Adrian Peterson is flat-out broke

[CGgater]

Well so he "earned" almost $100 million. The Federal government took about half of that to leave him take home pay of about $50 million. (The top marginal rate is lower now but for most of his career it was close to 50% though the lower rates would make his average rate a tiny bit lower.) Minnesota's state income tax is about 10% though pro athletes generally are taxed where they play a game so 8 in Minnesota each year and then some in higher tax jurisdictions and some in lower or no income tax jurisdictions. So that leaves him about $45 million then his agent is by rule capped at 3% in the NFL though most agents somehow gets more. Still $45 million time .97 = $43.65 million that maybe he got his hands on. (His agent may have loaned him money at a sky high interest rate between (or even before) declaring for the draft and his signing.)

Now Certainly $43.65 million is a lot of money. It is particularly a lot of money to piss away. But it is a long way from pissing away almost $100 million.

If I was the same age as AP and you paid me $4.365M (10% of your estimated leftovers), I could live a full and cushy life into my 90s. Please explain how the gap between $100M and $43M is significant?

Last I heard, the NFL has been educating rookies on the pitfalls of fame and money for several years now. Apparently, not all of them are listening.

 

[rogdochar]

Who'da thunk Warren Sapp could give AP a run for his money?

 

[Alumni Guy]

You give me 1 year in the nfl at his salary, and I’m good for life. He’s probably making $6MM, so ballpark $3.2MM after taxes.

Since he likes to beat his kids with a belt, he’s probably only making about $250k in endorsements. So, he’s probably netting $3.4MM.

After I put down $400k for a decent house, I invest the $3MM at 3.3% AAA BOND and I’m living off $100,000 a year doing nothing with no mortgage.

Then I sign autographs, show up at car dealerships, etc for another $50k a year, and I’m lovin’ life.

These guys are dopes.

 

[TLB]

He made 10’s of millions more in endorsement money, including a huge Nike deal. Nice effort though.

Yeah, but that's subject to agent fees and taxes too...
and inflation...
and more kids.

 

[Swamp Donkey]

3 ... 2 ... 1 until Insti further reduces the take-home for inflation.

And divides by GNP.

There is nothing more irritating than someone who argues just to argue.

 

[B52G8rAC]

And divides by GNP.

There is nothing more irritating than someone who argues just to argue.

I dont think you are correct with that statement.

 

[InstiGATOR1]

Terrible, I guess AP is the only NFL player that had to pay taxes and only player that had to pay his agent

Pretty dumb of you to think that. Why would you?

 

[InstiGATOR1]

He made 10’s of millions more in endorsement money, including a huge Nike deal. Nice effort though.

I suspect his endorsement earnings were taxed too, don't you?

 

[InstiGATOR1]

There is nothing more irritating than someone who argues just to argue.

I agree nothing like posting a factual post to give some perspective and have a bunch of fools make an argument about it. But that is this site from time to time. Sort of the same reaction to my post last year on the statistical path to look at for an improved (not great) offense. This site is packed with people who like to post a stupid clip or picture sometimes one they have posted a million times before, rather than contribute to the discussion. Still there are some good comments sometimes among the idiocy here.

 

[InstiGATOR1]

If I was the same age as AP and you paid me $4.365M (10% of your estimated leftovers), I could live a full and cushy life into my 90s. Please explain how the gap between $100M and $43M is significant?

Last I heard, the NFL has been educating rookies on the pitfalls of fame and money for several years now. Apparently, not all of them are listening.

1. I think I could live a cushy life too on that money and leave plenty for any heirs, but that is conjecture. None of us really knows how $4.365 million or $43.65 million would change us. That is one of the great imponderable the NFL or any pro sports draft.

2. The gap between $100 million and $43.65 million is reality and from time to time it is good to see the reality is different than the mediot headline.

3. See your point one and my post about the "$100 million." Of course people of modest means think they will get that kind of money and no way they can piss it away. Money changes people and getting a good bit less than the headline money can help lead to someone pissing it away more than they thought.

 

[Musclepug]

Pretty dumb of you to think that. Why would you?

Sarcasm

 

[TheDouglas78]

If I was the same age as AP and you paid me $4.365M (10% of your estimated leftovers), I could live a full and cushy life into my 90s. Please explain how the gap between $100M and $43M is significant?

Last I heard, the NFL has been educating rookies on the pitfalls of fame and money for several years now. Apparently, not all of them are listening.

Just started the last 5 years... but you can only give someone the information, they have to follow through.

 

[oxrageous]

I suspect his endorsement earnings were taxed too, don't you?

I'm not surprised it zoomed over your head, but my point was that he pocketed a lot more AFTER TAXES than $43 million.

 

[InstiGATOR1]

I'm not surprised it zoomed over your head, but my point was that he pocketed a lot more AFTER TAXES than $43 million.

My point was why would you exaggerate with the $10 figure when it was already established he did not actually get that much and the mediots like to exaggerate to stir people up? I guess you are just a follower when it comes to points like that.

 

[-THE DUDE-]

Well so he "earned" almost $100 million. The Federal government took about half of that to leave him take home pay of about $50 million. (The top marginal rate is lower now but for most of his career it was close to 50% though the lower rates would make his average rate a tiny bit lower.) Minnesota's state income tax is about 10% though pro athletes generally are taxed where they play a game so 8 in Minnesota each year and then some in higher tax jurisdictions and some in lower or no income tax jurisdictions. So that leaves him about $45 million then his agent is by rule capped at 3% in the NFL though most agents somehow gets more. Still $45 million time .97 = $43.65 million that maybe he got his hands on. (His agent may have loaned him money at a sky high interest rate between (or even before) declaring for the draft and his signing.)

Now Certainly $43.65 million is a lot of money. It is particularly a lot of money to piss away. But it is a long way from pissing away almost $100 million.

All I read was taxation is theft

 

[soflagator]

My point was why would you exaggerate with the $10 figure when it was already established he did not actually get that much and the mediots like to exaggerate to stir people up? I guess you are just a follower when it comes to points like that.

Probably because no one ever gets netted out when discussing something like this.

"Lotto winner wins 75 million dollar jackpot."

"My son got a new job, paying 6 figures."

"That IPO took off. I doubled my money!"

Everyone has taxes and other expenses that have to be considered. It's assumed that there will be costs associated with along the way.

In any event, if cases like this show anything, it's that he was clearly going to spend every dime he actually received(even more, obviously). So the taxes and/or agent fees have little to do with his situation. They simply kept him from spending and leveraging that much more.

 

[InstiGATOR1]

All I read was taxation is theft

Exactly.

 

[InstiGATOR1]

Probably because no one ever gets netted out when discussing something like this.

"Lotto winner wins 75 million dollar jackpot."

"My son got a new job, paying 6 figures."

"That IPO took off. I doubled my money!"

Everyone has taxes and other expenses that have to be considered. It's assumed that there will be costs associated with along the way.

In any event, if cases like this show anything, it's that he was clearly going to spend every dime he actually received(even more, obviously). So the taxes and/or agent fees have little to do with his situation. They simply kept him from spending and leveraging that much more.

1. I do.

2. Lots of people I know do.

3. I suspect that lots of people who think they are cleverly advancing the discussion by posting a silly picture that has been posted here a thousand times before probably don't and probably even think about taxes. Heck you have to make a little bit of money to even pay taxes and I suspect some such poster don't.

4. As I said, I agree he probably would have wasted whatever he earned. It is just if you are going to criticize or make fun of someone it is a good strategy to do it accurately.

 

[oxrageous]

My point was why would you exaggerate with the $10 figure when it was already established he did not actually get that much and the mediots like to exaggerate to stir people up? I guess you are just a follower when it comes to points like that.

I have no idea what you’re babbling about. All I was pointing out was that the guy blew a lot more than just his NFL salary. Hell, a lot of pro athletes make more money in endorsements than salary.

 

[oxrageous]

1. I do.

2. Lots of people I know do.

3. I suspect that lots of people who think they are cleverly advancing the discussion by posting a silly picture that has been posted here a thousand times before probably don't and probably even think about taxes. Heck you have to make a little bit of money to even pay taxes and I suspect some such poster don't.

4. As I said, I agree he probably would have wasted whatever he earned. It is just if you are going to criticize or make fun of someone it is a good strategy to do it accurately.

Yeesh. Read this again to yourself very slowly and carefully as if you were someone else. It may be a hint to you as to why you aren’t that well liked on the Chatter.