Hard Truth Week in Review – NFL Draft Edition
Because we are NFL fans in an NFL town, we had a few discussions around the house about the draft. My youngest son is a draft maniac with lots of opinions and data to back them up. I just shake my head at the ridiculous money being thrown at these young men. Most of them have managed to attend college without actually receiving an education. Clearly, very few pro athletes have any idea how to handle money. The wealthiest are surrounded by a posse of so-called advisers, friends and family who are quite eager to help these instant millionaires distribute their new-found riches – mostly to the posse. I would love to see a comprehensive study of how the net worth of pro athletes compares to their gross income received over their years of playing. I’m betting that the ratio is pathetically low, with much of the money squandered on over-the-top lifestyles.
So on to a few things I read this week that may be worthy of your time:
Trent at the Simple Dollar presents the question of whether teenagers should have credit cards. The answer to the question in this post could and should have been a lot shorter, such as “no.” But I am so old school.
Matt at Steadfast Finances brings us an excellent comparison between median incomes and median home prices. Some places are better than others for owning vs. renting. It’s too bad the people living in the wrong places can’t figure that out.
If you are into finance gurus, Nouriel Roubini is one of hottest because of his predictions of the current recession. Consumer Reports is running a series that features Roubini’s insights into “what to do now.” It can’t hurt to read his take on things.
Finally, if you are thinking about what Congress has in mind for your millions when you die, I wrote a short piece on proposed changes in estate tax rates and exemptions. If nothing is done this year, 2010 will be a great year for us to die because the estate tax temporarily disappears. Time to get that bucket list checked off!
Enjoy the rest of the weekend.