Did They Steal Nico's $?

#26
#26
madbamahater said:
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.....
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He's definitely getting milked
 
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#29
#29
zeppelin128 said:
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.
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I think UT, or the NIL collective, has some sort of advisory program in place to help athletes manage their money. Of course, if an athlete doesn't take their advice, not much the school or collective can do about it.
 
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#30
#30
Godfatha said:
Hard lesson to learn, but not our problem. Ever wonder why these musicians, actors, athletes, and even lottery winners go broke after receiving millions?
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This is why while I would love to win the lottery, part of me knows it would require me to distance myself from anyone and everyone who knows me until I had myself and those I really wanted to take care of ... well taken care of in the right way.

Edited to add - but in my younger days I would not have thought to do that.
 
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#33
#33
Godfatha said:
I think UT, or the NIL collective, has some sort of advisory program in place to help athletes manage their money. Of course, if an athlete doesn't take their advice, not much the school or collective can do about it.
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Probably similiar to the NFL/NBA etc, they have programs set up to help players and especially rookies to manage their money. But if they don't take the advice, like you said.....what are you going to do. It's not illegal to be stupid with money.
 
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#34
#34
A common estate plan in Wills is to safe guard coming into large amounts of money by placing assets in trust to be distributed for legitimate needs and until a certain age. 25 is a common age for this. Inheriting money and earning money is certainly different circumstances, but coming into excessive large amounts of money instantly has the same effect.
 
#36
#36
tbh said:
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.
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Good idea. This would have been a huge help for me, I would have been woefully unprepared if my parents weren't so financially literate. The "Civics" course I had in a rural af high school was gov, econ, and personal finance crammed into one semester. It would have prepared me for nothing if not for my folks and older sisters.
 
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#37
#37
Godfatha said:
I think UT, or the NIL collective, has some sort of advisory program in place to help athletes manage their money. Of course, if an athlete doesn't take their advice, not much the school or collective can do about it.
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"You can lead a horse to water," and such.
 
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#39
#39
CABVOL said:
Rumor from RF is that his family blew the money and that he is in major tax trouble.
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LOL Errybody that would be surprised raise their hands.

19 years old, with something like $8 million and declaring bankruptcy a possibility. Tragic, but SMDH funny at the same time.
 
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#41
#41
zeppelin128 said:
Good idea. This would have been a huge help for me, I would have been woefully unprepared if my parents weren't so financially literate. The "Civics" course I had in a rural af high school was gov, econ, and personal finance crammed into one semester. It would have prepared me for nothing if not for my folks and older sisters.
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Absolutely, the basics should start in high school and build up from there.

I wish my school (HS or college) had offered a deeper dive. I took an Econ/Government class in 9th grade, where the teacher (who was awesome) tried to impart a great deal of financial basics to us, from stock markets to finding value while grocery shopping (she'd periodically take us on field trips to the local grocery store down the road and explanations of different cuts of beef and how to best utilize them). That was one of the most useful classes I had in HS or college.

Then there was Drivers' Ed, where coach would check out a school van and let us take turns driving him around town on errands...Ford Econoline vans are not built to "accelerate through the turn" as he'd instruct us...
 
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#44
#44
CABVOL said:
Rumor from RF is that his family blew the money and that he is in major tax trouble.
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I’m going to throw a flag here. Like you said CABVOL, this is just rumor. Has anyone seen any sort of a real basis as to what the Iamalevea’s situation is? (Spell check was no help on the name)
‘We all know that VolNation deals only in corroborated facts! 😉
 
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#45
#45
LittleVol said:
He's definitely getting milked
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This thread is starting to make sense to me. If Niko was LaVar Balled and forced to distribute his money to his family and his posse I feel a little sorry for him. If he could have stayed away from his family's clutches, he could have played out his days as a Volunteer and had a great shot at the pros. Instead his family might have used his naivete as a cash machine and cratered his potential career.
 
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#47
#47
tbh said:
Absolutely, the basics should start in high school and build up from there.

I wish my school (HS or college) had offered a deeper dive. I took an Econ/Government class in 9th grade, where the teacher (who was awesome) tried to impart a great deal of financial basics to us, from stock markets to finding value while grocery shopping (she'd periodically take us on field trips to the local grocery store down the road and explanations of different cuts of beef and how to best utilize them). That was one of the most useful classes I had in HS or college.

Then there was Drivers' Ed, where coach would check out a school van and let us take turns driving him around town on errands...Ford Econoline vans are not built to "accelerate through the turn" as he'd instruct us...
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Agreed. Not to distract from the thread too much, but I wish there would have been like a "life skills" course required in high school. Personal finances, filing taxes, simple cooking, sewing, changing a tire and oil, simple carpentry, gardening, stuff like that. Home Ec, Shop, and Finance all in one basically.

Edit to add: Sort of a "fill in the gaps" course. Not everyone is taught these things at home. Like for me, I could do basic mechanics stuff but I didn't know how to cook until I moved away from home and had to teach myself. My mother was a "get out of my kitchen" type lol, so I just never learned until post-HS.
 
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