Idiot of the day: Julio Jones

[ScientistPhysician]

Maybe the WCI community can assemble our own dive team to nab Julio's earring for a med-student scholarship.

 

http://www.espn.com/nfl/story/_/id/20163116/julio-jones-atlanta-falcons-loses-150k-earring-lake

 

[GoBlueMD]

Harsh words. I will have to take Jones side. This is a one time incident of 150k loss to someone with a >70M contract and lifetime earning potential of >100M. As no there was no bodily harm done, no big deal. Some less wealthy people (doctors) lose more in risky stocks or start ups.

[Dicast]

I would have to say that is pretty stupid. His online net worth is listed at $25 million so 150k is 0.6% of his net woth. My sunglasses are .03% of my net worth and I wouldnt take them into a lake without having them secured. Although I'm sure he will be fine...

[PhysicianOnFIRE]

 "As long as I'm good, it's materialistic stuff," he told WXIA.

Even his earrings are materialistic. Just like the guy who wears them.   :roll:

[hightower]

Maybe I should take up scuba diving and go to this lake.  Treasure hunt

But anyway, if he's foolish enough to get on a jet ski with $150k of jewelry in his ear, he's going to end up poor someday. Net worth of $25 million isn't that much if you spend/behave like that.  He's going to end up a statistic like so many other retired pro sports players. "I was worth $50 million and I spent it all within 5 years of retirement"  The money seems endless at the beginning of a career and they spend money like they're worth $50 billion.  The problem is they keep spending that way even after they stop playing and it doesn't take long before they're bankrupt.

[StuRedman]

If you have time to watch it ESPN's 30 for 30: Broke is a fascinating glimpse into athletes financial problems.  https://www.youtube.com/watch?v=Elfw0ESih-A

 

Most people hit the peak earning years later in life and have the wisdom(hopefully) to spend it wisely.  Athletes are the opposite, they hit peak earnings when they are young and do some foolish things.  I know if I had millions in my early 20's it probably wouldn't have ended so well.

[ENT Doc]

GoBlueMD wrote:

Harsh words. I will have to take Jones side. This is a one time incident of 150k loss to someone with a >70M contract and lifetime earning potential of >100M. As no there was no bodily harm done, no big deal. Some less wealthy people (doctors) lose more in risky stocks or start ups.

Click to expand...

This wasn't one bad decision, it was a host of bad decisions.  First, he got his ears pierced .  Then he decided to buy $150k earrings.  Then he decided to go out on a lake with them.  It's like WCI's recent post about consequences.  You don't get to make more than a few bad decisions before you get bit.  Whether someone is harmed or not and how other people may make mistakes is inconsequential to whether he made idiotic decisions.  Also, this incident likely represents the tip of the iceberg in terms of wasteful spending and poor decision making.  As Warren Buffett said, there's never just one cockroach.  Also, we should all remember another >$100M career earner - Antoine Walker.  Net worth?  Zero.

[Zaphod]

He's getting a lesson in sunk costs.

[Donnie]

He's strengthening his brand. He'll probably pick up some extra endorsements because of it. You guys see problems, his agents see an opportunity.

[Complete_newbie]

I dont think Antoine walker ever earned 100M.

[Craigy]

Julio can afford to lose a few earrings a year, every year, for the rest of his life.

If an average woman drops her engagement ring at the beach or the grocery store or in the toilet at home, it would probably be a larger impact to her net worth.

[janettebournes]

Complete_newbie wrote:

I dont think Antoine walker ever earned 100M.

Click to expand...

https://finance.yahoo.com/news/former-nba-star-antoine-walker--life-after-losing--110-million-214644672.html

[Complete_newbie]

janettebournes wrote:

Complete_newbie wrote:

I dont think Antoine walker ever earned 100M.

Click to expand…

https://finance.yahoo.com/news/former-nba-star-antoine-walker–life-after-losing–110-million-214644672.html

Click to expand...

Nice find. While a good player he wasn't a center piece etc. Interesting. By his income standard lebron et al are...500 million? Ridiculous income!

[DMFA]

Zaphod wrote:

He’s getting a lesson in sunk costs.

Click to expand...

I just...literally lol'd in a waiting room.

[hightower]

Craigy wrote:

Julio can afford to lose a few earrings a year, every year, for the rest of his life.

If an average woman drops her engagement ring at the beach or the grocery store or in the toilet at home, it would probably be a larger impact to her net worth.

Click to expand...

Sure, if he's managing his money like a WhiteCoatInvestor.   But, as we know, something like 80% of his peers will end up broke within 5 years of retirement.  So, we can pretty accurately guess that he's probably not managing his money well either.

Will 1 earring hurt him?  Not at all.  But, if he buys millions of dollars of jewelry like that each year, gives millions of dollars away to needy family members, puts millions into risky investments, buys dozens of 100k cars, spends tens of thousands of dollars on dinners/parties regularly, etc all while not saving anything, he could end up broke too.