I have a friend of mine who's knows ex-knick John Wallace.

He told me John lives between where he's from Rochester, NYC and Florida.

He told me John was smart, he kept the phone numbers of some of his college friends at Syracuse who so happen to do well in real estate.

So John gave them money to invest into retirement communities in Florida and he's doing well with life after basketball.

Posted by playa2:

I have a friend of mine who's knows ex-knick John Wallace.

He told me John lives between where he's from Rochester, NYC and Florida.

He told me John was smart, he kept the phone numbers of some of his college friends at Syracuse who so happen to do well in real estate.

So John gave them money to invest into retirement communities in Florida and he's doing well with life after basketball.

Glad to hear that about John. I loved watching him at Syracuse and was simply estatic when the Knicks drafted him, he was my favorite player for years. Glad to hear he's doing well.

Posted by Solace:

Posted by simrud:

There should be a 401K plan being offered along with some sort of pension/match contribution that goes to the plan. If players are too dumb to have an FA, assign one to them like a social worker or something. Or just have a target retirement plan that is actively managed based on a players age.

Only problem with 401k is the limit is, I believe, $15k per year. NBA players could put that away and not blink. The reality is that they'd have to have additional savings accounts, because the 401k alone doesn't do enough with the salaries they're making. It certainly would be a start, though.

I always find it funny when you pick up the paper once or twice a year and the front page talks about low test scores in history. The reality is that what they should be worried about is making sure every single kid is financially intelligent.

Exactly- and it doesn't account for the middle years- i.e from 35 to 65 when all they will do is blow their cash.