RICH PAUL SAYS NO ATHLETE CAN AFFORD TO FLY PRIVATE ALL THE TIME
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- Опубликовано: 25 июн 2024
- Description: In this eye-opening discussion, Rich Paul, a notable sports agent who has had the experience of being on LeBron James' payroll for two years, earning $48,000, shares his candid perspective on financial management for athletes. Drawing from his personal journey, he underscores the financial realities confronting many professional athletes, specifically highlighting the hefty cost of flying private. According to Paul, no athlete can afford the luxury of private flying all the time without risking a dent in their financial stability.
This conversation extends into a broader discussion on prudent financial practices to prevent athletes from going broke, underlining the importance of wise spending and long-term financial planning. Rich Paul's insights provide a glimpse into the financial pitfalls in the glamorous world of professional sports and offer key takeaways on maintaining fi
nancial health amidst a lifestyle of fame and fortune. #klutch #richpaul #sports
Link to episode:
• Rich Paul & Junior Bri... ( • Rich Paul & Junior Bri... )
People need to also understand we all can’t be Rich Paul. Success is not always about how much money you have. I am from the projects. A broke kid from a single mother. I wanted to be a football star. That didn’t happen so God gave me the ability to be a software engineer. Something I NEVER thought about being. I feel into this job. Now today I live a great life. I am good I am, successful in my own right. I can now help others in need. That’s being successful. Not how many cars or houses you can buy. What you can do to help someone else to be successful. This is what LeBron did for Rich.
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Well said, pal. We all have skills and we are all teachers. Start teaching.
I just finished a coding bootcamp. How did you get your first job in tech if you dont mind me asking?
I also wish more people thought like you @madboyreadynow. Money doesn’t necessarily = success, and it often breeds terrible character traits. But to be fair though, I think a large part of Rich Paul’s success, is his compassion towards others combined with his drive and his application of universally understood and respected principles for just being a decent and reasonable human.
Success is relative. You are uber successful, whether you started from where you described you started from, or not. You’ve attained a present and future tech skill that has allowed you to earn more than a livable wage, I would assume, to enjoy all that life has to offer you now and in retirement. Big ups to you for reaching back and helping others - that is what it is about once you attain a level of success that allows one to give back. We all should do that once we attain means.
“You can’t scale without the infrastructure” very profound
🎯🎯🎯🎯
Profound to the hood.
@@edema.3418lol
Rich Paul speaks with wisdom. If you fly private, let it be on the inviting company's dime, not yours. Otherwise, you're just trying to get from point "A" to point "B", safely.
This brotha was speaking with a lot of wisdom and knowledge! I’m going to watch more of his interviews. I love brothas behind the scenes making quiet money! Everyone doesn’t have to be in the spotlight. Most people wouldn’t be able to point out Al Haymon in a line up. The guy is a very successful and influential businessman who stays behind the scenes.
Both from Cleveland and I attended his book release party in Cleveland today.
Rich is a really sharp brother. And, the more I listen to him the sharper he gets....
This guy's maturity is real.
It's kind of like working ass backwards. You spending $60k to fly private to a gig that pays $60k.
I always wondered why Adele kept insisting that, Rich is very smart. You learned the lessons well bro. Thank you for this.
Why were you wondering why she insisted that he’s smart? You can’t just believe her if she’s saying it?? You have to wonder WHY she’s saying he’s smart??
I don't care how rich I get, I'm never spending $30K on a flight...... that's nuts!
It’s only useful if you value your time and it’s also relative to your level of income. You’re thinking about their spending with your bank account. I guarantee there’s items you’ve purchased or used that someone in the third world would criticise you for.
You're telling me if you have Warren Buffet money, you're going to be flying Frontier. No you won't.
Don’t let him fool you.
Mid level players are making 30ML per year off of basketball alone that’s without what they make off the court endorsements, investments etc.
Jrue holiday 36ML per year
CJ McCollum 35ML per year
Tobias Harris’s 39ML per year
Those are mid level players
Guys like
Lebron
Curry
Giannis
Are making 50ML 60ML + without their shoe deals, endorsements, lifetime deals with Nike, Adidas etc.
That’s without being paid for speeches, Appearances, Instagram etc. post
That’s without investments like real estate, crypto, and interest
There making a killing
& it’s all taxed
@@dylanmartino7975 Rich Paul knows a lot more than you. The average salary in the NBA is just over ten million a year. Time and time again players who have earned over 100 million dollars end up broke. Private jets multiple times a year soon add up and then add in other cost of living expenses. First class on flights over 2 hours and business class for less than that. Private jet should be for a special occasion. Lebron and Steph are outliers, they’ll both be billionaires when it’s all said and done, LBJ is there already.
Rich Paul was preaching!
Great advice. Just purchased his book. Lots of athletes go broke, with no game plan for their future.🤔😳
Just watched a video about Joe Smith, former NBA star. Broke, Broke, Broke.
I want to start investing but don't know where to begin. Any advice or contacts for help?
It's wise to seek professional guidance when building a strong financial portfolio due to its complexity
Talking to financial advisors like Naomi Dean to reshape your portfolio is a smart move.
Certainly! I diversified my $25k portfolio across different markets.
I made a net profit of around $115k by investing in high dividend yield stocks, ETFs, and equity
If a person is direct and proficient in their work, others will consistently vouch for them
“I just want a piece of the bark” 💪🏾
Thank you my friends 🤜🤛💞🌹🙏
Great content!
Thank you bro and that AP is sick
His honesty is truly to be admired, and his advice are consistent with the type of job he does.
True consistency, No Doubt , Awesome advice , There is a life after everyone's career , It's also a life , as you get older and ill physically
5:43
Thats a Bar !
Great way to process things
The things we say leaves me in awe all the time. Blacks and Whites truly live on opposite ends of the spectrum.
Preach Rich!
Very interesting listening to you. Rich
Wealthy Paul!!!
The only people who can afford to fly private are people who have their company footing the bill. Nobody in their right mind pays to fly private out of their own pocket.
Very Very smart man❤
Powerful … will pay more attention to this guy!!
Obviously why he is such a good agent - He is logical !
This is great information.
Comfort plus is super nice. I got upgraded one time and it was fantastic lol
SMART GUY WITH NICE ADVICES
WELL DONE, WELL SAID....THESE TEMPORARY RICH RAPPERS NEED TO KNOW THIS ALSO
SMOOCHES❤
Such a humble nice simple guy ❤️ when he speaks I just paused n listened
Gems🔥
You can fly private sometimes just not all the time
The problem with a lot of athletes is what they do it to show that they have money. The reality is you don’t need 100 cars you don’t need a lot of jewelry to live a comfortable life. I get it you want to help a lot of family members, what they need to do is to help your family to start a business not just give them money all the time.
great Wisdom
As black people, we're the only culture that tears one another down to get ahead without sharing our resources for all of us to win... Crab-N-A-Bucket
Crab in a Barrel Dear! Respectfully!😂✌🏻♥️♥️♥️♥️
Crazy crabs 🦀 In a barrel
It happens in all ethnic communities you just never hear much about.
that would explain why Africa is such a shit hole.
lmao it actually happens in Filipinos. we call tht crab mentality.
It’s NOT all relative, you DON’T HAVE TO by $2000 dollar jeans, you choose to not be smart about it, and their are consequences. It’s like this at every social status
DAMN aye this is a MILLION dollars worth of game
This guy is going to be rich forever (wealthy).
He most certainly will.
He had connections with LeBron James though. So many people (of all ethnicities) don't.
Ok so 500 million for 10 years of work. I’ll take that any day and my family can eat too
250 million in taxes, 125 million wasted, leaves 125 million for 10 years of work.
I am glad he was given time to really talk. 👍
By the way, 50% tax!!? My goodness!!! 😮
Yes, look at people who win the billion dollar lottery. Their winnings are cut in half because of taxes and that’s just federal taxes. And most go broke in 4-5 yrs or less.
Lmfaoooo and there buying 2k jeans
Keep em down to earth .
If I knew what I know now, I”d be wealthy 😢
Great advice #LiveHumble
Also a lot of athletes that’s nearing retirement downsize a lot of their living expenses too
They should begin this way as well.
The problem is a lot of things they buy can’t be downsized. I work in the automotive industry, exotic cars don’t downsize well.
@@keithreedon6155 that’s why they lease em too especially for the wife or girlfriend
Smart man
This man is spot on...who am I..? Just a well off African American man born wealthy since the 70's way before rap, rappers, ballers and Oprah that's why billionaires find millionaires appalling and ridiculous...ask yourself who is writing LeBron James's checks I can only imagine (she) is more accomplished...
Cheers from Lido Isle, Newport Beach, CA. 🌊
Yeah, I've heard ppl clown Lebron because I guess he not overtly flashy and he can be seen driving regular cars. Dumbest stuff I've ever heard. Athletes who make 100M end up going broke. Appreciate your story. Thank you.
@@millardthomas9059
Kobe (RIP) Lived and and family still lives near me..1.5 miles away and he drove around Newport Beach in what is attainable but maxed out Big Honda Truck not his 2 million dollar cars...And yes he has/had all the flash biggies too but knew he would look condescending being flashy around a entire society more wealthy then him he was very conscious in that regard....but it was also humbling to him that he was far from the most financialy accomplished wonderment on his street let alone gated community in Newport Coast...Again Cheers from Lido Isle, Newport Beach, CA. 🌊
@@JBG949 Thank you. Your a absolute gem man. I live in the Midwest and every year be in 6 figures and out here 6 figures is alot of income. Even 85k is sufficient if your are responsible. But aside from my house, I have no lofty expenses. It's tempting because I'm a car enthusiast. I have nice vehicles but not to the extent of what I could have. Ppl ( often the ones struggling) are always on my ear asking why don't I get a Rolls Royce or Bentley. I tell them my vehicle have to be like 15 percent TOPS of what my home worth and I'm not even doing that. They don't understand the logic and practicality is what put me in the position to be able to afford those things in the first place. If I was fiscally irresponsible like them I wouldn't be in position to even ponder a 200k car. Im 40 and continue to learn and seek knowledge and I also pass out the things I know to anybody willing to receive it. Again, thank you!
@@millardthomas9059 Happy Hollidays ! Mr. Thomas it is soo crucial to be responsible in every facet of life. I learned that from the examples I was exposed too...Imagine living in a African American family more financially accomplished the The Jackson's (Micheal) included from then until now. Look up Lido Isle, Newport Beach, CA. It is America's west coast old money. Best young Man 🌊
Wealth principles and knowledge
Rich is next level.
The day i get rich, id divide my money by the years left that i want to live, to see how I need to budget each year.
If I get 3 million and I want to live another 30 years, I know I have 100k a year to spend.
Don’t forget your taxes tho 😂
This is what Rich is referring to. We need to get out of the mindset of spending and more of building. Take that $3 million and instead of dividing it within 30 years to spend, invest it and the money will work for you now, tomorrow, 30 years and on. We need stronger men like Rich in these neighborhoods teaching these concepts instead of the lavish w reckless styles we see on social media. You can have a great life living off of the investments from $3million. With an average return of 8-10% in an index fund, you’ll make $300k a year. You can withdraw $200k and since income from investments are taxed differently, the max you would pay is 15% in capital gains. That’s it. No federal income tax, no state income, no fica. The capital gains tax is based on the income earned when you sell the stock. So at $200k you would pay 15%. Which comes out to $150k clean. Never having to touch the principle and it will continue to grow. Now that won’t be every year. It will depend how much that investment makes. One year it can go really high like 10,12,15% or it can go down into negative percentage. But never in the history of the stock market has there been more than 3 years in a row of negative growth (2000-2002). So if you stay on the ride, and don’t jump off, the money will last for generations. I know this is a rant, but this is what Rich is trying to do with the athletes he represents. Whether that’s the guy making $1mil a year in the NBA to the Lebron’s of the world. The average guy can do it too, it just takes more discipline.
@je.rivera investing sounds good but doesn't always pan out. It comes with risks. 3 mil in my opinion is not an amount to risk. Not only are you risking losing that investment, government will take a huge chunk of the profits if you do end up making money.
Teachers, cops, construction workers go through a lot.
Everything with context. He’s not saying those people don’t go through a lot. He’s specifically speaking on athletes because that is who he deals with.
Who cares
He's right.
Real one
The more I hear him speak the more I can hear how Lebron speaks and vice versa. They really influenced each other growing up, you can tell.
Only top basketball, baseball, and a few soccer players can afford to fly private. If your making 6/7m a year you can afford private. You need about 20/25m salary a year to afford flying private. Can’t forget 50% go to tax, 10% to your agent. That’s almost 15m gone out your 25m. Private flights average 15k plus for short trips and 30-50k for longer one way flights.
Amazing mindset
Real
Talk
Charity starting at home doesn't exit anymore for this CULTURE 💯 Living beyond their means is more common now and trying to be or live like these rappers are two extremes. 👍🏾
There were random gems spoken but the speech went all over the place
any one deal with him and dont listen too him Will be an fool this man knows what he is talking about this is person tell the truth about $$$$$ very smart guy lov his mind set ,,
Well said.
Rich Paul is so true. See so many athletes wearing awful expensive jewelry and buss down watches that worth zero. Multiple kids out of wedlock and alimony. Surprised more arent bankrupt.
I love RICH! I see why Adele love him! He is a SMART MAN AND his book is awesome n real!
Rich Paul is a smart dude
3:49 I wouldn't say it's the environment I'd say it's the mindset.
My mom told me back when I was a little kid there's no such thing as the geographical cure; no matter where you go or how much it costs you look in the mirror and there you are, the same ole you with the same ole temperament, behavior and patterns.
Quiet money is what I want. Humble grinding in the shadows
There are maybe 5-10 athletes in all of sports (current and retired) you can afford to fly private all the time. Many of them have made most of their fortunes outside of sports too. Think names like Tiger, Jordan, A-Rod, Lewis Hamilton, Dwayne Johnson (some people may disagree with calling him an athlete). People do not understand how expensive it is to operate a private aircraft.
Shaq!
Says " all of sports" Yah buddy you left out the likes of Cristiano Ronaldo, Messi, people earning x5 more than the ones you listed
@@tshepo1799 my list certainly wasn’t all inclusive and they would probably be on it. But saying Messi and Ronaldo earn “5 times more than the ones I listed” may be a bit of a stretch. For example, Jordan gets about $300M a year from Nike alone each year. Let’s assume that were his only income. You’re saying that Messi and Ronaldo each make $1.5B per year?
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Give me a piece of the bark! I want to get in the back seat and ride.
When you came from scratch, u don’t want that repeat
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Mentality gotta be right
infrastructure is important
mindset how u maintain ya
riches and be rich forever
🐐
He is doing ok because I pretty sure he sporting a ceramic AP! 300K!
It’s actually more common nowadays with all the money around in tech but I will say this the only folks that are flying private consistently are the ones who can afford to actually buy a private jet or already own one lol it says he’s worth 120m he’s not close to what you need to afford that but Floyd Michael Jordan tiger woods Lebron money yea you can afford it
Its just math.
Ive seen private jets from 3k an hour. So a 5 hour flight is 15k. A basketball player thats pretty good, low tier all star or fringe all star makes 30mil a year. Thats 82k a day over 365 days. After a 50% tax deduction, thats 41k.
An athlete could certainly afford to fly private all the time. Just not the majority of them.
If you look at football players, they wouldnt be able to do it unless theyre a household name level player
Rick Paul Living In The Future ‼️
I am fly Private!
Smart guy.
👏🏾💗
I fly first class whenever I can, that’s more than enough comfort for me.
Home boy very lucky he met lebron
Lebron lucky he met him!!
Sounds like a bunch of common sense and scamming, pocket watching go on🤷🏽♀️🤷🏽♀️💁🏽♀️🤦🏽♀️🤦🏽♀️
Travis Kelce: “Hold my beer”
Because you have it doesn’t mean you need to flex or spend it. You need to set a budget regardless of income and allow your money to continue to grow. Most folks fully move into their income with their spend meeting their income, reason you see some rich complaining about affording life.
Yeah this young brother is from Ohio, Cleveland Glenville area, and Lebron james is from my home town of Akron, they wise beyond their years, learn to live well into your income status, never over spend and show and tell too much, and watch your spending habits young brothers.
I’m trying to get to the place to make the money, not spend the money “ Rich Paul bars
Listening to Mr.Paul is like absorbing much needed meditation without sude effects
Dude is dating Adele; no way they're flying commercial
I love R.P
His message is right but I just heard this man just say $200 million is not a lot of money. LMAO. Maybe you can't go out and buy a major sports franchise, but you can afford to do pretty much anything you want for the rest of your life AND set your family up for generational wealth
Lots of athletes can fly private all the time and do so. You won't see Wayne Gretzky at the airport......
Basketball players fly private because they cannot fit comfortably in those small seats especially for long flight.
Correct, but they can come together share their own plane, even do a plane rental of a few of them (As is), alike an Enterprise, Rent-a-plane company ❣️✌️
Waste of money. They don't need it . Save that money, and have it COMPOUND, for self and rest of family.
Dude that bs adds up Oprah had two planes here in Chicago, she said it was like throwing money out the window, it's a lot of fees that comes with maintaining a plane, storage, pilots, and etc etc just like a damn boat on a dock
I know him saying 200mil isn't alot of money went over alot of people's heads. but if your making 200mil over 5yrs and your taxed on it plus your agent has to get paid also.....On top of that your living like your lebron. that money won't last....Ask the people before you how fast it goes🤷🏾♂️
Yup, I’m broke as hell and I understood that no troubles. 200 mil isn’t going to last long with that lifestyle. Meanwhile I could probably take care of me and my family for a few generations with just a mil or two lol crazy
He's speaking all facts but we don't want to hear the message we want to continue making excuses whining and complaining
No wonder they go broke after playing 😮
For the haters that just think rich got his success solely from LbJ needs to stop hatin. Yes he had the luxury of befriending an nba all time great but he still had to put in the work. It could have easily went the other way as well.