time to invest that money, and start generating a future stream of income.
Even if you make only small, highly conservative investments, one million dollars can generate a steady income that can support you for much of your life. If you choose to spend it first (whether it’s on a Lamborghini or a house for your Mom), there won’t be any future revenue streams. And that means you’re screwed if you never get a crack at ANOTHER million.
Chuck Negron of Three Dog Night was a heroin addict and lost it all. His son Chuckie was born addicted. In fact, those two plus the mother (former wife) were the subject of an episode of “Intervention,” trying to get help for the son. Sad stuff.
I recall seeing a TV interview with Ron’s father, Rance Howard, who had been a modestly successful actor himself. When the interviewer asked why Ron seemed so well-adjusted when so many former child stars were so screwed up, Rance answered “Look, from an early age, my sons Clint and Ron made a lot more money than I did. But our family didn’t live on what THEY earned- we lived on what I earned.”
That probably made a huge difference!
I have no clue who you had on your list and at what positions, but I have the following ten listed as being self-made and as appearing to fit your requirements:
#3, #7, #19 (Taylor), #31, #33 (Soros), #35 (Goodnight), #39, #44, #45, #46, #47.
Were any of these among the uncertains (it appears that #3, #7, and #33 (Soros) are the three mentioned in your post)?
What would you say if it were something besides sports? When I was a student, if I’d been offered a one-year internship of any kind making $100,000, I’d have taken it like a shot, and everyone I know would have thought I was crazy not to–what does it matter if you finish college at 22 or at 25?