Going through our archives, we came across this great post from December 9, 2014 “Why I Don’t “Just Ask My Daughter“” that we wanted to share in case you missed it the first time around.
I run a company that makes games to teach math. They are also really fun. You can try a demo here, but trust me, the ones that are in the works are even better in every way.
Whenever we are doing a Kickstarter campaign, looking for people to donate games for schools (or food for the world food programme, for that matter), or just running a Christmas special on our site, it doesn’t matter, someone is sure to ask, whether sneering or seriously,
Why don’t you just ask your daughter for money? Isn’t she making lots of money?
Here are two cautionary tales for you:
Tyron Smith, a football player, reportedly had over $1 million taken by his family through a financial advisor they recommended. That is in dispute. What is not disputed is that he bought his mom a Range Rover, paid off all of his parents debts and was in the process of buying them a house when he finally said, “Enough”.
Then, there is Jack Johnson, the hockey player whose parents shockingly not only spent all of his millions he earned but also borrowed against his future earning.
I don’t know what the hell these families were thinking. Maybe they were too greedy or stupid to realize that professional athletes usually make that money for a very short window of time
Maybe they don’t realize that over a third of that money goes out the door in taxes as soon as it comes in.
People who ask me that question seriously either don’t have children or just asked without giving it much thought. As a parent, you don’t want to use your children for your own benefit, you want to guide them in the direction that benefits them.
Ronda gets pitched to invest every time she turns around. Because I do have a business background, her accountant and I team up to nag her to pay her taxes early, put money in a retirement account and don’t go crazy spending money. She lives in a nice, two-bedroom house. Because both professional sports and acting are uncertain professions, she’s much better off being conservative.
Maria, the oldest daughter, spent a decade reporting on sports. She’s written enough stories about bankrupt athletes to add her own note of caution. It doesn’t last forever.
As for the family, we all pay our own debts and the only car anyone has gotten is the 2005 Honda Accord that Ronda gave Julia for her 16th birthday this year. We all know that was because Ronda was too sentimental to sell it, but Julia is pleased to have a car to terrorize the Santa Monica residents as she practices driving. I even pay my own way to the fights (although I do get a free ticket).
I think 7 Generation Games is a good company with potential to be amazingly successful in the next few years and who knows, maybe Ronda will be so rich down the line that a few hundred thousand will be pocket change and we’ll take an investment from her.
I rather doubt it, though, and here is the main reason why … because if is ever necessary I can say with a clear conscience,
“You shouldn’t buy that $5 million house.”
“Don’t give money to your friend Luigi to invest in a Mario Brothers themed porn shop. It’s a bad idea.”
without having her come back with,
“Oh, but it was okay when I gave money for YOUR company.”
My point, which you no doubt have despaired of me having, is that it’s important for there to be at least one person without an ulterior motive to call it as she sees it.
Now, if you’ll excuse me, I have to get back to work.
Thanks for sharing this one. It blows my mind people would ask that!
I love that you actually practice what you preach lady. And I know it’s true. Because I have known you for about half of my whole life. Your a great parent, and role model. And I have learned to be a better father and grandfather because of you.
I greatly respect and admire your stance on the whole money/family thing. There are too many pro athletes that go broke that way. ?