Quote:
Originally Posted by HPF Bob
People who gain sudden wealth often start a foundation because the donations to a non-profit foundation are tax deductible. The player can chair or co-chair the foundation so they are directing where the money goes while turning around and telling the government that the money was "given to charity".
Frankly, anyone who makes a lot more money than they could possibly need (all those commercials and endorsements can add up to more money than their player contract) is smart to set up a foundation. True, you don't keep the money but you get to portray yourself as a philanthropist or humanitarian, reduce your tax hit and it's money you really won't miss.
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Bob, I'm not sure I get the point of this post either, JJ set up his foundation before his junior year in college. He was not on anyone's radar as a 1st round pick.
He started out selling the wrist bands which say "Dream Big Work Hard" . I have bought a few and given them to children in my family. Now he can do endorsements to build the pot up faster. BTW his mom was running the foundation while he was in college and into his rookie year here. I'm not sure if she is running it now or what.