Bears sign LB Barkevious Mingo to 1 year deal

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The Cooler King
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Mon Mar 23, 2020 8:22 pm

Wounded Bear wrote:
Mon Mar 23, 2020 8:07 pm
Yet it was said that 75% of NFL players go bankrupt. They spend their money foolishly and live well beyond their means.
Median NFL salary is 860k.

Figure you lose about half with taxes and agent fees and stuff. Put aside the 1st 100k in a liquid low interest account as a rainy day fund. Next 80k is your living expenses for the year which is probably still like top 5% for the average 20 something. Every year use that remaining 350k (250k in year 1) and buy a 15 year annuity and if you can make a 5 year career out of that you have a 150k+ "salary" waiting for you that goes 10 years out post football. That gives you plenty of time to figure out how to supplement that income post football and live a comfortable life. But if you've been living that 80k lifestyle during your playing days, you won't need nearly that salary and reinvest a lot over those 10 years.
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RichH55
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Tue Mar 24, 2020 12:11 pm

People always forget Agents cut and taxes
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southdakbearfan
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Tue Mar 24, 2020 12:23 pm

You mutherfers know what the insurance costs on a Ferrari!
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Hoog
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Tue Mar 24, 2020 2:15 pm

Ok, back to Mingo. I keep seeing the Bears signed an edge rusher? Thats not what Mingo is really only having 1 to 3 sacks a year. He's more of an edge "guy". He's decent depth and more Floyd than Mack. At the price we got a fancy named back up and ST guy but anyone expecting more is mistaken. We need those too though.
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Yogi da Bear
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Tue Mar 24, 2020 2:16 pm

southdakbearfan wrote:
Tue Mar 24, 2020 12:23 pm
You mutherfers know what the insurance costs on a Ferrari!
I'm sure the typical NFL player's insurance cost on his Ferrari is nothing compared to what Lance Briggs pays on his Lamborghini. :sick:
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Xee
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Tue Mar 24, 2020 6:03 pm

The Cooler King wrote:
Mon Mar 23, 2020 7:59 pm
Xee wrote:
Mon Mar 23, 2020 7:34 pm

On a complete tangent, I know we talk about millions of dollars contracts like nothing but especially in this economy, can you imagine being *guaranteed* $900k for one year? You live frugally enough after that pay day, and you won't have to work another day in your life. Just blows my mind sometimes.
I think you may be overstating that a bit. Let's say after taxes and y1 living expenses you could actually invest 625k into a 6% annuity. That would come out to about 40k a year for 40 years. But with inflation that 40k is not gonna be much in 40 years. And 40k doesn't take you too far most places in the country as is.

That said you could go work a low paying job and take a much smaller annual annuity every year and never really worry about your retirement or if you can afford the basics in life. Never go into debt.

Now string several of those 900k salaries together and your getting closer.

Mingo on the other hand is at 26M in career earnings. If he lived a lifestyle like a person making 150k from day 1 he could keep up that lifestyle indefinitely without working (and still have some leftover at age 100).
Key word was frugally. If he has no debt (house and car paid off) and it's just him (no kids to support) and he lives in a low-cost-of-living area, then $40k in cash a year is more enough to cover property taxes and the necessities. It won't be a glamorous life if that's what he's expecting but he would make do.

I 100% agree though that he could count on it as "F### You" money and go get whatever job he wants and use it to supplement his income.
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IE
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Tue Mar 24, 2020 6:08 pm

Dollars per sack I'll bet he outperforms Mack and Quinn.


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The Cooler King
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Tue Mar 24, 2020 7:53 pm

Xee wrote:
Tue Mar 24, 2020 6:03 pm
The Cooler King wrote:
Mon Mar 23, 2020 7:59 pm

I think you may be overstating that a bit. Let's say after taxes and y1 living expenses you could actually invest 625k into a 6% annuity. That would come out to about 40k a year for 40 years. But with inflation that 40k is not gonna be much in 40 years. And 40k doesn't take you too far most places in the country as is.

That said you could go work a low paying job and take a much smaller annual annuity every year and never really worry about your retirement or if you can afford the basics in life. Never go into debt.

Now string several of those 900k salaries together and your getting closer.

Mingo on the other hand is at 26M in career earnings. If he lived a lifestyle like a person making 150k from day 1 he could keep up that lifestyle indefinitely without working (and still have some leftover at age 100).
Key word was frugally. If he has no debt (house and car paid off) and it's just him (no kids to support) and he lives in a low-cost-of-living area, then $40k in cash a year is more enough to cover property taxes and the necessities. It won't be a glamorous life if that's what he's expecting but he would make do.

I 100% agree though that he could count on it as "F### You" money and go get whatever job he wants and use it to supplement his income.
Even still.

1. That house you paid off just reduced the size of your annuity.
2. That's 40k fixed. At the end of the annuities life it'd be worth less than half
3. In did 40 years. If a guy made 900k once at age 25, that still only gets him to 65. And he hasn't worked his whole life so he doesn't even have a SS check for retirement.
4. I may have even been high on my 625k estimate as far as how much you might have leftover from that 900k salary.

Unless we're talking living in a hunting cabin off the grid frugal, 900k really isn't going to set up anyone for life without working.
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Yogi da Bear
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Tue Mar 24, 2020 9:19 pm

One thing you guys aren't factoring in is the NFL's Retirement benefit packages including Pension. [url]https://firstquarterfinance.com/nfl-pen ... ment-plan/[/url}
The Cooler King
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Tue Mar 24, 2020 9:26 pm

Yogi da Bear wrote:
Tue Mar 24, 2020 9:19 pm
One thing you guys aren't factoring in is the NFL's Retirement benefit packages including Pension. [url]https://firstquarterfinance.com/nfl-pen ... ment-plan/[/url}
Well one year at 900k isn't going to qualify for a pension. Need 3 years.
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Yogi da Bear
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Tue Mar 24, 2020 10:21 pm

There's also a 401(K) 2 for 1 employer matching program available after only two years. Still doesn't help the one year player though. There's also life insurance and a whole bunch of medical benefits. Don't know if that vests to a one year player though.
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Re: Bears sign LB Barkevious Mingo to 1 year deal

Wed Mar 25, 2020 8:47 am

Yogi da Bear wrote:
Tue Mar 24, 2020 10:21 pm
There's also a 401(K) 2 for 1 employer matching program available after only two years. Still doesn't help the one year player though. There's also life insurance and a whole bunch of medical benefits. Don't know if that vests to a one year player though.
4 years for a player I believe, 20 years for an NFL employee. NFL employees can retire really, really well.
Chuck Pagano's defensive rankings in 5 years with Indy: 26th, 20th, 11th, 26th, 30th, and 30th.

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