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Author
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Topic: Tim Masthay: Financially Savvy
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Tiptree
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Member # 844
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posted 06-08-2016 05:08 PM
If I recall, Bret Bearup made a career advising professional athletes on how to manage their money, and I think Mark Pope had some role in a similar effort. But now, we have Tim Masthay former UK punter, now with the Packers, sharing his personal financial journey.
quote:
Tim wasn’t drafted out of college but was signed — and released — by the Indianapolis Colts before the 2009 season started. He later signed with the Green Bay Packers and has had great success with them. He signed a five-year, $6 million contract in 2012 that included a $1.2 million signing bonus. And he won a Super Bowl with the Packers in 2011.
While Tim was trying to make an NFL roster, Amanda was working as a bank teller making $9 an hour. “That was all the money we had. So we went from getting by to the first paycheck that he got. I almost fell on the floor when I saw it. I had never seen that much money in my life,” Amanda said.
They were tempted to buy things when they got the check. “It took a lot of restraint and we sort of had to wrap our heads around it so that we didn’t buy some car that we really couldn’t afford,” she said.
Read it here!
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Tiptree
“If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be.” Thomas Jefferson
Posts: 13629 | From: Terre Haute, IN | Registered: Sep 2000
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Old Norm
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Member # 1482
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posted 06-08-2016 07:10 PM
Great article. Wish I had had his money (and savvy) at that age, but can't complain. We raised six kids and never used public assistance of any kind. We were eligible for free lunches for our kids, but I would have none of it, nor would Millie. I said they were our kids and we would pay their way, and she agreed with me. We are debt free, and pay off our credit card at the beginning of each month. We already have our funerals paid for and will leave nothing for the kids to pay off. Actually, I guess this is bragging a bit, but I am proud of what we have accomplished with not much money! Good for Tim and Amanda! Good job!
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Pray For Our Country!
Posts: 36274 | From: Western KY | Registered: Aug 2001
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GA Cat
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Member # 642
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posted 06-09-2016 01:11 AM
quote:
Originally posted by Old Norm:
Great article. Wish I had had his money (and savvy) at that age, but can't complain. We raised six kids and never used public assistance of any kind. We were eligible for free lunches for our kids, but I would have none of it, nor would Millie. I said they were our kids and we would pay their way, and she agreed with me. We are debt free, and pay off our credit card at the beginning of each month. We already have our funerals paid for and will leave nothing for the kids to pay off. Actually, I guess this is bragging a bit, but I am proud of what we have accomplished with not much money! Good for Tim and Amanda! Good job!
Norm,
That is worth bragging about a bit....and that is coming from a preacher. God has blessed you with good, old fashioned common sense.
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Born Blue, Always Blue
Kentucky Blue, that is...
Posts: 2262 | From: Atlanta, GA, USA | Registered: Jul 2000
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Tiptree
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Member # 844
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posted 06-10-2016 07:32 AM
Norm,
I agree. Let's not call it bragging, let' call it setting a great role model.
Our society as a whole does a crappy job teaching our kids basic, common-sense finance. And we do an even worse job teaching responsibility and accountability. Meanwhile, the idea that we can go out and buy whatever we want (on credit) permeates society.
Way to go, Norm. Brag more often!
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Tiptree
“If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be.” Thomas Jefferson
Posts: 13629 | From: Terre Haute, IN | Registered: Sep 2000
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boomdaddy
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Member # 2644
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posted 06-10-2016 08:56 AM
I am aware that this isn't the political forum, but the problem with today's society is that there is a substantial portion of our population that just doesn't have a work ethic and believe that they are entitled to have others take care of them.
I don't know if Masthay came from a poor, middle class, or rich family. It is refreshing that he and his wife realized that the gravy train of professional sports can evaporate over night and that you have to prepare for the time when the paychecks stop.
Not only do a lot athletes come from poor families, but it seems a lot of them don't have the support system from family and friends to keep them level headed.
Posts: 8791 | From: paris, ky | Registered: Mar 2006
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Tiptree
Administrator
Member # 844
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posted 06-10-2016 09:48 AM
Here is the slide deck for the financial presentation given to NFL players. It is pretty good!
Check it out here.
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Tiptree
“If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be.” Thomas Jefferson
Posts: 13629 | From: Terre Haute, IN | Registered: Sep 2000
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