I just want to say that blowing all his money and losing his house is the most NFL like thing the guy could have done. He even did it in grander fashion than most. Just like he didn't on the field.
right but isnt it true that there is a tax credit for interest on home loans, and that makes a home loan a really rare and valuable thing? something you should take advantage of even if you can pay cash? put that cash in a solid investment instead.
Yes. That is what tax accountants tell you. Why would Russell want to send the bank X dollars to avoid sending the IRS .35X dollars? If the tax deduction is so important to him he could just right a big check to his favorite charity and be in the exaxt same position tax wise. Again it is the rate of return that is important. And 6% risk free and net of taxes is just tough to beat, and considering his loan was probably a jumbo his risk free rate was probably higher.
One of my friends mentioned recently that they saw a few minutes of a program that highlighted J. Russell working with a life coach (maybe John Lucas?) and getting back in shape. Is anyone able to provide a brief recap of the show and/or his plans to get back in the NFL? I recall defending Russell a few times during his LSU career and he definitely ended it on a good note. The Bama bling turned me off a little and I stopped defending him when the national media took aim at his struggles since it appeared his issues were self-inflicted. I think (? -although might be confusing him with Vince Young) he had two uncles that were very close to him that passed away shortly before training camp of '09 and were sudden/tragic. Not trying to make excuses for the guy but can see how life events could make your job (football) seem less important (at least temporarily).
maybe his house was so gaudy and he bought so much other crap like bling and cars and purple drank, which isn't cheap, that he didn't have all the cash up front for an expensive house.
I wanna say this was the house that has been for sale in Oakland and never sold so he gave it to the bank and will pay the remainder off after it sold through foreclosure...if so not that big of deal plus he still has money ppl no worries hopefully he will get another shot in the league soon
Maybe the people around him milked him dry like what happened to iron mike Tyson. Tyson made butt loads of money and he is broke as hell now. I would think the leaches sucked jr dry just like they did Tyson. It's funny how many friends you have when your rich.
But it's not 6%. It's 3.8% if you figure he's in a 36% tax bracket. You can pretty safely beat that. Not that it matters. He could have paid cash and had the best financial advise in the world. The guy was destined to go broke as are many NFLers. They just don't have the financial education to understand the impact of their decisions.
$40m is generational money. I'll never see that much at one time in my life, but I've got to believe that, if I did, I wouldn't blow/lose it all in the span of 5 years. That's unfathomable. It was a segment on 'Inside the NFL'. He was working with John Lucas, training to lose weight and hone his QB skills. How a former NBA player like Lucas can help him reach his potentional as an NFL QB is beyond me. But, he is volunteering his time to JR, so that's admirable. As for JR himself, it doesn't appear he's learned much. Asked if he would go to Canada or a semi pro league first, to prove to NFL coaches and scouts that he had changed and that he would prepare and work hard, he said 'no', he wanted to play in the NFL or not at all. Although it shouldn't have, that answer surprised me. Given what a lazy, unprepared POS he was before, it seems like he should be willing to do whatever it took to prove he had matured and actually had a work ethic; even if it meant playing in a lesser league for a year or 2. He still doesn't get it. And I guess Weisguy is still bitter about JR being 1st pick over Brady Quinn, so he's gloating a bit with this post. While Quinn hasn't had the same types of problems JR has, he isn't exactly tearing up the league either. Last I checked, he's still not a started and will probably be nothing more than a 3rd string career backup. So, while the scouts missed the boat on JR, it seems like they were right about Quinn all along.
