Jason Garrison sues Vancouver based financial advisor

[canuckspride]

https://www.cbc.ca/news/canada/british-columbia/vancouver-canuck-financial-advisor-lawsuit-1.5357298?__vfz=medium%3Dsharebar

 

Kind of interesting insight into the financial woes of professional sports players. Not sure who is playing the innocent one here, but I naturally assume the financial advisor.. 

[RonMexico]

A fool and his money are soon parted.

[peaches5]

48 minutes ago, canuckspride said:

https://www.cbc.ca/news/canada/british-columbia/vancouver-canuck-financial-advisor-lawsuit-1.5357298?__vfz=medium%3Dsharebar

 

Kind of interesting insight into the financial woes of professional sports players. Not sure who is playing the innocent one here, but I naturally assume the financial advisor.. 

I have an idea what likely happened. When you invest through insurance you are basically looking at a way not to pay taxes. They are not something that are easily understood by someone who has a lack of investment knowledge but if you read the very lengthy insurance policies I'm sure this would all be avoided. Seems like Jason didn't read the policy and his advisor assumed he would be making more money, which I am sure Jason thought he would as well. 

 

In short these policies have you invest money for 10 years or more and then after those 10+ years you can withdraw the money in the form of a loan tax free. Loans aren't considered income. If you choose to cancel the policy prior to the maturity rate there are massive penalties. If you invest 10 million dollars into these insurance investments after 10 years it is likely doubled and that 10+ million you earned is tax free. 

 

This is just a great example of always read the fine print. No matter how much there is go through it and read it and have everything thoroughly explained to you. 

 

Also, I won't lose sleep over a millionaire trying to make more millions tax free.

Edited November 13, 2019 by peaches5

[SabreFan1]

By a cursory read, it looks like the only decent claim that Garrison has is if he didn't give Jones' company permission to use copies of his signature.  The rest sounds like just poor investments agreed to by Garrison.

 

Hockey players really need to learn how to manage their money.  The NHLPA really needs to get these guys into seminars and classes and stress to them how important it is to take it seriously.

[peaches5]

15 minutes ago, SabreFan1 said:

By a cursory read, it looks like the only decent claim that Garrison has is if he didn't give Jones' company permission to use copies of his signature.  The rest sounds like just poor investments agreed to by Garrison.

 

Hockey players really need to learn how to manage their money.  The NHLPA really needs to get these guys into seminars and classes and stress to them how important it is to take it seriously.

It's when they try to avoid paying taxes they run into problems like this. If they just put their money in a mutual fund and forgot about it they'd have no issues. They get told of loopholes where you can avoid or lower the amount of tax they pay and then don't read or follow the fine prints and get slapped with massive penalties or fines. I know, I've dealt with these people and they make it sound very simple and it's not. There are many things that can cost you far more if you don't know what you can't do. You have to ask a lot of questions and read a lot of fine print to know if these investments are for you or worth the hassle. The people who generally sell these investments don't care. Once you signed on the dotted line they get a pretty big commission and then if you break the terms of the agreement it doesn't really affect them aside from losing potential new clients.

Edited November 14, 2019 by peaches5

[Shift-4]

First rule of investing is understanding risk.

[SabreFan1]

1 minute ago, peaches5 said:

It's when they try to avoid paying taxes they run into problems like this. If they just put their money in a mutual fund and forgot about it they'd have no issues. They get told of loopholes where you can avoid or lower the amount of tax they pay and then don't read or follow the fine prints and get slapped with massive penalties or fines. I know, I've dealt with these people and they make it sound very simple and it's not. There are many things that can cost you far more if you don't know what you can't do. You have to ask a lot of questions and read a lot of fine print to know if these investments are for you or worth the hassle. The people who generally sell these investments don't care. Once you signed on the dotted line they get a pretty big commission and then if you break the terms of the agreement it doesn't really affect them aside from losing potential new clients.

 

My post and opinion overall is geared more towards these players having more self-sufficiency in their finances.  Too many hockey players get screwed out of their money and/or make poor decisions like Garrison looks like he's made.

 

I've given up on NFL players being smarter with their cash, but not NHL players.  The NFL is a rat race of who's the coolest with their cash.  The NHL doesn't have that issue anywhere near to the same extent.

[Ray_Cathode]

52 minutes ago, RonMexico said:

A fool and his money are soon parted.

If you are not smart enough to invest your own money, you should at least be smart enough to identify a sound financial advisor. But if you are not smart enough to invest your own money, how will you identify a sound advisor?

[BrockBoester]

41 minutes ago, SabreFan1 said:

By a cursory read, it looks like the only decent claim that Garrison has is if he didn't give Jones' company permission to use copies of his signature.  The rest sounds like just poor investments agreed to by Garrison.

 

Hockey players really need to learn how to manage their money.  The NHLPA really needs to get these guys into seminars and classes and stress to them how important it is to take it seriously.

Garrison should have gotten some advice from Shaq

[Nuxfanabroad]

There was an in-game profile of him(& his fam in WR). Remember his Dad(big dude)..wasn't he in accounting, they said?

 

How hard can it be, to protect as much as possible, (& try to legally minimize taxes)?

 

A lot of these pros prob feel entitled to higher performing investments(perhaps peers are boasting of such exploits?), & they get suckered into poor investments. Later they might find justice(& sympathy) are equally hard to track down. He seems like a decent bloke..but the investment world is cutthroat by nature.

Edited November 14, 2019 by Nuxfanabroad

[SabreFan1]

9 minutes ago, BrockBoester said:

Garrison should have gotten some advice from Shaq

Does Shaq p*ss away his money?  I don't follow the NBA or it's former players that closely.

[Alflives]

Good guy, who got ripped off.  Not bloody right.  

[brownky]

32 minutes ago, SabreFan1 said:

 

My post and opinion overall is geared more towards these players having more self-sufficiency in their finances.  Too many hockey players get screwed out of their money and/or make poor decisions like Garrison looks like he's made.

 

I've given up on NFL players being smarter with their cash, but not NHL players.  The NFL is a rat race of who's the coolest with their cash.  The NHL doesn't have that issue anywhere near to the same extent.

[BrockBoester]

Just now, SabreFan1 said:

Does Shaq p*ss away his money?  I don't follow the NBA or it's former players that closely.

https://www.cnbc.com/2018/05/08/this-is-the-investing-rule-shaquille-oneal-swears-by.html

 

Quite the opposite!

[WHL rocks]

None of our business

 

It's his personal life issue

 

Mods need to close this thread

Thx

[SabreFan1]

2 minutes ago, brownky said:

 

Yep.  He was the first NHL player that came to mind when I wrote about NFL players trying to be cool with their cash. 

 

Between his money phone and now dropping half a million in Vegas in 2 days, Kane has reached NFL player status of trying to be "cool" but ultimately being stupid with money.

[SabreFan1]

6 minutes ago, BrockBoester said:

https://www.cnbc.com/2018/05/08/this-is-the-investing-rule-shaquille-oneal-swears-by.html

 

Quite the opposite!

Very cool.  He's a smart man.

 

Gronk never spent a penny of his NFL paycheques.  He lived on the money that he got from endorsements.  He even brags about how he still wears his favourite jeans from high school.  Though I doubt he still wears them these days with all of the weight he lost after retirement.

[brownky]

Just now, SabreFan1 said:

 

Yep.  He was the first NHL player that came to mind when I wrote about NFL players trying to be cool with their cash. 

 

Between his money phone and now dropping half a million in Vegas in 2 days, Kane has reached NFL player status of trying to be "cool" but ultimately being stupid with money.

I know that's exactly who you were going for. But I will never, ever resist an opportunity to post that picture.

 

That said, there's also typically a 'fiscal divide' in those sports. Hockey players, especially at the NHL level, come from predominantly middle and up class people. They're typically the only ones who can afford the extra ice, travel, league fees, good equipment, extra coaching, and all that fun stuff that boost those odds of making it from .5 to 1% or get that little bit better, earlier. Hell, even better nutrition at home as a kid, as the family isn't eating hamburger helper and krap dinner for 'nights' a week is just better for growth etc. These people typically have a better financial mind, though not always. Averages, I'd say probably do.

 

Football, Basketball etc don't seem to be as much in that middle and up group financially. There's still a big outlay, but the divide doesn't seem as big... and the signing bonuses/salaries are massive straight away so you give an idiot kid who has never seen money a massive pile of money, coupled with media/social media influence over how to look and you get what you get.

[SabreFan1]

15 minutes ago, brownky said:

I know that's exactly who you were going for. But I will never, ever resist an opportunity to post that picture.

 

That said, there's also typically a 'fiscal divide' in those sports. Hockey players, especially at the NHL level, come from predominantly middle and up class people. They're typically the only ones who can afford the extra ice, travel, league fees, good equipment, extra coaching, and all that fun stuff that boost those odds of making it from .5 to 1% or get that little bit better, earlier. Hell, even better nutrition at home as a kid, as the family isn't eating hamburger helper and krap dinner for 'nights' a week is just better for growth etc. These people typically have a better financial mind, though not always. Averages, I'd say probably do.

 

Football, Basketball etc don't seem to be as much in that middle and up group financially. There's still a big outlay, but the divide doesn't seem as big... and the signing bonuses/salaries are massive straight away so you give an idiot kid who has never seen money a massive pile of money, coupled with media/social media influence over how to look and you get what you get.

 

I think it's also cultural.  You don't see a decent percentage of NHL players skating around with giant diamonds on their ears and gold around their necks.  Whereas in the NFL, you have players like Odell Beckham Jr. whining because he lost a large diamond earring on the football field.  That day he wore the 6 figure watch, I was seriously hoping someone would collide their helmet into it in a pile-up.  It would have sent a message to others in the NFL to not be stupid.

[Tre Mac]

I think he'll be a guest on 1040 tomorrow.