As a KC native, Patrick makes so much money its unfathomable. Wife drives a Urus, he drives a Cullinan and a sexy Matte gray 812 Superfast. May seem like ridiculous spending until you remember that averaged out, that's like a week's pay.
Just one time I want to see a dude come on here and be like "I bought a $250k house, a 30k car, the rest I diversified in the S&P500, Real estate, crypto and metals." Host - "and how's that working out?" " I've 2x'd that million already".
@@0peinup amazing. I am now a big fan of Austin. Seems like one of the most level headed pro athletes I've ever heard speak. Good on him for doing it right and looking at the big picture.
I love how you broke down the reasons why people wear Jewelry. I see people who would spend their last dollars on Jewelry to look like they have money that they do not have.
Check out the book Spent by Geoffrey Miller. It really opens your eyes to why consumers act the way they do in a Capitalistic/consumer/materialistic environment
Bro I can’t ever imagine dropping so much money on jewelry... like I just really don’t understand it. I’ve never owned a chain, necklace, watch, etc... it’s just not something I’m interested in whatsoever. Like it legitimately baffles me that a little piece of metal can be worth so much to someone. But whatever floats your boat I guess
Reminds me of when I was in Air Force tech school. I was at a jewelry store in a local mall. I liked a chain and cross but not for $800 on an Airman's pay. He gave me the full-court press to build my credit but I managed to walk out without the chain.
I’m a young athlete my self, and will make a career out of playing sports. Your videos really help me keep things in mind on how to use your money. Thank you
Whatever you do, DO NOT give a woman access to your money if she wasn't there to provide a tangible benefit to you in your life and/or career. And GET A PRENUP. Don't become another statistic.
@Alexander the Great honestly you should get a prenup in general to protect your assets. I feel that is one of the things that should be done before agreeing to marry in case of a divorce it’s not going to be a total mess and possibly getting screwed in the end.
@@Thedogfather_19 It's better to always get a prenup but it's not needed if you were with someone for like 6-7 years and before you were even close to fame (Michael Pittman). If they met you after you already showed promise though then get one, they're probably a good person but just in case.
You should make more of these sports financial content spencer. Being a semi pro baseball player and working for professional sports team gives you a better understanding than many other financial youtubers.
so his mom lived in the ghetto their whole life but the only house that suits her is 500k? Thats insane. I just did a quick search and found a really nice 3000 sf house in Cleveland for 270. This mom needs to be looking out for her kids and get a reasonable place.
In Toronto, its become impossible to buy a house for under 700k. If you want to live in the downtown core be ready to shell out over a million for a small ass condo
Evander Kane invested in businesses and "investments" according to the bankruptcy. Hard to take a lot of these guys at their word. But I definitely hope he invested 80% of his money in stable investments
I listened to a podcast (I think it was freakanomics) where a professor at a big college with lots of up and coming athletes from poor backgrounds attended. She realized almost none had any financial literacy and put together a money management class for them.
since you genuinely asked mid level luxury vehicles are usually the best balance of a dependable daily driver and a sporty/exotic car and they usually are better on paper than cheaper cars so it’s a best of both worlds for people willing to shell out the extra money
I think what I'm really going for is .... is it actually worth the extra cost? To me, the only real way to tell would be to run a study where you remove all branding from a vehicle. The study would be to gauge how much more enjoyable/performance/safety/comfort/whatever a mid tier luxury vehicle has over a less expensive option. MY GUESS is that most people couldn't tell an actual tangible difference without a brand dictating their perception. I'm okay getting proven wrong tho
@@colbywalker5301 How's that stealing. The company I work for takes a % of my pay and invest it into a etf fund. These guys make millions. Can you imagine a 8% return with all those millions , crazy.
Even if we set aside the idea of them touching his money....I'm surprised they don't have a team financial planner or three. You would think they'd want their assets/employees being good off the field. I personally would want all of them succeeding financially off the field.
Why don’t these athletes open trade schools in their old neighborhoods rather than hold football camps. Plumber and electrician and carpenter camps would be better served. It’s a flat out lie that sports is their only way out.
Probably because they don’t know much about trades, but an athlete knows a lot about the sport they play and know people that also know the sport. It’s also much cheaper to run a football camp than it is to own and operate a trade school. Football camps don’t require accreditation, full time instructors, or leasing property to house the place. Football camps just need some instructors (which don’t have to be paid like full time employees), equipment (which is essentially a one time expense) and permission to use a football field for a few months out of the year which can be cheap or even free.
@@sparky4223 cmon man they got money and with there star power they could get people to help them do it. Instead they give false hope to kids that maybe 1 in 10000 will make it to pro sports or college sports.
There is a video on RU-vid of a couple who have 14 kids and zero debt. There house is paid off. The mom stays at home and the dad makes $150,000. A year
Im so early its weird, otherwise nice videos. Loving them from South Africa 🇿🇦 . I wanna be a rapper and your videos make me see that a windfall can be used wisely
Hey Spencer can you make a video on tips/fundamentals for investing in the stock market specifically long term. Because I plan on investing in the stock market but Idk what I should be aware of or what to look for?
@@SpencerCornelia Hello from Spain, Spencer! Is there any particular reason you do not invest in stocks? Do you perceive it overvalued and expect an impending bust? Lack of desire to bother with fundamental or technical analysis? Any other reason? I highly regard your opinion so I would like to know what you think.
I prefer real estate because of cash flow. I'm not a good passive investor. I want active income (for now). I don't feel like I have an edge in the stock market.
Also to your comment @ 8:15 Spencer there's a lot of differences between a BMW 2 series and a Rover. The rover is probably twice as fast. Tech is twice as good. When comparing these two vehicles specifically, rover is twice as good looking. As a car guy there are different priorities, but the differences between a new entry level compact luxury sedan and a new fully fledged luxury SUV are blatantly obvious once you see them both.
The ironic thing about these two vehicles is you are right, they are solely name brand based. With a 1/2 serioes BMW, you're paying for the badge. In addition, most elements of a Range Rover can be found in vehicles of similar prices. Nothing unique.
My argument is that most people are not "car people". I'd bet my money that you could do blind car tests on non car people and they couldn't tell the difference between a 2020 Honda and a Mercedes
I'm sure there are differences for sure. I personally can't tell the difference. If I don't see a badge, I couldn't tell you which car is more expensive
@@SpencerCornelia absolutely right on both responses. The badge makes the car to the registered flex offender. Why do you think the badges on the front grills of new Mercedes glow in the dark?
unlikely. In the original, he said he saved 80% of his income (let's assume he's telling the truth). I think he'll be fine. My intentions weren't to declare that he'll go broke or anything. i just wanted to show how easy it is for these guys to.
I mean most of these gus come straight from the hood earning zero dollars, even while they are in college straight to 10 million a year. Cases like this wouldnt happen that often if there would be a salary progression starting from college
You are absolutely correct when it comes to fit vs brand. I couldn't care less about what I wear, as long as it looks good and fits me well. A lot of more expensive clothing doesn't fit right and it makes no sense for me to buy. What nobody thinks about is the fact that nobody is bending your tag back to check the label. You want Gucci? Buy a great suit that fits you and call it a Gucci! Nobody will ever know the difference! BUYING Gucci only benefits YOU mentally. You know that you have Gucci, and for whatever reason that makes you feel better. But you could be wearing Men's Warehouse and telling everyone it's Gucci while saving a huge load, and nobody would ever know the difference. If you really care about Gucci, you need to be asking yourself why that is the case.
I would love to do a blind brand test to see how many people can tell the difference between clothing brands both when they're wearing it and when others are wearing it. My theory is that most people can't actually tell the difference between consumer items. This is similar with blind taste tests when most people can't tell the difference between a $10 steak and a $200 steak
@@SpencerCornelia On REALLY cheap stuff, sure, there are threads or stitches here and there that make it obvious the brand is not worth a lot of money. But on a good copy? I think you're absolutely right.
A teammate of Reggie White said that when he got an agent that agent sat him fown and showed him 25 examples of broke NFL players out of the league 5 year's or less. Helped him put away 90% of his signing bomus znd 10% of his income going forward. Before his last snap in the NFL he owed more than he put away.
It's in the culture! That's what they see on TV as they grow and that's what they'll do too as soon as they make it. Expensive cars, expensive cloths, jewelry, buying stuff for friends...and before they realize it... they're BROKE! Great video boss😎🤙
An essential book every aspiring professional athlete needs to read is 'New Money, Staying Rich' by former NFL player Philip Buchanon. The book is primarily a document of the perils and pitfalls that newly rich athletes encounters. The most sobering and disturbing parts are how his immediate family reacted to his sudden wealth. There's jaw-dropping stories of his mother and grandmother essentially extorting him. And a beloved uncle even threatened to rob Philip Buchanon after he refused yet another multi-thousand dollar 'loan'.
Robo investors or just invest into the S&P 500 would suffice for most young pro athletes. Trusting an advisor is more risky than those previous choices.
I live in the DC area and my house is 480K 3000sqft 4bd 2.5ba which is somewhat the going rate for a nice home. My mortgage is actually equal to a 3bd apartment in my area, in some places cheaper. In all cases cheaper than a 4bd apartment 🤔
I talked to my mom about this and she told me if I got her a super expensive car she would kill me. She's fine with a 20-30k car. I've definitely been taking personal finance more seriously watching your videos. I'd probably budget around 56k Canadian (I'm in Canada btw) if I ever splurged on a car for me and my mom.
Awesome video Spencer. I think you've now mastered this format :) I'm not sure if it's viable or interesting for you but I would love to see such a video about golf players? This is like the opposite kind of sport to american football :) What do you think?
I understand the reasoning with jewelry. Imagine being a football player worth millions a year walking around a store shopping. With no jewelry on employees follow you around the store while you're shopping. The jewelry is a show of how much money you have indicating shoplifting is'nt worth your time. Speaking from experience, I'm an engineer I make 80k+ a year. Not a materialistic person at all, I drive a Honda Accord. My experience with things as simple as grocery shopping is night and day having a $700 chain on compared to not having it on. It's sad but it's true. People treat you differently when they know you have money. P.S that polo fits terribly you're the last person who should be giving out style advice.
Love these videos Spencer, not only do we know financial pitfalls of athletes, we actually understand why they do so from the background. Can you also create a segment on how sports icons like Magic, Calvin & Grant Hill and Jordan grow their money post-retirement even though they may share the unfortunate circumstances where they come from
@Spencer Cornelia Some Luxury mid range vehicles have much nicer interiors and better engine options. Ex: (As of 2021) the best engine you can get with a Camry is a 301HP V6. Compare that with an Audi S6 Sedan, which comes with a 444 HP V8. Combined with more sporty suspension and a nice exhaust note, it has a much more visceral driving experience than the Camry. Both are respectable mid-size sedans. However, the Audi is about twice as much though, despite being less practical (Worse gas mileage, more expensive maintenance). But it has a much better driving experience, and more options. If that isn't important to somebody, no reason to spend the extra cash.
It's wildly amazing the amount of common sense put in just a 10 minute video. People in the USA could really use some of it. I live in Venezuela and everything you said here is just common sense.
35K for a newer or used car great 1st move. 10K for his daily driver car excellent choice. 60k for the sport utility Range Rover, not a bad choice. its basically a fun off road vehicle but not overly flashy. The jewelry is a personal preference. 80k on clothing is a mixed bag because when you get older you might put on weight and need those custom suites to be retailored but I have no problem with dressing nice. I think the nice clothes might be better for you than the jewelry in the long run. Especially if you go into any kind of business and want to be taken seriously, but Spencer makes a good point its not the clothing but how it fits you. The fit is more important than the brand. The steak house prank by teammates probably ticked Marshon off, but I think this is a rookie right of passage. I have watched this type of thing on Hard Knocks for the last 8 or 9 years. He should be glad it was only $7,000 and not even higher. $500,000 for a house for mom really depends where you live. I live in WA state that house dollar amount seems like a very nice investment because most decent homes are now over $300,000 which is nuts but that is the area. She can always downgrade to a smaller house in the suburbs later if they run into a lot of financial trouble. But having a nice house with security or a private fence could probably keep a lot of leaches away from his family so I think that is important. I wish Marshon the best and hope he makes it too his 2nd big contract.
The mid range luxury cars do provide some benefit. If you enjoy driving, the driving dynamics are typically much better between a Chevy impala and a 5 series BMW. If you don’t enjoy driving, it would make no sense to spend the extra money.
I think chains is a good investment for celebs because its an image and if you buy the right type of chains it goes up n value the more you wear it plus you can write it off as a marketing expense for your personal brand
Well Rolex/AP/ RM watches are a good investment at the moment. Many models go up in value because there is a lack of other affordable investments because there are zero interest rates for our bank account ( in europe at least)
Damn, not one ☝🏾 investment in a 401k or an IRA as a security blanket? I know he said he has a financial advisor so I hope 🤞🏾 that he is steering him in the right direction! You can tell that his heart ❤️ is in the right place, but how he went through that million on the rookie deal.
Both are too little for the amount of money they make. An IRA contribution caps at $6,000 per year. A 401k is an employer sponsored retirement plan that caps at $19,500. Since the NFL has a pension plan, they don't have a 401k. Although it has similar functions of a 401k. The pension contribution caps at $30,000.
@@akin242002 even so you still need to put away money 💵 for a rainy day or start thinking 🤔 about your career post football 🏈 to generate some revenue. Depending on what lifestyle you want to live it needs to be something that can support that particular lifestyle.
@@dantewillis4809 Agreed. They just won't get to invest in tax protected accounts like a middle class person. Their best bet is dividend ETFs in a taxable investing account and 6 months of emergency savings in a regular saving account.
I sell cars all day everyday. Buy Hard, Sell Hard. You sell a new Escalade. Its 100k out the door... Its an emotional buy. The only people i notice that make a logical buy. Its almost always engineers that dont get caught in the emotional buy. Its interesting. I love sales
What microphone do you use for your videos, I’m planning on making a streaming/RU-vid setup. I’m surprised you don’t use the Amazon affiliate program in your descriptions.
Can you do an authentic or charlatan on Marquett Davon Burton? He's an interesting case because he appears to be a documented businessman, but has also cultivated a cult-like self improvement following on RU-vid which he calls the "Saint and Sinner Nation"
Leasing a new Range Rover was the worst financial decision I’ve ever made honestly. Thank god it was under warranty because it had multiple issues in the first 3 years. Never again
wristwatches do appreciate in value though. unlike cars. so as long as he doesn't customize it. It'll appreciate really well. Not as good the S&P. but should very very close to it
I think that often we confuse wealth with " smart " so when we come into money we believe that makes us smart meaning we believe any move we make is wise because we have money
My friend bought a 2017 Mercedes S - Class sports coupe from its original owner who bought it brand new in 2016 for over a $100k. This guy was going through a divorce and at that time we met the poor guy he was in a middle of an ongoing who gets what battle with his and her lawyers. Instead of giving up the car to his wife and get nothing for it he sold it to my friend last summer for $30k cash. I shit you not this thing looks like a 2030 model. My friend went from a 2006 Honda Accord to an S-Class, he said that his car expenses went through the roof and straight to outer space, like by 450% it went up. But he said that feeling when your walking out from a building straight to the parking lot and opening up that door, getting inside it and driving away, that feeling makes it all worth it.
@@SpencerCornelia Hey, what's up! This is the second time you replied back to my comments that I leave on your videos, that is so awesome you answer back to your subscribers, especially with the amount of work you put in to your content I'm pretty sure your time is valuable, so I just want you to know that I appreciate that. I've started fallowing you ever since you covered the music business and your content just keeps getting better and better. I'm so glad I got to tell you this before you reached a million subs and no longer have time for comments. Oh and about my friend with the benz, I'm not sure about his financial situation if he's hanging on or not that's his business and he doesn't seem to be worried about it. But anyways listen I wish you the best man with your channel, keep up the good work and I'll be looking forward to your next new video. Live long and prosper.
@@bobbydigital8243 thanks. I stopped responding to most. Usually once every two or three weeks, I'll spend an hour or two sifting through the most recent comments. I'll try to respond to any comments that I think are interesting or worth a response. As you grow larger, it becomes more difficult to respond. You eventually become immune to positive comments and get annoyed at anything negative. So I enjoy a thoughtful comment that actually has something to do with the video.
