Doing some quick calculations - the report came from the Washington Times for Christ sakes! There's a credible source if I ever heard one.
malmo -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]] On Behalf Of Martin J. Dixon Sent: Thursday, July 18, 2002 3:38 PM To: Michael Contopoulos Cc: [EMAIL PROTECTED] Subject: Re: t-and-f: Webb "going pro" Ok let's assume that he gives up half to his agent, additional expenses and for taxes. That's probably excessive but lets go with that. That leaves 125,000US. Let's further assume that this thing doesn't start until 2003 and runs for 6 years. Let's further assume that he gets no other endorsements or incentive bonuses(probably very unreasonable). Let's then apply a discount rate of 5%. Doing some VERY QUICK calculations, that contract is worth 629,256 today. Once again, assuming a discount rate of 5%, he could buy a 30 year annuity of 40,299 per year. On average, approximately half of that would be tax-free. He also intends to go to school so there is no reason that he can't get just as good a job as he would have got even if stayed at UM and fell flat on his face as far as his running goes. It's at least arguable that he made the correct decision from a financial standpoint. Regards, Martin Martin J. Dixon, B. Math. (Hons), C.A., Partner Millard, Rouse & Rosebrugh LLP Chartered Accountants P.O. Box 367 96 Nelson Street Brantford, Ontario N3T 5N3 Direct Dial: (519) 759-3708 Ext. 231 Telephone: (519) 759-3511 Private Facsimile: (519) 759-8548 E-mail: [EMAIL PROTECTED] Web site: www.millards.com Practice Areas: www.millards.com/htm/profs/m_mjdixo.htm IMPORTANT NOTICE: This email may be confidential, may be legally privileged, and is for the intended recipient only. Access, disclosure, copying, distribution or reliance on any of it by anyone else is prohibited and may be a criminal offence. Please delete if obtained in error and email confirmation to the sender. Michael Contopoulos wrote: > Does anyone know how much his agent gets? The people who he has > handling his finances? etc? After taxes and paying these fees, he > won't have as much money as it seems. Not to say its a bad deal. Its > a great one. But Mr. Webb, based on his salary, isn't going to be as > wealthy as people think. > > >From: "Martin J. Dixon" <[EMAIL PROTECTED]> > >Reply-To: "Martin J. Dixon" <[EMAIL PROTECTED]> > >To: [EMAIL PROTECTED] > >Subject: Re: t-and-f: Webb "going pro" > >Date: Thu, 18 Jul 2002 14:15:01 -0400 > > > >http://www.washtimes.com/sports/20020718-16634094.htm > > > >malmo wrote: > > > > > Nope. malmo "thinks" the amount should cover the risk he takes > > > if/when > >the slimy > > > John Waters types (agents/shoe geeks) turn their backs on him > > > if/when he > >becomes > > > just another runner. > > > > > > malmo "thinks" that amount is all fantasy in the minds of some > > > track > >fans. > > > > > > malmo > > > > > > >malmo seems to think that if he is making enough to buy his Mom a > > > >5 > >million > > > dollar > > > >house then that is enough. I think we can safely say that is not > > > >the > >case. > > > > > > > > > > > > _________________________________________________________________ > Send and receive Hotmail on your mobile device: http://mobile.msn.com
