Ironman92;1398528 wrote:Yeah I know but is a $1,000 a week spending going to break the bank? Dad played long enough to be pretty well off unless he spent it too much.
To me there is a happy medium. I'm all for someone else being in charge of his money but also him having plenty to enjoy the fact that he's a millionaire.....and should have several years in the league, and if he doesn't last very long for whatever reason.....cutting him off a lot now isn't going to make a big difference.
From my understanding the $300 is for random things, not his rent, clothes. From the article it is impossible to tell if food is included in that or if that is separate.
He's in charge of the money in the sense that any time he wants he could have the checks written in his name instead and kick out his parents. But I see nothing wrong with having your parents be your financial adviser if they are responsible. It's better than a lot of athletes who give that job to their friends and or siblings who have no more experience planning financial matters than they do. At least his dad lived as a professional athlete before and knows how the money situation plays out.
Also, why not be frugal? What's bad about having extra money to put into investment opportunities or set up a trust for his kids if and when he has a family. Just because a person is a professional athlete or just rich in general, that doesn't mean they have to live an extravagant lifestyle.
