Did They Steal Nico's $?

[madbamahater]

The overwhelming fast majority of not only Vol fans, but the sports world in general, are questioning the timing of the hold out. Could it be as simple as Nico is damn near broke from people essentially stealing his money? Has he been bank rolling others or has he invested most of this money in safe long term/short term investments?

Has he maxed out traditional IRAs and Roth annually to the limit and maybe even safe guarded some with annuities (usually not good investments, but when you've maxed out, it's safe to guard against losses)?

Does he have any in even good ol fashioned CDs right now growing at 4-5% interest for the short term to grow principal amounts in the bank?

Sure, keep yourself a hefty amount of cash and have some fun. Drive something nice (affordable), pay cash for it, take some trips (he's worked hard and earned it), bought a house or townhome in Knoxville instead of renting to later keep as a source of cash flow or sell for a gain? These are just some very basic individual economic plans....

Is he just desperate and out of money because others have given him either no advice, or worse bad advice, or even worse just milking his cash?

Does make you wonder.....

 

[CABVOL]

Rumor from RF is that his family blew the money and that he is in major tax trouble.

 

[Elhanan]

Cost a lot to support all your friends and family.

And two million can disappear way faster than most think.

 

[OrangeAllDay]

Idk if it’s true or not, but I’ve heard his parents quit their jobs. They have what 8 kids?? If Nico’s the only income for basically 10 people I’d say that money is probably gone

 

[volfan102455]

The overwhelming fast majority of not only Vol fans, but the sports world in general, are questioning the timing of the hold out. Could it be as simple as Nico is damn near broke from people essentially stealing his money? Has he been bank rolling others or has he invested most of this money in safe long term/short term investments?

Has he maxed out traditional IRAs and Roth annually to the limit and maybe even safe guarded some with annuities (usually not good investments, but when you've maxed out, it's safe to guard against losses)?

Does he have any in even good ol fashioned CDs right now growing at 4-5% interest for the short term to grow principal amounts in the bank?

Sure, keep yourself a hefty amount of cash and have some fun. Drive something nice (affordable), pay cash for it, take some trips (he's worked hard and earned it), bought a house or townhome in Knoxville instead of renting to later keep as a source of cash flow or sell for a gain? These are just some very basic individual economic plans....

Is he just desperate and out of money because others have given him either no advice, or worse bad advice, or even worse just milking his cash?

Does make you wonder.....

This is why you don't give 18- to 19-year-old kids a lot of money. They have no clue what to do with it.

 

[Godfatha]

Hard lesson to learn, but not our problem. Ever wonder why these musicians, actors, athletes, and even lottery winners go broke after receiving millions?

 

[volfan102455]

This could end up being a very sad story for him and his family - but it could also open eyes that need to be opened around NIL.

 

[EZE]

This is why you don't give 18- to 19-year-old kids a lot of money. They have no clue what to do with it.

This is why you don’t give greedy parents a lot of money. They spend it all and then use their kid as a pawn to get more.

FYP.

 

[Godfatha]

This is why you don’t give greedy parents a lot of money. They spend it all and then use their kid as a pawn to get more.

FYP.

This has played out plenty of times especially in Hollywood with child stars.

 

[EZE]

This has played out plenty of times especially in Hollywood with child stars.

Exactly.

 

[madbamahater]

In our down economy for the last 4 years, if he would have stuck 1 million in a good ol fashioned CD in any ol bank and earned over 5 percent interest and that would have generated over 50k annually just in interest earned. Being at UT they pay for no meals, room/board unless they choose to and who knows what else they get free anywhere in Knoxville. You don't think the starting QB at UT gets free **** pretty much anywhere they go? Yep, they do.

Plus just selling merch/autographs and revenue from royalties, commericals, marketing for businesses, etc?

 

[Enigmatic_Vol]

Rumor from RF is that his family blew the money and that he is in major tax trouble.

What is RF?

 

[tbh]

Stupid games beget stupid prizes. In that regard at least, he's a winner (along with his family).

 

[FranklinVFL]

Rumor from RF is that his family blew the money and that he is in major tax trouble.

I’ve said all along this is part two of the fallout from NIL. Players not planning for taxes appropriately

 

[zeppelin128]

This is why you don't give 18- to 19-year-old kids a lot of money. They have no clue what to do with it.

I don't like the idea of anyone "forcing" adults to do things with their money, but I wish universities would highly, highly suggest putting most of NIL in a blind trust and keeping some out for an allowance, so to speak. There's quite a bit of maturing that happens from 18 to 25, and that keeps the family from dipping their toes in the water, which seems to be the case with Nico.

 

[zeppelin128]

I’ve said all along this is part two of the fallout from NIL. Players not planning for taxes appropriately

Quite the change to go from an employer basically handling all the tax stuff through weekly payroll to having to file quarterly taxes and plan ahead.

 

[GiveHim6InSC]

Rumor from RF is that his family blew the money and that he is in major tax trouble.

Well, they shouldn’t have done that

 

[GiveHim6InSC]

This is why you don’t give greedy parents a lot of money. They spend it all and then use their kid as a pawn to get more.

FYP.

Yep. I recall watching his family on TV in their great seats, bling aplenty, and it provoked the same thoughts.

 

[Zues1]

Blew it all on pajama bottoms

 

[tbh]

I don't like the idea of anyone "forcing" adults to do things with their money, but I wish universities would highly, highly suggest putting most of NIL in a blind trust and keeping some out for an allowance, so to speak. There's quite a bit of maturing that happens from 18 to 25, and that keeps the family from dipping their toes in the water, which seems to be the case with Nico.

Yep!

At the very least, personal finance/investing classes ought to be part of the core curriculum, preferably early on (like in the first semester or two). Whether the student is raking in serious NIL money or is working part time for beer money, they could stand to benefit from it.

 

[The Original Fade]

Leach before he died said it should go into a trust that they receive once they earn their degree, if they leave early they get 50% of it

 

[madbamahater]

Leach before he died said it should go into a trust that they receive once they earn their degree, if they leave early they get 50% of it

Mike Leach? If so, I miss this guy.

 

[madbamahater]

Just imagine if he would have safe guarded most of his earnings in simple investments. He could have still bought countless pajamas, sunglasses, hats and beaded necklaces and bracelets from Wally world.

 

[TennesseeTarheel]

 

[volfan102455]

This is why you don’t give greedy parents a lot of money. They spend it all and then use their kid as a pawn to get more.

FYP.

That too!