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Horned Frog Athletics
Scott & Wes Frog Fan Forum
College Football is Broken…Probably Forever
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<blockquote data-quote="westoverhillbilly" data-source="post: 3112320" data-attributes="member: 70030"><p>I wish that some authority could at least make these kids put the NIL money into a trust account after allowing a nominal sum for spending money and maybe helping mom and younger siblings back home.. I understand that these kids at 18 are legal adults and free to be stupid or smart with their earnings, but I wish some program like ours would consider making this a condition for signing a LOI or transfering in- I think this could impress upon recruits and transfers and their familes that we really have their backs.</p><p></p><p>I see some awful issues in the near future including IRS issues- evasion, tax fraud (due to ignorance) and massive penalties for these poor kids. Again, these young adults are free to be diligent or totally irresponsible when complying with income taxes. Perhaps as bad or worse, I spent 30+ years as an auctioneer/liquidator and I've seen the utter devastation to individuals that occurs when a high income ends and is not replacable while living the high life- which typically results in bankruptcy and other horrible lawsuits and actions from creditors, vendors and vultures.</p></blockquote><p></p>
[QUOTE="westoverhillbilly, post: 3112320, member: 70030"] I wish that some authority could at least make these kids put the NIL money into a trust account after allowing a nominal sum for spending money and maybe helping mom and younger siblings back home.. I understand that these kids at 18 are legal adults and free to be stupid or smart with their earnings, but I wish some program like ours would consider making this a condition for signing a LOI or transfering in- I think this could impress upon recruits and transfers and their familes that we really have their backs. I see some awful issues in the near future including IRS issues- evasion, tax fraud (due to ignorance) and massive penalties for these poor kids. Again, these young adults are free to be diligent or totally irresponsible when complying with income taxes. Perhaps as bad or worse, I spent 30+ years as an auctioneer/liquidator and I've seen the utter devastation to individuals that occurs when a high income ends and is not replacable while living the high life- which typically results in bankruptcy and other horrible lawsuits and actions from creditors, vendors and vultures. [/QUOTE]
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Which team did TCU defeat in the College Football Playoffs?
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Horned Frog Athletics
Scott & Wes Frog Fan Forum
College Football is Broken…Probably Forever
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