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(Marketwatch)   Financial adviser proposes paying college athletes .... by funding their IRA   (marketwatch.com) divider line 13
    More: Spiffy, IRA, sports, March Madness, NCAA Basketball, Turner Broadcasting, field hockey, employee benefit, basketball tournament  
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538 clicks; posted to Sports » on 25 Mar 2013 at 8:07 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



13 Comments   (+0 »)
   
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2013-03-25 08:19:06 AM
What? And not letting them drive around in Ferraris, go to dog-fights, and generally behave like you assume jocks would behave?
 
2013-03-25 08:20:20 AM
I got no problem with this, just make sure they won't have any access to it until they reach 30 and mainly use it for kids who don't go pro. Those that go pro only biatch because they wind up broke.
 
2013-03-25 08:26:42 AM

steamingpile: I got no problem with this, just make sure they won't have any access to it until they reach 30 and mainly use it for kids who don't go pro. Those that go pro only biatch because they wind up broke.


Theoretically, they don't have access, though most money managers will let you access it for a 10% penalty (and you have to pay income taxes on it, but you're generally responsible for that, not the MM firm). I don't know how they could get around that - do trusts always vest at 21, or can we just set up trusts they can't touch until they're 30?

The big question is how to make it work. Do star players/schools get more funding (obviously, this would have to be either a "no" or a "the difference between high-level and low-level funding would be in the neighborhood of $10k or $2.5k per year, and would probably rely on things like tourney wins, not individual performance")? Where does this cash come from? Only for big-deal sports like football or basketball, or do the lacrosse, swim, chess, debate and equestrian teams also get a bite?
 
2013-03-25 08:39:16 AM
how about letting the ncaa handle selling all the tv rights, and they handle ticket sales. whatever is made is divided among the schools based on size.
 
2013-03-25 08:56:49 AM
Sinn Féin to handle the details
 
2013-03-25 09:16:43 AM
Let me guess? He wants to manage it?

/DNRTFA
 
2013-03-25 09:47:30 AM

abhorrent1: Let me guess? He wants to manage it?

/DNRTFA


Exactly. This way he gets to steal all the money as administrative fees before they are ever allowed to access it.

Just treat them like the adults our legal system says they are and give them a proper paycheck
 
2013-03-25 11:53:20 AM

Lost Thought 00: Just treat them like the adults our legal system says they are and give them a proper paycheck


Interns would like this, too, as long as we're discussing people working lots of hours for free for the promises of "hey, it'll help you get a job in your field in the future, maybe."
 
2013-03-25 01:04:08 PM
This is actually a phenomenal idea.
 
2013-03-25 01:09:56 PM
Except IRA contributions are limited to the amount of compensation.  How do you work around that?
 
2013-03-25 01:10:59 PM
Man, putting money in an 18-year-old's IRA gives a financial advisor nearly 50 years to fee it to death.
 
2013-03-25 03:51:06 PM
This provides me the segueway to the real March Madness that most of us are dealing with - the NCAA basketball tournament.

Ah, the elusive segueway, where all the hipsters drive their universe-altering transportation devices.
 
2013-03-25 04:35:43 PM
Distribution
Distribution
Distribution
Distribution
Distribution
Distribution
Broke
 
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