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December 16, 2010

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This is great. Love the hear this kind of stuff. I have a friend that is in the NFL. Mabe 7 million last year. He does 25/75. There are plenty of them out there from what he says, but no one wants to hear stories about how an athlete that earns multi millions a year just set up a charitable remainder trust or opted for the mid-level beamer to save a few bucks. They want to hear about the guys how spend every cent they have!

Good for them. Jones makes about $1m a year so he should have $2-4M in the bank by now.

I'd like to hear more stories like this. I'd really like to hear more about families who have wealth over $50 million, but live relatively simply. The millionaire next door was a great book, but didn't really cover that. There are something like 50,000 families in the US with net worth over $50m. How do they live?

Wow! Finally some great examples of how to do it right! Love hearing about frugally minded folks bankin' some big coin.

Brandon Jennings also skipped going to college to play professionally in Italy for a year while waiting for the NBA to make him eligible (due to the 1 year after high school rule).

Thanks for posting. I know it's not as "exciting" to most people as hearing about spendthrifts, but I love it.

A few years ago, I read about another Milwaukee Buck basketball player who hired a law firm, and paid them for a few hours of work, instead of having an agent, to figure out his contract. It saved him quite a bundle if I recall correctly.

I think the toughtest thing for these guys is the disparity in their pay. In the same locker room, you could have a guy pulling in $500K a year, while their are others pulling in $15 million.

That is a lot differnt that most americans where their colleagues make a little more or less than they do.

I suspect most NBA players are plagued with straphanger "friends" who peal away a lot of their dollars. I also suspect the examples cited here are players who had the right kind of friends growing up, and probably great parents too.

Good for these guys, they're positive role models as far as handling money is concerned - at least compared to some of the stories we have all read and heard about over the years when it comes to athletes.

As I think about it, an NBA player that spends 20% of his income will probably need to ratchet the total dollar expenditure level down some, post-retirmement from the game. These guys retire young, and can't keep up even that level of spending forever. Yet, it's at least much better than many others, I would imagine.

Note that Jones was a finance major, not a major in underwater basketweaving. He appears to have been inclined to financial education, which might be a signficant determinant in a person's savings rate.

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