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How do pro athletes go bankrupt so quickly?

Manitou Messenger - 2 hours 25 min ago

Seeing stories of former athletes filing for bankruptcy several years after retirement often seems ridiculous, but it is not uncommon. For example, a Sports Illustrated article published in 2008 stated that three out of five National Basketball Association (NBA) players go broke within five years of their retirement. It’s astounding. How can these athletes, who earn millions of dollars a year, possibly lose absolutely everything they have so quickly?

Former NBA player Josh Childress offered some explanations in an April 17 Huffington Post article, saying that young athletes don’t understand the severity of the impact of taxes on their mindblowingly high incomes.

“The first mistake is people say, ‘Okay, I have $11 million.’ [No,] you got five over four years. So that million dollar house that you [bought thinking] you had $10 million more – that house then becomes more expensive,” Childress said.

If Childress’ argument is true, then perhaps providing players with some tax lessons before they enter the NBA draft could be a solution. However, Childress also identifies other reasons for the phenomenon, such as the pressure on players to keep up with the spending habits of those around them, particularly when associating with veteran NBA players.

“If those are the guys that are taking you under their wing, that’s what you get used to,” Childress said. “And so that’s how you think it has to be, and that’s how you think the life is, and you get caught up in that and you end up spending way more than you should.”

The issue of former athletes going bankrupt is not unique to the NBA;  approximately 16 percent of former National Football League (NFL) players go bankrupt as well, according to studies produced by the National Bureau of Economic Research. However, unlike their NBA counterparts, this is the percentage that goes bankrupt 12 years after their retirement.

The institute published a paper entitled “Bankruptcy Rates Among NFL Players with Short-Lived Income Spikes,” which highlights the fact that athletes hit their peak earnings almost immediately after school. Then they retire young, and in the vast majority of cases, never again earn at the same levels. Because of that model, it can be difficult for them to save. They are often taken advantage of financially, or simply haven’t had any guidance in preparing to manage their money after retirement.

It seems as though education needs to be improved for athletes coming out of college in order to address this problem. It is unreasonable to expect 18- or 19-year-old athletes, recently out of school, to be financially responsible when they suddenly earn millions of dollars.

It is my hope that organizations like the NBA and the NFL can implement programs to educate players in a move that would indicate that they care about their players – and not just when they’re competing.

nolans@stolaf.edu

Graphic Credit: ETHAN BOOTE/MANITOU MESSENGER

Categories: Colleges

Back from a Blog Hiatus

My Musical Family - Joy Riggs - 3 hours 55 min ago
I did not intend to take an extended hiatus from blogging, but the past seven weeks have been so filled with other to-dos, something had to give. I don’t know why I forget every year, until March arrives, that spring is just as frenetic as fall. Unrealistic optimism?

Our family fit in a 10-day vacation during the last half of March, an epic driving trip to Savannah, Georgia, to visit Louisa, who is nearly done with her first year of studying at the Savannah College of Art and Design (SCAD). In our typical fashion, we packed the itinerary with sightseeing, delicious food and lots of walking, which helped balance the food intake.

Elias, Seb, Louisa and Steve at Montgomery Hall, the SCAD animation building.The itinerary also included a few stops related to my book project and my great-grandfather, G. Oliver Riggs—at this point, my kids would probably be shocked if we took a trip that did not relate in some way to G. Oliver.

Highlights on the drive down and back included visiting friends in Nashville and Kansas City, having barbecue with Steve’s cousin and his wife in Memphis, and visiting the Andersonville National Historic Site, where G. Oliver performed a sacred concert in 1906 as a member of the 51st Iowa Regimental Band. 

The Iowa Monument in the Andersonville cemetery.We all had a blast, but toward the end, Elias did ask, “Can we ever take a vacation where we just relax?”

Steve’s quick response: “No.”

I thought April might be better, but I was deluding myself. Steve has been in rehearsals for the Northfield Arts Guild’s production of Oliver!, which just wrapped up its successful three-weekend run last night. Sebastian has been in rehearsals for As You Like It, which opens on Thursday at Northfield High School, and he has been busy with high school speech, band, jazz band and choir events. Elias is playing on the middle school tennis team, and until his match last Thursday in Lakeville, he and his doubles partner were undefeated.

As for me, I have been busy with writing and writing-related activities. Along with 12,000 other people from around the country, I attended the Association of Writers and Writing Programs (AWP) conference April 9-11 in Minneapolis. The panel discussions were inspiring, and it was invigorating to be amid so many writers, editors, publishers and others who share a passion for writing and literature.


In mid-March I received a $2,500 emerging artist grant from the Southeastern Minnesota Arts Council (SEMAC) for my book project. As part of the grant, this month I have started sending draft chapters of my book to my friend/teacher/mentor Kate Hopper. Of the planned 25 chapters, I have completed the first five, plus the prologue and two other chapters.

The grant requires that I organize a public capstone event as part of my project. I will provide more details later, but if you want to put it on your calendar now, it is set for Monday, Nov. 23, which is the Monday before Thanksgiving (this year Thanksgiving happens to fall on G. Oliver’s 145th birthday). I will give two presentations, one at 3:15 p.m. at the Northfield Retirement Center and one at 7 p.m. at the Northfield Senior Center. I will read from my book in progress and show photos, and it should be great fun!

My goal this month is to complete four new chapters, so I need to get busy. I will be returning to Faith’s Lodge in Wisconsin in mid-May for another Kate-led writing retreat, and I am looking forward to an inspiring and productive weekend.

I may find some more time for blogging, too. But my priority at the moment is to keep up the momentum with the chapter writing. Now that the weather is nice, you are likely to find me writing on the back porch. Stop by if you are in the neighborhood! I can give you a tour of all the cool boulders and landscaping we had done last spring, just in time for Louisa’s graduation party.
Categories: Citizens

Knights' Bats Start Fast, Slow Down in Losses at Concordia

Carleton Sports - Sat, 05/02/2015 - 8:47pm

The Carleton College baseball team jumped out to early leads in both ends of Saturday’s doubleheader at Concordia College. Willie Freimuth led off the top of the first with a solo home run in game one, and Hayden Tsutsui did the same in game. The problem for the Knights is that they scored only two more runs on the day and were swept 15-1 and 4-3.

Categories: Colleges

GALLERY: NHS Prom 2015

Northfield News - Sat, 05/02/2015 - 4:41pm
Northfield High School held prom Saturday with the Grand March at the high school and the dance at the Northfield Ballroom.
Categories: Local News

Gusties Top Knights in MIAC Finals

Carleton Sports - Sat, 05/02/2015 - 4:21pm

Second seed Carleton College lost to top-seeded Gustavus Adolphus College, 5-0, in the finals of the MIAC Men’s Tennis Playoffs. This marked the 10th time in 12 seasons that these two programs met in the finals with the conference’s automatic bid to the NCAA Championships at stake.

Categories: Colleges

Explore the Outdoors!

Friends of Way Park - Sat, 05/02/2015 - 1:04pm
Saturday, May 9th, 1:00-3:00pm at Northfield's Way Park  Join us again for the third annual Explore the Outdoors gathering at Way Park.  The Explore the Outdoors event was inspired by a PBS and NRPA initiative to get kids outdoors.  This year we are featuring a ton of events for kids of all ages, including:  kite making  parachute games  volleyball  badminton  bocce Edward Smithhttp://www.blogger.com/profile/12993394011213644693noreply@blogger.com0
Categories: Organizations

May, May, May!

Northfield Public Library - Kids Info - Sat, 05/02/2015 - 12:14pm

Click on newsletter to enlarge.
Categories: Organizations

Great Plains: Americas Lingering Wild

Blowing and Drifting - Christopher Tassava - Sat, 05/02/2015 - 10:54am

I just finished reading this amazing book – Great Plains: Americas Lingering Wild.

The Nebraska-based photographer Michael Forsberg thought up the idea for the book and filled it with dozens and dozens of exceptional shots of prairies from Minnesota to Montana, North Dakota to New Mexico – plants, animals, people, and especially the land itself.

Forsberg’s photographs are complemented by short essays by geographer Davis Wishart and natural historian Dan O’Brien, whose eloquence and erudition complement Forsberg’s artistry. Loss is an explicit theme in O’Brien’s writing, an implicit one in Wishart’s – the decline and death of countless plant and animal species, the near-extermination of the grassland’s original Native inhabitants, the continuing erosion (literal and figurative) of all three kinds of prairie…

Yet as O’Brien comes to realize through his work with Forsberg, denizens of the plains do have some reasons for optimism. Arguably, we are now experiencing a moment when more people than ever before are interested in "saving" the prairies as ecosystems, as homes for myriad living creatures, and as colossally beautiful places. Reading this book makes me – an immigrant to the prairie – want to do more to save it and expand it and love it.

Categories: Citizens

Fri, May 1 - Dundas 3, St. Louis Park 2

Dundas Dukes Amateur Baseball Club - Sat, 05/02/2015 - 8:48am
  1 2 3 4 5 6 7 8 9   R H E St. Louis Park 0 0 1 0 0 1 0 0 0   2 6 3 Dundas 0 0 0 0 0 0 0 1 2   3 7 3

W - Alex Donkers (1-0)  L - Johnson S - None  HR - None
Full Box Score

Pat Wadzinski delivered a walk-off single in the ninth inning as Dundas erased a 2-0 deficit with a run in the eighth and two in the ninth to upend St. Louis Park 3-2 on Friday night at Memorial Park.  

Categories: Organizations

Rice County sees child protection cases explode, state proposes changes

Northfield News - Sat, 05/02/2015 - 8:34am
Rice County has not only seen the number of child protection cases increase, but the severity of the cases as well.
Categories: Local News

Submit your Northfield High School graduate's information today

Northfield News - Sat, 05/02/2015 - 12:00am
The Northfield News will publish its annual special section featuring the Class of 2015 on Wednesday, May 20.
Categories: Local News

St. Thomas Knocks Knights from MIAC Playoffs

Carleton Sports - Fri, 05/01/2015 - 11:35pm

The Carleton College women’s tennis team fell behind early and never recovered as the Knights dropped a 5-1 result against University of St. Thomas in the semifinals of the MIAC Playoffs.

Categories: Colleges

Amelia Campbell Wins Second Straight MIAC Heptathlon

Carleton Sports - Fri, 05/01/2015 - 11:04pm

Carleton College junior Amelia Campbell defended her MIAC Heptathlon title, totaling 4,970 points after finishing in the top three during all seven events.

Categories: Colleges

Jack Buckner Rallies to Win MIAC Decathlon

Carleton Sports - Fri, 05/01/2015 - 10:35pm

The MIAC Decathlon came to a close on a Friday, and the two remaining Carleton College athletes were both in position to vie for the top spot. First-year Jack Buckner started the day in fifth place but used a strong showing to pull ahead for the victory with a total of 5,958 points. He becomes the first rookie to win the MIAC Decathlon since at least 1998.

Categories: Colleges

Rice County, Faribault issue warnings for distracted driving

Northfield News - Fri, 05/01/2015 - 4:34pm
No distracted driving citations were issued by the Rice County Sheriff’s Office or the Faribault Police Department during a distracted driving campaign that took place from April 13-18.
Categories: Local News

This Northfield Life with Brad Ness and Corey Butler – Alyssa Herzog Melby

KYMN Radio - Fri, 05/01/2015 - 4:02pm

Alyssa Herzog Melby, new executive director of the Northfield Arts Guild, speaks of the Arts and her path to Northfield.  This Northfield Life with Corey Butler and Brad Ness airs each Wednesday at 6pm on KYMN Radio.

 

This Nfld Life 4-29-15

The post This Northfield Life with Brad Ness and Corey Butler – Alyssa Herzog Melby appeared first on KYMN Radio - Northfield, MN.

Northfield Arts Guild fills Performing Arts and Visual Arts management positions

Northfield News - Fri, 05/01/2015 - 3:30pm
During the special members' meeting at the Northfield Arts Guild in April, executive director Alyssa Herzog Melby mentioned the upcoming changes to the administrative staff within the organization.
Categories: Local News

Community News: Woodley Street meetings 5/1/15

KYMN Radio - Fri, 05/01/2015 - 2:51pm

The City is asking citizens for their input on the Woodley Street project.  Last Wednesday was an informational meeting where officials talked of the scope of the project.   Assistant Public Works Director, Brian Erickson added that afterward, City staff were able to answer questions and talk with folks on an individual basis.  He wanted it clear that this is a county road and, as such, it must be 44 feet wide.  The next meeting is coming up Wednesday, May 6th and is the “community context” meeting.  Which really means they want to hear what YOU want, what YOUR expectations are.  That includes features like sidewalks, bike lanes, lighting and more.  There are 4 more meetings including this one, scheduled for input.  Erickson says Staff will then bring this all to the Council.  Remember there will also be an opportunity for folks to speak at the open mic.  Erickson added that no decisions have been made [except for the width] and that they can still change things.  The nearly $5 million project would reconstruct Woodley Street from Prairie to Division.  That includes utilities.   The meetings are being held in the Sibley Elementary School gym from 6:30pm to 8:30pm.

Next meetings:

May 13th – Neighborhood meeting and neighborhood discussion

May 20th – Community and neighborhood meeting for community review

June 3rd – Community and neighborhood meeting for community feedback

 

 

The post Community News: Woodley Street meetings 5/1/15 appeared first on KYMN Radio - Northfield, MN.

Ole women’s tennis powers past Royals

Manitou Messenger - Fri, 05/01/2015 - 2:27pm

The St. Olaf women’s tennis team took on Bethel University on April 25 at Bethel’s home courts in Arden Hills, Minn. It was the last regular season match of the 2015 season. The Oles, who were looking to secure the fourth seed for the MIAC playoffs, did not disappoint, recording a resounding 9-0 victory.

After losing all three doubles matches to University of St. Thomas three days earlier, St. Olaf needed to get off to a better start this time around. Lisa Hall ’16 and Maya MacGibbon ’16 provided the early boost for the Oles, winning 8-4 at number one doubles. Margaret Zimmerman ’18 and Kristi Kroker ’15  were dominant at two doubles, recording an 8-3 victory. Erin McDonald ’18 and Andrea Jumes ’15 completed the doubles sweep for the Oles with a tight 8-6 win at third doubles, giving St. Olaf a 3-0 over the Royals.

Singles play also proved to be straightforward for the Oles, with all six players winning in straight sets. Hall was ruthless at one singles, defeating her opponent 6-0, 6-0. Kroker was also strong at two singles, powering to a 6-1, 6-1 win. Zimmerman was pushed in her first set at three singles, managing to stay calm under pressure at 5-4 and served out the set to take it 6-4. The second set was more comfortable, as she rolled to a 6-0 victory, taking the set and the match. Erin Hynes ’15, who only played singles for the Oles, recorded a 6-2, 6-0 win at fourth singles. Bailey Kent ’16, like Zimmerman, fought to win the first set 6-4 at fifth singles, but did not drop another game en route to a 6-4, 6-0 scoreline. Finally, McDonald sealed the 9-0 sweep for St. Olaf with a 6-2, 6-3 win at sixth singles.

St. Olaf finishes its regular season with a 7-3 MIAC record, enough for fourth place in the conference. The Oles defeated College of St. Catherine 7-2 on April 29 in the MIAC quarterfinal, earning them the right to face Gustavus Adolphus College in the semifinal on May 1.

nolans@stolaf.edu

 

Photos courtesy fo St. Olaf College Athletics.

Categories: Colleges

Horoscopes: May 1, 2015

Manitou Messenger - Fri, 05/01/2015 - 2:22pm

Fee-fi-fo-yum. Get ready to hobble and gobble your way through this tiny leprechaun’s refuse. Is there a pot of gold at the end of this black and white rainbow? Um, think again. There is a pot, but it leads to the deepest darkest part of Narnia. The part good ol’ C.S. couldn’t publish without getting an NC-17 rating. You can fight your way out, but you’ll never be able to shake the feeling that you’re cursed. See you on the other side. The other side of the pillow. Wake up; you’re dreaming.

Taurus (April 20 – May 20)

There’s nothing more sexy than a dolled-up big toe. That spring air has got your big toe’s derrière saying, “I wish I had more hair.” Grant thy toe’s request. Place the sickest wig on your toe’s head before it takes control of your body. Then draw an incredibly creepy smile on its toenail. A smile so creepy it makes even the Joker say, “please sir, may I not have some more?” Everyone will be oddly attracted to only your toe. At least it’s a step in the right direction. Get it? Toe, step.

Pisces (Feb. 19 – March 20)

Like penguins? Like digging holes with penguins? Great! Well, now’s your chance. Reenact the entire movie Holes using penguins instead of people. The second you scream out that horribly out-of-tune “that’s a wrap,” the penguins will accept you as their own. Now you’ll be as jazzy as Happy Feet, as funny as Madagascar and as loveable as Tobey Maguire’s mom if she were a penguin. You’ve made the big time.

Aries (March 21 – April 19)

Loki can tell that you’re onto something big. Finalize your plans for a new invention and enter it in Ole Cup. Bring that very undercooked loaf of meat in front of the judges and start plowing through that stank bomb until the judges award you first prize just so you’ll, “for the love of God, stop.” When you’ve fully recovered from a raw-meat-induced hospital visit, people will try to tell you that meatloaf has already been invented. This is unacceptable. Make a waffle out of lint and hair and make all the haters eat it by switching out their morning waffle for your abomination. Now called Loaf of Meat (patent pending) will sweep the nation.

Gemini (May 21 – June 20)

We’re headed to a world of extreme technological takeover. Time to turn your brain into one big barcode. Read the book Brain Surgery for Dummies and take a sharpie to your mushy pink mass. Then go to Walmart and scan your wee little brain to see in you can get a discount.  Life pro tip: sell your brain high and then buy it back low. Woah.

Cancer (June 21 – July 22)

Many despise lice, but they are a wonderful commodity. Rub your head against every door, door knob and door hinge on campus until you get lice. Once you obtain those obiedient little fools, you can implement your vision of world domination. Refuse to cleanse yourself of these so-called “pests.” Once you have the number of lice on your head up into the thousands, use them as your minions. Have them infect every surface known to man, but not before literally buying all the lice removal products in the world. Once everybody has lice, you can leverage whatever you want out of “the man.” If they refuse your demands, they’ll be sleeping with the lices, if you know what I mean.

 

Leo (July 23 – Aug. 22)

Y’all remember the campus chupacabra named “Ol’ Man Dogbeast?” No? That’s what Loki thought, because the school covered up its perfectly executed plan that killed the bloodsucking folklore legend. Ol’ Man Dogbeast was the sweetest, most murderous little buddy. It’s up to you to bring this campus favorite back. Open up your soul to the devil himself, and the rest will work itself out.

 

Virgo (Aug. 23 – Sept. 22)

No summer plans? Find yourself a cougar. I’m not talking about a seductive older woman, no, I’m talking aboout the beast itself. Wade into that golden Natural Lands bush and stalk yourself a cougar. That’s right there is a pride of cougars in the Natural Lands. Is it pride? Bunch? Buncho? Muncho? Mancho? Womeno (gender equality)? Nacho? There is a nacho of cougars in the Natural Lands.

Libra (Sept. 23 – Oct. 22)

Make a difference in the world. Seriously, for once in your godforsaken life, make a difference. Remember that one time you didn’t hold the door for that person even though everyone knows you probably should have but you didn’t because you were so stressed and honestly believed your time was more valuable? You owe karma this one. Perform your favorite yoga position, upward facing dog, while fusing two microscopic bikes together in order to make a sweet tandem ant-bike. It’s different. Do you get it? It’s a difference because it’s something different. It doesn’t make sense but that’s the point. It’s different. Deal with it.

Scorpio (Oct. 23 – Nov. 21)

It’s finally nice out. Time to break out that birthday suit and get that glorious tan while getting exercise. Go on a run around campus. Slowly people will join in and, before you know it, St. Olaf will become a nudist colony. The government will be so surprised, they’ll give the school a ton of funding. Pocket that money for yourself in your skin pocket that you made on your thigh because you don’t wear clothes anymore, remember?

 

Sagittarius (Nov. 22 – Dec. 21)

Give back to the community. Eat dinner with an elderly person who can’t hear that well and a total bro who can’t stop saying “sup.” The bro will continually say “sup,” and the elderly person will continually say “yes, this is supper. How are you doing, young man?” The process is self-perpetuating. You’re bridging age gaps.

 

Capricorn (Dec. 22 – Jan. 19)

Snap, crackle, stop. Why did you think it was a good idea to snap every bone in your body and crackle every paper on campus? Go flatten every piece of paper back out and don’t even think about getting a cast. This is punishment, not therapy.

Aquarius (Jan. 20 – Feb. 18)

The seniors shouldn’t be allowed to graduate. They all broke the honor code by collectively dreaming about cheating on their finals. Don’t ask how Loki knows this, just know that Loki watches all your dreams like a crow watches a person with a half-eaten chicken Chipotle burrito with mild salsa but no guacamole because the person forgot that extra $20 bill their parents gave them for their birthday in the car. However, the honor council will never believe you, so take matters into your own hands by making hands out of everyone’s caps and gowns and then slapping all the seniors with their own gown hands. Justice served.

Categories: Colleges

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