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> Seriously: the recruitment of minors for major league with giant cash benefits should require them to sign a consent form for arms-length management of their
by seanalltogether 9y ago
> Seriously: the recruitment of minors for major league with giant cash benefits should require them to sign a consent form for arms-length management of their capital for some time period, and give them the income stream not the capital.
So this looks great at first right? It's like a lotto winner taking the lifetime payments instead of the lump sum. The problem is you can take loans against that money very easily, or you can sign the contract over to someone else very easily. Want to invest $300,000 in your friends restaurant because you think he's a great chef, just take a loan against 10 years worth of your guaranteed income stream.
- CodesInChaos 9y agoRelated story: https://www.washingtonpost.com/local/social-issues/how-companies-make-millions-off-lead-poisoned-poor-blacks/2015/08/25/7460c1de-0d8c-11e5-9726-49d6fa26a8c6_story.html?utm_term=.c3c15ddd5fa9 https://www.washingtonpost.com/local/social-issues/how-compa...
- LordKano 9y agoIf someone is determined to screw themselves, it's impossible to stop them.
- ggm 9y agoYes. I see now that "a fool and their money are easily parted" lives on. I don't know what to do about that. Maybe a ten percent retain and the moral of the story is you are a former millionaire who now has a small stipend to remind you how stupid you are.