'23 IL WR Carnell Tate (Ohio State Verbal)

[benneboy]

It's really not. I've done tax planning for billionaires/millionaires/thousandaires, and the assumption that only commoners are bad with money is wrong. Also, buying a house is a great use of the money, you're discounting the appreciation he'll receive and the cash flow savings on not making a rent or mortgage payment each month. A car and a rock could set him back ~$150K, ok so he'll have $1.85M to work with - still life changing money.

It's 2022, an university educated person with the prestige he would have being a 5* WR recruit with connections from the university he graduates from - $40K is likely under estimating his base line earnings. If I could take $40K to do something I'm passionate in while knowing I don't have a mortgage plus I'm getting $80K to live with, I wouldn't groan about "working".

Presuming he flames out and doesn't earn a penny from the NFL, $120K a year at 22 years old is pretty damn good. Oh and your retirement funds are set up so you don't need to save anything.


NCAA could get a piece of the action by having appointed advisors to these NIL deals that assists in wealth preservation for them if they had a clearinghouse....but yknow.

Great, you still gotta buy the house. That's coming out of your 1.8. And is he just Wesley Snipsing the taxes on your 2 mill? Cause now we're down to about half of that.

 

[irishfan]

Tate to Tennessee feels like best case scenario for ND if he’s not coming here.

 

[StPaul_Irish]

Tate to Tennessee feels like best case scenario for ND if he’s not coming here.

At least the most comical. Watch TN clean up, and Jimbo come out calling for changes.

 

[ThePiombino]

TN aka A&M East

Sent from my Pixel 6 Pro using Tapatalk

 

[slick7410]

If you do it right, it is. $2M in a low risk fund that generates a div of ~4% per year is $80K a year without any appreciation in value. He could run camps and work as a low level coach and make another $40K. That's $120k before tax a year without touching the principal of $2M.*

*****with the right financial advisor who isn't brain dead

This is the kind of math that gets people in trouble. Your assuming he doesnt buy a house, car, get his girlfriend a rock. What about the tax on that 2 mill? Also you just threw on 40k a year doing work. Sure he can work. Working is not 'not working' and 80k isn't a lavish lifestyle. 80k is also probably closer to 30-40.

It's a lot of money no doubt - but I think the math that's going to be really shocking for the players is when they think signing for $2 million means $2 million going in the bank.

-I'm not a tax expert - but I think anything over 530k or so is taxed 37% : you could split it up (?) but then it dwindles more quickly
-Is there a NIL organization taking 10% or anything off the top?
-Lawyer/Council for paperwork is needed : I wouldn't trust A&M's group to have my interests considered
-In Tate's case I'm sure he's a dependent of the state of Illinois - they're coming for 5% this year for sure ; then parents lose any of those benefits
-They're self employed(?) - so there's a Soc Sec. / Medicare tax or forming a LLC on themselves - complicated somehow
-Legislation being introduced at some point will make scholarships taxable for high earners
-You have to be disciplined to say no - because at the threshold everything that you take is taxable, new BMW lease from the dealership, appearance fee to sign autographs outside the deal, on and on.

Its a nightmare that at 17 years old would've been impossible for me to navigate, so it'll be interesting in a few years. Hopefully the schools do their part and break down the real #'s for these players / families (after they get the NLI signed of course)

 

[TorontoGold]

It's a lot of money no doubt - but I think the math that's going to be really shocking for the players is when they think signing for $2 million means $2 million going in the bank.

-I'm not a tax expert - but I think anything over 530k or so is taxed 37% : you could split it up (?) but then it dwindles more quickly
-Is there a NIL organization taking 10% or anything off the top?
-Lawyer/Council for paperwork is needed : I wouldn't trust A&M's group to have my interests considered
-In Tate's case I'm sure he's a dependent of the state of Illinois - they're coming for 5% this year for sure ; then parents lose any of those benefits
-They're self employed(?) - so there's a Soc Sec. / Medicare tax or forming a LLC on themselves - complicated somehow
-Legislation being introduced at some point will make scholarships taxable for high earners
-You have to be disciplined to say no - because at the threshold everything that you take is taxable, new BMW lease from the dealership, appearance fee to sign autographs outside the deal, on and on.

Its a nightmare that at 17 years old would've been impossible for me to navigate, so it'll be interesting in a few years. Hopefully the schools do their part and break down the real #'s for these players / families (after they get the NLI signed of course)

Oh 100% it's a nightmare, but there are some relatively easy tax strategies that could be setup to minimize taxes so that he's not at the high personal rate of 37%.

Schools likely have or in the process of getting an NIL department setup to take care of these items for their players. Could be part of the pitch for the school "we have the best accountants and lawyers in the country, we'll get you down to an 8% tax rate on your earnings".

Delaware coming for Carnell??

 

[Irish4life]

Loy today said that he feels reports about Tennessee being the leader are incorrect, that ND is not out for Tate at all, and that he still views it as an ND vs OSU battle with Tennessee also in it. Fwiw.

 

[NDIrish88]

Also is all that money earned in TN?

 

[NDBUTCH]

I've followed recruiting a long long time. I don't believe I've ever seen a prospect go from being the apple of fans eyes to a piranha without ever committing or decommitting or bad mouthing ND in some way. That feeling is beginning to creep in with OSU fans too.
Not judging Carnell or his mother for wanting guaranteed payday instead of opportunities. It's just that ND being involved with a kid that's obvious about it is a new experience.

 

[NorthDakota]

My old man cut his teeth doing lending. Said some of the worst people to lend to are doctors. Turns out $200k+ doesn't go far when you lack basic financial intelligence. But if you have even basic financial literacy, it's not hard to make things work.

 

[dublinirish]

Tate to Tennessee feels like best case scenario for ND if he’s not coming here.

indeed, i feel same way when those kids all went to TAMU for the NIL money, they aint never gonna pan out

 

[Blazers46]

Oh it's super easy. These guys don't do it right though.

I recall reading a story about a Lions receive (Broyles?) who lived a 60K salary lifestyle because he had no idea how long he'd be in the league and I think he was already married so no need to impress hoes. Smart guy.

I think everyone says its easy. People who have done it right can say its easy because they are doing it well and know how to do it. Its not easy when you have never had it or learned how to manage it. You come from nothing you will want something. Poor people never had and now they have so they will want stuff.

 

[Polish Leppy 22]

My old man cut his teeth doing lending. Said some of the worst people to lend to are doctors. Turns out $200k+ doesn't go far when you lack basic financial intelligence. But if you have even basic financial literacy, it's not hard to make things work.

Cash bars are just as bad

 

[greyhammer90]

My old man cut his teeth doing lending. Said some of the worst people to lend to are doctors. Turns out $200k+ doesn't go far when you lack basic financial intelligence. But if you have even basic financial literacy, it's not hard to make things work.

If you ever do private practice, you'll learn to love/hate doctors. As a general group they are totally sure of themselves and their brilliance in all things, from medicine, to finance/tax, to business. In reality they are usually biology students that have recieved technical training in a glorified trade school. Understanding that they don't understand everything doesn't come naturally.

The "love" part of the relationship is because this confidence means they'll usually screw something up before calling you and your billable hours will multiply exponentially depending on how bad their screw up is. A confident doctor is a good client to have.

 

[Classic Irish]

If you ever do private practice, you'll learn to love/hate doctors. As a general group they are totally sure of themselves and their brilliance in all things, from medicine, to finance/tax, to business. In reality they are usually biology students that have recieved technical training in a glorified trade school. Understanding that they don't understand everything doesn't come naturally.

The "love" part of the relationship is because this confidence means they'll usually screw something up before calling you and your billable hours will multiply exponentially depending on how bad their screw up is. A confident doctor is a good client to have.

I think you’re making gross generalizations. As a physician, I’m more than happy to acknowledge what I don’t know. I’ll readily admit that I know nothing about finances. My partners will admit it, too. So our practice has a business consultant to advise us. Also, I never comment on player injuries. Why? Because I’m not an orthopedic surgeon and am not going to pretend to know something I don’t. Admittedly, I didn’t take the typical path to medical school. I wasn’t a biology major. I majored in the Humanities, went to grad school, earned a PhD, and was a professor for years before I decided to go back to school. Took science courses, then went to med school and completed my residency. So I suspect that my perspective on my own limitations is atypical. I think it’s a bit unfair to call medical school a “glorified trade school.” I don’t think there is a lot of critical thinking required, but it’s more complex than you suggest. My doctorate required much more critical thinking than med school to be sure. Just my two cents.

 

[greyhammer90]

I think you’re making gross generalizations. As a physician, I’m more than happy to acknowledge what I don’t know. I’ll readily admit that I know nothing about finances. My partners will admit it, too. So our practice has a business consultant to advise us. Also, I never comment on player injuries. Why? Because I’m not an orthopedic surgeon and am not going to pretend to know something I don’t. Admittedly, I didn’t take the typical path to medical school. I wasn’t a biology major. I majored in the Humanities, went to grad school, earned a PhD, and was a professor for years before I decided to go back to school. Took science courses, then went to med school and completed my residency. So I suspect that my perspective on my own limitations is atypical. I think it’s a bit unfair to call medical school a “glorified trade school.” I don’t think there is a lot of critical thinking required, but it’s more complex than you suggest. My doctorate required much more critical thinking than med school to be sure. Just my two cents.

Yeah, it's a total generalization. I'm not often seeing physicians with their acts together walking through my door. But there is a type of physician that fits my description, and it's the kind of physician who NoDak will typically see too. There's also lots of scummy attorneys out there. It's why I have no problem with attorney jokes.

Re: the glorified trade school comment. I'm not saying it isn't hard. I couldn't do it. But it's not a finance, business or law degree, and the amount of doctors I've worked with who think that they can handle it because "I'm a surgeon, so this is nothing" is not insignificant. But again, those are the types that typically end up running into a ton of trouble and come to a law office after they've thoroughly screwed the pooch. Those are "my people."

 

[NorthDakota]

Yeah, it's a total generalization. I'm not often seeing physicians with their acts together walking through my door. But there is a type of physician that fits my description, and it's the kind of physician who NoDak will typically see too. There's also lots of scummy attorneys out there. It's why I have no problem with attorney jokes.

Re: the glorified trade school comment. I'm not saying it isn't hard. I couldn't do it. But it's not a finance, business or law degree, and the amount of doctors I've worked with who think that they can handle it because "I'm a surgeon, so this is nothing" is not insignificant. But again, those are the types that typically end up running into a ton of trouble and come to a law office after they've thoroughly screwed the pooch. Those are "my people."

Yeah I think the main point is really that smart and successful people, doctors being a good example, often lack financial literacy.

Also....Classic Irish sounds like a very unique case though. Which is chill. I'm an older than average law student so I dont fall under the same umbrella as the K-JD crowd. I get it.

 

[Classic Irish]

Yeah I think the main point is really that smart and successful people, doctors being a good example, often lack financial literacy.

Also....Classic Irish sounds like a very unique case though. Which is chill. I'm an older than average law student so I dont fall under the same umbrella as the K-JD crowd. I get it.

“Lack financial literacy”. That’s definitely me. I’ll absolutely admit it.

 

[NorthDakota]

“Lack financial literacy”. That’s definitely me. I’ll absolutely admit it.

Doctors and hockey parents. (Often they are both). People think having a prestigious and lucrative title just means they can make a financial situation work. Like "hi my son plays hockey and hockey parents have suburban. I'm. A doctor so I can afford a suburban." Well....you could afford a suburban....but you are doing 2-3 nights in a hotel every week and eating out for a ton of meals. Also you bought a house that was at the high end of your budget. So no. Right now....a suburban is not a great idea.

 

[Classic Irish]

Doctors and hockey parents. (Often they are both). People think having a prestigious and lucrative title just means they can make a financial situation work. Like "hi my son plays hockey and hockey parents have suburban. I'm. A doctor so I can afford a suburban." Well....you could afford a suburban....but you are doing 2-3 nights in a hotel every week and eating out for a ton of meals. Also you bought a house that was at the high end of your budget. So no. Right now....a suburban is not a great idea.

I get what you’re saying. I actually don’t like to share my title with strangers because 1.) it’s pretentious, and 2). people automatically assume you’re loaded.

For the record, I drive a 2012 Honda Accord with 94,0000 miles on it. Maybe I’m doing something wrong. Lol.🤔

 

[NorthDakota]

I get what you’re saying. I actually don’t like to share my title with strangers because 1.) it’s pretentious, and 2). people automatically assume you’re loaded.

For the record, I drive a 2012 Honda Accord with 94,0000 miles on it. Maybe I’m doing something wrong. Lol.🤔

That's king shit. When my lease expired on my Carolla my dad says "time to upgrade." I tell him... why? I liked my car I'll just get another one of those. I'm in New York City now so had to get rid of it... but the idea that you need nicer things as you progress in your career is stupid.

On the other end.. my buddy at Mayo just got offered 600k to go to a private practice anesthesia office. He can buy the suburban i think hahaha

 

[AKRowdy]

I get what you’re saying. I actually don’t like to share my title with strangers because 1.) it’s pretentious, and 2). people automatically assume you’re loaded.

For the record, I drive a 2012 Honda Accord with 94,0000 miles on it. Maybe I’m doing something wrong. Lol.🤔

Same boat as you but also still in fellowship. I agree, best advice I ever got was to obtain a financial advisor in residency.

Also when strangers ask I always say I work in healthcare and leave it there, as I don’t like the assumptions that come with the title.

 

[FightingIrishLover7]

Time to lock this thread?

 

[dad4aa]

Time to lock this thread?

Definitely if we aren’t going to post about Tate.

 

[BobbyMac]

I get what you’re saying. I actually don’t like to share my title with strangers because 1.) it’s pretentious, and 2). people automatically assume you’re loaded.

For the record, I drive a 2012 Honda Accord with 94,0000 miles on it. Maybe I’m doing something wrong. Lol.🤔

What's wrong with a 10 year old Accord with under 9500 per on it???

That's a serious low miler on America's favorite used car. You are sitting on a gold mine in today's market and cost of ownership is peanuts.

Will you handle my family trust?

 

[BobbyMac]

Definitely if we aren’t going to post about Tate.

 

[Classic Irish]

What's wrong with a 10 year old Accord with under 9500 per on it???

That's a serious low miler on America's favorite used car. You are sitting on a gold mine in today's market and cost of ownership is peanuts.

Will you handle my family trust?

It has 94,000 miles.

Getting back to Tate….

 

[Cackalacky2.0]

We are about an amuse bouche away from food thread territory.

 

[CoachB]

No kidding. I keep clicking on this hoping for some Tate news, knowing I will be disappointed. Is there a way to take all that conversation to a different thread, perhaps?

 

[CoachB]

As it pertains to Tate, he is the type of WR we need to go to the next level. All championship teams lately have championship level WR play. That's the new winning formula. We have Styles already, now give us some Tate...Hopefully Colzie and Merriweather are elite, and you start having some weapons. We need all the elite WR we can get.