Did the Eagles provide the Dallas Cowboys with a blueprint?
By Richard Ball
In the early retirement years, the average American will manage their taxes and watch their savings to make sure they last. In the later retirement years, estate planning will become the focus with any leftover money allocated as legacy to children or gifts to charity.
For the vast majority of Americans, this is their reality. Highly paid NFL players should not be viewed as normal people when considering the five financial stages of life.
Dak Prescott likely would have left Mississippi State University with no debt as a scholarship athlete so he began his career ahead of most. His first three years NFL earnings total more than $2.7 million which accelerated him through the career building years.
By the time he turns 26, he will be in a better position than more than 99 percent of Americans who are ready to retire. Needless to say, money should not be an issue in his lifetime assuming he manages his portfolio well.
Bill Gates and Warren Buffett are two of the wealthiest people in the world. They jointly created The Giving Pledge, a campaign to encourage wealthy people to contribute the majority of their wealth to philanthropic causes.
Bill and Melinda Gates have given away more than $45 billion dollars in their lifetime. At a certain point in life, more money is not necessary. In fact, giving away the money likely brings more joy to the Gates than seeing the Microsoft stock price set another new record.
At 25 years old, Dak Prescott is not in the billionaire club but he will soon be in the has more money than one requires for this lifetime club. No one could fault him for wanting to earn market rates for his position so he can set up his future family with generational wealth.
So when you have all the money in the world that you require, what do you wish for in life? This is a provocative question and has created many polarizing comments.
There are those that suggest he must seek every dollar his fair market would yield. Others recognize that the salary cap creates a finite resource that limits the collective salary of the team.