Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Decisions, Decisions, What's a Gold Medalist to Do?
Old 08-16-2012, 08:36 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,886
Decisions, Decisions, What's a Gold Medalist to Do?

Interesting choice for Missy Franklin. Follow her dreams and values, or get a huge payout with endorsements.

Missy Franklin's dilemma: Go pro or go to college? - TODAYMoms

I bet the decision is even tougher turning around and seeing other medalists gettting huge endorsements.
__________________

__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-16-2012, 08:43 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,425
+1 I think I would tell her to follow her heart. If she goes for the gold she will have more than enough to put herself through college but she won't be able to swim competitively.

I will admit it seems odd to me that endorsement money that is unrelated to sport would ruin one's amateur status - if her sport had a professional version (like tennis does) and she played in professional tournaments for prize money then I can see it but for endorsement only tangentially realted to her sport I don't get it.
__________________

__________________
pb4uski is online now   Reply With Quote
Old 08-16-2012, 08:54 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,886
That is a disconnect. For example, in the old days, only college players were the olympics basketball team. But now, it's the pros who make tons of money already.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is offline   Reply With Quote
Old 08-16-2012, 08:58 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,436
She can still go to college and swim, just not on the college team. I can't imagine passing up the endorsements. There is no guarantee the money will be there 4 years from now.

Take the money, go to college and prepare for the next Olympics. Pretty close to the best of both worlds.
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 08-16-2012, 09:26 PM   #5
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by Dawg52 View Post
She can still go to college and swim, just not on the college team. I can't imagine passing up the endorsements. There is no guarantee the money will be there 4 years from now.

Take the money, go to college and prepare for the next Olympics. Pretty close to the best of both worlds.
That reminds me of a fable:
Young bull: "Hey, look at all those cows! Let's run over there and have our way with one of 'em!"
Older bull: "Nah, let's walk over there, and we'll have our way with 'em all..."

I think Missy is going to pass on the endorsement money and get a scholarship to swim on the team (with perhaps some generous "donations" to her college from various companies). Four years from now, assuming that she's been sweeping it up in the national competitions, she'll go back to the Olympics to win even more medals, and then she'll start hauling in the pro endorsements.

How may Olympics is one competitor good for? How many did Dara Torres swim?
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 08-17-2012, 06:58 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,642
Quote:
Originally Posted by Nords View Post
I think Missy is going to pass on the endorsement money and get a scholarship to swim on the team (with perhaps some generous "donations" to her college from various companies). Four years from now, assuming that she's been sweeping it up in the national competitions, she'll go back to the Olympics to win even more medals, and then she'll start hauling in the pro endorsements.
+1 At 17 I doubt she is worrying about the need to achieve financial independence. This option gives her a good chance to pursue her dreams and grab the money. But, if I was her father I wouldn't push this direction on her. If she likes the idea of grabbing the brass ring while it is there for the taking I would only push that she invest it wisely and not blow it all on sex, drugs, trinkets and toys.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 08-17-2012, 08:38 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Oct 2008
Location: Naples
Posts: 2,161
Quote:
Originally Posted by Dawg52 View Post
She can still go to college and swim, just not on the college team. I can't imagine passing up the endorsements. There is no guarantee the money will be there 4 years from now.

Take the money, go to college and prepare for the next Olympics. Pretty close to the best of both worlds.
+1 Offers and deals like this are once in a lifetime. It may never come again. Grab that ring and run (swim) with it. What's the difference between an amateur and a professional? Couple million bucks.
__________________
JOHNNIE36 is offline   Reply With Quote
Old 08-17-2012, 11:18 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,266
Quote:
Originally Posted by easysurfer View Post
That is a disconnect. For example, in the old days, only college players were the olympics basketball team. But now, it's the pros who make tons of money already.
We are talking different rules for different events..


On the Olympics.... yes, it used to be only for 'amatuers'.... but the people in track and field got paid lots of money into some kind of trust... so they were not paid directly... so, amatuer. It is kind of hard to do that trick on a pro basketball player... so that is why they used college kids...


On college, there IS a connection... you can not take any kind of endorsement money and still qualify for NCAA.... if it were so, then all the college football players would have outside endorsements that had nothing to do with football... heck, even with the rules there is enough people who break them... what would it be like allowing endorsements...
__________________
Texas Proud is offline   Reply With Quote
Old 08-17-2012, 11:43 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
Quote:
Originally Posted by donheff View Post
I would only push that she invest it wisely and not blow it all on sex, drugs, trinkets and toys.
I doubt that she would have to spend much on the sex part.
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat is offline   Reply With Quote
Old 08-17-2012, 08:38 PM   #10
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by donheff View Post
... I would only push that she invest it wisely and not blow it all on sex, drugs, trinkets and toys.
We Americans have to stop confusing our athletes & rock stars with responsible adults.

If I was 17 years old, the USOC's $25K prize for winning a gold medal would've been spent before I'd gotten out of the Olympic Village... and I probably wouldn't have had anything left over for trinkets & toys.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 08-22-2012, 04:21 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Houston
Posts: 1,435
Amazing that the NCAA continues to maintain this charade that it is all about unpaid amateurs while the organization makes billions of dollars off of them.

I would give the NCAA the finger and take the endorsements. But my opinion of college athletics is pretty low.
__________________

__________________
soupcxan is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 03:16 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.